Thinking of buying gold or silver this May? It might be a golden opportunity. Today, on May 3, 2024, the price of gold has seen a decrease, while the price of silver is trending at previous rates. After the new prices, the rate of gold has reached around 71,000, and silver is approximately 83,000.
Today’s Gold and Silver Prices
As per the latest rates released by the bullion market, on May 3, 2024, the price of 22-carat gold is trending at 65,900, 24-carat gold at 71,880, and 18 grams of gold at 53,920. Meanwhile, the price of 1 kilogram of silver is at 83,500.
Gold Rates for Different Cities
In Delhi, the rate for 10 grams of gold is 53,920, while in Kolkata and Mumbai, it is 53,800 and in Chennai, it is 54,120.
Recent Actions by RBI
In recent news, RBI has taken significant actions against three banks for violating regulations, imposing hefty fines. This news might influence the gold market in the coming days.
Analysis of 22 and 24-Carat Gold Prices
In cities like Bhopal and Indore, the rate for 10 grams of 22-carat gold is 65,600, whereas in Jaipur, Lucknow, and Delhi, it is 65,900. Similarly, in Hyderabad, Kerala, Kolkata, and Mumbai, it is trending at 65,750.
Silver Prices Today
When we talk about the price of silver in major cities like Jaipur, Kolkata, Ahmedabad, Lucknow, Mumbai, and Delhi, it stands at 83,500 for 1 kilogram. In Chennai, Madurai, Hyderabad, and Kerala, it remains the same at 83,500. However, in Bhopal and Indore, it is currently priced at 87,000 for 1 kilogram.
Factors to Consider Before Buying Gold
Before purchasing gold, it’s crucial to consider some factors:
- Look for the hallmark provided by the Indian Standard Organization (ISO) for purity identification.
- Generally, gold is sold in 20 or 22-carat, although some also prefer 18-carat for jewelry.
- The purity of gold is marked as 999 for 24-carat, 958 for 23-carat, 916 for 22-carat, 875 for 21-carat, and 750 for 18-carat.
- 24-carat gold is 99.9% pure, while 22-carat gold is approximately 91% pure, often mixed with other metals like copper, silver, or zinc for jewelry making.
Considering these factors can help you make an informed decision when purchasing gold or silver in today’s market.