Gold Price: Good news for yellow metal buyers as Gold price drop, with 24-carat gold witnessing a decline on Wednesday. Additionally, the popular choice for jewelers, 22-carat gold, prized for its durability, was priced at Rs 74,490 for 10 grams.

The price of 24-carat gold dropped on Wednesday, with 10 grams of it selling at Rs 81,220, according to Good Returns. Silver prices are now standing at Rs 96,400 per kilogram, according to Good Returns.

Gold Price: Major Cities

Source: Good Returns

How Gold Prices In India Are Determined?

Contrary to popular belief, gold prices in India aren’t solely driven by physical gold demand and supply. Instead, they’re significantly influenced by trading activities on major global markets, including the London OTC spot market and the COMEX gold futures market.

Furthermore, other factors like global events, political issues, central bank decisions, and currency changes can also fuel the change in the prices of the precious metal.

How To Check The Purity Of Gold

Here are a few tips to check the purity of the gold:

1. Look for a hallmark: The best way is to look for the hallmark. 22-carat gold, also known as 916 gold, will have a hallmark stamp on its back of 916.

2. Check for the BIS Standard Mark: On all the jewelry, you can look for a triangle with the letters “BIS” underneath to ensure the purity of the gold.

3. Perform an acid test: An acid test can be performed under guidance, where you can test the gold with nitric acid to check its purity.

4. Color test: The yellow metal stays yellow always, it remains untarnished.

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