Amid the wedding season and various occasions to buy gold, today is the perfect time to go on a shopping spree. Did you know that the demand for the precious metal doesn’t majorly affect its price? However, sometimes when there is extensive demand across the nation, the price fluctuates based on that demand. Read until the end to learn about the factors that affect the price of gold.

If you want to save your pocket and buy gold as an affordable asset, you can buy it now. The wedding season will bring fluctuations in the prices of yellow metal and silver. Amid the wedding season, the fall in gold prices is a joy for buyers. Today, you can buy 10 grams of gold for just Rs 70,660! It’s a great time to buy gold at an affordable price NOW! Keep in mind, the prices of gold and silver can fluctuate at any moment.

Gold rate today in India (22 carat) have taken a step-up to Rs 70,660 per 10 gram (gm), according to Good Returns website. While, the 24-carat gold rate was quoted at Rs 77,080 per 10 gm.

As far as the yellow metal of 18-carat purity is concerned, its prices traded at Rs 57,820 per 10 gm on Sunday, November 10, 2024.  While, silver rates today have fallen down and are trading at Rs 91,600 per kg.

MCX Gold, Silver Price Today

In futures trade, gold contracts for December delivery traded at 0.00% at Rs 75,585 per 10 gm on the Multi Commodity Exchange at the time of writing this article. While silver contracts for December delivery traded in green at +0.01% at Rs 90,630 per 1 kg in the early morning trade on Wednesday.

Gold, Silver Price Today

Do You Know How Are Gold Prices In India Determined?

Let me explain. The gold prices in India are influenced by trading in larger stock markets like the London Over-the-Counter (OTC) spot market and the COMEX gold futures market. If you thought that prices fluctuate due to the demand and supply of physical gold, the answer is ‘NO’!

Indian markets like the Shanghai Gold Exchange (SGE) and Multi Commodity Exchange (MCX) follow the prices set by the London and New York markets. Additionally, other factors like global events, political issues, central bank decisions, and currency changes can also affect the price of gold.

How To Check the Purity Of Gold

Here are a few tips to check the purity of the gold, if you are buying it this season.

• Look for a hallmark: The best way is to look for the hallmark provided on it. 22 karat gold, also known as 916 gold, will have a hallmark stamp on the back of 916.
• Check for the BIS Standard Mark: On all the jewelry, you can look for a triangle with the letters “BIS” to underneath to ensure the purity of the gold.
• Perform an acid test: Can be performed under guidance, where you can test the gold with nitric acid to check its purity
  Colour Test: The yellow metal, Gold stays yellow always, it remains untarnished and retains its color. If your gold jewelry shows signs of fading or changes in color, it may not be pure.