Gold and Silver Prices Witness a Dip Amidst Rising Heat
Stay updated with the latest fluctuations in gold and silver prices amidst rising temperatures. Get insights into today’s rates, exchange values, and purity standards in the bullion market.
As temperatures soar across the state, the bullion market experiences fluctuations in the prices of gold and silver. Today, however, a slight decrease is observed in comparison to yesterday's rates. Ajay Kumar, Vice President of Pataliputra Sarafa Sangh, informed Local 18 that the price of gold has dropped by Rs 300 per 10 grams, while silver has witnessed a decrease of Rs 1000 per kilogram with the opening of the bullion market in the capital city, Patna, today.
Market analysts predict further potential increases in both gold and silver prices. Gold could soar to Rs 80,000 per 10 grams, while silver might touch the coveted figure of one lakh rupees per kilogram. Hence, this presents an opportune moment for individuals interested in purchasing gold and silver.
Decline in Gold Prices:
In Patna's bullion market today (May 31), the price of 22-carat gold stands at Rs. 67,400 per 10 grams, while 24-carat gold is priced at Rs. 75,050 per 10 grams. Yesterday, 24-carat gold was trading at Rs. 75,350 per 10 grams, and 22-carat gold at Rs. 67,700 per 10 grams. Additionally, today's rate for 18-carat gold is Rs. 56,800 per 10 grams.
Decrease in Silver Prices:
The price of silver has also witnessed a decrease of Rs 1000 per kilogram today compared to yesterday's rates. Currently, silver is priced at Rs 93,000 per kilogram, whereas it stood at Rs 94,000 per kilogram previously. It's worth noting that slight fluctuations in gold and silver prices in the bullion market can occur due to factors such as quality and hallmark.
Current Exchange Rates:
For those interested in selling or exchanging gold today, the exchange rate for 10 grams of 22-carat gold in Patna's bullion market is Rs 65,900, while for 18-carat gold, it is Rs 55,300 per 10 grams. Similarly, the selling rate for silver today is Rs 90,000 per kilogram.
Understanding Purity According to Carat:
- 24 carat gold = 100% gold
- 22 carat gold = 91.7% gold
- 18 carat gold = 75.0% gold
- 14 carat gold = 58.3% gold
- 12 carat gold = 50.0% gold
- 10 carat gold = 41.7% gold