Gold and Silver Prices in India on August 8, 2023: A City-Wise Breakdown and Influencing Factors

On August 8, 2023, gold and silver prices in India observed a minor decrease. In Delhi, 10 grams of 22-carat gold was priced at ₹55,200, marking a dip when one gram decreased by ₹10, settling at ₹5,505. The rates for 8 grams and 100 grams of 22-carat gold were ₹44,040 and ₹5,50,500, respectively. The 24-carat gold variant also experienced a similar trend, with one gram valued at ₹6,006. Concurrently, silver prices mirrored gold’s downward trend. One kilogram of silver was priced at ₹74,000, reflecting a drop of ₹1,000 nationally.

Delving deeper into city-specific data for gold rates per 10 grams: Chennai recorded ₹55,400, Mumbai and Kolkata stood at ₹55,050, and Delhi had ₹55,200. Silver per kilogram rates were ₹77,300 in Chennai and ₹74,000 in Mumbai, Delhi, and Kolkata.

Several multifaceted factors dictate these prices. Global demand for gold, currency values in diverse nations, prevalent interest rates, and specific government regulations regarding gold heavily influence its cost. The current value of 1 INR is equal to 0.012 US Dollars. Additionally, the global economy’s overarching health and the US dollar’s relative power are crucial in determining gold’s price in India.