The price of one gram of 24 karat gold stands at Rs 5,046 for September 14, while the worth of 22 karat gold per gram today is Rs 4,946.
According to a report published in Good Returns, the cost of the precious metal for 10 grams of 24 karat purity in metro cities is as follows:
Delhi: Rs 54,400 Mumbai: Rs 50,460 Chennai: Rs 53,360 Kolkata: Rs 53,110 Bengaluru: Rs 52,820
While the price of the yellow metal of 22 karat purity for 10 grams in Delhi is Rs 49,870. In Mumbai, 22 karat of 10 grams gold can be bought for Rs 49,460. The same metal quality is priced at Rs 50, 410 in Kolkata. The cheapest price is available in the southern cities, including Chennai and Bengaluru. 10 gram of 22 karat gold can be purchased for Rs 48,920 in Chennai and for Rs 48, 420 in Bengaluru.
According to news agency Reuters, the price of gold has also increased globally. Speaking to the agency, the European Central Bank's president, Christine Lagarde said, “Gold's bullish longer-term fundamentals have not changed.”
Jeffrey Halley, a senior market analyst at OANDA, stated, ”Gold has well-denoted support between $1,900 and $1,920 an ounce, with trend line resistance at $1,970.”
Further, the price of silver too increased by 0.4% to $26.84 per ounce, while the cost of platinum jumped too 1.6% to $939.58.
Lagarde mentioned that European governments must ensure that they are spending a good amount of money in order to aid the bloc's recovery.
One cannot ignore the fact that the global novel coronavirus pandemic has played an integral role in the fluctuating price of the precious metal. During these times, banks too have unprecedented stimulus measures and have also made it a point to keep the interest rates low.