Gold futures on Monday rose by Rs 205 to Rs 50,399 per 10 grams as traders increased their positions amid strong spot demand in the domestic market.
Gold prices increased due to festive season, know today’s new price
Gold futures on Monday rose by Rs 205 to Rs 50,399 per 10 grams as traders increased their positions amid strong spot demand in the domestic market on account of the festive season in India. On the Multi Commodity Exchange, gold for December supply was trading higher by Rs 205, or 0.41 per cent, at Rs 50,399 per 10 grams, with a business turnover of 17,446 lots. Market analysts said buying of fresh positions by participants led to the rise in gold futures. Globally, gold was trading 0.19 per cent higher at USD 1,675.10 an ounce in New York.
gold price in international market
In the international market, gold prices rose 0.3 percent to $ 1,665.29 an ounce, US gold futures rose 0.1 percent to $ 1,673.30. While spot silver rose 0.7 percent to $19.12 an ounce, platinum rose 0.3 percent to $861.50 and palladium rose 0.5 percent to $2,167.75.
How to know the purity of gold
Hall marks are given by ISO (Indian Standard Organization) to identify the purity of gold. 999 on 24 carat gold, 958 on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat. Most of the gold is sold in 22 carats, while some people also use 18 carats. Carat is not more than 24, and the higher the carat, the more pure the gold is called.
Here is the difference between 22 and 24 carats
24 karat gold is 99.9% pure and 22 karat is approximately 91 percent pure. Jewelery is prepared by mixing 9% other metals like copper, silver, zinc in 22 carat gold. While 24 carat gold is brilliant, it cannot be made into jewellery. That’s why most of the shopkeepers sell gold in 22 carats.