Gold Price Today: Good News! Drop in gold price, now you have to spend so much for 10 grams – gold silver price today 13 Feb 2023 precious metals witness dip on mcx
Price of gold and silver
Gold futures due April 5, 2023 on the MCX fell marginally by Rs 11, or 0.02 percent, to Rs 56,920 per 10 grams. Similarly, silver futures expiring on March 3, 2023 fell Rs 424 or 0.64% to Rs 66,398 per kg on MCX. Note that earlier, when the market closed on Feb. 10, gold was priced at Rs 56,741 per 10 grams, while silver was priced at Rs 66,664 per kg.
How are gold and silver prices determined?
The price of gold and silver in India is determined by trading on the futures market. The closing price of the trading day is regarded as the next day’s market price. However, the rates are fixed taking into account some other costs in different cities and then the retailer sells the jewelry by adding a fee.
People always wonder why the goldsmith charges us more even though the market price is low today. Therefore, it is important for you to know that the market price is for the pure metal bar and is not considered as the jewelry rate. Each jeweler charges manufacturing and service costs based on the weight of the jewelry, so the customer has to buy the jewelry at a price higher than the market price.
Difference between 22 and 24 karat gold
24-karat gold is 99.9 percent pure, while 22-karat is about 91 percent pure. Jewelry is made by mixing 9% of other metals such as copper, silver and zinc in 22 carat gold. Although 24 karat gold is the purest, it is very malleable and weak. Therefore, jewelry cannot be made from it.