Amid the fluctuation in gold and silver rates across the country, the price for 24-carat gold per 10 gram reached Rs 50,940 on Saturday in twin cities of Bhubaneswar and Cuttack with a decrease of Rs 560 from Friday’s price.
For 23-carat, the price of 10 grams of yellow metal reached Rs 47,750 (+3% GST) while the rate of 22-carat gold reached Rs 45,870 (+3% GST).
Similarly, the rate of 20, 18 and 14-carat gold remained at Rs 41600 (+3% GST), Rs 37650 (+3% GST) and Rs 29450 (+3% GST), respectively. Pure Ginni (gold coin) is being traded at Rs 37,850 (+3%GST) on Saturday.
Meanwhile, gold is being traded at Rs 5175 per gram (GST 995) and at Rs 5150 (Cash 995) in Cuttack.
On the other hand, one kilogram of silver is being sold at Rs 58,600 (with GST) in Bhubaneswar on Saturday with a decrease of Rs 100 from yesterday's price of Rs 58,700.
Notably, factors such as state taxes, excise duty, and making charges lead to changes in the price of gold in India.
The price of silver in India is determined by changes in prices internationally. It also depends on the movement of the rupee against the dollar. If the rupee falls against its international counterpart and the prices remain consistent internationally, silver ends up becoming dearer.