Gold prices declined across all purity levels on July 8 compared with July 7. The price of 24K gold fell by ₹136 per gram, from ₹14,661 to ₹14,525, while 22K gold dropped by ₹125 per gram, from ₹13,439 to ₹13,314. 18K gold also witnessed a decline of ₹103 per gram, moving from ₹10,996 to ₹10,893.

The overall fall indicates a slight correction in gold prices after the previous day’s higher levels. Despite the decline, gold continues to remain at elevated levels, keeping the precious metal market under close watch among buyers and investors.

PurityPrice (Per Gram)
24K Gold (99.9% purity) ₹14,525
22K Gold (91.6% purity)₹13,314
18K Gold (75% purity)₹10,893

City-wise gold rate (1 gram)

Cities24 Carat22 Carat18 Carat
Chennai₹14,617₹13,339₹11,199
Mumbai₹14,525₹13,314₹10,893
Delhi₹14,540₹13,329₹10,908
Kolkata₹14,525₹13,314₹10,893
Bangalore₹14,525₹13,314₹10,893
Hyderabad₹14,525₹13,314₹10,893
Thiruvananthapuram₹14,525₹13,314₹10,893

City-wise silver rate

City(10 grams)(100 grams)(1 kg)
Chennai₹2,499₹24,990₹2,49,900
Mumbai₹2,450₹24,500₹2,45,000
Delhi₹2,450₹24,500₹2,45,000
Kolkata₹2,450₹24,500₹2,45,000
Bangalore₹2,450₹24,500₹2,45,000
Hyderabad₹2,499₹24,990₹2,49,900
Kerala₹2,499₹24,990₹2,49,900

Magnetic test: A simple way to check gold purity

Gold buyers in India use several methods to check the purity of the metal, and the magnetic test is one of the simplest and most convenient techniques. Unlike acid tests, which require handling chemicals, the magnetic method only needs a small magnet that can be easily carried and used anywhere.

The principle behind this test is straightforward. Pure gold is not magnetic, so it will not be attracted to a magnet. However, if gold jewellery contains certain other metals mixed with it, it may react to the magnet, indicating that the item may not be completely pure.

Another commonly used method is the skin test, where buyers observe whether the jewellery causes any discolouration when held or worn. Genuine gold usually does not leave marks or change colour, while impure or fake gold may show signs of discolouration.

While these simple tests can provide an initial indication of gold purity, experts recommend checking gold jewellery through certified methods such as hallmark verification for accurate confirmation before making a purchase.