At present, the demand for gold has increased. Gold prices are on the rise due to rising demand. At the same time, Omicron is currently dominating the world. The omicron effect is also said to have pushed up gold prices.
According to the Good Returns website, the price of 22 carat gold in Mumbai is Rs 47,310 per 10 grams. The price of 24 carat gold has gone up. The price of 24 carat gold in Mumbai is 48,310 per 10 grams.
According to the Good Returns website, silver is being sold at Rs 62,300 per kg. Gold jewelery prices fluctuate across India due to excise duty, state tax and making fee.
What is special is that no government in the world decides the price of gold. There are no legal rules for pricing. The price of gold depends solely on the international market. Exactly one hundred years ago, in 1919, five big bullion traders from London came together and started the method of fixing the price of gold.
London was ruled by the British at that time. Of those five, Rothschild was the richest family at the time. The first price was 4.9375 British pounds per troy ounce. Now the question is how much is a troy ounce. In those days, gold was measured in terms of fish, hum and tola. After the decimal system, the price of gold was fixed in grams.
