Gold price in India extended its winning streak on Wednesday, continuing the upward momentum after gaining nearly 1.5% in July amid further escalation of the US-Iran war and stock market sell-off, with 10 grams of gold currently priced at Rs 1,43,570 in 24 carat, at Rs 1,31,600 in 22 carat, and at Rs 1,07,670 in 18 carat.
That was largely led by the uncertainty across the world due to the ongoing war, which is triggering the crude oil prices and the US dollar dominance, coupled with dampening investors' sentiment towards risky assets.
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But the traded gold at the Multi-Commodity Exchange of India (MCX) has lost around 1.5-2.2% in July, which is in line with the US spot gold price, which dropped nearly 7% to 4,034.05 per ounce this month. Spot gold, however, has remained on Wednesday almost unchanged despite US CPI data coming much lower than expected.
22K vs 24K vs 18K: What is the Difference?
To avoid the confusion, they are all gold the yellow metal. The carat just explains the purity of the gold. For example, 22K gold has 91.6% pure gold and the remaining 8.4% other metals like silver, copper, or zinc. This gold embeds 22 parts pure gold and 2 parts of alloy, thus making it one of the most popular choices for gold jewellery in India.
Now, 24 carat is almost 99% pure gold, but if we want to make jewellery out of it, the gold tends to bend as it is fragile, so most gold coins and bars are made out of 24K gold, and the gold price for 24K is also more than 22k or 18k gold because of its purity.
Similarly, for 18 carat gold, the ratio is quite simple. Almost three-quarters of the gold is the yellow metal; the rest is copper or zinc. Although 22K is purer than 18K, jewelleries made out of the later tend to be stronger and more durable than the 22 carat gold.
Should You Buy 18K Gold in India?
Well, that is completely up to you. Many in India are opting for 18 carat gold now a days. Major jewellery makers have launched specialized 18K gold jewellery bands to lure in Gen Z buyers. Mia by Tanishq, CaratLane, and Giva are some of the brands that are popular for 18K jewellery.
While 18K is definitely cheaper than 22K, that is not the main reason it is in demand. These jewellery pieces are created primarily for office goers who usually prefer light and stable works of art that look elegant too.
In the end, its completely up to the buyer if they want to go for 18K or 22K, but with an increasing number of women and men choosing to wear 18K, this remains a popular choice.
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