Gold and Silver prices on December 24: Check latest rates here

According to the GoodReturns, 22-carat gold prices in India are at Rs 5,820 per gram, while for 24-carat the price is at Rs 6,349 per gram on Sunday.

On December 24, the price of 22-carat gold was at Rs 58,200 per gram; Rs 63,490 for 10 gm 24-carat gold and silver at Rs 79,000 per kg respectively, according to GoodReturns. At the same time, the silver rate was Rs 79.00 per gram whereas for 10 grams it was Rs 790.

Check rates of Gold and Silver here:

What is the economic importance of Gold in India? 

• Investment and Security: Gold is seen as a safe haven and hedge against inflation, economic uncertainty, and currency fluctuations. Indians traditionally invest a significant portion of their savings in gold, considering it a secure and reliable form of wealth.

• Employment and Industry: The gold industry in India is a major source of employment, driving the economy in mining, refining, manufacturing, and trading.

• International Trade: India is one of the world's largest gold importers and consumers, influencing global gold prices and trade.

Additional Factors:

• Limited Access to Formal Banking: For many rural and unbanked individuals, gold serves as a readily available form of savings and collateral, particularly in the absence of reliable banking infrastructure.

• Emotional Attachment: Beyond its practical uses, gold carries a strong emotional and sentimental value for many Indians, symbolizing family legacies, traditions, and cultural heritage.