Gold and Silver prices on January 1: Check latest rates here

According to the GoodReturns, 22-carat gold prices in India are at Rs 5,855 per gram, while for 24-carat the price is at Rs 6,387 per gram on Monday.

On January 1, the price of 22-carat gold was at Rs 58,560 per gram; Rs 63,387 for 10 gm 24-carat gold and silver at Rs 78,600 per kg respectively, according to GoodReturns. At the same time, the silver rate was Rs 78.60 per gram whereas for 10 grams it was Rs 786.

Check rates of Gold and Silver here:

Economic Importance of 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.