What Is 24K and 22K Gold? Know More About It In Detail

Do you know the key difference between 22K and 24K gold? If you want to know the difference, then look no further! Read this article to know the complete comparison!

8 Dec,2022 09:26 IST 911 Views
What Is 24K and 22K Gold? Know More About It In Detail

Gold is one of the most common purchases in India as it is essential for religious and auspicious occasions. However, some use gold as an investment as the prices of different qualities of gold fluctuate constantly. Furthermore, since people can pledge their gold articles to avail of a gold loan and fulfil their capital requirements, owning gold has become one of the safest investments. However, the various qualities of gold can affect the offered gold loan amount.

Hence, it is necessary to know how the gold quality is determined with what is the difference between 22k and 24k gold.

What Does Karat Mean In Gold Quality?

When buying gold, the jeweller or the selling entity always denotes the gold articles in karat or carat. Karat or ‘K’ is a measuring unit for the quality of the gold and its pieces, such as gold bars, coins, jewellery, etc.

Denoting gold in carats is important as gold looks the same visibly, making it difficult to determine the quality by looking at the visible aspects. Thus, it is best to look at the karats of the gold before buying any gold articles or getting the best price for selling the gold.

In India, gold articles are measured through a karat scale which ranges from 0-24. Here zero karat would be a fake gold ornament, while 24 carats is of the highest possible quality.

Since gold is a very soft metal, it must be mixed with other metals, such as nickel, copper, silver, etc., to convert it into gold articles. The karat measures the ratio in which different metals are mixed with gold. The higher the carats, the lower the number of other metals in the resulting gold articles.

In India, 22-carat and 24-carat gold are the most widely bought gold quality. Hence, it is imperative to understand what is the difference between 22-carat and 24-carat gold.

What Is 22-Carat Gold?

22k gold, or 22-carat gold, is a gold mixture combining two parts of other alloys/metals, including silver, nickel, zinc, and copper. 22-carat gold is the next best quality to 24-carat gold and is the most widely used gold to make jewellery and other gold articles.

22-carat gold is also called 916 gold as it contains pure gold with a percentage of 91.67%. Due to the metal composition, the remaining portion is of other mixed metals to make it more durable. The price of 22-carat gold is lower than that of 24-carat gold in the domestic and international markets.

The 22-carat gold price fluctuates daily depending on numerous factors such as demand and supply, import price, etc. Before buying and selling, it is wise to seek the answer to what is 22k gold price today.

What Is 24-k Gold?

24-k gold or 24-carat gold is the purest form of gold available to customers or jewellers in the domestic and international markets. 24-carat gold contains 99,99% gold with no other mixed metal such as copper, nickel, zinc, or silver. However, 24-carat gold does not have 100% gold but only 99.99%. Hence, 24-carat gold is only extracted at 99.99% purity from gold ores in solid form.

Gold articles made from 24-carat gold are of the highest purity and are considered the best in quality. However, 24-carat gold is less popular to make gold jewellery due to its non-durable nature. Instead, it is used for electrical devices and other medical equipment.

What Is The Difference Between 22K and 24k Gold?

Here is a detailed table to showcase what is the difference between 22k and 24k gold:

 

Parameter

22k Gold

24k Gold

Purity

91.67%

99.9%

Purpose

Widely used to make jewellery as it is more durable because of the presence of other metals.

Suitable for investment purposes as it is delicate in nature and non-durable.

Price

The price is always lower than 24k gold.

The price is the highest among all gold qualities.

Usage

Used in making jewellery and other gold articles.

Used in electrical and medical equipment.

Durability

22K gold is the most durable as it contains other metals such as zinc, nickel, copper, etc.

24k gold is less stable than 22k gold as it is too delicate to resist wear and tear.

Avail Of An Ideal Gold Loan With IIFL Finance

With IIFL Gold loan, you get industry-best benefits through our process designed to offer instant funds based on the value of your gold within 30 minutes of application. IIFL Finance Gold Loans come with the lowest fee and charges, making it the most affordable loan scheme available. With a transparent fee structure, there are no hidden costs you have to incur after applying for the loan with IIFL Finance.

FAQs:

Q.1: What are the interest rates on IIFL Finance Gold Loans?
Ans: The interest rates on IIFL Finance gold loans are between 6.48% - 27% p.a.

Q.2: How can I apply for a Gold Loan with IIFL Finance?
Ans: Getting a gold loan from IIFL Finance is super easy! Click on the ‘Apply Now’ button mentioned above and fill in all the required details to get a loan approved in 5 minutes.

Q.3: What is the loan tenure for the IIFL Finance gold loan?
Ans: The loan tenure for an IIFL Finance gold loan is up to 24 months.

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