Gold Rate Update: Prices in a downward spiral; check current rates in your city here

Gold Rate Update: You can always liquidate your assets by selling any gold coins or jewellery you may have at a jewellery shop in your neighbourhood. Cash can be easily withdrawn from mutual funds and shares. It may take a few days for the sale proceeds to appear in your bank account after these items have been retrieved. Contrasted with these securities, gold is more liquid. The current price of gold in India is Rs 5,260 for 22k and Rs 5,738 for 24k, commonly known as 999 gold.

Price of gold in some major cities

Gold Rate Update: On MCX

If the value of any other asset class, such as stocks or real estate, falls, the value of gold would rise. It is considered a safe haven asset as a result. The price of the 10-gram gold futures contract on the MCX for October 5, 2023 decreased by 1.18% to Rs 56920. With delivery dates of September 5, 2023, silver futures contracts are currently at Rs. 67119, which is 3.92% more than the contract’s value on December 5, 2023.

Importance of investing in gold

Gold has been the preferred form of payment from ancient civilizations to the present. Considering that gold has little link to other asset classes these days, investors typically purchase it as a hedge against inflation and political turmoil. To reduce total portfolio risk, a number of well-known investment gurus advise allocating a portion of your portfolio to commodities, such as gold.

Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)

Also Read: Gold Rate Today: Price of yellow metal rises to the seventh heaven while silver halts. These are the prices from Delhi to Bangalore

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