Gold Rate Update: Prices of yellow metal move up further, silver decreases; check current rates in your city

Gold Rate Update: For generations, gold has been seen as a safe haven and a means of accumulating wealth. The financial sector has developed, and Indians increasingly regard gold as an investment to diversify their portfolio, not only a physical asset. For a gold investment strategy, investors can search for minimal transaction fees and taxes, a large investment amount and flexibility, and high returns without sacrificing liquidity. Gold is now priced at Rs 5,365 per gram for 22 karat gold and Rs 5,853 per gram for 24 karat gold in India.

Price of gold in some major cities

Gold Rate Update: Prices on MCX

Purchasing investment bars and coins from a bank or reputable dealer is one of the easiest methods to obtain gold as an investment. Investors must take care of shipping, storage, and insurance as well as paying a premium over the current gold price when purchasing gold in various forms. The price of the 10-gram gold futures contract on the MCX increased by 0.03 percent to Rs 57592 on October 5, 2023. With delivery dates of September 5, 2023, silver futures contracts currently have a value of Rs. 68741, which is Rs. 0.51% less than the contract’s value on December 5, 2023.

Sovereign Gold Bonds (SGBs)

India is one of the countries with the greatest gold consumer market but producing the least quantity. To meet consumer demand, the country must buy gold, and to minimise the cost of import, the Reserve Bank of India (RBI) issued sovereign bonds on behalf of the Indian government in 2015. SGBs are available in gramme increments with a minimum investment of one gramme of gold. The gold bonds are sold on a per-unit basis, with each unit receiving its 999 pure value from the underlying gramme of 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: OPPO F21s Pro VS OPPO F21 PRO: Specifications, features and price compared to facilitate decision making

Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER