Gold Rate Today: As the yellow metal slipped and silver has been increased on Friday. The rates will remain same till the market reopens on Monday morning. If you want to buy gold right now this is the best time to buy it, as the yellow metal has been decreased by 0.29%. Gold has traditionally been a popular commodity, with Indians being a particular fan. Gold has established a distinctive position for itself. In India, the price of gold is currently Rs 5,450 for 22k gold and Rs 5,945 for 24k gold, also referred to as 999 gold.
Gold rates in some major cities
| Name of the cities | 22k Gold | 24k Gold |
| Mumbai | Rs. 54500 | Rs. 59450 |
| Delhi | Rs. 54650 | Rs. 59600 |
| Ahmedabad | Rs. 54550 | Rs. 59,500 |
| Patna | Rs. 54550 | Rs. 59500 |
| Chennai | Rs. 54750 | Rs. 59730 |
| Chandigarh | Rs. 54650 | Rs 59600 |
| Gurgaon | Rs. 54650 | Rs 59600 |
| Ghaziabad | Rs. 54650 | Rs 59600 |
| Noida | Rs. 54650 | Rs 59600 |
| Kolkata | Rs. 54500 | Rs. 59450 |
| Dehradun | Rs. 55500 | Rs. 58280 |
Gold Rate Today: On MCX
The precious metal is a notable liquid asset that comes in useful during stormy times. The yellow metal protects against inflation and currency depreciation. Aside from that, the metal shines when equities and debt fall in stock markets. With an expiration date of August 4, 2023, the price of gold futures on the MCX down by 0.29 percent to Rs 58640 for 10 grammes. The price of silver are trading at Rs. 73627, up 0.08 percent, for delivery on September 5, 2023.
Gold Rate Today: Government Gold Reserves
Most major countries’ central banks keep gold and currency reserves on hand. Two outstanding examples of this are the Reserve Bank of India and the US Federal Reserve. As major central banks start to build up their gold holdings and increase their gold purchases, the price of gold rises. The market’s rising cash flow and the supply of gold are the causes of this. In India, gold jewellery is fairly common. Gold jewellery holds a unique position in Indian homes, whether it is used for special occasions or birthdays. Gold prices increase throughout the wedding season as well as over major festivals like Diwali due to rising consumer demand.
Inflation of gold
Due to its nearly constant nature in comparison to currency, gold has great value and is used to protect against inflation. This is the reason why investors like holding gold over money. As a result, the demand for gold rises during periods of high inflation and vice versa. Then, as a result of intense consumer demand, gold prices will soar. This is valid for both domestic and global inflation, including that which occurs in India.
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