Gold Rate Today: Festive season has been started in India. Everyone is buying new things including ornaments and gadgets. Due to the increasing demand on Ganesh Chaturthi, the rates of both the precious metals, gold and silver, has been increased. The majority of Indians believe that gold is one of the best investment possibilities in India. In this country, gold is seen as a sign of wealth and social distinction, as well as a solid long-term wealth creator. As a result of the financial ramifications of the epidemic and the year’s huge swings in the stock market, some investors felt obligated to seek steps to protect their money. Gold prices in India today are Rs 5,505 per gram for 22k, and Rs 6,005 per gram for 24k, commonly known as 999 gold.
Price of gold in some major cities
|Name of cities||Prices of 24k gold in rupees|
Checkout the prices on MCX
Gold hasn’t produced particularly impressive returns in recent years. It is consequently recommended that you only purchase if you want to expand your options. Gold would climb if any other asset class decreased, such as equities or real estate. As a reason, it’s considered a safe haven asset. The 10-gram gold futures contract on the MCX for October 5, 2023 increased by 0.38% to Rs 58220. Silver futures with a delivery date of September 5, 2023 are currently valued Rs. 72485, or 0.46% less than their expiration price of December 5, 2023.
Gold Rate Today: Gold Investment Provides High Cash Flow
If you have any gold coins or jewellery, you can sell them at any moment at a nearby jewellery store to liquidate your holdings. Shares and mutual funds can also be easily converted into cash. However, it may take a few days for these things to be reclaimed and the sale revenues to be refunded to your bank account. Gold, in contrast to these securities, is more liquid.
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