Gold Rate Today: Prices of precious metals decrease, check current rates in your city here

Gold Rate Today: The current price of gold and silver slips on MCX. There are many reasons behind the ups and downs of gold rates. When interest rates rise, the price of gold often falls. This is a result of investors and consumers rushing to buy fixed income government securities and sell gold. Gold price today in India is at Rs 5,450 per gram for 22k, while for 24k also called 999 gold, the price is at Rs 5,945 per gram.

Know about the prominent cities rate

Gold Rate Today: On MCX

The price of gold futures on the MCX decreased by 0.03 percent to Rs 58800 for 10 grams with an expiration date of August 4, 2023. For delivery on September 5, 2023, kilograms of silver were selling for Rs. 73515, down 0.66 percent. The precious metal is a significant liquid asset that is helpful in tumultuous times. The yellow metal offers defence against price increases and currency declines. In addition, the metal shines when debt and stocks decline on stock markets.

How can you test the purity of gold with magnet?

The magnet is much simpler since you can put a little portion of it in your pocket with ease. The simplicity of this system is one of its many attractive qualities. The straightforward rational is that if gold is combined with another metal, it will instantly attract the magnet. The skin test is also quite popular, however if the gold jewellery is fake, it will discolour when you hold it in your hands. However, the genuine one will never do so, demonstrating and verifying the purity of gold. This is another straightforward method to comprehend and check while purchasing gold in India.

Current import taxes on gold

In India, there is a 10% import tax on gold at the moment. Based on the necessity to occasionally limit imports, the government constantly changes the import tariff. The imports of gold must be urgently reduced over the long term, nevertheless, to prevent stretching the current account deficit. India is one of the world's largest consumers of gold, any such limitations likely to have an overall effect on the country's gold consumption.

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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