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HomeCURRENT AFFAIRSBUSINESSGold Rate Today: Prices of precious metals slip ahead of Diwali; check...

Gold Rate Today: Prices of precious metals slip ahead of Diwali; check current rates in your city here

In India, the price of a gram of 22-karat gold is currently Rs 5,600, while a gram of 24-karat gold is Rs 6,109.

Gold Rate Today: Gold prices are heavily influenced by supply and demand dynamics, much like the prices of any other commodity. It is customary to purchase gold goods during festivals, particularly on the auspicious day of Diwali. Before making an investment in such metals, buyers wait for the prices to drop. However, before Diwali, the price of both gold and silver decreased due to the MCX update, despite the fact that the price of precious metals has been steadily rising since a few days ago. When there is a larger demand than there is a smaller or nonexistent supply, prices usually increase. Similarly, low or stalling demand along with an overabundance of gold in stock can lower prices. In general, wedding and festival seasons bring about a surge in demand for gold in India. Inflation results in a decline in the currency’s value. In a circumstance like this, one might decide to hold onto gold coins. Gold becomes more valuable as a result, and it acts as a kind of hedge against inflationary conditions. In India, the cost of 22-karat gold is currently Rs 5,600 per gram, whereas the cost of 24-karat gold is Rs 6,109 per gram.

Price of gold in some major cities

Name of citiesPrices of 22k gold in rupees

Checkout the rates on MCX

Buying gold serves a number of purposes. It’s vital to keep gold safe since some people pass it down for years. It might be advantageous during weddings or act as a sort of future security. Some individuals seek advice from competent financial advisors, who recommend gold investments. On the MCX, gold futures with a December 5, 2023, maturity date were trading at Rs 59703 per 10 grams, following a slight increased of 0.96 percent. Likewise, December 5, 2023, maturing silver futures saw a increased of 1.45 percent, and were trading at Rs 70182 a kg on the MCX.

Gold Rate Today: Know about the forms of gold

At 24 carats, gold is thought to be at its purest. There is no other metal present in pure gold, often known as 24 carat gold, which denotes 99.9 percent purity. Coins, bars, and other items made of 24 carat gold are produced. There are various purities of gold as well, all of which are comparable to 24 carats. For crafting jewellery, 22 carat pure gold is perfect. 22 parts gold and 2 parts silver, nickel, or any other metal make up this mixture. Gold becomes more rigid and suitable for jewellery when combined with other metals. 91.67 percent gold purity is commonly reflected in 22 carat 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.)

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