Gold Rate Today: Prices of precious metals slip, should you buy now?

Gold Rate Today: People are looking forward to the upcoming festivals and purchasing gifts and other things because there are so many platforms giving huge discounts and other incentives. Furthermore, considering the slight drop in the price of silver and gold, it can be a good time to buy decorations made of these precious metals. From ancient times till the present, gold has been the preferred form of money over the globe. Investing in gold is mostly done as a hedge against inflation and political unpredictability because of its low correlations with other instruments. Today's gold prices in India are Rs 5,710 for 22-karat gold and Rs 6,229 for 24-karat gold per gram.

Know about the Gold Futures

Futures are agreements to purchase or sell a specific quantity of an asset—in this example, gold—on a specified future date. Standardised futures contracts indicate a fixed quantity of gold. Because futures have extremely low commissions and far lower margin requirements than regular equities investments, people frequently use them. Investors must pay attention to the contract specifics to avoid having to take delivery of 100 ounces of gold on the settlement date, as some contracts settle in dollars and others in gold.

Gold Rate Today: Checkout the rates on MCX

The easiest and safest ways to invest in gold are typically through mutual funds and exchange-traded funds (ETFs). You can easily buy or sell these securities in your brokerage or retirement account; each share represents a fixed amount of gold. New investors should use gold mutual funds and ETFs due to their low fees and low minimum investment requirements. On the MCX, gold futures maturing on February 5, 2024, were trading at Rs 61513 per 10 grammes, a decrease of 0.18 percent. The March 5, 2024, expiration date of silver futures saw a 0.78 percent decline and were trading at Rs 71119 per kilogramme on the MCX.

Price of gold in some major cities

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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