Gold Rate Today: People are excitedly anticipating the new year and purchasing gifts and other goods because there are so many platforms offering enormous discounts and other advantages. Furthermore, given the recent slight decline in the price of gold and silver, this could be an excellent time to buy ornaments made of these precious metals. Across the globe, gold has always been the currency of choice, even in the present day. Because gold has little correlation with other asset classes, investors primarily purchase it as a hedge against inflation and political upheaval.
What is a Gold fund and how to invest in it?
A mutual fund that specialises in investing in equity stocks of companies primarily involved in the mining, refining, or marketing of gold and/or gold products, or in a gold exchange traded fund (gold ETF), is known as a gold fund. Physical gold serves as the underlying asset class for mutual funds that use the fund of funds structure to operate in India. The value of investments made through Gold Funds is therefore affected by changes in the physical gold price.
It is not necessary to have a trading or demat account in order to buy Gold Fund units. To begin investing in Gold Mutual Fund direct plans, all you need is a free ET Money investment account. Alternatively, you can use a demat and trading account to buy listed Gold Fund units from the stock market if you would rather not buy units of Gold Funds directly from the Asset Management Company.
Gold Rate Update: Price of gold in some major cities
| Name of cities | Prices of 22k gold in rupees |
| Mumbai | 58900 |
| Delhi | 59050 |
| Kerala | 58900 |
| Pune | 58900 |
| Lucknow | 59050 |
| Patna | 59050 |
| Nagpur | 58900 |
| Chandigarh | 58900 |
| Surat | 59050 |
| Bhubaneswar | 59050 |
Gold Rate Update: Checkout the rates on MCX
The historically low correlation of gold with other financial assets makes it a popular choice among investors as a hedge against potential economic downturns. Rising gold prices usually result in lower bond yields. With a slight increase of 0.29 percent, gold futures with a February 5, 2024 maturity date were trading at Rs 63491 per 10 grammes on the MCX. The price of silver futures, which mature on March 5, 2024, saw an increase of 0.61 percent, and were trading at Rs 75260 per kg on the MCX.
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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