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HomeCURRENT AFFAIRSBUSINESSGold Rate Today: Prices of precious metals tumble on Diwali; Should you buy? Check...

Gold Rate Today: Prices of precious metals tumble on Diwali; Should you buy? Check current rates in your city here

In India, the cost of 22-karat gold is currently Rs 5,555 per gram, whereas 24-karat gold is priced at Rs 6,060 per gram.

Gold Rate Today: Like the pricing of any other commodity, supply and demand dynamics have a significant impact on gold prices. Buying gold products is a custom during festivals, especially on the auspicious day of Diwali. Buyers wait for prices to decline before investing in these metals. Nevertheless, as we can see on MCX, the price of gold and silver fell on Diwali, even if the cost of precious metals has been gradually rising for the past several days. Prices typically rise when supply is either nonexistent or much smaller than demand. In a similar vein, poor or stagnating demand combined with an excess of gold in inventory might result in lower pricing. In India, the price of a gram of 22-karat gold is currently Rs 5,555, while a gram of 24-karat gold is Rs 6,060.

Gold Rate Today: Know about the forms of gold

Gold is considered to be purest at 24 carats. Pure gold, also referred to as 24 carat gold, is 99.9 percent pure and contains no other metal. 24 carat gold is used to make coins, bars, and other objects. Additionally, there are several purities of gold, all of which are equivalent to 24 carats. 22 carat pure gold is ideal for making jewellery. This mixture is made up of two parts silver, nickel, or any other metal and twenty-two parts gold. When mixed with other metals, gold becomes more durable and appropriate for jewellery. 22 carat gold typically represents 91.67 percent purity of gold.

Price of gold in some major cities

Name of citiesPrices of 22k gold in rupees

Checkout the rates on MCX

Purchasing gold has several benefits. Since some individuals pass gold down for years, it’s imperative to keep it secure. It could be useful for weddings or serve as a kind of insurance policy. Some people consult with knowledgeable financial consultants, who suggest gold investments. Following a minor decrease of 1.04 percent, gold futures with a December 5, 2023, maturity date were trading at Rs 59654 per 10 grammes on the MCX. Similarly, on December 5, 2023, maturing silver futures showed a 1.67 percent gain and were trading on the MCX at Rs 70025 per kg.

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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