Gold Rate Today: Gold is one of the most well-known and valuable commodities in the world. Throughout history, gold has been utilised for a wide range of cross-cultural functions, including as currency, essential parts for technology, and priceless jewellery. Those who want to invest in a variety of assets, including our precious metals, like gold and silver, but are waiting for a price drop. Gold investment is now easier than ever because to its reliable profit margins and straightforward liquidity process. You might want to put off investing because gold has recently seen a slight boost in price.
Gold Significance, and Relation to the Economy, explained
Although Indians prefer gold over other metals for jewellery, investors view gold in the form of coins, bars, gold ETFs, and other products as safe havens. Purchasing gold is highly regarded and regarded as fortunate during various Indian festivals, including Diwali, Akshay Tritiya, and Dhanteras. Furthermore, when it comes to Indian wedding shopping, gold is the most popular item; no wedding shopping list is considered complete without purchasing gold. Investing in gold has the advantage of serving as a hedge against inflation in the event of an economic downturn. When interest rates decline, which is closely correlated with economic strength, gold prices rise. Although gold prices have historically reflected its value over the long term, they can occasionally be volatile in the short term.
Price of gold in some major cities
| Name of cities | Prices of 22k gold in rupees |
| Mumbai | 57800 |
| Delhi | 57950 |
| Kerala | 57800 |
| Pune | 57800 |
| Lucknow | 57950 |
| Patna | 57950 |
| Nagpur | 57800 |
| Chandigarh | 57800 |
| Surat | 57950 |
| Bhubaneswar | 57950 |
Gold Rate Today: 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 decrease of 0.02 percent, gold futures with a February 5, 2024 maturity date were trading at Rs 61950 per 10 grams on the MCX. The price of silver futures, which mature on March 5, 2024, saw an increase of 0.03 percent, and were trading at Rs 71795 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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