Gold Rate Today: Prices of yellow metal slip, Silver moves Up; check current rates in your city here

Gold Rate Update: If you own any gold coins or jewellery, you can sell it at a nearby jewellery store at any moment to liquidate your assets. Shares and mutual funds can be easily converted into cash. After these things are recovered, it can take a few days for the sale earnings to show up in your bank account. Gold has more liquidity compared to these securities. The current price of gold in India is 5,390 per gram for 22k gold and 5,880 per gram for 24k gold, commonly known as 999 gold.

Price of gold in some major cities

Gold Rate Update: On MCX

Gold would increase in value if any other asset type, such as equities or real estate, declines. As a result, it is regarded as a safe haven asset. To reach Rs 58172, the price of the 10-gram gold futures contract for October 5, 2023 on the MCX declined by 0.19 percent. The value of silver futures contracts with delivery dates of September 5, 2023 is currently Rs. 70655, which is 0.15% more than the contract’s value on December 5, 2023.

Importance of investing in gold

Gold has been the preferred form of payment from ancient civilizations to the present. Considering that gold has little link to other asset classes these days, investors typically purchase it as a hedge against inflation and political turmoil. To reduce total portfolio risk, a number of well-known investment gurus advise allocating a portion of your portfolio to commodities, such as 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.)

Also Read: Gold Rate Today: Price of yellow metal rises to the seventh heaven while silver halts. These are the prices from Delhi to Bangalore

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