Gold Rate Today: Gold is often regarded as a safe haven for investors during difficult times in other markets and economies. When inflation starts to exceed interest rates, investors start looking for more secure investments. During inflation, gold is seen as a hedge against it. In India, the price of gold is currently Rs 5,485 for 22k gold and Rs 5,984 for 24k gold, also referred to as 999 gold. These were the prices as of Friday because the market was closed.
Prices of gold in some major cities
Name of cities
Prices of 24k gold in rupees
Mumbai
59,840
Delhi
60,000
Hyderabad
59,840
Vadodara
59,890
Lucknow
60,000
Vijayawada
59,840
Chandigarh
60,000
Surat
59,890
Bhubaneswar
59,840
Mangalore
59,840
Visakhapatnam
59,840
Nashik
59,870
Gold Rate Today: On MCX
The cost of the October 5, 2023, 10-gram gold futures contract on the MCX decreased by 0.17% to Rs 58900. The price of silver futures with a September 5, 2023, delivery date is currently Rs. 71571, down 0.28% from the price at which they would expire on December 5, 2023. In recent years, gold hasn't produced particularly outstanding returns. Therefore, it is preferable to merely buy in order to increase your options. Any other asset type, such as shares or real estate, would fall if gold increased. As a result, it is considered a haven asset.
How to check the purity of gold?
Before buying gold, evaluate its purity, which is measured in carats, with 24 carats being the purest. 24K gold is pliable and liquid, and to become stronger, it must be alloyed with other metals. For example, 22k gold is made up of 22 parts gold (91.6 percent) and 2 parts other metals. The purer the gold, the higher the price.
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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