Gold Rate Update: Due to its propensity to increase in value when the cost of living rises, gold has historically been a great inflation hedge. Investors have witnessed the stock market crash and skyrocketing gold prices over the previous 50 years amid periods of rising inflation. This is due to the fact that gold is typically priced in fiat currency units and thus tends to increase along with everything else when fiat money loses its purchasing power due to inflation. In addition, gold is regarded as a reliable store of value, thus individuals may be persuaded to purchase gold when they feel that the value of their local currency is declining. As of right now, 22k gold costs Rs 5,500 per gram in India, whereas 24k gold, also known as 999 gold, costs Rs 6,000 per gram.
Price of gold in some major cities
| Name of cities | Prices of 22k gold in rupees | Prices of 24k gold in rupees |
| Mumbai | 55,000 | 60,000 |
| Delhi | 55,150 | 60,150 |
| Kerala | 55,000 | 60,000 |
| Pune | 55,000 | 60,000 |
| Lucknow | 55,150 | 60,150 |
| Patna | 55,050 | 60,050 |
| Nagpur | 55,000 | 60,000 |
| Chandigarh | 55,150 | 60,150 |
| Surat | 55,050 | 60,050 |
| Bhubaneswar | 55,000 | 60,000 |
Gold Rate Update: On MCX
Gold has consistently been demonstrated to be the best inflation hedge. Now more than ever, investors view gold as a significant investment. The cost of the October 5, 2023 expiring 10-gram gold futures contract increased 0.6 percent to Rs 59032 on the MCX. Priced at Rs. 71884 for delivery on September 5, 2023, silver futures with a December 5, 2023, expiration date are down 0.16% from their previous price.
You can get gold rates by giving a missed call
For information on gold retail prices, you can leave a missed call at 8955664433. You will receive the prices by SMS shortly after giving this number a missed call. In addition, you may always find updates or information at www.ibja.com or ibjarates.com.
Here’s how to check the gold purity
Currently, there is an app available from the government that allows you to check the purity of gold. Using the BIS Care app, customers may determine the purity of gold. Not only can you examine the purity of gold using this app, but you can also complain about it.
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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