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Home CURRENT AFFAIRS BUSINESS Gold Rate Update: Prices increase before Diwali; Check current rates in your...

Gold Rate Update: Prices increase before Diwali; Check current rates in your city

In India, the cost of 22-karat gold is currently Rs 5,650 per gram, whereas the cost of 24-karat gold is Rs 6,164 per gram.

Gold Rate Update

Gold Rate Update: Especially in India, gold is one of the most widely used investment instruments globally. The price of gold varies, just like the price of other financial assets. Numerous other factors also play a part in determining the market price of gold, even though one of the main drivers is the demand for the metal. The value of the currency decreases with inflation. One could opt to hang onto cash in the form of gold in such a situation. As a result, there is a surge in the price of gold, which can be thought of as a type of inflation hedge. In India, the price of a gram of 22-karat gold is currently Rs 5,650, and a gram of 24-karat gold is Rs 6,164.

Price of gold in some major cities

Name of citiesPrices of 22k gold in rupees

Gold Rate Update: On MCX

One buys gold for a number of reasons. Some people pass down their gold through the centuries, so keeping it safe is essential. As a kind of future security or during marriages, it can be advantageous. Some people consult knowledgeable financial consultants, who suggest investing in gold. The October 5, 2023, 10-gram gold futures contract on the MCX saw a 0.33 percent increase in price, reaching Rs 60985. The current value of silver futures contracts with delivery dates of September 5, 2023 is Rs. 72103, which represents a increase of 1.13% from the contract’s value on December 5, 2023.

Investors can get gold exposure

Investors may purchase gold through exchange-traded funds (ETFs) or mutual funds. The value of funds with the most direct exposure is determined by the price of gold. One instrument used to charge investors for the expense of sustaining physical supplies is the expenditure ratio. There are a couple of issues: Because they are classified as collectibles, some gold funds are exempt from the lower long-term capital gains taxes that apply to stocks. Furthermore, since they produce no revenue, the premise may be undermined year after year by the expense ratio.

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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