Gold Rate Update: Prices move up; check current rates in your city from Delhi to Mumbai

Gold Rate Update: One of the most well-known precious metals in the world is gold. Gold transcends cultural barriers and has been used historically for a variety of purposes, including as cash, a vital component of electronics, and an artisanal jewellery. Even in this day and age, gold continues to captivate investors as a unique asset that provides an alternative to traditional stock and bond markets. In India, the price of a gram of 22-karat gold is currently Rs 5,640, and a gram of 24-karat gold is Rs 6,153.

Price of gold in some major cities

Gold Rate Update: On MCX

Shares in gold mining companies can be purchased by investors as individual stocks or as part of a fund. When buying gold in various forms, investors must consider shipping, storage, and insurance, in addition to paying a premium over the current gold price. The 10-gram gold futures contract on the MCX gained 0.75 percent to Rs 60772 on October 5, 2023. Silver futures contracts with September 5, 2023 delivery dates are currently at Rs. 72386, which is Rs. 1.08% more than the contract’s value on December 5, 2023.

Investing in gold ETFs

Investing in gold is possible through an Exchange Traded Fund (ETF) without requiring you to purchase actual gold assets. It is a fund that is invested in various gold-backed securities. While some gold ETFs only follow or replicate the changes in the price of actual gold, others could also contain derivatives that are backed by gold or stocks of gold miners. The ETF’s performance is contingent upon the underlying asset, which also determines the fund’s value.

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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