Gold Rate Update: Gold has always shown to be a dependable investment during erratic economic times, often increasing in value when other assets do not. Its value usually stays the same or even rises in an unstable economy. The US dollar’s ongoing depreciation against the Indian rupee is one aspect of the Indian financial scene that sets it apart. Gold is a popular stand-in because it tends to appreciate in value in response to fluctuations in exchange rates. Given that the price of gold has recently somewhat increased, you might want to postpone investing.
Know about the Gold Schemes
It is among the best methods for purchasing gold. The market is rife with gold schemes, most of which are floated by jewellers. These programmes function similarly to a SIP in which you make a monthly deposit at a jeweller of a certain amount of money. The programme may last for two years, eleven months, etc. When the plan matures or expires, you can get the gold back for the money you invested. On the other hand, we advise being cautious when making this kind of investment. Before making an investment, be sure to research the jeweller and their policies. Furthermore, the risk might not be justified if the scheme’s returns are comparable to those of a traditional investment or an FD.
Gold Rate Update: Price of gold in some major cities
| Name of cities | Prices of 22k gold in rupees |
| Mumbai | 58750 |
| Delhi | 58900 |
| Kerala | 58750 |
| Pune | 58750 |
| Lucknow | 58900 |
| Patna | 58900 |
| Nagpur | 58750 |
| Chandigarh | 58750 |
| Surat | 58900 |
| Bhubaneswar | 58900 |
Gold Rate Update: Checkout the rates on MCX
The historically low correlation of gold with other financial assets makes it a popular choice among investors as a hedge against potential economic downturns. Rising gold prices usually result in lower bond yields. With a slight increase of 0.34 percent, gold futures with a February 5, 2024 maturity date were trading at Rs 63535 per 10 grammes on the MCX. The price of silver futures, which mature on March 5, 2024, saw an increase of 0.67 percent, and were trading at Rs 74892 per kg on the MCX.
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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