Gold Rate Update: Over time, gold has shown to be the ideal inflation hedge. Gold is becoming a more essential investment in the eyes of investors. Both gold and silver prices have increased on the Multi Commodity Exchange (MCX) for the third straight day. When the market closed, the price of gold was Rs 59,790 for 10 grammes, while the price of silver was Rs 76,409 for a kilogramme. The value of the rupee against the dollar is one of many variables that affect the price of gold and silver in India. The trends seen in the price of precious metals are significantly influenced by global demand as well.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,750 | Rs 78,400 |
| MUMBAI | Rs 55,700 | Rs 78,400 |
| KOLKATA | Rs 55,700 | Rs 78,400 |
| CHENNAI | Rs 55,900 | Rs 82,400 |
Gold Rate Update: Checkout the rates on MCX
One of a number of factors that influence the price of gold and silver in India is the rupee’s exchange rate with the US dollar. Demand fluctuations around the world have a significant impact on changes in precious metal prices. Gold futures with an August 4, 2023, maturity date were trading at Rs 59,850 per 10 grammes on the MCX, up just 0.10 percent. Silver futures, maturing on September 5, 2023, saw a surge similar to that of gold, which increased by 0.17 percent, and were trading at Rs 76,537 per kg on the MCX.
Multi Commodity Exchange of India is the full form of MCX. It is an autonomous body for commodity exchange in India. It offers to trade in bullion, energy and agricultural commodities apart from non-ferrous metals.
This is an exchange for commodities like the BSE is for stocks and shares. The MCX sells the products in bulk.
The price for the asset depends upon various factors and is not determined at MCX. The MCX Silver rates are set by trading activity and a bunch of different other factors.
Gold Rate Update : Checkout the rates on IBJA
According to IBJA, gold is now costing more than it did yesterday. From Rs. 59859 per 10 kilogrammes to Rs. 59756 per 10 grammes, the price of gold has decreased. On the other side, the price of silver has declined from Rs. 75447 to Rs. 75499 per kg.
Here’s how to know the latest price of gold by giving a missed call
You can give a missed call on 8955664433 to know the retail rates of gold. Shortly after giving a miss call on this number, you will get the rates through SMS. Along with this, you can see www.ibja.com or ibjarates.com for constant updates or information.
This is how you can determine the purity of gold
If you want to check the purity of gold right now, the government has created an app for that. Customers can check the purity of gold using the BIS Care app. You can use this app to not only check the purity of gold, but also to file a complaint 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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