Gold Rate Update: Prices of precious metals tumble, check current rates in your city from Lucknow and Mumbai to Delhi

Gold Rate Update: Currency exchange rates, global demand, interest rates, and governmental regulations are just a few of the variables that influence gold prices. And today on the MCX, gold is now cheaper. Gold will cost more if the rupee depreciates against the US currency. Gold can be traded as bars, coins, bullions, jewellery, exchanges, ETFs, and other forms. It is regarded as a secure and reliable investment strategy that serves as a defence against inflation. The majority of India's imports of gold go towards satisfying the needs of the jewellery industry. On the Multi Commodity Exchange (MCX), the prices of gold and silver both fell.

GOLD AND SILVER PRICES IN MAJOR CITIES

Gold Rate Update: What’s up 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. After registering a slight decline of Rs 93 or 0.16 percent, gold futures with a maturity date of August 4, 2023, were trading at Rs 59,216 per 10 grammes. The previous close was 59,309 rupees. In a similar vein, silver futures with a delivery date of September 5, 2023, fell by Rs 245 or 0.33 percent and were trading at Rs 74,725 per kg on the MCX, down from Rs 75,970 at the previous close.

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.

Also Read: Gold Rate Today: Price of yellow metal rises to the seventh heaven while silver halts. These are the prices from Delhi to Bangalore

Gold Rate Update : Checkout the gold rates on IBJA

IBJA claims that gold is now less expensive than it was yesterday. The cost of gold has dropped from Rs. 59610 per 10 kilogrammes to Rs. 59455 for 10 grammes. The cost of silver per kilogramme has grown from Rs. 74841 to Rs. 74622 on the other hand.

You can get the latest prices of gold by giving a missed call

You can phone 8955664433 and leave a missed call to learn the retail price of gold. You will receive the prices by SMS shortly after making a missed call to this number. Additionally, for ongoing updates or information, visit www.ibja.com or ibjarates.com.

How can you know the purity of the gold?

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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