Gold Rate Today: Demand and supply dynamics greatly influence gold prices, just like they do any other commodity. Prices typically rise when there is a greater demand relative to a limited or nonexistent supply. Likewise, poor or stagnating demand combined with an excess supply of gold can drive down prices. Generally speaking, India experiences a spike in demand for gold around wedding and celebration seasons. A decrease in the value of the currency occurs during inflation. One might choose to hang onto gold coins in such a situation. This causes the price of gold to soar, and gold serves as a sort of hedge against inflationary situations.
Prices of gold On MCX
Gold has been the most reliable inflation hedge for a long time. Investors consider gold to be an essential investment more than ever. The 10-gram gold futures contract, which expires on October 5, 2023, now costs Rs. 60361 on the MCX, down 0.67 percent. At Rs. 70821, the price of silver futures with a September 5, 2023 delivery date has climbed by 1.80 percent.
Price of gold in some major cities
Name of cities | Prices of 22k gold in rupees |
Mumbai | 56250 |
Delhi | 56400 |
Kerala | 56250 |
Pune | 56250 |
Lucknow | 56400 |
Patna | 56400 |
Nagpur | 56250 |
Chandigarh | 56250 |
Surat | 56400 |
Bhubaneswar | 56250 |
Gold Rate Today: Know about the forms of gold
At 24 carats, gold is thought to be at its purest. There is no other metal present in pure gold, often known as 24 carat gold, which denotes 99.9 percent purity. Coins, bars, and other items made of 24 carat gold are produced. There are various purities of gold as well, all of which are comparable to 24 carats. For crafting jewellery, 22 carat pure gold is perfect. 22 parts gold and 2 parts silver, nickel, or any other metal make up this mixture. Gold becomes more rigid and suitable for jewellery when combined with other metals. 91.67 percent gold purity is commonly reflected in 22 carat gold.
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