Gold Rate Today: Prices of precious metals move up; check current rates in your city here

Gold Rate Today: From the ancient civilizations to the present, gold has been the currency of choice for payments. Investors primarily buy gold as a hedge against inflation and political unrest nowadays since it has minimal correlations to other asset classes. Several well-known investing gurus also suggest dedicating a percentage of your portfolio to commodities, such as gold, in order to lower overall portfolio risk. In India, the price of gold is currently Rs 5,485 for 22k gold and Rs 5,984 for 24k gold, also referred to as 999 gold.

Price of gold in some major cities

Gold Rate Today: On MCX

If any other asset class, like stocks or real estate, fell in value, gold would rise. It is viewed as a safe haven asset as a result. The price of the 10-gram gold futures contract on the MCX for October 5, 2023 increased by 0.25 percent to Rs 58970. Silver futures contracts with September 5, 2023 delivery dates currently have a value of Rs. 73377, which is 0.42% more than the contract’s value on December 5, 2023.

Gold Investment Provides High Cash Flow

If you have any gold coins or jewellery, you can sell them at any moment at a nearby jewellery store to liquidate your holdings. Shares and mutual funds can also be easily converted into cash. However, it may take a few days for these things to be reclaimed and the sale revenues to be refunded to your bank account. Gold, in contrast to these securities, is more liquid.

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.)

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

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