Gold Rate Today: In unstable economic times, gold has historically proven to be resilient, frequently increasing in value when other assets decrease. In an uncertain economy, its value usually remains constant or even increases. One feature that distinguishes the Indian financial landscape is the US dollar’s persistent depreciation against the Indian rupee. In light of this, gold has become a popular substitute because of its tendency to increase in value in response to changes in exchange rates. Considering that gold has recently seen a slight increase in price, you might want to hold onto your investment.
Why Gold is known as a safe haven?
The fact that political and economic instability are a part of the contemporary economic landscape is becoming more and more evident, whether it is due to the conflicts in the Middle East, Africa, Eastern Europe, Ukraine, or elsewhere. Because of this, gold is often viewed by investors as a safe haven in uncertain political and economic times. Political takeovers, failing currencies, and collapsing empires are all too common in history. Investors who held gold during these turbulent times were able to successfully safeguard their wealth and, in certain cases, even use the metal as a means of escape. Because of this, investors frequently purchase gold as a safe haven whenever news events suggest a potential for global economic instability.
Gold Rate Today: Price of gold in some major cities
| Name of cities | Prices of 22k gold in rupees |
| Mumbai | 58400 |
| Delhi | 58550 |
| Kerala | 58400 |
| Pune | 58400 |
| Lucknow | 58550 |
| Patna | 58550 |
| Nagpur | 58400 |
| Chandigarh | 58400 |
| Surat | 58550 |
| Bhubaneswar | 58550 |
Gold Rate Today: 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 0.08 percent, gold futures with a February 5, 2024 maturity date were trading at Rs 63005 per 10 grammes on the MCX. The price of silver futures, which mature on March 5, 2024, saw an decrease of 0.30 percent, and were trading at Rs 75159 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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