Gold Rate Update: With so many platforms offering massive discounts and other benefits, people are eagerly awaiting the new year and buying gifts and other merchandise. Additionally, since the price of gold and silver has decreased somewhat, now might be a good time to purchase ornaments made of these precious metals. Gold has always been the preferred form of money worldwide, even in the modern era. Investors buy gold primarily as a hedge against inflation and political unrest due to its low correlations with other asset classes.
Gold Rate Update: Who import gold?
India doesn’t extract gold from the ground. Indeed, locations that were once used for gold mining, like Kolar in Karnataka, are now closed. Thus, practically all of India’s needs for gold are imported. The price of 22 carats of gold in India is determined using import gold prices. Numerous companies import gold into India. The majority of these are some of the best banks in the public and private sectors, as well as numerous private businesses. In actuality, over the past few years, the number of private companies has increased as well. Among the banks that import gold are State Bank of India, Bank of Baroda, Union Bank of India, and Bank of India.
How prices of metals determined?
The bullion association, which determines the current gold prices in India, is responsible for some aspects of the gold price-setting process. Even though gold prices are displayed in real time in India, they rarely fluctuate throughout the day. The imports happen mostly because of the import requirements. Imports have increased significantly in comparison to previous years, and the government is making every effort to limit gold imports. That hasn’t been so simple, though, because India still has a strong desire for gold.
Gold Rate Today: Checkout the rates on MCX
Mutual funds and exchange-traded funds (ETFs) are generally the simplest and safest ways to invest in gold. Each share of these securities represents a fixed amount of gold, and you can easily purchase or sell them in your brokerage or retirement account. Because of their low cost and low minimum investment requirements, gold mutual funds and ETFs are an excellent choice for new investors. Gold futures with a February 5, 2024 maturity date were trading at Rs 63410 per 10 grams on the MCX, down 0.42 percent. Silver futures, which expire on March 5, 2024, loss 0.49 percent and were trading at Rs 75277 per kg on the MCX.
Price of gold in some major cities
| Name of cities | Prices of 22k gold in rupees |
| Delhi | 59050 |
| Kerala | 58900 |
| Pune | 58900 |
| Lucknow | 59050 |
| Patna | 59050 |
| Nagpur | 58900 |
| Chandigarh | 58900 |
| Surat | 59050 |
| Bhubaneswar | 59050 |
| Mumbai | 58900 |
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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