Gold Rate Update: As the festive season is approaching to all over our country, everyone is buying new things including gadgets and ornaments. As the upcoming festival is our Ganesh Chaturthi, you can buy gold for the lord Ganesha because the rates of gold has been decreased. Gold has a history of being used as a store of value. Gold has been used as a medium of commerce and a representation of riches throughout history. It has endured multiple economic and financial downturns, making it a dependable investment choice. Gold’s capacity to serve as an inflation hedge is one of the main benefits of investing in it. Gold maintains its purchasing power during periods of inflation when the value of fiat currencies decreases. The demand for gold frequently grows as central banks expand their money supply, driving up the price of the metal. The current price of gold in India is Rs 5,450 per gram for 22k gold and Rs 5,945 per gram for 24k gold, commonly known as 999 gold.
Prices of gold in some major cities
| Name of cities | Prices of gold | Prices of silver |
| New Delhi | Rs 54,650 | Rs 73,500 |
| Mumbai | Rs 54,500 | Rs 73,500 |
| Kolkata | Rs 54,500 | Rs 73,500 |
| Chennai | Rs 54,800 | Rs 77,000 |
Gold Rate Update: On MCX
Gold has consistently been demonstrated to be the best inflation hedge. Now more than ever, investors view gold as a significant investment. The price of gold futures on the MCX that expire on August 4, 2023 was Rs 58608 per 10 grammes after a modest decrease of 0.03 percent. Silver futures with a September 5, 2023, maturity date also declined by 0.63 percent and were trading at Rs 71483 per kilogramme on the MCX, similar to gold futures.
Investment options in gold
When it comes to investing in gold, investors have many possibilities. They can decide to invest in actual gold bars or coins, which they can keep on hand or store in safe deposit boxes. Investors also have the option of choosing gold exchange-traded funds (ETFs), which offer exposure to gold prices without requiring actual ownership. An other choice is to invest in mining equities, which are the stock of businesses engaged in the production and exploration of gold.
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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