Gold Rate Update: In this new year, everyone is purchasing gifts and other goods because there are so many platforms offering enormous discounts and other advantages. Furthermore, considering the minor drop in the price of silver and gold, this could be an excellent time to buy ornaments made of these priceless metals. From ancient times until the present, gold has been the most widely used form of money worldwide. Because gold has little correlation to other asset classes, investors primarily buy it as a hedge against inflation and political unrest.
What are Sovereign Gold Bonds?
The safest way to purchase digital gold is through Sovereign Gold Bonds, which are issued by the Reserve Bank of India on behalf of the Indian government and come with a 2.50% annual guaranteed interest rate. The bonds have a basic unit of 1 gram and are valued in grammes of gold. There is a 4 kg maximum investment that can be made. These bonds have an eight-year term and an exit option that becomes available in the fifth year. Once more, it’s a hassle-free method of investing in gold because you own the metal without having any physical possession.
Gold Rate Update: 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 63143 per 10 grams on the MCX, down 0.18 percent. Silver futures, which expire on March 5, 2024, loss 0.79 percent and were trading at Rs 73504 per kg on the MCX.
Price of gold in some major cities
| Name of cities | Prices of 22k gold in rupees |
| Delhi | 58650 |
| Kerala | 58500 |
| Pune | 58500 |
| Lucknow | 58650 |
| Patna | 58650 |
| Nagpur | 58500 |
| Chandigarh | 58500 |
| Surat | 58650 |
| Bhubaneswar | 58650 |
| Mumbai | 58500 |
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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