Gold Rate Update: The elements that affect gold prices include interest rates, worldwide demand, currency exchange rates, and governmental regulations. In addition, the cost of gold on the MCX has gone up. If the value of the rupee falls against the US dollar, the price of gold will increase. Bars, coins, bullions, jewellery, exchanges, ETFs, and other types of gold can be traded. It is regarded as a trustworthy and safe investing method that acts as an inflation guardrail. The jewellery sector in India uses the majority of the imported gold. Silver prices dropped at the Multi Commodity Exchange (MCX), as well.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,100 | Rs 74,000 |
| MUMBAI | Rs 54,950 | Rs 74,000 |
| KOLKATA | Rs 54,950 | Rs 74,000 |
| CHENNAI | Rs 55,300 | Rs 76,700 |
Gold Rate Update: What’s up on MCX?
One of the factors influencing the price of gold and silver in India is the rupee’s exchange rate with the US dollar. The degree to which demand changes globally affects how much the price of precious metals fluctuates. After making a small 0.04 percent profit, gold futures with an expiration date of August 4, 2023, were trading at Rs 59,270 per 10 grammes. Silver futures on the MCX, on the other hand, with a delivery date of September 5, 2023, saw a 0.09 percent decline to trade at Rs 70155 a kg.
Multi Commodity Exchange of India is the full form of MCX. It is an autonomous body for commodity exchange in India. It offers to trade in bullion, energy and agricultural commodities apart from non-ferrous metals.
Gold Rate Update : Checkout the gold rates on IBJA
According to IBJA, there has been a increase in the price of gold since yesterday. The cost of gold has increased from Rs. 59334 for 10 kilogrammes to Rs. 59338 for 10 grammes. The cost of silver per kilogramme has decreased from Rs. 71236 to Rs. 71051, on the other hand.
You can get the latest prices of gold by giving a missed call
You can phone 8955664433 and leave a missed call to learn the retail price of gold. You will receive the prices by SMS shortly after making a missed call to this number. Additionally, for ongoing updates or information, visit www.ibja.com or ibjarates.com.
How can you know the purity of the gold?
Currently, there is an app available from the government that allows you to check the purity of gold. Using the BIS Care app, customers may determine the purity of gold. Not only can you examine the purity of gold using this app, but you can also complain about it.
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.)
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER