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Gold Price update: Get Gold at Rs 29706 after price dropped by Rs 5421!

Gold Price update: The gold shopping on Diwali has crossed all the previous records on Diwali and Dhanteras. After this rise, gold is selling near Rs 50799 and silver around Rs 57640. However, gold is still getting cheaper than its all-time high by Rs 5400 per 10 grams and silver at Rs 22000 per kg. […]

Edited By : Divya Richa | Updated: Oct 28, 2022 08:19 IST
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Gold Price update: The gold shopping on Diwali has crossed all the previous records on Diwali and Dhanteras. After this rise, gold is selling near Rs 50799 and silver around Rs 57640. However, gold is still getting cheaper than its all-time high by Rs 5400 per 10 grams and silver at Rs 22000 per kg.

On Thursday, the price of gold increased by Rs 28 per 10 grammes where as the price of silver decreased by Rs 211 per kilogramme. As a result, gold finished at Rs. 50779 for a 10 gramme piece on Thursday, while silver did the same at Rs. 57640.

Gold increased in price by Rs 28 per 10 kilos on Thursday, closing at Rs 50779. In contrast, gold increased in price by Rs 307 per ten grammes on the previous trade Wednesday, when it finished at Rs 50751 per gramme. Silver too decreased by Rs 211 and closed at Rs 57640 per kilogramme at the same time. Silver, on the other hand, rose in price from Rs. 1255 per kg to Rs. 57851 per kg.

Gold and Silver rate on IBJA

The Indian Bullion Jewelers Association (IBJA) website reports that on the fourth Thursday (27 October) of current trading week, gold increased in price by Rs 40 per ten kilos and opened at Rs 50791. In contrast, gold increased in price by Rs 307 per ten grammes on Wednesday’s final trading day, closing at Rs 50751 per gramme.

On the other hand, silver increased in price today by Rs 115 per kg and started out at Rs 57966 per kg. On the other hand, on Wednesday’s final trading day, silver decreased by Rs. 1255 and concluded at Rs. 57851 per kg.

Three reason for Gold investment:

The first is that gold prices would rise as soon as there was political unrest or economic catastrophe. Unfortunately, you would be depressed if you had not made an investment in the same. Gold is therefore an obvious choice if you need to spread out your investment.

Second reason for purchasing gold: It has been a great inflation hedge. For instance, gold prices in India have tripled during the past 8–10 years. You have received better returns from them than even fixed interest-bearing instruments, thus. There is therefore no need for you to refrain from investing in precious metal.

Third: The very fact that it is liquid. For instance, you may use this priceless metal as collateral for loans. Many people today are eager to purchase gold that has been hypothecated. So continuing to invest is not a bad idea. It cannot be disputed at all that it has withstood the test of time.

First published on: Oct 28, 2022 08:19 AM IST

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