Gold futures opened at Rs 10 on the Multi Commodity Exchange (MCX). 56560.00 per 10 grams, a decline of 1.97%. On the other hand, the futures price of silver opened with a decline of 3.67% at Rs 67,625.00 per kg.
Worried about rising inflation, investors are turning to gold. With gold prices reaching new highs, the demand for the precious metal has skyrocketed as investors look to protect their wealth and ensure long-term stability.
Spot silver was down 4.73% to $22.35 an ounce, platinum was down 4.71% to $973.41 and palladium was down 1.59% to $1,627.94, as of 7:37 pm GMT.
Gold has a long history as a safe haven asset, and has held good value in times of economic uncertainty and inflation. This is due to its scarcity, as the supply of gold is limited and its extraction becomes more difficult and expensive over time. Gold also acts as a hedge against currency fluctuations, as it is not tied to any one particular currency or economy.
Investing in gold can be a smart way to diversify your portfolio and hedge against inflation. One option is to buy physical gold, such as coins or bars, which can be kept in a safe or safety deposit box. Another option is to invest in gold exchange-traded funds (ETFs), which provide exposure to the price of gold without the need to actually own and store the physical metal.
It is important to note that gold prices are subject to market fluctuations and can be affected by a variety of factors, including interest rates, geopolitical events, and supply and demand dynamics. As with any investment, it is essential to do your research and seek professional advice before making a decision.