On the Multi Commodity Exchange (MCX), gold futures opened at Rs. 56560.00 per 10 grams, a decrease of 1.97%. Silver futures, on the other hand, opened at Rs.67,625.00 per kilogram, a decrease of 3.67%.
Investors are flocking to gold as concerns over inflation continue to rise. With gold prices hitting new highs, demand for this precious metal has skyrocketed as investors look to protect their wealth and ensure long-term stability.
Spot silver saw huge decline of 4.73% and dropped to $22.35 per ounce, platinum decreased by 4.71% to $973.41 and Palladium dropped by 1.59% to $1,627.94 as of 7:37 pm GMT.
Gold has a long history as a safe haven asset, and its value has held up well during times of economic uncertainty and inflation. This is due in part to its scarcity, as the supply of gold is limited and its extraction becomes more difficult and expensive over time. Gold also serves 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 protect against inflation. One option is to purchase physical gold, such as coins or bars, which can be held 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.