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Gold Prices up on Dhanteras: Check Rates in Tier-I Cities

A salesman shows gold necklaces to a customer at a jewellery showroom, after authorities eased lockdown restrictions that were imposed to slow the spread of the coronavirus disease (COVID-19)

A salesman shows gold necklaces to a customer at a jewellery showroom, after authorities eased lockdown restrictions that were imposed to slow the spread of the coronavirus disease (COVID-19)

In most Indian cities, the gold prices have almost touched Rs 50,000 for 10 grams, so buyers are doubtful if they should invest in it. As per the analysts, it will be beneficial to invest in gold now as the prospects of higher returns are bright.

Dhanteras is considered to be an auspicious day to purchase gold. The day is falling this year on November 13 and gold prices have gone up today by Rs 110 for both the qualities of the yellow metal. On the occasion of Dhanteras, 22-carat gold stands at Rs 49,760 per 10 grams while 24-carat gold costs Rs 50,760 per 10 grams.

The prices are collected from prominent jewellery brands of the country, according to Good Returns. In India’s capital city Delhi, the price of 10 grams of 22-carat gold is Rs 49,250, while if you would like to purchase 10 grams of the higher quality — 24-carat gold — you will be spending Rs 53,620.

In Pune, 22-carat gold stands at Rs 49,660, while 24-carat gold can be purchased at Rs 50,660. The price is comparatively less in Chennai as 22-carat gold can be bought at Rs 47,610 and 24-carat gold can be purchased at Rs 51,930, both 10 grams in quantity.

In most Indian cities, the gold prices have almost touched Rs 50,000 for 10 grams, so buyers are doubtful if they should invest in it. As per the analysts, it will be beneficial to invest in gold now as the prospects of higher returns are bright.

Gold investment gives a good return value. This is proven by the fact that it gave a return of 20 percent from 2018-19 Diwali and a return of 31 percent. From 2020 to 2021, the performance is expected to improve.

On this day, people generally prefer buying gold jewellery. But, if you don’t want to purchase physical metal, you can also buy sovereign gold bonds or gold ETFs on Dhanteras. Gold ETFs or Exchange-Traded Funds are commodity-based Mutual funds that invest in gold that perform like individual stocks on the stocks exchange.

These ETFs can be the preferred mode of investment for the younger generation who are apprehensive of purchasing physical gold in the form of jewellery, gold coins etc.

Internationally, the gold price has increased by USD 0.10 per ounce and can be purchased at USD 1,879.90.

Silver price has increased by Rs 0.10 per 10 grams and it stands at Rs 62,710 per kilogram on Dhanteras in some of the major Indian cities.


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