gold

Gold price today in India

gold

Gold price today in india

Cultural Significance: Gold has deep cultural and religious significance in India. It is considered auspicious and is associated with festivals, weddings, and other traditional ceremonies. Gold jewelry and ornaments are often gifted during special occasions and are seen as a symbol of wealth, prosperity, and social status.

Store of Value: Gold has been traditionally seen as a reliable store of value in India. It is considered a tangible asset that retains its worth over time. Many Indian families invest in gold jewelry or gold coins as a form of savings and wealth preservation. Gold is often passed down through generations and acts as a form of intergenerational wealth transfer.

Investment Diversification: Gold is considered an essential part of investment portfolios in India. Investors view gold as a hedge against inflation, currency fluctuations, and economic uncertainties. It is seen as a safe-haven asset during times of market volatility, providing a sense of stability and diversification to investment portfolios.

Financial Security: Gold serves as a financial safety net for many Indians. During emergencies or financial crises, gold can be easily liquidated or pledged for immediate funds. Gold loans are prevalent in India, where individuals can borrow money by pledging their gold as collateral.

Economic Contribution: The gold industry contributes significantly to India’s economy. The country is one of the largest consumers and importers of gold globally. Gold-related businesses, such as jewelry making, gold trading, and goldsmithing, provide employment opportunities to a vast number of people.

Gold Monetization Schemes: The Indian government has introduced gold monetization schemes to mobilize the idle gold held by households. These schemes encourage individuals to deposit their gold in banks, earning interest on their deposits or converting them into tradable financial instruments. This helps unlock the value of gold and promotes financial inclusion

the price of gold and silver stood at rs 58,277 per 10 grams and rs 70,289 per kg respectively.

 

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