Gold, silver rates today updates: Gold and silver prices fell on Tuesday after two straight sessions of gains, as the dollar edged higher from a more than one-week low, while investors awaited key US jobs and inflation data due later this week to gauge the interest rate trajectory. Spot gold fell 1% to $5,016.56 per ounce by 0055 GMT. The metal gained 2% on Monday, as the dollar weakened to a more than one-week low. It had scaled a record high of $5,594.82 per ounce on January 29, Reuters reported.
How have gold, silver performed lately?
Precious metals had crashed from all-time highs at the end of January after a rally that surged too far, too fast. By Friday’s close, gold was down about 11% from its January 29 peak, though it remained up roughly 15% for the year. Gold rose 1.3% to $5,028.77 an ounce by 8:28 am Singapore time, while silver gained 1.7% to $79.18.
Why should you invest in gold?
Gold is considered a safe and reliable mode of investment. It acts as an excellent hedge against inflation and is also an effective portfolio diversifier.
Why should you invest in silver?
There are several reasons to invest in silver. Being a precious metal, it is always in demand in the jewellery markets in India. Since there is a huge demand for silver, the availabily of the metal is dropping. In future, the prices will rise resulting in profit for the investors who put their money into the metal now. Another important fact is that silver is cheaper than gold.
How are gold rates determined in cities in India?
The gold prices in Indian cities depend on various factors like demand, state taxes, octroi charges, interest levied, bullion associations, transportation costs etc.
Article source: hindustantimes.com/
