Gold rates today as on February 10, 2021, stood at Rs 51,050 for 24 carats and 46,800 for 22 carats respectively. Gold and Silver prices had declined soon after the Union Budget 2021. But now gold and silver prices are on surge slowly. While the silver rates hovered at Rs. 70,200 for 1 Kg in Delhi, according to the Goods Returns website. The gold prices in Chennai for 22 carats stood at Rs 49,450 and for 24 carats it was Rs 45,370.
The yellow metal is a perfect hedge against inflation. Gold price keeps varying every day depending on the market sentiments.
India is the second-largest consumer of gold and silver is also seen as a good investment among others. Gold rates for today vary from the previous days, depending on market sentiments.
Due to excise duty, state taxes and making changes, the rates of gold and silver jewellery vary across the country. After almost a five days dip, gold and silver prices are on surge.
The economic slowdown caused by the COVID-19 and the weak US dollar encouraged investors to invest a whopping Rs 6,657 crore in exchange-traded gold funds in 2020.
The inflow arrived after seeing six straight years of the net pullout of safe-haven assets, largely due to fears of a global slowdown and volatile equity and debt markets. The budget has also affected gold and silver rates.
Moreover, gold rates are taken as a sign of wealth and prosperity among Indian families. Gold has high liquidity and inflation-beating capacity. One can invest in gold in many forms like buying coins, bars, exchange-traded funds, etc. Apart from the financial value The price keeps fluctuating and gold rates lose its shine again. The yellow metal also has a social and emotional value to it.