Delhi Gold Prices August 1, 2022: Gold, Silver Prices Dip

Gold prices declined by ₹195 to ₹51,947 per 10 grams in the national capital on August 1 amid weak global cues and rupee appreciation, according to HDFC Securities. The precious metal had closed at ₹52,142 per 10 grams in the previous trade, according to PTI.

Silver price declined by ₹223 to ₹58,731 per kg from ₹58,954 per kg in the previous trade. The rupee strengthened by 22 paise to close at 79.02 (provisional) against the U.S. dollar on Monday, added the PTI report.

In the international market, gold was quoting lower at $1,764 per ounce while silver was flat at $20.21 per ounce. "Gold prices traded weak with spot gold prices at COMEX trading around 0.14 per cent down," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

Top 2 Ways To Store Your Gold Safely
People in India love to invest in gold and the yellow metal has emerged an integral part of our culture. Whether it is a wedding, family function, or an investment option, gold has attained huge significance. After purchasing gold, the cloud of fear surrounds our mind thus leaving most of us busy as to what can be the best way to put it safely. It is no longer safe to keep the precious metal in home as the fear of burglary is always there. When we buy gold we also need to think simultaneously the best ways to store it safely. Check some of the best ways given below:

Digital Gold: When you choose bank lockers, you need to pay some additional charges and when you decide to keep in your home, it causes immense stress. It is an ideal option to purchase digital gold online as it will provide you safer and economical way of investing in physical gold by using digital speed. When you invest in digital gold, it lets you buy and sell the yellow metal in small fractions at your own ease. Digital gold allows you to buy gold in small denominations like Rs 100 and so on.

Gold FD: Also known as Gold Deposit Scheme or Gold Monetization Scheme, it has been designed to mobilise the gold possessed by people and institutions and enable its use for creative purposes. It also helps in bringing down the country's dependence on gold import. If you are an Indian resident, you can make deposits under the scheme. Gold FD can be jointly opened by 2 or more depositors. The minimum deposits any one time is 30 grams of raw gold in the form of bars, coins, jewellery except stones and other metals. Meanwhile, there is no maximum limit for deposit under gold FD scheme. Interest on deposits under the scheme shall begin accumulating from the date of conversion of gold deposited into tradable gold bard after refinement or 30 days after receipt of gold at the bank's chosen branch. There are 2 types of gold deposits available in the scheme namely short-term bank deposit (STBD), medium- and long-term government deposit (MLTGD).

It is worth mentioning that principal and interest on STBD will be denominated in gold. If it is MLTGD, principal shall be denominated in gold. The interest on MLTGD will be calculated in INR with reference with the gold value during the deposit time.