MCX Gold dropped for a second straight week and came down by almost 0.3% before hitting a month's low of ₹61731 per 10 gms last week on rupee appreciation. But the downfall on the domestic platform got limited after overseas bullion prices recovered. Though Spot Gold prices initially hit a month’s low of $2013/oz in the second week of January, its price increased and touched $2062/oz as geo-political tensions escalated in the Middle East.

What is MCX Gold?

MCX or Multi Commodity Exchange is the exchange market for trading commodities, just like the BSE trades company stocks. It is a platform for delivering safe and transparent trading processes while following the regulatory framework. The liquidity, glitz, industrial uses and investment benefits make gold one of the most sought-after metals. It does not show high price fluctuations even during inflationary periods, making it the ideal tool for hedging.

How Does MCX Gold Rate Work?

Commodity markets have a large impact on the economies of a nation and its people. Investing or trading in commodities is completely different from traditional security investments like bonds and stocks. When the market becomes bearish or volatile, investors tend to transfer money to physical gold or buy digital gold online. The precious yellow metal has been used as a hedge against high inflation or periods of currency devaluation.

Ready For Digital Gold Investment?

When trading in the stock market, two vital things to consider are reliability and reputation. Similarly, if you are considering digital gold purchase, it is advisable to choose a reputable digital platform for gold transactions like myDigiGold. You can redeem the purchased gold online at your convenience by visiting Senco website or at any of our 150+ Senco stores. Hassle-free transactions with seamless shopping experience have helped us to carve a niche in the industry.

Disclaimer: The data provided on this blog is for general informational purposes only. The data is based on our research and understanding, and we cannot guarantee its accuracy or reliability.