Gold rates in India on March 21: Check how much the yellow metal costs in your city today

Gold prices

Gold prices are hovering around record highs amid safe-haven buying as investors turned positive on exchange-traded funds (ETFs) due to uncertainty and recession fears in the US. Additionally, the Federal Reserve hinting at two possible interest rate cuts this year further bolstered the bullion's appeal.

According to the India Bullion and Jewellers Association, gold (999 purity) was trading at around Rs 88,457 per 10 gm on March 21, slightly lower than the previous day's level.

Let's check the latest prices of10 grams of 22 carat and 24 carat gold respectively in major cities of the country:

(as per data on Good Returns)

Gold's April contracts on the Multi Commodity Exchange of India (MCX) traded at Rs 88,431 on March 21 as heightened global tensions and economic uncertainties fuelled the safe-haven appeal of the yellow metal.

"While these were some of the ways of investing in gold, having an allocation in the precious asset can be beneficial over a long period. Gold also tends to hold its value when currencies across the world depreciate. One can consider having a 10-15 percent allocation in gold in their overall portfolio, and one way to build this is by gradually adding it alongside investments in other asset classes," said Harshad Chetanwala, Co-Founder of MyWealthGrowth.

While 24-carat gold is a 100 percent pure form of gold with no trace of any other metal, the 22-carat variant has 91.67 percent pure gold along with some traces of alloyed metals like silver or copper.