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Today’s gold rate across all major cities in India
22 Jan 2021
22 Carat Gold
24 Carat Gold
Assam is popular for its tea across the world and it is also a state which has a rich cultural heritage. It is one of the most prosperous states in the Northeast which provides many opportunities for business and investments. Apart from tea estates, the state is known for its rich tradition in manufacturing hand-made gold jewellery and dates back to many centuries. It is also said that gold was found flowing down the Himalayan river waters and hence gold was found in abundance in Assam.
The ornaments are unique as they depict the most important treasure of their region, the flora and fauna. They are generally made of pure gold and are exquisite to look at. Ornaments are one of the essential elements of their culture. Since it is a great part of their culture it is close to the hearts of people living in Assam. Gold rates like other parts of India tend to be as per the prevailing economic conditions which are affected by the global market.
How to know the purity of Gold?
Gold is measured in Karats and its value comes from its purity. In India, gold comes in the following forms:
24 K Gold: It is the purest form of gold and is 99.9% pure. If you are buying gold for an investment then this is the form of the gold that one should buy. Making jewellery out of this is not possible as it is too soft and does not hold its form and hence cannot be moulded into different designs.
22 K Gold: It is the most popular option in India as it is used to make jewellery. Using this gold many intricate designs can be made and is 91.67% pure meaning 22 parts of gold and two parts of other metals are mixed so that it is hard enough to make jewellery. It cannot hold gemstones.
18 K Gold: It is duller in colour than 22 karat gold and is less expensive too. It is 75% pure gold with 18 parts of gold and six parts of other metals. It is used to make stone-studded. Jewellery.
Hallmarking of Gold
When buying gold in India or elsewhere, one of the biggest concerns is purity. To help customers with this aspect the Bureau of Indian Standards has set some limits on how many alloys can be mixed with gold so that it still remains pure. It has a hallmarking scheme which helps to assess gold quality and they are:
Hallmarked gold jewellery comes in three grades, with:
While buying jewellery, make sure that the gold is hallmarked if not it is not as pure as the jewellers claim.
Why Gold prices are on the Higher side this year?
Gold prices have consistently reached an all-time high this year with the price even reaching the Rs 40 K mark per 10 gm of 24 K gold. As per experts, it is only going to rise higher in the future or will be comparatively higher but why is it so? Here’s why:
The trade war between the US and China: Two of the biggest economies in the world, the US and China are at loggerheads over trade. This trade war despite many negotiations is nowhere close to getting over and this has triggered a price hike in gold prices. Even after such price surges, leading analysts expect the yellow metal to see further hikes as the trade war escalates further.
Hike in import duties: While there is a rise in gold prices globally due to the economic conditions worldwide and other political affairs, back in India, the government has increased the import duty on gold from 10% to 12.5%. This increase in import duty has affected the price of this precious metal and has made it costlier as most of the gold available in India is imported.
Interest rate cuts: As per analysts, the US Federal Reserve is going to further reduce the interest rates. The rate cut is due to the weak economic outlook for the country and inflation. When the interest rates reduce, commodities like gold will become more valuable and prices will rise. On this cue, central banks of several other countries have also reduced their interest rates pushing the global economy to negative, further boosting gold prices.
Demand: In India, the demand for gold is based on various factors which include culture, tradition, financial protection or aesthetics. Gold is not only considered for adornment but also as an investment. As per a study conducted by the World Gold Council and FICCI (Federation of Indian Chambers of Commerce and Industry), the purchase of gold by more than 50% of the consumers was for ornamentation and more than 77% for financial safety. With such demand for this yellow metal, the obvious result is price rise.
Since India does not do gold mining, the supply is imported from other countries. That means that gold prices keep fluctuating so before you make a purchase check price per gram, as it changes daily except on Sundays. It is essential to shop at reputed jewellery stores as they sell 22 K gold jewellery at the price of 24 K rates.
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