Investing in Gold in India
Gold has always been a popular investment choice among Indians. Whether in the form of jewelry for cultural significance or as bars and coins for financial security, gold holds a special place in the hearts of many Indian investors.
During festival occasions, the act of purchasing gold is considered auspicious by the majority of Indians. It is believed to bring wealth and good fortune to individuals and families. Additionally, festivals often bring exclusive deals and discounts from jewellers, making it an ideal time to invest in gold.
Buying Gold on Akshaya Tritiya
One of the most auspicious days for buying gold in India is Akshaya Tritiya. It is believed that purchasing gold on this day guarantees everlasting prosperity and wealth. This tradition has been deeply ingrained in Indian culture and is followed by many individuals seeking financial security.
Gold Prices Today
As of May 4, 2024, popular jewellers like Kalyan Jewellers, Tanishq, and Malabar Gold are offering the following rates for gold:
– Tanishq: 6794 INR per gram (22k)
– Kalyan Jewellers: 6585 INR per gram (22k)
– Malabar Gold: 6,585.00 INR per gram (22k)
Factors Affecting Gold Prices
It is important to note that the price of gold can vary based on factors like location, quality, and making charges. The quality of gold can range from 9K to 24K, with prices fluctuating accordingly. Additionally, jewellers may add making charges, which can range from 6% to 14% or more depending on the design of the jewelry.
Insight on Hallmarked Precious Metals in India
Currently, in India, only gold and silver have been brought under the purview of Hallmarking. This certification ensures the purity and authenticity of precious metals, providing consumers with a guarantee of quality.
Hallmarking Charges and Requirements
There are hallmarking charges applicable for getting silver articles certified, with a minimum charge per consignment. It is essential to have authentic bills and invoices for hallmarked articles from retailers or jewellers to address any potential disputes. Additionally, jewellers are required to display the BIS logo and certification in their shops, providing transparency and assurance to customers.
By understanding the significance of gold in Indian culture, the importance of hallmarking, and the factors influencing gold prices, investors can make informed decisions when considering gold as an investment option.
