Last updated on: 3th Feb 2023 10:00 AM
Allahabad is one of the largest cities in Uttar Pradesh and the administrative headquarters of Allahabad District. Also known as Prayagraj, the place is believed to be the site of the Ashvamedha Yajna - a Vedic ritual. It is also home to the iconic Kumbh Mela. A Hindu festival is held every twelve years.
Allahabad, a traditional centre of culture and trade, is known for its vibrant gold market. It has been a vital part of the city's economy for centuries. Most of the gold shops are located in the Civil Lines, Teliyarganj, and Chowk areas of the city.
Multiple factors influence gold prices in Allahabad, like volatile equity markets, global recession, economic slowdown, central bank policies, and geopolitical atmosphere.
Gram | Yesterday | Today |
---|---|---|
1gm | ₹5,744.00 0.00 (0.00%) | ₹5,744.00 0.00 (0.00%) |
8gm | ₹45,952.00 0.00 (0.00%) | ₹45,952.00 0.00 (0.00%) |
10gm | ₹57,440.00 0.00 (0.00%) | ₹57,440.00 0.00 (0.00%) |
100gm | ₹5,74,400.00 0.00 (0.00%) | ₹5,74,400.00 0.00 (0.00%) |
Different factors affect gold rates in Allahabad. While some are domestic, others might be international. Before investing, we must analyse these factors in detail. Here is a walkthrough:
Gold prices in Allahabad may spike during festive seasons when the demand for gold is high. Festivals like Dhanteras, Diwali, and Chatt Puja witness gold prices in Allahabad surging. Similarly, prices may go down during the off-season.
Gold prices in the international market directly impact gold prices in Allahabad. India imports gold in large quantities. Thus, any change in the global rice of gold affects the rates in the country, including Allahabad.
Unstable market conditions can strengthen gold prices in Allahabad. This is because investors tend to put their money in gold in the face of market volatility. The rise in demand drives up gold prices.
Rising inflation causes gold rates in Allahabad to soar, as many investors believe gold acts as a hedge against inflation. When the demand for gold increases during inflation, the gold rates also go up.
Day | 24K Gold | 22K Gold |
---|---|---|
04 Feb 2023 | ₹5,744.00 0.00 (0.00%) | ₹5,470.00 0.00 (0.00%) |
03 Feb 2023 | ₹5,744.00 0.00 (0.00%) | ₹5,470.00 0.00 (0.00%) |
02 Feb 2023 | ₹5,744.00 90.00 (1.60%) | ₹5,470.00 85.00 (1.58%) |
01 Feb 2023 | ₹5,654.00 26.00 (0.47%) | ₹5,385.00 25.00 (0.47%) |
31 Jan 2023 | ₹5,628.00 -16.00 (-0.28%) | ₹5,360.00 -15.00 (-0.27%) |
30 Jan 2023 | ₹5,644.00 0.00 (0.00%) | ₹5,375.00 0.00 (0.00%) |
29 Jan 2023 | ₹5,644.00 0.00 (0.00%) | ₹5,375.00 0.00 (0.00%) |
28 Jan 2023 | ₹5,644.00 16.00 (0.29%) | ₹5,375.00 15.00 (0.28%) |
27 Jan 2023 | ₹5,628.00 -63.00 (-1.10%) | ₹5,360.00 -60.00 (-1.10%) |
26 Jan 2023 | ₹5,691.00 42.00 (0.75%) | ₹5,420.00 40.00 (0.75%) |
The government of India has notified Allahabad as a mandatory hallmarking district. The gold jewellery sold in Allahabad must be hallmarked per Bureau of Indian Standards (BIS) regulations.
BIS is a government-backed agency that hallmarks gold in India, thus certifying its fineness and purity. BIS-licensed labs in Allahabad measure the purity of gold and hallmark it accordingly.
Here are the key points to compare between 22-karat and 24-karat gold in Allahabad:
Day | 24K Gold | 22K Gold |
---|---|---|
01 February 2023 | 5654 | 5385 |
05 February 2023 | 0 | 0 |
Highest | 5744 | 5470 |
Lowest | 5654 | 5385 |
Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.
The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.
Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.
Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.
The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.
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