Last updated on: 8th Mar 2023 06:30 AM
Bhiwani is a city in the state of Haryana with a rich history. It used to be called the “Gate of Rajputana”. It is believed that Rajput King Neem Singh named this city after his wife Bhani. It is home to over 500 temples and is also called ‘Chhoti Kashi’. The people of Bhawani consider Gold very auspicious and the demand spikes, especially during festivals and marriages. Gold is bought in Bhiwani to keep the family safe from an unexpected financial crisis.
Gold is an omnipresent investment in every Indian household for ages. It is considered to be a safe shield against inflation risks. Below are a few points that you must consider before buying gold
This indicates the purity of Gold in the ornament. 24K contains about 99.9% of Gold but it is not considered durable for making ornaments. 22K Gold has about 91% pure Gold mixed with other alloys which makes it highly durable, hence it is most widely used by jewellers.
Jewellers in Bhiwani use the below calculation to determine the final price of the gold jewellery :
Final Price = 24K or 22K Gold rate (in gms) * Gold weight (in gms) + Making charges+ GST (Price + Making charges)
It is always advisable to have a balanced portfolio to mitigate risks. Gold is a good asset to have as it acts as a backup in a weak economic scenario when the equities fall sharply. A few features of Gold investments are as below-
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹553.90 -1.00 (-0.18%) | ₹553.90 0.00 (0.00%) |
8 grams | ₹4,431.20 -8.00 (-0.18%) | ₹4,431.20 0.00 (0.00%) |
10 grams | ₹5,539.00 -10.00 (-0.18%) | ₹5,539.00 0.00 (0.00%) |
100 grams | ₹55,390.00 -100.00 (-0.18%) | ₹55,390.00 0.00 (0.00%) |
There are 3 terms namely BIS Hallmark, KDM Gold and 916 Gold to understand before buying Gold jewellery or coins in Bhiwani. These are explained below-
BIS or Bureau of Indian Standards is responsible for setting a set of standards to confirm the purity of Gold. From July 2021, every jeweller has to mandatorily affix BIS Hallmark on its jewellery. You need to look for these 3 signs -
It contains 92% pure Gold and 8% Cadmium. This alloy mixture was used to attain the best purity of Gold. However, the BIS has banned the KDM gold as it was found to have caused serious health issues to the artisans who worked with it.
It is another name for 22K Gold. Here, 916 means 91.6% Gold and the rest is other metal alloys. For example, if 22K gold weighs 100 gms it means that it has 91.6 gms of pure Gold. You must look for BIS 916 mark as it certifies the gold purity as per BIS standards.
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹5,539.00 0.00 (0.00%) | ₹5,077.60 0.00 (0.00%) |
08 Mar 2023 | ₹5,539.00 -10.00 (-0.18%) | ₹5,077.60 -9.17 (-0.15%) |
07 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
06 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
05 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
04 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
03 Mar 2023 | ₹5,549.00 15.00 (0.27%) | ₹5,086.77 13.75 (0.23%) |
02 Mar 2023 | ₹5,534.00 16.00 (0.29%) | ₹5,073.02 14.67 (0.24%) |
01 Mar 2023 | ₹5,518.00 11.00 (0.20%) | ₹5,058.35 10.08 (0.17%) |
28 Feb 2023 | ₹5,507.00 -16.00 (-0.29%) | ₹5,048.27 -14.67 (-0.24%) |
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.
The continuous change of Gold rates is caused by many factors which are highlighted as under-
When the demand for Gold increases, the price will also rise. This usually happens during the festival and marriage seasons. The Government also maintains Gold reserves. If these reserves are increased by the Govt, then it causes reduced supply in the market, which in turn leads to an increase in the price of Gold.
Gold is used for protection against inflation in Bhiwani. When inflation goes high, people tend to buy more Gold for financial security. This causes the demand to go up and consequently, the Gold price also increases.
Most of the Gold in India is imported. The price of Gold is initially fixed in US Dollars. If the Indian Rupee gets weak, the conversion rate increases causing a spike in Gold price. Hence, the rate is also influenced by the exchange rate of the Indian Rupee.
Import of Gold attracts Custom Duty which varies as per changes in the government’s policies. Besides this, Goods and Services Tax (GST) and other charges are also levied. Below are the current rate of charges on Gold in Bhiwani –
How can I check purity of Gold at home?
You can check the purity by looking out for a few signs . Gold does not rust so any sign of rusting means it is not pure. Gold does not get attracted to a magnet so if its impure it might attract a magnet. Gold is a heavy metal so it should sink if put in a bucket of water.
Can I take a loan against Gold?
What is one tola of Gold?
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.