Gold Rate Today in Chirala

Chirala is a city in the Prakasam district of Andhra Pradesh, India. It is known for its handloom and power loom industries and is considered one of the largest producers of printed fabrics in the country. In recent years, Chirala has also emerged as a hub for gold investment due to the presence of several gold dealers and jewellery shops.

Investing in gold has become a popular option for many people in Chirala due to its perceived stability and reliability as an investment asset. Gold can serve as a hedge against inflation, currency fluctuations, and political and economic uncertainty, making it an attractive option for those seeking to diversify their portfolios.

Investment Options Available for Investing in Gold

Gold is a popular asset among investors as a safe asset and as a hedge against inflation. Here are some of the most popular options for gold investments: -

Physical Gold

Physical gold is the most traditional form of investing in gold, and generally refers to the purchase of gold coins and bars. Investing in physical gold allows the investor to own the asset.

Sovereign Gold Bonds (SGBs)

These are a great choice for those who want to invest in physical gold without actually buying the metal itself. SGBs are issued by the Reserve Bank of India and can be purchased from banks, India Post and designated stock exchanges. They offer a fixed rate of interest and are redeemable in cash.

Gold stocks

These are shares in companies that mine for gold. These companies generally operate gold mining operations or explore and develop new sources of gold. Investing in gold stocks can expose investors to gold prices and the potential to benefit from gold production. However, they are subject to the same market forces as other stocks and can be volatile.

Gold ETFs

ETF's are funds that track the spot price of gold. These ETFs can provide exposure to gold prices without buying physical gold.

Things to Consider Before Buying Gold Jewellery in Chirala

Several key factors must be considered when purchasing gold jewellery in chirala: 

• Make sure you are buying from a reputable and reliable jewellery store. Research the store's reputation and ensure a good track record of customer service and quality products. 
• Always inquire about the quality of the gold. Ask about the store's policy on gold purity and confirm that the gold jewellery you are considering is made with genuine gold and not plated or filled. 
• Take into account the type of gold you are looking for. Gold jewellery is available in various types, including yellow gold, white gold, rose gold, and more.

24-Karat vs 22-Karat Gold
 

24-karat is the purest form of gold, with a purity of 99.99%. As pure gold is soft and highly malleable, it becomes difficult for artisans to use pure gold to craft intricate designs on gold jewellery.

Thus, gold is alloyed with other metals, such as silver, copper and zinc, to impart rigidity. This is how 22-karat gold is formed, with a purity of 91.67%. It is also known as 916 gold, referencing its purity level. This type of gold is ideal for crafting gold jewellery and ornaments. 

Evaluating the Purity of Gold 

The purity of gold is an important factor that affects the item's value, price, and quality. To ensure a gold product is of the highest quality and purity, it is essential to evaluate it using reliable and accurate methods. The three main methods used to determine gold purity are: -

BIS Mark (Bureau of Indian Standards)

The BIS Mark is a mark of assurance that the gold product has been tested and meets the quality standards set by the Indian government. This mark is usually placed on the product by the manufacturer and is only applied to gold products that an authorized laboratory has tested.

Karat

The karat measure is used to evaluate the purity of the gold they use in their products. It's important to note that the karat measure does not indicate the weight of the gold but rather its purity.

Jewellers Identification Mark

This mark is a stamp on the gold item, indicating the karat of the gold contained within the alloy. The stamp contains numbers, letters or a combination of both.