Gold Rate Today in Cuddalore

Cuddalore is located on the coast of the Bay of Bengal in the state of Tamil Nadu. The city is famous for its many temples and beaches. No wonder the town's name in Tamil means "Sea Town". Consumption of gold remains high in India, and Cuddalore is no exception.

Buying gold is considered auspicious in Cuddalore. Many even invest in gold to diversify their portfolios. You can purchase gold in Cuddalore through jewellers, banks, etc.  The price of gold in Cuddalore depends on several factors, such as the purity of the gold, current market conditions, the type of gold and more. If you are an investor from Cuddalore and wish to invest in gold, then read on to learn more about investing in gold here.

Factors Affecting Gold Price in Cuddalore

Various factors play a role in affecting gold prices in Cuddalore. Some of the reasons include:

Purity of Gold

The higher the purity, the higher the price of gold will be. 24K gold is the purest form of gold but making jewellery out of it is impossible. Usually, gold jewellery is made out of 22K gold.

U.S Dollar

The U.S. dollar can have a direct or indirect impact on gold prices. Gold rates are dependent on the value of the U.S. dollar. You can buy gold at a lower price when the dollar is weak.

Import Prices

India is a major importer of gold in the world. When the import rates are higher, the gold rate also surges. The government can increase the import duty, which can give rise to gold rates in the domestic market.

Supply and Demand

Gold is mined from the earth's reserves. Thus, supply and demand play a crucial role in gold prices. During less supply of gold, the prices may decrease. The prices may decrease even when the supply is adequate but the demand is low. During times of high demand, the prices of gold can be higher. 

Investment Options for Gold in Cuddalore

Gold in Cuddalore can be purchased in its physical form from reputable sources. These come in the form of jewellery, gold coins and bars.

Jewellery

Gold jewellery can be bought from trusted jewellers. You can store them with you at your house or in a locker.

Gold Coins

Gold coins can be purchased from jewellers and banks. Some non-banking finance companies and online stores also sell gold coins. These come with 24K purity with the hallmark according to the BIS guidelines.

Gold Savings Schemes

Several jewellers have their gold savings schemes. In these schemes, you deposit a fixed amount of money every month for a set period of tenure. After the tenure, you can buy gold worth the same amount from the jeweller. The jeweller also provides you with a certain bonus amount.

Another option for investing in gold is to buy it in its paper form. Some of the forms of paper gold include:

Gold Exchange-traded Funds (ETFs)

Just like stocks, gold is also traded on the stock market. You can buy gold when they are at low prices and sell them when the prices are high. However, market risks are always involved.

Digital Gold

You can buy digital gold from online sources. The seller will then keep the amount of purchased gold in its physical form in their storage facilities. The best part about digital gold is that there is no minimum amount. You can even buy gold worth of ₹1.

How is the Purity of Gold Evaluated in Cuddalore?

The purity of gold is measured in karats (K). Pure gold is 24K, but jewellery can't be made out of pure gold. Generally, 22K gold is used in making jewellery, and additional metals are added to it, like silver, zinc and copper.

The Bureau of Indian Standards (BIS) is a government body in India that certifies the purity of gold with a hallmark. The government has made it mandatory to put the hallmark on the jewellery.

BIS Hallmark

Always check for the BIS logo on the jewellery item you plan to purchase. The mark is in the shape of a triangle with a dot. This is the official logo of BIS.

Karat

There are four types of gold based on their purity:-

24-karat gold-99.9% pure

22-karat gold-91.6% pure

18-karat gold-75% pure

14-karat gold-58.5% pure

Hallmark Unique Identification Number (HUID)

HUID is a six-digit alpha-numeric code that is unique for every piece of jewellery. It is stamped manually at the Assaying & Hallmarking centre.