Last updated on: 3th Feb 2023 10:00 AM
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.
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.
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.
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.
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Various factors play a role in affecting gold prices in Cuddalore. Some of the reasons include:
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.
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.
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.
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.
Gold in Cuddalore can be purchased in its physical form from reputable sources. These come in the form of jewellery, gold coins and bars.
Gold jewellery can be bought from trusted jewellers. You can store them with you at your house or in a locker.
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.
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:
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.
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.
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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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