Last updated on: 29th Jan 2023 9:00 AM
Known as India's 'Glass Capital,' Firozabad is famous for traditional glass bangles. Located in Uttar Pradesh, near Agra, the city is also one of India's highest gold consumers. During the early 1990s, pure gold was used to weave saris and kurtas in Firozabad that were famous worldwide. Firozabad is one of the most important commercial hubs in Uttar Pradesh.
Residents purchase gold and gold jewellery on the auspicious festivals. The city is known for its intricate designs of gold jewellery, coins, and bars. People invest in physical gold and gold mutual funds.
Although carat and karat are often used interchangeably, these are two separate things. Carat is a unit of weight commonly used to measure the size of gemstones such as diamonds. Karat is a measure of the proportion of gold in an alloy of 24 parts.
24-karat gold is the purest, with 99.9% gold. 22-karat gold, on the other hand, has 91.7% gold, and the balance consists of copper, zinc, and other metals. So, 24-karat gold implies that all parts are gold. 22-karat gold means that 22 of the 24 parts are gold, and the remaining two could be a combination of other metals. When purchasing a 24-karat gold bar or coin, it is advisable to buy one with a hallmark certification to confirm its purity.
If you want to purchase gold as an investment, then a 24-karat gold bar or coin would be the better option. Similarly, if you wish to buy gold jewellery, 22-karat gold would be ideal since it can withstand frequent usage.
Here are some ways to invest in Firozabad.
Gold is valuable only in its pure form. The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. As per BIS, one must consider the following factors when buying gold.
The Reserve Bank of India (RBI) controls the money supply, oversees the currency and monetary policies, defines interest rates, and manages inflation. The RBI buys gold as a hedge against the US dollar. India's currency is strong when it holds more physical gold.
The Goods and Services Tax (GST) is levied on selling goods and services in India. The GST rate for gold jewellery is 3%. This means that the price of gold jewellery in Firozabad and other cities is higher by 3% after GST was implemented. The GST is also likely to impact the prices of different forms of gold, such as coins and bars.
|Day||24K Gold||22K Gold|
|30 Jan 2023|
|29 Jan 2023|
|28 Jan 2023|
|27 Jan 2023|
|26 Jan 2023|
|25 Jan 2023|
|24 Jan 2023|
|23 Jan 2023|
|22 Jan 2023|
|21 Jan 2023|
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Firozabad. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.
Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.
Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.
On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.
|Day||24K Gold||22K Gold|
|01 January 2023||5429||5170|
|30 January 2023||5644||5375|
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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