Last updated on: 3th Feb 2023 10:00 AM
Kanchipuram, a charming temple city in the Tamil Nadu region of South India, is only 80 kilometres from the state's capital. The Pallavas, Chalukyas, East India Company, and Sultanate of Mysore are just a few ancient dynasties whose impact on the history and culture can be found in the city.
The Vaishnavites, who believe Kanchipuram to be among the seven holy centres, must attend in their lifetimes to find spiritual freedom, additionally, attach cultural value to the city. As a result, there is a significant demand for gold in the region, and sales are significantly greater than in nearby towns and cities. If you also wish to invest in gold here, then read on to learn more about Kanchipuram's gold rates and how you should invest.
Some of the major elements that affect the cost of gold in Kanchipuram are listed below.
When the US dollar is strong, Kanchipuram's gold prices decline as investors choose to put their money in the currency instead of the metal. On the contrary, banks typically invest in gold rather than the declining dollar when the dollar depreciates. To protect against any unforeseen circumstances, this action is being taken.
For many Indians, a fixed deposit is their preferred investment choice. Closely behind silver is gold. Investors favour gold as a substitute investment when FD rates are falling. As a result of rising demand, gold's price grows along with it.
The majority of the gold in Kanchipuram is imported. As a result of the price connected with transporting the precious metal, port cities like Mumbai and Chennai typically have slightly reduced expenses than those located away from the port.
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Gold prices have increased because 3% GST has been added. Because of this, there is less demand for gold in general.
As gold prices rise, fewer people want to buy it. This has also changed how liquid investments in gold are. But thanks to things like the Free Trade Agreement with countries like South Korea, importers registered for GST can now export gold without paying an extra 10% in customs fees.
Because of the new tax system, GST is now added to the costs of making gold jewellery. A 5% GST is added to all charges.
Gold jewellery remains the most common way for people in Kanchipuram to put their money into gold. However, one unfortunate aspect of purchasing gold jewellery is that you have to pay for the expenses of making it, which can add up to 10% to the price. Also, styles and designs come and go, so if you decide to sell your jewellery, you may not get the same amount. Moreover, you might have to pay extra fees if you sell the jewellery to a new jeweller compared to the one you purchased it from.
However, new ways to invest in gold have recently reopened, giving investors more chances to trade in gold. Investors could now buy stocks and mutual funds linked to gold. For example, ETFs (Exchange Traded Funds) are simple financial tools that merge the flexibility of investing in stocks with the ease of investing in gold.
Karats are used to measure how pure gold is. 24 Karats is the measure of the purest gold. It means that the gold doesn't contain any other metals. When the amount of gold being mined goes down, other metals, usually copper and silver, are combined with gold.
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The term "karat" is employed to express how pure gold is. A gold's carat value increases with its purity. From 0 to 24, points are assigned to it. Therefore, the best gold that can be purchased is 24K gold.
The 24K mark means that the gold is 99.9% pure, while 22K is about 91% pure gold, and the other 9% is made up of copper, silver, zinc, etc.
Since 24K gold is 99.9% as pure as 22K gold, it costs more.
And although 24K gold jewellery has a beautiful colour, it will not be as durable as 22K gold jewellery. It happens because 24K gold doesn't hold up well against wear and tear over time. When extra metals are added to 22K gold, the jewellery is more durable and lasts longer.
Here are some fascinating facts related to gold that will surely pique your interest:
Among the most often used metals by humanity continues to be gold. Throughout history, it has been utilized for jewellery, coins, and other art forms.
Presently, almost all gold discovered worldwide is not a product of Earth. Rather, 200 million years after the planet's formation, meteorites began to pelt Earth, which is how the current gold was created.
Due to its remarkable malleability and ductility, 28.3 grammes of gold may be hammered into a sheet measuring 100 square feet or beaten into a thread 8 kilometres long.
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