Last updated on: 3th Feb 2023 10:00 AM
Kurnool is a city in Andhra Pradesh known for its cultural history and economic importance. Gold has a long and rich tradition in the South Indian states, particularly in Andhra Pradesh. It is seen as a symbol of wealth and holds significant cultural and traditional values. It is also a popular investment choice in the city for multiple reasons.
Gold is known for its ability to maintain value over time. And remains a favourite for people who want to guard their wealth against inflation. There are several ways to invest in physical gold and financial instruments — like gold ETFs, mutual funds, sovereign gold bonds and others.
However, it is important to consider risks and costs like price volatility and storage and insurance costs. Despite the potential drawbacks, the benefits of including gold in a portfolio may outweigh these risks. Gold can provide stability, long-term growth, and diversification.
When you are buying gold in Kurnool make sure you check the purity. You can rely on the Bureau of Indian Standards (BIS) to certify your purchase. It is a national agency that marks gold articles with relevant information. This process of marking is called hallmarking.
The hallmark ensures the purity of the gold item. It is done to protect the customers from fraud. And sets the legal standards of fineness and purity.
There are four methods that will help you ensure the purity of gold. It is recommended that you use multiple methods to ensure accuracy.
The BIS handles hallmarking gold articles to ensure purity. The BIS should hallmark any gold item that you buy. You can see a BIS logo indicating that it is verified at one of its laboratories.
Jewellery stores put their identification mark or logo on gold articles, in addition to BIS. BIS also maintains a list of certified jewellers. You can visit their website to confirm if the store is BIS-certified.
A laboratory must put its logo on your gold jewellery after assessing its purity. Only licensed BIS laboratories can check gold purity. You can check the hallmarking centre license on the BIS website.
Purity of gold is either measured in Karat (denoted as KT) or fineness number. If you are measuring the purity in Karat then 24KT is the purest form.
Although, 24KT is very soft and can be easily scratched or dented. Jewellers have to add other metals to make them usable.
You can also look at the fineness number. It is measured in parts per thousand. As per the standards set by World Gold Council 24KT should have a fineness number of 1.0.
But due to chemical limitations, slight impurities cannot be eliminated. And the fineness number of 24KT is 999.9 parts of a thousand. You can verify the purity of your purchase by the fineness number and BIS hallmark.
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Investors may turn to gold when the stock market performs poorly to preserve wealth. Gold is less volatile than stocks and not tied to any particular company or economy.
Gold and stocks sometimes move in opposite directions. When stocks perform poorly, investors may sell stocks and buy gold instead, driving up the price.
Central bank policies and interest rates also influence gold prices. During times of economic uncertainty, central banks may lower interest rates to stimulate the economy.
This makes gold more attractive to investors, as it may not offer the same level of return as other options. This increased demand for gold may drive up the price.
The gold rates in Kurnool, India are determined by the Jewelers association such as Indian Bullion and Jewellers Association (IBJA) and retailers play a vital role in determining the price of gold in Kurnool. IBJA is a trade association representing the bullion and jewellery industry in India, established in 1919 and headquartered in Mumbai. It aims to promote the growth and development of the bullion and jewellery industry in India and to protect the interests of its members, who are primarily gold and silver bullion traders and jewellers, through a wide range of services such as market intelligence, price information, and legal and technical assistance, it also works closely with the government to develop and implement policies that support the growth of the industry.
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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.
Why is gold a popular investment in Kurnool?
I have a low appetite for risk. Should I invest in gold?
What is hallmark gold?
Should I buy 22-karat or 24-karat gold?
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