Last updated on: 3th Feb 2023 10:00 AM
Lucknow is popularly known as the ‘City of Nawabs’ and the ‘Golden City of the East.’ The city is known for its rich culture and heritage, including a fondness for the most precious metal, gold.
Lucknow has a rich tradition of gold investment, both physical and digital gold. The people in Lucknow like to adorn themselves with gold jewellery on special occasions such as birthday parties and weddings. This drives the demand for yellow metal in the city.
However, prices of gold in Lucknow are volatile owing to government policies, inflation, international currency, interest rates, currency conversion rates, etc. So, let's check out Lucknow gold rates and other aspects of gold.
There's so much gold in the world that if pulled into a 5-micron wire, it could wrap around the Earth 11.2 million times.
Finding a one-ounce gold nugget is rarer than finding a 5-carat diamond.
About 49% of the mined gold is used in jewellery.
The Perth Mint cast the largest gold coin weighing one tonne.
The world's oceans are believed to hold up to 15,000 tonnes of precious metal.
Gold is available in both 24-karat and 22-karat. However, 24-karat and 22-karat gold differ based on purity and price. Here's how:
24-karat gold is 99.9% pure and used as gold bars, coins, and bullion, whereas 22-karat gold is 91.6% pure and is used in jewellery.
24-karat gold does not contain any other metal, whereas 22 Karat gold contains gold and other metals such as silver, Cadmium, etc.
The cost of 24 Karat gold is higher than that of 22 Karat.
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|03 Feb 2023|
|02 Feb 2023|
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|31 Jan 2023|
|30 Jan 2023|
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|26 Jan 2023|
Gold is a popular investment option amongst Indians because of its ornamental value and pride in ownership. Gold, however, differs from other investment options. Here's how:
Though Gold investments are considered profitable, the returns are not guaranteed. They depend on the gold price movement. The profit or loss on one's investment in gold depends on whether the gold rates are high or low at the point of sale.
The risk involved in gold investment is low.
During a period of inflation and a falling currency, the prices of other investments might fall, whereas gold can offer stability and protect your investment.
There are no tax benefits on gold investment such as those offered by other investment avenues like Public Provident Fund, Equity Linked Saving Scheme (ELSS), etc.
Before the implementation of GST, 1% VAT and 1% service tax were levied on the price of gold over and above the selling price.
However, with the implementation of GST, the taxation rules changed. GST replaced the VAT and service tax levied on gold. So, today, you pay GST on the gold that you buy.
The rate of GST is 3%. Moreover, there is also a GST of 5% on the making charges.
Thus, GST has increased the overall price payable for gold and has made the metal costly for consumers.
The Reserve Bank of India (RBI) is responsible for formulating and implementing monetary policy in the county. The rates of gold are determined based on the monetary policy of RBI.
The Government of India sells and buys gold through the RBI. When the RBI starts holding the gold reserves or procuring more gold, the prices go up and vice versa. This is because the cash flow in the market is increased when the gold supply goes down.
|Day||24K Gold||22K Gold|
|01 February 2023||5654||5385|
|07 February 2023||0||0|
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.
Where can I buy gold in Lucknow?
What is the tax aspect when I sell gold?
Will the prices of gold decrease in Lucknow?
How is gold weighed in Lucknow?
What are the different gold investment options?
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