Last updated on: 3th Feb 2023 10:00 AM
Morena is a very prominent district in Madhya Pradesh. It is located in the Chambal division and has a population of about 12 lakh people, which is more than some small countries. It has many important temples and historical figures associated with it.
If you live in Morena and want to be financially responsible, you should start investing your money to build a better future for yourself.
Gold is one of the best investments for you whether you are just starting or you have already established a portfolio. This is because gold prices have been consistently rising over the past few years with increasing inflation. Also, gold can be easily exchanged for money whenever you need it.
There are different forms of gold that you can buy such as gold jewellery, gold coins, gold bars, etc. There are digital options for buying gold as well. Read ahead to find out more about gold investment.
If you have been thinking about buying gold, you may have noticed the frequent changes in gold prices. Gold prices are generally affected by various factors that are detailed below.
Gold prices change almost daily with the ups and downs of the share market as well. But there is one big difference, gold prices go up when the market goes down and vice versa.
This inverse relationship exists because when the share market is falling, investors start looking for more reliable and secure investments. So, gold sales increase but the supply remains the same.
More sales and limited supply affect the demand-supply relationship and lead to an increase in the price of gold.
Not all the gold that is sold in Morena is from India, some of it is imported from foreign countries. If gold is important, its price increases due to customs duty and social welfare surcharge.
Even the sale of gold in India is affected by many government policies and taxes such as GST (Goods and Services Tax), capital gains tax, local taxes, transportation taxes, state taxes, etc.
The purest form of gold is 24-karat gold. It is around 99.9% pure, but since pure gold is too soft, it can’t be used commercially. Therefore, it is mixed with impurities to make it more usable.
The most commonly used form of gold is 22-karat gold, also known as 916 gold. Other common types of gold used commercially include 23-karat gold (958 gold) and 18-karat gold (750 gold).
The overall cost of gold investment also depends on the type of gold you are buying. For example, while buying gold jewellery, you have to pay for its design and making called making charges. These charges are not applicable while buying gold coins and bars.
On the other hand, while buying digital gold, you may have to pay a nominal fee to your seller for their services which are usually absent while buying physical gold.
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There are three ways of checking gold purity at home:
Look for the hallmark stamp on the item.
Inspect the edges of the gold item under a bright light. If its edges are worn down, then it is likely gold-plated, not real gold.
You may also see white or red spots on the item under a bright light and magnifying glass which are signs of gold-plated items.
Gold does not attract magnets, so you can also use a magnet to check whether your item is made of iron or other magnetic metals or gold.
Another method is to use vinegar. If the item is gold, it will not change colour when rubbed with vinegar.
You can also use your liquid foundation to check for purity. Coat your hand in the foundation and when it is dry, rub the item over your hand. A pure gold item will leave a line, but a gold-plated or another metal item will not.
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.
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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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