Last updated on: 29th Jan 2023 9:00 AM
The city of Patan is situated in the north of Gujarat. Famous for its rich cultural history, the city is today a centre of agricultural production. Patan is known for the most beautiful kind of handmade silk patola saris. The city's primary industries include cotton milling, embroidering, and ivory carving. Patan is home to many higher education institutions.
Patan is seen as a heritage city. Many rulers largely influenced its past. Gold has always been part of its tradition and the locals are fond of yellow metal, which contributes to the price control of this precious metal. There is a surge in gold sales during the festival season for bazaars and artists.
The goal of this article is to provide you with knowledge about the gold rates in Patan, why they fluctuate, and a few other points that may help you while purchasing gold.
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|30 Jan 2023|
|29 Jan 2023|
|28 Jan 2023|
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|26 Jan 2023|
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|24 Jan 2023|
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|21 Jan 2023|
Gold has always been a favourite and precious metal for people in the city. Gold is not just a metal used to make ornaments, but it is also considered an important investment. The price of gold in Patan depends upon the following factors.
Gold prices get impacted by supply and demand factors. When the supply increases and demand are less, the price will be low. As against this, when the supply is less and demand is more, the price will be higher. During auspicious days and wedding season, there will be more demand and the price of gold goes up. Festivals boost the demand for personal use and also for gifting.
The supply of gold in the country depends upon imports. The geopolitical factors affect the price of gold. There can be a change in the import duty and another related cost that affects the price of gold. War, an outbreak of diseases, the governance of some of the gold-producing countries, etc. can largely impact its price.
India depends on imported gold. If import duties are high, the price of gold increases. The increase or decrease in import duties is directly related to gold prices.
Gold prices are dependent on local market conditions like city-specific demand, local taxes, transportation charges, etc, which are different from city to city.
Gold is a valuable asset for all and is mostly present in the portfolio of investments. Gold is always resorted to as a tool to protect against sudden monetary requirements from olden times. Gold does not earn a fixed and regular income. But the valuation of gold fetches a good return over some time. Mutual funds, on the other hand, are market linked and they give a regular return. However, the valuation of a particular mutual fund scheme depends on its underlying securities. Physical gold can be purchased in the form of Bullions, gold mutual funds, Exchange Traded Funds, Sovereign Gold Bonds, etc. Mutual funds are divided into equity and debt funds. Similarly, they can be categorised by mode of investment and mode of management. It all depends upon individual preferences that drive the decision to invest.
Gold has been an inseparable part of people's life. The used gold is mostly found in making ornaments. However, it is just not limited to that, as there are other ways of investing in gold. Undoubtedly, the yellow metal is loved and preferred by all.
|Day||24K Gold||22K Gold|
|01 January 2023||5433||5174|
|30 January 2023||5648||5379|
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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