Gold rate in Sikar

Learn about gold rates in the city of Sikar, factors that are impacting gold prices in Sikar, and other investment options.

Sikar is a city and municipal council located in the Sikar district of the Indian state of Rajasthan. Sikar, which has a number of engineering and medical coaching facilities, is a significant coaching hub in the nation after Kota for preparation for competitive examinations.

The historical city of Sikar is home to numerous historic Havelis. This city is famous for its beautiful sights and welcoming people. The people of Sikar believe in buying gold ornaments as a safe investment option for security and long-term returns. Gold is not merely a metal to Indians; it carries auspicious sentiments and emotional attachments.

Keep reading to learn more about the gold rates in Sikar, the factors influencing gold prices, the purity of gold, and other investment options.

Factors Influencing Gold Prices in Sikar

• Demand and Supply – As is the case for every product in the world, gold prices are also affected by changes in demand and supply. 
  But whenever there is an increase in demand for gold, the prices soar high due to the limited supply. This is especially witnessed during the wedding and festive seasons when people buy gold ornaments and jewellery in massive amounts. 
• Inflation – The basic concept of inflation is that the price of a commodity increases due to a decrease in the currency's strength. As and when the Indian rupee depreciates, gold prices tend to witness a hike. Indians use gold as a hedge and prefer to invest in it.
• Import Duty – Gold mines in India are very rare; hence, India has to import most of its gold from other countries. Thus, import duties are levied on the price of gold you purchase
• Exchange Rate Fluctuations – USD is the currency in which gold is purchased and sold in the global market. Thereby, to import gold into India, payment is made in USD. Depreciation in the value of the Indian rupee in comparison to the USD increases the cost of buying gold from other nations.

How to Check the Purity of Gold in Sikar?

Being an expensive investment, the purchase of gold is risky and should be done with utmost care. You must ensure the purity of the gold before buying any gold articles. 

The purity of gold is measured in karats (K). Gold is available in multiple purity levels,

such as - 

• 24-karat gold: 99.9% pure
• 22-karat gold: 91.6% pure
• 18-karat gold: 75% pure
• 14-karat gold: 58.5% pure

Before buying any gold ornament, you must ensure that it is inscribed with the following marks to ensure its authenticity - 

• BIS Hallmark – All gold jewellery that has been measured and certified by the Bureau of Indian Standards (BIS) will be hallmarked with the BIS logo. Hence, you should first look for this BIS hallmark on the gold jewellery to ensure that it has undergone BIS testing.
• Purity in Karats – 24K gold is said to be the purest form of gold, followed by 22K, 18K and 14K gold. As per BIS, hallmarking of gold based on purity is done using 22K916 for 22K gold, 18K750 for 18K gold, and 14K585 for 14K gold. Customers should verify that these hallmarks evidence the purity of gold claimed by the jeweller.
• Assaying and Hallmarking Centre's Mark or Number – The laboratory in which the gold has been tested and certified for its pureness is mandated to put its logo on the jewellery. Customers can look for the logo of such a laboratory and ensure that the laboratory is BIS certified. 
• Identification Mark of the Jeweller – Usually, the jeweller puts an identification mark on all his gold ornaments and items. This can also be an identification that the jeweller is a BIS-certified jeweller. This hallmark will also help you approach the authorities in case a dispute arises in the future.

Alternatives to Physical Gold in Sikar

The most common way in which people invest or purchase gold is through its physical forms, such as bars, coins and ornaments. To prevent the hassle of storing physical gold and keeping it secure against theft or loss, you can look at newer alternatives that have cropped up on the market. Here are some digital ways in which you can make gold investments in Sikar:

• Digital Gold: The yellow metal can be purchased and invested in virtually through "digital gold" without holding any actual gold. There are various apps through which you can purchase, hold and sell gold online (PhonePe, PayTM, etc.). The gold you buy is stored in electronic form in digital wallets. You can invest for as less as ₹1 to begin with.
• Gold Exchange Traded Funds (ETFs): A gold exchange-traded fund (ETF) tracks the price of domestic physical gold. They invest in gold bullion and are passive investment vehicles based on gold prices.
  Gold ETFs, in a nutshell, are securities that represent physical gold, which may be in the form of paper or in a dematerialized form. The very high-purity physical gold that serves as the collateral for each Gold ETF unit is equal to one gramme of gold. The simplicity of gold investments and the flexibility of stock investing are combined in gold ETFs.
• Sovereign Gold Bonds (SGBs): These are bonds periodically released by the Reserve Bank of India (RBI). These bonds are available for purchase via public and private sector banks. They do not have physical gold as the underlying asset, but their prices are driven by the price of gold in the market. you can redeem them for cash upon maturity.
• Gold Mutual Funds: A gold mutual fund is an open-ended scheme that makes investments in the stock of businesses engaged in the production or mining of gold, as well as in gold bullion and the gold futures market. Your investment in a gold mutual fund will be worth whatever the current market price of gold is. Gaining capital and producing income from dividends on investments are the main goals of investing in gold mutual funds.