Gold Rate Sivakasi
Last updated on: 8th Mar 2023 06:30 AM
Sivakasi is a small town located in the southern state of Tamil Nadu, India. It is renowned for its fireworks industry and is also considered as a hub for gold investment. With a rich cultural heritage and a thriving local economy, Sivakasi offers a secure and profitable environment for gold investments. The town has a long-standing tradition of gold trading, and its residents have a deep understanding of the gold market. The combination of a stable economy, favorable government policies, and a strong community of gold traders make Sivakasi an attractive destination for gold investment. Whether you are looking to purchase gold for personal use or as a long-term investment, Sivakasi is the perfect place to start.
Besides being a precious and auspicious metal, gold has been a preferred mode of investment for most households in India. Other than gold, people also like to invest in safe investment options such as Fixed deposits (FD). For starters, the returns in FD are guaranteed and fixed. These returns aren't affected much by market volatility or other economic conditions.
On the other hand, while the rate of gold fluctuates, it acts as an excellent hedge against inflation. Moreover, the prices may go up or down for a shorter duration; in the long run, gold prices have always gone up.
22K gold includes 22 parts mixed with two parts of other metals/alloys such as copper, silver, nickel, zinc, etc. 22K gold includes 91.67% pure gold, also called 916 gold. Due to its trace metallic composition, this gold texture is harder and more durable than its counterpart.
24K gold is called pure gold because it contains 99.99% pure gold. 100% gold is too delicate to hold its shape at room temperature; therefore, 99% gold is considered the highest and purest form of the yellow metal. Thus, the crude ore is extracted and processed until it reaches a purity of 99.99%.
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The demand for gold is relatively high in India, and there are few mines to cater to that enormous demand. Because of this, India imports a large portion of gold to cater for the domestic gold supply. Hence, import rates play a vital role in determining Sivakasi's gold prices. A higher import duty means the price of gold will increase in Sivakasi and vice versa.
Like various other trade businesses, the trading of gold is also primarily done in US dollars. It means the exchange value of the US dollars to the rupee also plays a vital role in determining the price of gold in Sivakasi. In India, dollar prices play an inverse role in determining gold prices. If the US dollar weakens, India could buy gold at a lower price. However, the US dollar is relatively strong concerning the Indian rupee; hence, gold prices have also been surging.
One of the significant factors in determining gold prices in Sivakasi is supply and demand. Almost all the gold that has ever been mined is still in some form. Additionally, more gold is being mined every day. So, you may think the price of gold will fall over time. That's not the case, and it's because most countries and civilisations treat gold as a store of value.
So, gold prices rise when the demand increases and vice versa. You would have observed during the wedding and festive season that the price of gold in India always remains high.
Central banks are also the major movers of gold prices. Central banks such as the Reserve Bank of India (RBI) and the US Federal Reserve have enormous gold reserves. Gold prices go up when these institutions start holding gold reserves or buying more gold.
Moreover, other central bank activities, such as money printing and currency movements, also affect gold prices.
The rise in the cost of goods and services, known as inflation, can significantly affect the value of gold. Typically, there is a direct correlation between inflation and the change in gold prices in Sivakasi. This is because, as inflation increases, the value of currency decreases, causing people to seek stability by holding their wealth in the form of gold.
Which one is better, a 22-karat or 24-karat gold?
The 24-karat gold has a purity of 99.9%; hence it is very soft for jewellery making. On the other hand, 22-karat gold has a purity of 91.6%. The 22-karat gold is mixed with a minute amount of other metals, such as silver, zinc, and copper, to form jewellery.
If you are buying gold for jewellery, go with the 22-karat option; however, the 24-karat gold would be an excellent option for investment purposes. You can get 24-karat gold in the form of gold biscuits and gold bars.
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