How to find the current price of gold in India?

Indians’ affinity for gold is well known. Buying or gifting this yellow metal on special occasions carries both auspicious and sentimental value. Traditionally, investment in gold meant buying gold jewellery, gold coins, bars, etc. However, it is a challenge to store physical gold safely and securely. To address this, digital gold investments help investors buy gold without having to worry about its safe storage. In addition to that, people have understood how their gold articles can be pledged to get a gold loan. Gold loans have become massively popular as a way of fulfilling short to medium-term financial needs. And the best part is customers need not liquidate their physical gold assets to generate cash. Thus, it is important to buy genuine gold at fair gold prices to get the maximum value out of your gold. Customers should be aware of the day’s gold rates before making a purchase.

Things to Know Before Buying Gold

When a customer wishes to buy gold, the gold prices, signage, and terms displayed for different types of gold might be overwhelming and confusing. Thus, to make sure you are purchasing the right kind of gold and at the right gold rate, it is important to understand the various aspects associated with buying physical gold.

Gold jewellery, gold coins, bars, bullion, etc. are stamped with signage such as 24K, 22K, 20K, and so on. So, what does it mean? The ‘K’ stands for ‘Karat’ and it denotes the purity of gold. The higher the karat value, the purer the gold would be. It is measured on a scale of 0 to 24. 24K marks the highest purity of gold. Karat is sometimes denoted as ‘ct’ or ‘CT” too.

Different Types of Gold

As mentioned earlier, 24K gold is the purest form of gold and is malleable in this form. However, to make jewellery, pure gold needs to be combined with metals such as copper, nickel, silver, and palladium. The composition so achieved gives strength to the gold for making it into a jewellery piece. The amount of alloys and metals added to the gold determines the various categories of gold. One should check for the current gold price of the type of gold they wish to buy.

Here are the most commonly available gold categories:

• 24K: 24K, also referred to as 99.9% pure gold is the purest form of gold and doesn’t contain any other metal or alloy. It is usually used for gold coins, bars, and bullion. Since it is of the highest purity, the Indian gold rate for 24K gold is the highest. It is suited more for investment purpose than for making regular jewellery. You can check the live gold price for 24K and other kinds online. 1 gram gold coins, 5 gram gold coins, etc. are some of the popular weight categories for gold coins.

• 22k: It is also known as ‘916 gold’ as it comprises 91.67% of pure gold. It contains 22 parts of gold mixed with 2 parts of other metals and is suitable for making jewellery. 22K or 22ct gold price is lower compared to 24K.

• 18K: It contains 18 parts of gold to 6 parts of other metals and which means 75% gold and 25% other metals. It is harder and more durable than 24K and 22K gold. Thus, the 18K gold price is lower than 24K and 22K.

• 14K: It is made up of 58.3% gold and 41.7% of other metals and this makes it more durable and affordable than the above-mentioned categories. It is ideal for making everyday jewellery.

What Affects Gold Prices?

Apart from the purity, gold prices depend upon various other factors such as:

• US Dollar dynamics
• Global Market Conditions
• International Relations
• Import duties
• Demand and supply
• Taxes
• Gold rates set by local gold associations

How to Check the Current Price of Gold?

Gold prices fluctuate as per various applicable factors. You can easily track live gold prices online. There are numerous mobile applications that help you check current gold prices. However, do bear in mind that the current gold price displayed online could be different when you actually visit a jewellery shop. The reason behind it is that the local gold association in a particular city declares the gold rate for the day. Gold prices on a given day could differ for different cities. Apart from that, gold rates displayed could also vary for different jewellers in the same city.

It is advisable to do proper research related to the current gold prices in your city before making a gold purchase. Also, it is recommended to buy BIS Hallmarked gold. It is certified proof of the quality and authenticity of the gold.