All You Need to Know About Buying Gold

Most Indians have an innate love for gold. This metal is deeply rooted in Indian culture and history and allures people with its extravagant appeal and charm.  Buying gold in the country has also become pretty easy over the years. You can always check out gold price today in Vijayawada or any other location and subsequently make your purchase from a dependable seller of gold bars or jewelry, depending on the reason for your purchase. People buy gold both as an ornament and investment vehicle. 

Factors to keep in mind when buying gold

  • Purity: The purity of the metal is measured in karats. 22 karat gold is considered to be 92% pure, while 24 carats are known to be 99.9% pure. Though 24 karat gold is the purest form, you must note that due to its fluid nature, it is not suitable for being crafted into jewelry. As a result, the gold you find in the market is generally 22K, 18K, or 14k. Therefore, before buying this precious metal, you must always ask about its purity.
  • Understand the right-making charges: If you are buying gold jewelry, you must have a good understanding of how much making charges should be incurred. At times, you might also need to bargain to reduce these making charges. These charges can form up to 30% of your jewelry expense, which can be a substantial amount. Hence, it would be smart for you to request a reduction here, if possible.  You also need to check out gold price today in Vijayawada before going out to purchase jewelry in that area. Knowing the current price of gold in the market will give you an idea about how much money you may have to spend on your jewelry. 
  • Gold rate per gram: Prior to making your purchase, you need to know the current gold rate per gram. The prices of this precious metal can be checked simply by going through multiple reliable websites. Many online platforms would provide you with all the details you need about the price range for the type of gold you are interested in buying, depending on its purity, form, and so on. The prices of gold fluctuate on a daily basis. Hence, jewelers generally tell the daily gold rate to the customers while they are making a purchase. If you are buying gold jewelry, then it is prudent to check the weight per gram as well. This should be specially done if you want to have precious stones like emerald, diamond, and similar precious stones beaded in your gold jewelry. To ensure that you are not being overcharged, you should see to it that gold is weighed separately and not along with the beaded stones during the billing process.
  • Hallmarked gold: Before making your purchase, you should check the hallmark. If any gold jewelry has the BIS (Bureau of Indian Standards) mark on it, you can rest assured that it meets the proper purity standard. You should also assess the identification mark/number of the jeweler before making the buy. A 22 karat gold that bears a hallmark of 916 indicates 91.6% purity. This basically means that every 100 grams of the 2 karat gold contain 91.6 grams of pure gold content.
  • Ask for an invoice: In case you sell off your gold for profit in the future, you shall want to note the purchase price in order to calculate the capital gains tax. Invoice is also important to mitigate any disputes that may arise in the future.

Now that you know all the important aspects of buying gold, you can always check out gold price today in Vijayawada online and subsequently make your purchase.  Consequently, selling gold has become easy today, as much as purchasing it. Hence, if you plan to sell off your gold in the future, you are unlikely to face any kind of hassle due to it. There are multiple reliable companies that can correctly value your gold through the latest ultrasonic and XRF machines and purchase it at market value. You may get the chance to sell off your gold in exchange for cash through them. 

No matter whether you want to buy or sell gold, doing both of them is pretty easy today. 

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