GOLD RATE IN INDIA

Factors that potentially affect gold rates in India are fluctuations in the global market, strength of the USD, import costs, interest rates on banks' fixed deposits, economic stability, seasonal prices, inflation and demand-supply.

24-carat gold is considered to be the purest form with 100 percent gold and no traces of any other metal.

Auspicious festivals like Dhanteras, Makar Sankranti, Akshaya Tritiya, Dussehra, and Diwali are considered the best time to buy gold in India. It is primarily because jewellers offer a range of discounts on making charges.

The purity of gold can be determined by checking the 'Hallmark' sign on the jewellery. Hallmarked jewellery certifies the claimed purity of gold and further engraves the purity level along with the name of the retailer to ensure that customers are not duped.

In a bid to bring transparency into jewellery shopping, the Bureau of Indian Standards (BIS) has been designated to implement hallmarking of gold jewellery to ensure that customers buy the purest form of gold. Through this process, the proportionate content of precious metals is determined and recorded through specific marks such as the BIS logo, the purity of the metal and a unique HUID number.

To ensure that customers are not duped and sold off with an impure form of gold that has a mix of other alloyed metals, the Bureau of Indian Standards (BIS) has been designated to implement hallmarking of gold jewellery.

Beginning with the custom tax that the government imposes for importing gold into the country, it is followed by other taxes levied by sellers including the GST, making charges, and TDS.

The fluctuation in the international markets largely impacts the price of gold in India. For example, any rise in the US Fed interest rate will result in money flowing into government securities and the banking system from gold reserves. India is one of the largest gold importers and sees a major impact with fluctuations in gold prices on global markets.

Being the safest and profitable form of investment in India, investing in gold will not only come as an asset but is also considered superior to currency. It is one of the few assets that is tangible and creates a perception of safety among investors. Both purchasing and selling gold are very easy in India.