Gold prices were at their peak this Tuesday as the price for 10 grams of gold increased by Rs. 924 to reach 64,404 rupees with silver priced at Rs. 72,038. According to India Bullion and Jewelers association, on 4 December the rate of 10 grams of gold was Rs.63,805 and today (5 March) it increased by Rs. 924. On the other hand the rate of the silver has increased by Rs. 1,261 and the current price of the silver is Rs. 72,038 per kg where earlier it was Rs.70,777 per kg.
Gold is categorized into three types on the basis of their ‘caratage’, which is the measurement of purity of gold alloyed with other metals. 24 carat gold is the purest, and the prices of the gold vary according to their purity. According to latest reports:
- 24 carat gold is priced at 64,404 rupees per 10 grams
- 22 carat gold is priced at 58,994 rupees per 10 grams
- 18 carat gold is priced at 48,303 rupees per 10 grams
The month of February saw a slight drop in the rates of both gold and silver. In the beginning of February, the rate of the gold was Rs. 62,775 per 10 grams and by February 29 it decreased to Rs.62,241. The rate of the silver was Rs.71,153 per kilogram which decreased to 69,312 rupees per kilogram. The month of February was a brief window of opportunity for people who wanted to buy gold or silver.
However, there are things that one should keep in their mind while buying gold:
- Only buy gold certified by the Bureau of Indian Standards.
- Always cross check the correct weight and price of the gold on the day of the purchase.
- Don’t pay in cash, instead opt for a bill by making payment through other mediums such as online payment through UPI, digital banking, or through credit or debit card.
- It is important to have knowledge about the resale value of gold as it can also be seen as an investment. Discuss the buyback policy with the jeweler’s employees as well.