Understanding The Difference Between One Ounce And One Troy Ounce
Troy ounce has been used historically by the Roman Empire to weigh and set prices for precious metals. Back then, all currencies were valued in terms of their equivalent weight in gold . This process was later borrowed by the British Empire which tied one pound sterling to one troy pound weight in silver.
The US also used the troy ounce system in 1828. A troy ounce is bulkier than one imperial pounce by about 10 percent. A troy ounce is equivalent to 31.1 grams in weight, while an imperial ounce is equal to 28.35 grams.
Gold Buying Patterns In Srinagar
Gold is popularly sold as jewelleries in Srinagar, with coins and bullions also being sold in the city.
Physical gold: Gold ornaments and jewelleries are available throughout the city and residents prefer shopping in the stores located there. Coins and bullions are available from gold dealers and traders based in the city, with bullions being the pure block of metal sold at close to market rates and in larger quantities. Coins are a little expensive and are mainly purchased for gifting or religious purposes.
Traded gold: Residents of Srinagar can purchase gold from spot and futures contracts which gives them the option to purchase gold at cheaper rates. The physical gold is delivered on a date as per the terms of the contract.
Where To Check Gold Rates In Chennai
There are a number of online portals where you can check for gold rates. We at www.goodreturns.in update our gold rates frequently everyday.
You can come back here to check gold rates across Chennai. We wish to emphasize that you must check the prices before buying. This is because there could be minor changes in gold prices amongst jewelery shops in Chennai.
One of the most important things that you should be careful about is the making charges of gold jewelry. Sometimes, the difference can be substantial, though gold rates in Chennai among different shops is unlikely to be very different from each other. What differs largely is the making charges.
We hope that discerning investors and buyers will check making charges before investing or buying gold jewelry.
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Gold Rate Trend In Srinagar For January 2018 To March 2018
Gold Rate Trend in Srinagar for January 2018:
- The month began in Srinagar with the precious metal trading at Rs.3,010 per gram on the 1st of January.
- With the dollar holding on to its gains during the initial few days, the bullion was priced on the weaker side of the month.
- Prices remained untouched at Rs.3,010 per gram until the 3rd with subdued but steady demand from local jewellers, retailers and industries at the domestic level. This was also the lowest recorded monthly figure in the city.
- However, with the dollar losing against other currencies following the weaker-than-expected US employment reports, investor demand rose globally.
- Gold rates in Srinagar rose to Rs.3,120 per gram – the highest recorded monthly figure – on the 24th with the bullion capitalising on the poor US inflation data.
- Strong safe haven demand coupled with positive overseas trends led to gold rates remaining untouched at Rs.3,120 per gram the next day.
- Trading concluded for the month with the yellow metal prices holing at Rs.3,066 per gram on the 31st after the recovering greenback resulted in declining investor demand for the metal.
- Srinagar registered a profit of 1.19% in bullion trade due to the strong global cues that pushed demand higher during the month.
Gold Rate Trend in Srinagar for February 2018:
Gold Rate Trend in Srinagar for March 2018:
Why Are Gold Prices Always Fluctuating
The price of gold is in a constant state of flux, and it can move due to numerous influences. Some of the biggest contributors to fluctuations in the gold price include:
- Central bank activity
- Jewelry demand
- Investment demand
Currency markets can have a dramatic effect on the gold price. Because gold is typically denominated in U.S. Dollars, a weaker dollar can potentially make gold relatively less expensive for foreign buyers while a stronger dollar can potentially make gold relatively more expensive for foreign buyers. This relationship can often be seen in the gold price. On days when the dollar index is sharply lower, gold may be moving higher. On days when the dollar index is stronger, gold may be losing ground.
Interest rates are another major factor on gold prices. Because gold pays no dividends and does not pay interest, the gold price may potentially remain subdued during periods of high or rising interest rates. On the other hand, if rates are very low, gold may potentially benefit as it keeps the opportunity cost of holding gold to a minimum. Of course, gold could also move higher even with high interest rates, and it could move lower even during periods of ultra-low rates.
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Why Delhi Investors Should Buy Gold
There are many reasons that Delhi investors should buy gold. First is that there is no better investment than gold when you want to diversify your portfolio. Let us explain this with an example. Say, you have placed all your money in shares. What happens when there is a share price collapse, due to say a financial crisis. All your money is sunk. But, gold is a perfect hedge in bad times. When things are bad people take shelter in gold. This is why people of Delhi should be buying gold, when gold prices in Delhi fall.
Gold as we discussed can be bought and sold in many forms, which is why we should not worry too much. But, as we mentioned it is imperative that you put at least put a part of your wealth into different forms of gold, including gold ETFs. However, what is important is that you buy into gold, keeping in mind gold prices in Delhi. In fact, since the global financial crisis of 2008, gold has rallied almost 2.5 times. This is one reason why gold can be a great bet and a hedge against bad times.
What To Do With Your Old Gold In Chennai
If you have old unused gold in Chennai, you have plenty of options on what you can do with it.
The first is that you can either give it to the jeweller and make new jewellery or you can sell the same. We would advise you to sell the same for a number of reasons. The first and foremost is that it gives you instant money in the form of cash or cheque. Secondly, there are many gold loan companies that give you a better gold rate then the jewellers. Some of them use the latest German machines to check for the gold purity. If you are looking to sell the same, the right way would be to approach them. You might get good rates and that too without damaging your gold. However, remember that you need to carry your address proof or else you might not be able to encash. Probably, if you do not end-up encashing your gold you should because it is better than giving the jeweller.
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There Are Several Things To Remember While Buying Gold In Chennai
Pure or Impure: The purity of gold defined in karats, with 24 karat gold being 99.9 percent pure and 22 karat gold is 92 percent pure. 24 karat gold is not suited to make jewelry, which is why jewelers use either 14, 18 or 22 karat gold. Purchasing gold jewelry without checking its purity is not a good deal, and it always pays to check purity before parting with your hard-earned money. Hallmark is an indication of the purity of gold, and it is advisable to purchase hallmarked jewelry.
Making charges: A making charge is linked to every piece of gold jewelry, which is essentially the labor charge involved in creating it. Making costs are a reflection of current gold rates and one could be fleeced into paying higher making charges than necessary. Insisting on fixed making charges could make gold purchases cheaper and would be the smarter way to go about it.
Check the weight: Most gold jewelry in India is sold by weight, with more massive pieces costing more. Precious stones like diamond and emerald are often added to gold jewelry, making them heavier in the process. Jewellers weigh a bit in its entirety, which means that one might end up paying for gold which is not there and it is imperative to keep this in mind while purchasing studded jewelry
How To Buy Gold Etf’s In Ahmedabad
There are various ways to buy gold in Ahmedabad. Few Investors buy gold as an investment. To buy gold there are two major options one is by buying gold in physical form and the other by buying gold in electronic form.
When it comes to buying gold in physical form there are mainly two options: one is by buying jewelry and other is by buying gold in bars or coins. For investment purpose buying gold bars or coins is preferable than jewelry. If one is going to buy gold bars or coins one can buy gold in the purest form and even can buy it from banks as well. There are many banks who sell gold bars and coins against money.
When it comes to buying gold in electronic form, then the options will be such as gold ETF’s , one can invest in companies which do gold mining as well. One who is interested in investing in gold in the electronic form needs to have a Demat account. Investing in gold in electronic form is like trading in shares. All one who is interested in investing in shares needs to do is follow gold rates in Ahmedabad every day. Buy stocks when the prices of gold in Ahmedabad is less and sell when the gold price in Ahmedabad is high.
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Gold As An Investment
Gold is considered as an asset. It acts as a security and can be sold at the time of financial crisis. The return on the invested money is guaranteed on gold. Apart from this, gold is also passed on in a family from one generation to another and hence holds an essential position in a family.
Jewelry: Chennai, is famous for bridal jewelry collection and hence people prefer to buy gold in the form of jewelry.
Bullion: People buy bullions which usually in the form of bars. The word âBullionâ comes from the old French word âbouillon,â means boiling. The value of bullion depends on the amount of the precious metals content, which is defined by its purity and mass.Coins: Investors buy gold coins as a part of the investment. The gold coins are available in different weights and karats across Chennai.Commodity Exchange: a Commodity is a tool for creating wealth or an asset class. Gold is traded as a commodity for a variable time duration in the National Spot Exchange Limited or the National Commodity & Derivatives Exchange , Multi Commodity Exchange .
Check Purity Of Gold Rates In Ahmedabad
Before buying gold in Ahmedabad it is always a good idea to go for 916 hallmarked gold. Sometimes, it is possible that you may not get hallmarked gold. In such cases, what you can do is go for a jeweller that is reputed. You can go to your family jeweller, from whom you have been buying gold for sometime. This will ensure that you are ensured of purity and you can sleep with peace of mind. However, it is never easy to always bet gold that is halmarked. Sometimes, it is highly possible that there will be no essaying centres to check the purity of gold. In such cases what you can do is go to tried and tested jewellers in India. There are also a number of reputed gold shops, including the renowned chains. the options are 22 karats and also 24 karats gold. These days there is also a choice of buying 18 karats gold. For example, if you are looking at goild coins, sometimes you can get 22 karats gold. It is also important to remember to check and buy gold in Ahmedabad, as there can be a difference in prices.
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Importing Gold Into Chennai
There are various aspects of importing gold into Chennai. Here are a few things that you need to keep in mind.
a) You can import a maximum of Rs 1 lakh of gold and that too you have stayed outside the country for more than 1 year.
b) The above is for women and men are allowed to import gold to the tune of Rs 50,000 only.
c) It is important to carry an export certificate, if you are carrying gold on your way out of the country, so you are not questioned on your way back into Chennai.
d) This is also a valuable document and forms an important basis of proof that you carried gold out of the country.
e) It is important to understand that you should have stayed outside the country for more than 1 year for the above norms to be applicable.
g) It is also important to remember that you cannot carry more than 1 kg gold and the limit is presently restricted to 1 KG.
Rupee And Gold Price Movement In Delhi
The rupee movement against the dollar tends to impact gold rates in Delhi. For example, when the rupee gets stronger against the dollar, gold prices fall. On the other hand, when the rupee dips against the dollar, gold prices tend to gain ground. In fact, in the last few years, gold prices have gone higher in India, also due to the sharp fall of the rupee against the dollar. Apart from this local tariffs and duties also tend to change the gold prices in India and Delhi. So, watch for cross currency headwinds to see if gold prices in Delhi have moved either way.
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The Disadvantages Of Buying Gold In Delhi
Investors often talk of the advantages of gold. But, seldom do we talk of the demerits of gold. In fact, we should also dwell on the subjects. One of the biggest problems of gold is that the movement can be very uninspiring. The second is when you sell gold. Let us give an example. Say that you buy a gold coin. If you buy it with a credit card, you incur additional 10-15 per cent by way of taxes. This means to recover those taxes, you have to earn another 10-15 per cent apart from your profit. This means to make another 10 per cent returns, gold prices have to go higher by 25 per cent. That does not happen in Delhi or any other city of India. You seldom see gold prices rallying by as much as 30 per cent in a single year. At best you may end-up with very tepid returns. So, this is one of the biggest disadvantages of buying gold in Delhi. There are several other problems including liquidity, unless you are buying gold ETFs, which are pretty much liquid. Another problem is that you need to keep some storage for gold and so have to incur some additional expenditure like a bank locker. Do not forget to check gold ka rate in Delhi here. Checking it is very important or else you would end-up with buying gold in Delhi at any aand every rate, thus making losses in the process.
What Is Gold Worth
The worth of Gold is determined by the current spot price. This price is determined by many factors such as market conditions, supply and demand, and even news of political and social events. The value or worth of a Gold product is calculated relative to the weight of its pure metal content and is measured in troy ounces. However, collectible or rare Gold products may carry a much higher premium over and above the value found in its raw metal weight.
Additionally, other factors such as merchandising, packaging or certified grading from a trusted third-party may influence the final worth of the Gold product you are purchasing.
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Classification Of Gold As A Precious Metal
Rare metals have higher economic potential than common metals. Of the five precious metals, gold has the largest market. Some investors refer to gold as a monetary metal because of its use throughout the history as a form of currency. Gold as an asset has a high store of value because it maintains its value without degrading. The yellow metal is also used in industrial units because of its desirable properties such as being a good conductor, malleability, and resistance to corrosion.
Gold Rate Trend In Srinagar For November 201:
- When trading began in Srinagar for the month of November, gold was priced at Rs.3,006 per gram, which was a Rs.20 decline from the previous days rates.
- As demand for the yellow metal continued to remain low, gold rates in Srinagar dropped to Rs.3,005 per gram on the 6th of the month.
- However, a falling trend with regards to the US dollar brought about a gradual surge in gold prices. After much fluctuations gold rate in Srinagar reached their highest monthly figures towards the 18th of the month when it traded at Rs.3,060 per gram.
- Gold continued to trade at Rs.3,060 per gram till the 20th as jewellers continued to increase purchases to meet festive demand.
- With the dollar clawing back as the month progressed, gold rates went down to Rs.3,026 per gram on the final day of November.
- Gold price trends inclined by as much as 0.66% this month due to a rise in festive demand and a slightly weakened dollar.
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