Oct 30: Gold prices whooshed to its record 27 year high on Saturday at Rs 10,040, and are expected to remain firm in view of upcoming festivals and wedding session.
The prize was zooming with the demand of gold but this upward swing might loosen its demand in the local market.
The standard gold of 99.5 purity hardened by Rs 100 per ten grams to Rs 10,040 and pure gold of 99.9 purity.
India is the world’s biggest importer of gold. The gold rate was closed at Rs 10,085 on October 27 in the Mumbai market. Indians consider auspicious to buy gold during Diwali when the goddess of wealth, Lakshmi, is worshipped. It is also being bought for other festivals such as Durga Puja and Ganesh Chaturthi, celebrated ahead of Diwali.
Since time immemorial gold has never lost its sheen for its traditional and emotional value.
Being the integral part of social and religious culture, a lure of this yellow metal never seems to fade away. In India gold prices are historically high as compared with other part of the world.
The Annual Gold Festival is going on at the moment in the country’s capital. It has been scheduled from October 27 to November 4 at the Ashoka Hotel in Chanakyapuri.
Minerals and Metal Trading Corporation, the government owned trading company and the country’s largest importer of gold has flagged of the annual Festival of Gold on October27; keeping in mind the visit fo various level of consumers. The festival will have more then 70,000 pieces of jewellery on display.
With variety of jewellery in the festival, it is aimed at catering the need of younger generation.
MMTC Chairman and Managing Director Sanjeev Batra told, “We hope to achieve a business of Rs 40 crore as there would be more days with the extension of exhibition this year," the exhibition will last for nine days against the earlier decision of one week.
Purity is the main aspect of this show and all the jewellery’s are hallmarked.
Things to keep in mind while buying gold: As all that glitters is not gold
‘Karat’ tells the percentage of pure gold, which is rarely used because it is soft and can be easily damaged. It is mixed with metal like Copper, silver, Nickel and Zinc to make it durable.
Hallmarking is a system of analysing gold in a laboratory to ascertain their purity or fineness and certifying it. In other words, hallmarking gives the buyer a guarantee on the purity of gold, issued by an independent agency other than the jewellers.
A Hallmarked jewellary will have the BIS logo, the fineness number, the mark of the hallmarking centre, year of marking and the jeweller’s mark.
The most important thing one must also look at is for basic thing while picking up the jewellery, it should go with one’s personality, shape of face and the height of the individual.
While buying necklace, chains and bracelets check the clasp, which should be strong enough to support the chain, buying traditional gold coins and biscuits can be a good choice.
Investment in gold is an achievement of its sort as it is the best way to preserve wealth. The beauty and power of gold has fascinated the world and it is the best form of money the world has, atleast an honest one!
Reputation of dealer must be taken seriously, for it’s a lifetime investment hence should be taken proper care while buying it, as we can not change iron into gold ,everything has its limits.
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