Gold Prices Fall Below Rs 62000, Thinking To Buy Gold This Dhanteras? Know How To Check Gold Purity

Gold prices fell slightly in India on Tuesday after the price of the precious metal witnessed a rally last week on account of an escalation in the Israel-Hamas conflict. In the domestic market, as the festive season is on, there is a mad rush to buy gold in the jewelry shops in India. However, since last week the sharp surge in gold prices prevented people from buying gold and waiting for some relief in the price of gold, which traded at over 62,000 level amidst the Israel-Hamas conflict. If you are planning to buy gold on Dhanteras or Diwali this article is for you. Since gold is an an expensive commodity and any investment in buying the precious metal should be done with great care, here are a few important things you should do to check the purity of gold.

Today, the price of the yellow metal fell below the long-held Rs 62,000 level. In India, 10 grams of 24-carat gold costs Rs 61,850, while 22-carat of the same quantity of gold is currently available at Rs 56,700 in the country.

Globally, Gold prices steadied on Tuesday as investors tracked the US Federal Reserve meeting for insights on the global economy and policy outlook. Spot gold was unchanged at $1,995.50 an ounce as of 0742 GMT, while US gold futures were trading at $2,006.10.

How to check the purity of gold:

Check for hallmark:

You must only buy hallmarked gold. Hallmark is considered a testimony to the purity of gold, as it guarantees the quality of your investment. It is recommended to check for the BIS hallmark to ensure the purity of gold. The BIS hallmark is a government certification that guarantees that the gold meets the prescribed purity standards.

3 basic signs of hallmarking include
a) BIS logo
b) Purity/Fineness grade
c) Six-digit Alphanumeric code, also known as HUID.

Learn how to identify hallmarked gold. Hallmarked gold has a Hallmark Unique Identification (HUID) mark, a special six-letter alphanumeric code. It helps verify the purity, weight, and veracity of both the hallmarking center and the showroom, with an official online app. You should ensure that all your gold is hallmarked by checking the HUID mark on it. The 'verify HUID' feature in the BIS Care App can help you verify the quality of the gold.

X-ray fluorescence

Another common test to check gold purity (this one is non-destructive) involves X-ray fluorescence. You fire X-rays at the commodity you want to test, which excites the atoms in your sample and makes them spit out X-rays of different wavelengths. Analyzing these wavelengths can tell you what is there in the sample. The machine will give you a readout telling you the amount of gold, silver, copper, and so on.

Acid test

Gold is resistant to change by corrosion, oxidation, or acid. You can rub the gold-colored item on the jeweler's black stone, which will leave behind a mark that can be seen with the naked eye. The mark is tested by applying nitric acid and hydrochloric acid, which dissolves the mark of any item that is not gold.

Perform a density test:

The precious metal Gold has a unique density, and a density test is one of the best ways to determine the purity of the gold. You have to weigh the gold and measure its volume by immersing it in a container that is filled with water. To calculate the density of gold, divide the weight by the volume.

Other important things to consider while buying gold on Dhanteras or Diwali:

Check that the person who is selling you gold has not procured it illegally. Gold jewelry should only be bought from a responsible jeweler and therefore Seller Verification is important. The journey of ornaments starts with the sourcing of bullion from the global market and going to manufacturing before reaching the customers. Choose a reputable and established jeweller. Ask for recommendations from friends and family and read online reviews. Trustworthy sellers are essential to avoid counterfeit or substandard products.

Always ask for a bill and pay the requisite tax on gold while buying. The GST on gold is 3%. By paying the tax and getting the bill for your gold purchase, you are essentially ensuring the legality of your purchase. A bill is also necessary to claim insurance against loss of gold as well as during resale, so it is also important to keep it safe.

Gold price today in different Indian cities:

Today, the gold price in Delhi for 24-carat gold (10 grams) is Rs 62,000, while 10 grams of 22-carat gold in the national capital costs Rs 56,850. Remember that the gold rate in Delhi is at par with the price of gold in Chandigarh, Jaipur, and Lucknow.

Gold prices in Bangalore for 24-carat gold (10 grams) is Rs 61,850, while 10 grams of 22-carat gold in the national capital costs Rs 56,700. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.