Gold Prices Fall By Rs 2,200 In Lucknow, Patna On Bakra Eid: 1 Grams Cheapest Gold; Guide To First Time Buyers

Gold Prices: On the occasion of Eid al-Adha, commonly known as Bakra-Eid, gold prices witnessed a sharp fall in northern India on June 17. The 24K gold dropped by Rs 2,200, while 22K slipped by Rs 2,000 and the 18K of 100 grams dived by Rs 1,600. The cheapest gold to buy is 1 gram across the three carats. If you are looking to buy gold for the first time, it is always advisable to have a safe and successful buying avoiding untrustworthy sellers, fake jewellery and much more. Here is a 5-step guide to note when you're making your first investment in gold!

Gold Prices In Patna:

On June 17, gold prices in the capital city of Bihar, dropped by Rs 2,200 in 24K of 100 grams toRs 7,23,800, while 10 grams slipped by Rs 220 to Rs 72,380.

Further, 100 grams of gold in 22K was down by Rs 2,000 to Rs 6,63,500 and that of 10 grams price was at Rs 66,350 also down by Rs 200 from the previous day.

Coming to 18K gold, 100 grams dipped by Rs 1,600 to Rs 5,42,900, while 10 grams shed Rs 160 to Rs 54,290.

The cheapest gold to buy in Patna is 1 gram which is at Rs 6,635 in 22K, Rs 7,238 in 24K, and Rs 5,429 in 18K.

Gold Prices In Lucknow:

In the Nawabi city of Uttar Pradesh, 24K of gold tumbled by Rs 2,200 to Rs 7,24,800 in 100 grams, and that of 10 grams is at Rs 72,480 up by Rs 220.

In the case of 22K, the gold price dipped by Rs 2,000 to Rs 6,64,500 in 100 grams, while 10 grams is at Rs 66,450 up by Rs 200. Furthermore, 18k of 100 grams dropped by Rs 1,600 to Rs 5,43,700 and 10 grams plunged by Rs 160 to Rs 54,370.

The cheapest gold to buy is here as well 1 gram which is priced at Rs 6,645 in 22K, Rs 7,248 in 24K and Rs 5,437 in 18K.

5 Step-Guide To Buy Gold For The First Time:

As per the World Gold Council, Investing in gold can be simple and safe, too-provided you ask the right questions. Take a look at the straightforward guidelines laid out for you in the 5-step guide to buying gold safely:

1. Choose the right gold product:

There are various types of gold and these are packed with different benefits as well. For instance, bullion bars and coins could be an excellent choice for investment. Premiums on bullion - particularly bars - are low and can get even lower as the size of the bar increases. Bullion and coins can also attract tax benefits, but this varies from region to region.

Also, Jewelry made of highly pure gold qualifies as an investment in many markets. Pieces are often sold by the gram, but luxury brands can hold additional value.

Additionally, Physical gold ETFs allow investors to gain exposure to gold as an asset class through the convenience of a modern investment product. Customers who buy shares in ETFs do not have to trade physical gold directly or manage the safekeeping of their holdings; they can buy shares in these ETFs as easily and quickly as they would buy shares in listed companies.

Then there are gold futures which are agreements to buy or sell gold in the future at specified terms, including price, quantity, quality and date.

2. Confirm The Product You're Buying Is Legitimate:

Knowing that the gold you hold is legitimate is a very important process.

In the case of bullion bars and coins, obtain a certificate of ownership in writing, or obtain a certificate of authenticity proving your gold's purity.

In the case of jewellery, check for hallmarks and ensure the gold content is pure. Demand proof of the jewellery's melt value.

Additionally, also confirm if third parties are involved in the sale. If so, research their legitimacy, too.

3. Evaluate the costs & fees:

It is always important to know the costs and fees that are in the background when purchasing gold. Generally, a jeweller would quote you the buying and selling price of the gold after including various taxes and fees such as making charges, GST, customs duty, and other fees.

Hence, ensure that the jeweller is explaining to you the details of the price of your yellow metal. Be informed about the standard costs and fees of gold, as this will help you eliminate the possibility of paying more than the actual price of gold.

4. Recognize sales & marketing pressure:

As per WGC, you should never feel pressured into buying gold. If you ever interact with a seller employing any of the below tactics, be wary of their intentions:

- Cold calls or emails from 'banks' and 'authorities'

- Limited-time deals or threats of losing savings without investment

- 'Zero risk' advertisements and over-promising

- Remember: false marketing is not always aggressive and obvious. Be cautious.

5. Verify the seller is legitimate:

Make sure you're buying from a trustworthy seller and that your rights are secure, as per WGC. Hence, you can follow the following:

- Confirm the company has a physical address.

- Confirm the company can be contacted via phone and email.

- Confirm the company is registered with the national business registry.

- Check whether the regulator or consumer protection bodies have issued any warnings to the company.

- Understand the legal implications of working with an overseas company.

- Enquire about insurance. Any gold deliveries should be insured, including managed gold products (which are stored on your behalf).

- Managed gold should be stored with well-established vault operators.

In WGC's view, gold presents a uniquely versatile investment proposition because of its dual nature as both a consumer good and an investment asset. This means it can deliver effective diversification in periods of financial turmoil while also benefitting from growth in jewellery and technology demand during periods of economic growth.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.