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Today's Gold Price In Allahabad
Updated on - 06 Dec 2022
The ancient city of Uttar Pradesh, Allahabad has housed many prominent personalities. From Amitabh Bachchan to Jawaharlal Nehru, Allahabad has been a hub of activity famous for its world-renowned university. As like all parts of eastern UP, Allahabad too shares its culture with cities like Kanpur, Lucknow and Varanasi.
The economy of the city is majorly driven by small businesses and people working in the public sector. Schools and colleges too make up for a huge percentage of employment option. Since, the city is home to most service-sector employees, savings is one of the primary financial features of the city. And savings in the form of gold is one of the most popular financial option chosen by the local people. With the lowering of gold prices globally, Allahabad too was not untouched by the growing demand for the yellow metal.
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Gold investment options in Allahabad
Since gold is a popular investment option, gold is available in various forms in the city of Allahabad. Two ways to obtain gold are either as an indirect financial instrument or by buying physical gold in the form of gold jewelry, gold bullions or gold coins.
Gold-based financial schemes are quite popular with the people of Allahabad. Gold ETFs are an innovative way of leveraging the return-potential of gold as an investment instrument. The current government has also launched a Gold Monetization scheme wherein gold lying at home can be utilized to earn interest.
Over the counter
Jewelry shops, both local and branded are places where gold is traded the most. Customers usually flock to these outlets to buy gold jewelry and even gold coins and bullions for investment purposes. Weddings and festivals are two seasons when customers visit gold sellers to buy gold.
Rate of gold is a huge factor in determining the demand for the precious metal in the city of Allahabad. The demand for the metal peaks irrespective of rate during the season of Diwali as well as during the wedding season.
FAQs on Gold rate in Allahabad
- What is the price of gold in Allahabad today?
In Allahabad, a gram of 22 karat gold costs Rs.4,882 while the price of 24 karat gold stands at Rs.5,122 per gram.
- What are the factors that influence the gold prices in Allahabad?
The prices of gold in Allahabad depend on various factors like demand, inflation, interest rates, currency fluctuations, government policies, etc.
- How to invest in gold in Allahabad?
The various forms of gold investment in Allahabad are physical gold, gold mutual funds, digital gold, gold ETFs, sovereign gold bonds, etc.
- What to check while buying gold in Allahabad?
The purity of gold is determined by a process called Hallmarking. So, when you are purchasing gold, make sure to check the hallmarking, Bureau of Indian Standards (BIS) logo, Jewellers' Identification Mark and Number.
- How can I know whether a gold jewellery store in Allahabad is BIS-certified?
The official website of BIS has a list of jewellers who have been certified and licenced by BIS. In addition, the list includes the jewellers' names and addresses, as well as the date their BIS licence is valid.
- How can I check if the gold I have purchased in Allahabad is authentic?
One of the ways you can check the purity of your gold is by immersing it in water. If it drops to the bottom, it indicates that your gold is pure. Bringing your gold near a magnet is another way to determine if it is pure or not. If the gold is pure, it will not be attracted to the magnet.
- Is there any GST levied on gold in Allahabad?
Yes, a GST of 3% is levied on gold.
- What is digital gold?
Digital gold is a virtual way of investing in gold that does not require physical possession of the commodity.
Check Gold Price in NearBy Cities of Allahabad
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- Check - Gold Rate in Uttar Pradesh
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