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Todays Gold Price in Bhubaneswar
Gold jewellery is the primary means of investing in gold in Bhubaneswar. It is a mode of gifting as well. Numerous occasions, a multitude of festivities and a plethora of functions are all valid reasons for buying or gifting gold jewellery. In addition to that, Odisha being a state populated by artisans, designs and variants of jewellery are always on the rise. Being the state capital, Bhubaneswar also plays host to many jewellery exhibitions and shows, furthering the cause of gold investment. All levels of the economy are involved in investing in gold jewellery, though the middle class and upper-middle class are more active in the same.
Factors that influence the increase in price of Gold
There are certain factors that determine the increase in the price of Gold. We will have a look at them:
- The demand for gold plays a role in the price of gold. Gold is purchased for auspicious reasons. Whenever there is a wedding, festival, or any similar festive event, people tend to purchase gold. Thus, higher the demand for gold, more will be its value.
- The movement in global markets also determines the value of gold. The precious metal is considered to be a safe haven for investors and is less volatile. This means that oil and the dollar considered being riskier assets and certainly more volatile experience a drop in their price, then the value of gold grows simultaneously.
- Political factors, and government policy also affect the domestic price of gold in India. Similarly, any political event, or major economic change which may have global impact also plays a role in the price of Gold increasing or even decreasing.
Choices of buying Gold in Bhubaneswar
You can purchase gold in different forms. Apart from purchasing a gold ornament, you can purchase it as coins, bar, as well as ETFs also known as Exchange Traded Funds. Gold ETFs are becoming popular options as you do not need to purchase gold in a physical form and is similar to buying a share. Through ETFs, you can purchase gold of a certain value and sell it for profit when the price of gold goes up. In case you don’t have too much capital to start investing, you can consider buying 22-karat or 18-karat gold which is considered to be cheaper as compared to 24-karat gold.
When is the right time to buy Gold in Bhubaneswar
You will have to keep an eye on the value of gold before deciding to buy the yellow metal for yourself. Various political events, changes in economic conditions, government policies can impact the price of Gold in India. For example, due to the outbreak of Covid-19, and the war between Ukraine and Russia may result in the price of gold rising. You can purchase gold when the price is down and sell it when its value goes up.
Gold is generally purchased so that you can take care of yourself in case you are facing a severe financial crunch.
Things to keep in mind while purchasing Gold in Bhubaneswar
There are certain points you will have to keep in mind while looking to purchase Gold in Bhubaneswar. These points are given below:
- Look to purchase hallmark gold: You must ensure you purchase hallmarked gold only. There are various jewelers in Bhubaneswar who sell gold to their customers and are authentic and pure in nature. Make sure the gold you are purchasing is pure.
- Check the market movement: You must be aware of the market movement before you invest in gold. In case the market is down, it can be a good time for you to buy gold. Once the price of gold goes up, you can sell your gold for profit.
Some of the Gold Jewelers stores in Bhubaneswar
Some of the jewelery stores in Bhubaneswar from whom you can purchase Gold are:
- Tanishq
- Lalchand Jewelers
- Hindustan Jewelers
- Reliance Jewels
- Khimji Jewelers
- Kalyan Jewelers
- PC Jewelers
- Rithvika Jewelers
FAQs on Gold Price in Bhubaneswar
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Which factors affect the gold price in Bhubaneshwar?
The gold prices in Bhubaneshwar are affected by various external factors such as the rate of Indian currency with respect to US dollar, price of oil, important political events, etc. The internal factors such as the policies introduced by the government, interest rate, the demand for gold, etc., also have an impact on gold prices in India.
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Which gold is best to invest in Bhubaneshwar?
If you are looking forward to long term investment in Bhubaneshwar then 24 karat gold is the best option. If you are looking forward to making jewellery, then investing in 22 karat or 18 karat gold would be a better option.
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Why is 24 karat gold not used for making jewellery in Bhubaneshwar?
The 24-karat gold is of the highest purity and is very soft. This softness allows the yellow metal to be easily drawn into wires and beaten into sheets. Because of this exceptional softness, it is difficult for a jeweller to craft intricate jewellery pieces with 24 karat gold.
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Which composition of gold is more durable, 22 karat or 24 karat in Bhubaneshwar?
As 22 karat gold has other metals blended, it is considered more durable than 24 karat gold.
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What are the advantages of investing in gold in Bhubaneshwar?
There are multiple advantages of investing in gold. It gives you easy liquidity, comes with tax benefits, allows investment in small amounts, and gives you a hedge against inflation.
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What are the advantages of buying Bhubaneshwar gold through Multi Commodity Exchange?
There are multiple advantages of buying gold through the Multi Commodity Exchange. The gold delivery is from an accredited vault, the purchase process is transparent and is of standard size. The gold quality is assured and the best rates are offered.
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How can I check whether the gold that I have purchased is real in Bhubaneshwar?
One of the easiest ways to check the authenticity of your gold is to conduct the float test. Take your gold ornament and put it in a bowl of cold water. If the gold item sinks to the bottom of the bowl, then it is real gold since the precious metal’s density is high, otherwise it fake or a plated gold ornament. The other way to check is by taking your gold ornament and bringing it close to a magnet. If it sticks to the magnet then it is fake gold. Real gold will not stick to the magnet.
