Todays Gold Rate in Roorkee

Why is Gold a Good Investment Option in Roorkee 

As the precious yellow metal has the globally recognized value, it is known as the ideal investment option which attracts lots of gold customers on a regular basis. In other words, any article that is made of gold is considered as precious. Given below are some of the reasons which makes gold as the ideal investment option: 

1. Value: The value of the precious yellow metal will remain the same forever. But its price will fluctuate every single day. When it comes to the long term, gold value will remain unaffected and its price will increase exponentially which makes it an ideal investment option. 
2. Liquidity: You can convert gold into cash anytime and anywhere. It is proven to be helpful especially during the financial emergencies.  
3. Gold Reserves: Gold reserves are kept on hand to support paper currencies that eventually gain value because of the gold reserves that support them. 

1. Hedge against inflation: When the inflation increases, the price of gold will automatically increase. Thus, during such time, it is always the best option to invest in gold instead of investing in any other asset. 
2. Tradition: In Roorkee, gifting gold during weddings and festivals is considered as auspicious which also provide financial security to the person whom you are presenting it.  
3. Versatile Metal: As already mentioned above, gold is extensively used in the production of different jewellery items, electronics, coins, bars, idols, and fabrics. When the demand of these items increases, the price of gold is going to increase. 

Who Determines the Gold Rate in Roorkee? 

India does not have any kingmaker which determines the price of gold in the country. However, the Indian Bullion Association, also known as IBJA which plays a crucial role to determine the gold rate in India. The board members of IBJA collectively take the decision in determining the gold price in the country. Apart from this, international gold prices also play a key role when it comes to determine the gold rates in the Indian bullion market.  

In India, the precious yellow metal is supplied to various banks and banks supply the same to the gold retailers or dealers at an additional fee which in turn increases the gold rate. The members who are associated with the IBJA get in touch with the topmost gold dealers in India to get the ‘buy’ and ‘sell’ quotes of the metal. On the basis of the average buy and sell quotes, the organization determines the price of gold each day. The average price of gold is adjusted along with the local taxes and the gold rate is determined accordingly.  

The gold dealers finally arrive at the buy and sell quote by taking into consideration the international prices of gold and making adjustments with the value of Indian rupees and import duties as well as taxes. 

Things to Check Before Buying Gold in Roorkee

Now, let us have a look at the few simple things before purchasing gold in Roorkee: 

Know the Cost Per Gram 

It is very important to make a purchase of your gold jewellery from a trusted platform which ensures to follow all rules laid by the government. Next, it is also crucial to check the current gold rate per gram before visiting the store or opting for an online purchase. It is also mandatory to check multiple websites to know the actual price of the precious yellow metal.  

Check the Weight 

The durability and the cost of a gold coin or a jewellery is affected by its weight. Gold jewellery is mainly measured in grams. If the value of the gold is higher, the price of the gold jewellery will be more. Gold jewellery which are heavier and thicker are resistant to damaged and are durable, hence they are suitable for day to day use. 

Check the Purity 

Once you have checked the weight of the gold, the next step will be to check the purity of the particular piece of gold. The most common method to do this is find the hallmark on the piece. The hallmark sign signifies the purity level of gold and the proportion of gold used in making the jewellery item. The Bureau of Indian Standards (BIS) is responsible to certify and hallmark gold jewellery in India. Thus, whenever you are planning to purchase gold, it is always recommended to opt for BIS certified gold. 

Cross Check the Price 

As the price of gold is determined on the basis of purity level of gold, there are certain other factors which affect the final price of the jewellery item like making charges, gold price, taxes, and the value of gems.