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Gold Price In Pudukkottai

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Gold price by Investorocean.com

Hallmarked 916 Karat Gold

Hallmark in gold is the certification for its authencity, for its purity and which has been verified as being of high grade. The Indian gold standard certifying institution is known as BIS (Bureau of Indian Standards) which is responsible in assigning the hallmark for gold standards. Hallmarked gold is the ultimate guarantee, which assures the buyer of the quality of the gold, its weight and the percentage of gold in the composition. 

Being hallmarked assures that the quality of the gold is as stated by the vendor and that buyers are not misled when purchasing or reselling things. The BIS assesses and declares if a certain gold piece meets international purity criteria. The gold is examined in one of the 330 BIS assaying centres located around the country.

A hallmarked 916 Karat gold is the verified purity of the gold jewel which has 91.6% pure gold in it along with the alloy. They are also known as 22-carat gold as the second purest form of gold available, but as opposed to the 24-carat gold a 916 hallmark gold is preferred for jewellery because of its physical properties which is much more harder and stronger than the 24-carat gold.

Gold Import

Even after having one of the most elaborate market for Gold, India still does not produce a huge amount of gold and thus does not contribute in meeting the growing demand of gold across the country. India is the second largest importer of gold in the world and the reserve Bank of India controls the flow of gold inside the country. 

Import of gold in India requires special license issued by the Directorate General of Foreign Trade. Even for the licensed authorities they need to provide the report of the imported gold, regarding its utilisation along with related proofs to the Central Excise Office. The physical gold thus imported by the licensed authority can only be in the form of gold bars; coins and medals are strictly prohibited.

A person who has been residing the in foreign soil is permitted to import and carry jewellery of up to Rs. 10000, which is doubled in case of a female NRI. When the value of gold is beyond the prescribed free limit then a custom fee of Rs. 250 for each extra 10 gram of gold is applicable, however the maximum limit for such a person to carry gold along with them shall not exceed 10kg in total.

Factors that Influence Gold Rate / Factors Affecting the Gold Rate

The affinity for Gold for Indians is impenetrable and has been tested repeatedly, but the metal has proved its mettle over time. However, the price of gold is not consistent throughout and has had its share of difficulties. There are several factors, which affect the prices of gold in Indian gold market, such as:

The Central Reserve

The central reserve i.e. the Government, when starts to hold or procure gold in their reserve, the price of the gold goes up because of increased cash flow.

Gold Volatility

Market volatility in terms of recession or inflation affect the price of Gold. Gold is one investment, which is not effected by inflation as a result when inflation hits, because of the liquidity factor the metal its price goes up.

Gold Interest Rate

An increased interest rate in the market encourages investors to acquire more cash by selling off gold, as such the amount of gold in the market increases and with increase in supply, the rate of gold can drop.

Global Gold Market

As a crisis commodity, Gold is a favoured acquisition for import by the government and market around the globe. More imports from global entities of Gold makes way for increased rate and vice versa.

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