Things You Should Know Before Buying Gold in India

People around the world regard gold as the most precious and valuable metal in the entire world. There is a huge demand for this yellow metal, especially in India. People in India have a huge demand for gold which makes India the largest gold consuming country in the entire world. Since India has a huge demand for gold, the price of gold in India is also rising. However, the price of gold varies from one place to another in the entire country. That being said, the price of gold is also increasing globally as well. Apart from personal consumption, people purchase gold in India as an investment tool. Moreover, people buy and keep gold because of its high liquidity and it can be easily converted into cash in times of need. Nowadays, you can even buy gold online in India or can even buy gold in the form of digital gold. Since the price of gold can vary from one state to another in the entire country, it is important to check the current Gold rate in India before making any new gold purchase. 

How to Check the Purity of Gold

India is a massive gold market and gold is in high demand all across the country throughout the year. However, there are numerous frauds that take place while purchasing gold in India. If you are thinking of purchasing gold and want to avoid these frauds, here is a list of some tests that you might want to consider before buying gold. Tests to check the purity of gold are as follows:

Scratch Test

In this test, you can scratch the gold jewellery, bar, and coin against the unglazed ceramic plate and check the purity of gold. If the jewellery leaves a black mark on the plate, then the gold is considered fake and that the piece of jewellery is not composed of pure gold. The real gold would leave a gold scratch.

Density of Gold

The density test of gold is an important factor in determining the purity of gold. Density is defined scientifically as unit mass per unit. For example, millimetre per cubic centimetre. Furthermore, the yellow metal is much denser than water. As a result, it is a simple method of determining if the yellow metal is real or not. 

Magnet Test 

Yellow metal is gold’s other name. It lacks the magnetic characteristics that other metals have. Therefore, a magnet can be used to determine the purity of gold. Take a magnet and bring a magnet close to the gold, if the gold is attracted to the magnet it is not real gold.

Acid Test

Nitric acid is used to assess whether or not the gold is pure. It is done by specialists, thus you should get it done by a professional and verified business.

Things to consider while Purchasing Gold

There are various things to bear in mind while purchasing gold, as the market is rife with fraudsters. The following are some considerations to bear in mind: – 

Purity levels of Gold 

It is necessary to determine the purity of gold. If you do not know how to assess the purity of gold, you will be easily duped by the dealers. You may end yourself paying a greater price for basic metal. When purchasing gold, it is critical to evaluate the purity of the metal. 

Jewellery’s weight 

The price of gold jewellery is determined by its weight. When creating jewellery, jewellers employ a variety of stones including emeralds. As a result, the weight of the jewellery increases, and so does its price.

Hand-made and machine-made 

This valuable metal is in very high demand. It is vital to match the market’s demand. Machinery is utilised to speed up the processing. Machine-made jewellery is far less expensive than handcrafted jewellery. Handmade jewellery is pricey because it needs human labour and a significant amount of time. 

Jewellery Shops

The number of jewellery retailers in the country is growing, which also means that the number of fraud jewellers is also increasing in the country. Buying gold from a non verified gold jewellery shop may charge you more than the state’s current gold rate. Therefore, it is important to purchase gold from a certified jewellery shop in order to avoid fraud of any kind. 

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