Gold and silver reached all time high today i.e. on 21st May. According to the website of India Bullion and Jewelers Association (IBJA), 10 grams of gold became costlier by Rs 839 to Rs 74,222 during trading. Silver has also reached all time high today. It became costlier by Rs 6,071 and reached Rs 92,444 per kg. Earlier on Monday, May 20, it was at Rs 86,373. Gold price in 4 metros and Bhopal has increased by more than Rs 10,000 so far this year. According to IBJA, the price of gold has increased by Rs 10,870 so far this year. On January 1, gold was at Rs 63,352, which has now reached Rs 74,222 per 10 grams. At the same time, the price of one kg silver has increased from Rs 73,395 to Rs 92,444. Gold can go up to Rs 85 thousand in the next one year. According to Anuj Gupta, Commodity and Currency Head of HDFC Securities, an increase in gold and silver can be seen in the coming days also. In the next one year, the price of gold can go up to Rs 80 thousand to Rs 85 thousand per 10 grams. Whereas silver can also reach Rs 1 lakh per kg. Keep these 4 things in mind while buying gold. 1. Buy only certified gold. Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). Under the new rule, gold will not be sold without six-digit alphanumeric hallmarking from April 1. Just as there is a 12 digit code on the Aadhaar card, similarly gold will have a 6 digit hallmark code. This is called Hallmark Unique Identification Number i.e. HUID. This number can be alphanumeric i.e. something like this – AZ4524. Through hallmarking, it has become possible to find out how many carats of gold is. 2. Cross check the price Cross check the correct weight of gold and its price on the day of purchase from multiple sources (like the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat. 24 carat gold is considered to be the purest gold, but jewelery is not made from it because it is very soft. Generally 22 carat or less carat gold is used for jewellery. Check the price according to carat like this: Suppose the price of 24 carat gold is Rs 70 thousand per 10 grams. That means the price of one gram of gold was Rs 7000. In such a situation, the price of 1 gram gold of 1 carat purity was 7000/24 i.e. Rs 291. Now suppose your jewelery is made of 18 carat pure gold, then its price is 18×291 i.e. Rs 5,283 per gram. Now the exact price of gold can be calculated by multiplying the number of grams of your jewelery by Rs 5,283. 3. Do not make cash payment, take bill. Cash payment while buying gold can prove to be a big mistake. It is good to make payment through UPI (like BHIM app) and digital banking. If you want, you can also make payment through debit or credit card. After this don’t forget to take the bill. If you have ordered online then definitely check the packaging. 4. Know the reselling policy: Many people see gold as an investment. In such a situation, it is important that you have complete information about the resale value of gold. Also, discuss with the store employees about the buyback policy of the concerned jeweller.
