Gold, also called yellow metal, is considered one of the most precious metals on the planet earth. This yellow metal drives many crazy, especially Indians who are one of its largest consumers worldwide. Gold has a sentiment value associated with we Indians. Yellow metal fascinates us Indians. Being the most wanted metal, its price is also high. Moreover, the price of this yellow metal does not remain the same across the country. The global inflation in the price of gold can also impact the domestic price rates of the yellow metal. Besides personal use, gold can be a good investment tool by handing you a good return in the future. As investors, you can buy gold bars, gold EFTs, gold coins etc for investing purposes. As a result, the gold rate in Srinagar can vary from the Gold Rate in Chennai. Such a variation in the gold rate is attributable to different state-level tax levies and other factors.
How to know if the Gold is Pure or Fake?
The demand is very high for this yellow metal on the planet. Therefore there is a huge gold market. Because of the huge demand, the number of scammers is also rising. To skip the bluff, there are several measures you apply to know whether the gold is pure or not. Some of the measures are as follows:-
Magnet test
Gold’s second name is yellow metal. It does not have any magnetic properties like the other metals have. Magnet tells the purity of gold.
Scratch test
Scratch the gold jewellery, bar, and coin on the non-glazed ceramic plate. If the jewellery leaves a black mark, that means it’s a piece of fake jewellery and it is not made up of pure gold. The genuine gold leaves the gold cratch.
Density of gold
The density test of gold is an important aspect to determine gold purity. Scientifically, the density is unit mass per unit- For example, millimetre per cubic centimetre. Moreover, the yellow metal is quite denser than the water. So, it is an easy way of figuring out, whether the yellow metal is genuine or not.
Acid test
Nitric acid is used to determine whether the gold is pure or not. It is done by professionals, therefore you should get it done by the professional and verified store itself.
Things to keep in mind while buying gold
There are several things to keep in mind while buying gold as the number of scammers is quite high in the market. The things to keep in mind are below:-
Purity of gold
To determine the purity of gold is a must. If you won’t determine the purity of gold then you can easily be fooled by the vendors. You might lead to paying a higher amount for the ordinary metal. It is very much necessary to check the purity of gold while buying the gold.
Weight of the jewellery
Weight determines the price of gold jewellery. The jewellers use different kinds of gems and emeralds while making the jewellery. Therefore the weight of the jewellery increases and so does its price also increases.
Machine-made and hand-made
The demand for this precious metal is quite high. It is necessary to meet the demand of the market. To process it faster the machinery is used. The machine-made jewellery price rate is quite cheaper than the hand made jewellery. Hand-made jewellery is expensive as it requires human force and requires a lot of time.
Jewellery stores
The number of jewellery stores in the country keeps on rising and so does the number of scammers. A non-verified jewellery store can charge you extra from the current gold rate in the state. In simple words, If you are buying the gold in Mumbai then the store should charge you according to the current gold rate in Mumbai.
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