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Gold is known to be the most sought after metals, all over the world as it is the first choice for people wanting to craft jewellery in any form. Alternatively, it is purchased purely for investment purposes. There are many variants of gold available depending on the purpose of use and the alloy created. Gold can be classified under the following heads:
Karat is the measure which determines the purity of Gold and tells us the actual content of gold in a particular piece of jewellery or item. 10K, 12K, 14K, 18K, 22K, and 24K are the most common variations available. Jewellery is rarely made in 24K gold as it is very soft in its purest form and is therefore mixed with other metals to give it proper shape and form.
When gold is mixed with other metals, it acquires a distinct colour and is therefore found in various colours.
Gold Bullion is pure gold in the raw form and is a prevalent form of investment for investors. Among these, the most popular ones are gold bars and coins which are easily available and the prices vary as per market trends. The gold bullions come in the form of rectangular bars, biscuits, wafers and coins. In many parts of the world, these coins and bars are embedded with specific marks, logos or signs.
Other types of gold include gold scrap, unrefined gold and numismatic gold coins, but the latter is now a thing of the past.
Possessing gold in any form is considered a great form of investment in India. Almost all income bracket people aim to buy some amount of gold in the form of jewellery, investment, gifting, etc. It is also considered as a measure of prosperity and abundance. Let us see why gold is so prevalent in the Indian social sector.
Status Symbol: Gold, owing to its high market value, is a mark of wealth and prosperity. Therefore, buying, possessing and flaunting gold ornaments earns a status symbol for the owner. It has been so from the olden times when the royal families and high rank people flaunted their riches in the form of jewellery and adornments.
Inheritance: Another important role of gold has been associated with inheritance where a jewellery and ornaments are passed from generations to their successors as part of the family heirloom. It is a matter of great pride and honour to inherit valuable gold jewellery, artefacts and other items as gifts from ancestors which are held in high regard.
Valued Investment: Gold is known to be one of the most lucrative investments as it is believed that it will always increase in value, thereby bringing higher returns. People with meagre or humble earnings also strive to save enough to purchase gold in their lifetime to make secure investments for their future.
Gifts and Presents: Gold is considered to be auspicious in India and hence, it is widely used as a gift for occasions such as weddings, child birth, birthdays, festivals and other such grand events in the family or among friends.
Religious Beliefs: As gold is considered pure and auspicious, it is a common practice in India to make gold offerings to deities and temples which are believed to bring good luck and prosperity in return. There are special days assigned which are considered auspicious to purchase gold, keeping the religious sentiments of people in mind.
Gold has been widely used in almost all parts of India for varied purposes like festivals, worshipping, wedding rituals, corporate and personal gifts, decorative artefacts and many such other things. The increasing use of gold has led to innovative creativity to enhance the worth of the metal. Some of the uses of gold are mentioned below:
Idols of deities: Though a rare thing to see, but there are a few affluent households which have idols of gods and goddesses made in gold adorning their place of worship. It is held as a sign of prosperity and reverence to have such idols in the house.
Worship Thalis: This is another example of the deep rooted religious mind-set where people use plates, bells, small bowls and water vessels of gold to perform their rituals while worshipping. It is generally found in big temples or in households of the affluent families.
Gold-plated Artefacts: The growing trend of decorating houses with rare and uncommon things has brought to light many gold or gold-plated show pieces and artefacts which adorn the shelves or the walls of the houses of the rich and the famous. It is also a great status symbol to decorate your houses with such pieces as gold definitely has high monetary value.
Jewellery: This is by far the most common and the best use of gold where people buy gold jewellery for the women of the house. At the same time, it serves the purpose of asset investment. The advantage of buying any jewellery is the utility it provides and also that it comes in such a wide variety that people belonging to any income bracket can invest in them.
Gifts: Giving gold coins as gifts has been prevalent in India from time unknown. The kings and merchants were known to give gold coins as gifts on all occasions and it continues till this date. Gold coins and bars are given as gifts for marriages, birth of a child, buying a new home, birthdays, anniversaries and any other big or small occasion. It is considered to be auspicious as well as great value for money.
Rate of gold keeps changing very frequently as it is in consistence with the market trends. As Gold is considered auspicious and is bought by a large section of the society around the time of festivals or on certain pre decided dates, the rate at times gets inflated. This demand and supply curve of the market, along with the strength of currency rates, determines the rate of gold at a given point of time.
The current rate of gold in some of the prominent cities currently are listed below:
|Name of the City||22 Karat Gold Rate per 10 grams||24 Karat Gold Rate per 10 grams|
Indian traditional jewellery comprises a wide variety in terms of design, style, material and usage. Gold jewellery plays a major role in this and is used by almost all Indians in some way or the other, which makes it one of the most sought after commodity. There is an array of gold jewellery items available in the market today and to list them down is a daunting task. Here is a basic list of gold jewellery most commonly used in the Indian subcontinent:
Gold is a precious metal and a luxury commodity with great value which adds to the asset of a person or family and is passed on from generations to generations as a gift of honour. Though it is less affordable for people in the low income group, it is a prized possession for all. It not only enhances the beauty when worn, but is also a status symbol and some of the gold ornaments have deeply embedded significance in the Indian culture. All in all, it is worth all the money that you pay and much more as the value of gold has always seen a vertical growth upwards.