Domestic and international gold prices hit another lifetime high on Thursday, March 7, 2024. This time gold prices are seeing a spike on the hopes of an interest rate cut by the US Federal Reserve in June, experts said.
Due to its ability to act as a hedge against inflation, deflation, and currency depreciation, gold is a favourite asset among many Indian investors. Its capacity to offer a refuge during difficult economic times is another reason for its popularity.
Gold touched an all-time high of Rs 65,298 per 10 grams on the MCX on Thursday getting dearer by more than Rs 2,700 in the first week of March.
Gold jewellery is one of the ways Indians invest in gold. The measurement of gold purity is known as karat (KT), and jewellery is offered in a variety of karats. The finest kind of gold, 24KT gold, is too soft to be utilised in jewellery manufacture. The most prevalent kind of gold used in jewellery is 22K, which contains 91.6% gold. Gold jewellery may be purchased in both 18Karat and 14Karat. The price of 18Karat and 14Karat gold will be less than 22Karat gold.
Let us take a look at the gold prices of a few famous jewellery brands in India.
Gold Brand Gold price (March 7) for 10 grams gold (22k)
Tanishq Rs 6229
Malabar Rs 6010
Joyallukas Rs 6025
Kalyan Jewellers Rs 6025
*The gold prices are sourced from the jewellers’ website as on March 8, 2024 at 10.05 am.
The purpose of hallmarking is to confirm the purity of gold bought. The Bureau of Indian Standards (BIS) performs the hallmarking process, certifying the purity of the gold used. A jeweller is prohibited from selling gold jewellery without a six-digit alphanumeric HUID code as of April 1, 2023.
Three factors determine the cost of gold jewellery: a) the amount of gold used, such as 22KT, 18KT, or 14KT; b) the kind of metal mixed with the gold; and c) the producing fees associated with that particular piece of jewellery.
There will be varying manufacturing costs associated with the gold jewellery you purchase based on how intricate the design is. This is because every ornament requires a different method of cutting and polishing. Additionally, whether the design is machine- or man-made will determine this.
