What to do before buying gold this festive season
The festive time is here again, and you must be waiting for good deals to purchase gold on auspicious days. Buying gold is not just a financial decision but also an emotional one for Indian households. Often, we miss out on key things when we decide to purchase gold. It is not just the discount or offers that we must look at but there are many factors you must consider before purchasing the precious metal.
You must know that there are different forms of gold available, such as coins, bars, and jewellery. Each has its advantages and disadvantages. There are several important factors to consider before buying gold. Here are some of the key things to keep in mind:
Set a budget for your gold purchase and stick to it. Avoid impulsive buying decisions that could lead to overspending. Determine why you are buying gold. Is it for investment, as jewellery, for a special occasion, or as a gift? Your purpose will influence the type of gold you should buy.
Also Read: How to plan your year-end vacation wisely and save money
Gold is measured in karats (K), with 24K being pure gold. Jewellery is often sold in lower karatages, like 22K or 18K, which have varying levels of purity. Ensure you understand the purity of the gold you are buying.
Adhil Shetty, CEO, Bankbazaar.com, says, “When buying gold, make sure to ask for the purity of the gold and check for the BIS hallmark. The BIS hallmark is a government certification that ensures that the gold meets the prescribed purity standards.”
Look for BIS (Bureau of Indian Standards) hallmarked jewellery. This certification ensures the purity and authenticity of the gold, and it’s important for quality assurance.
Stay updated on the current market price of gold (often referred to as the “gold
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