Gold is one of the oldest investment options. However, one should be careful while buying gold and some special things must be taken care of.
Gold Buying Tips: Gold has been culturally and commercially important to Indians. It is one of the oldest investment options. However, one should be careful while buying gold and some special things must be taken care of. Today we are telling you which five things are most important to pay attention to while buying gold.
- The hallmark of the Bureau of Indian Standards (BIS) ensures the purity of gold.
- This is the reason why hallmarked jewelry is considered the safest to buy.
- Gold comes in different variants of purity like 18 carats and below, 22 carats, and 24 carats.
- It is better to buy hallmarked jewelry so that you can be sure of its purity.
Negotiation on making charges
- It is very important to know the making charges while buying gold jewelry.
- Bargaining and minimizing the making charges are even more important. You should bargain on the making charges of the jewelry.
- Remember these charges can be up to 30 percent of the cost of the jewelry. You must bargain to reduce them.
Keep an eye on prices
- It is very important to keep an eye on gold prices.
- It is difficult to predict whether gold prices will fall in the coming days.
- For this, you can inquire with some jewelers whether there is a possibility of a reduction in prices.
- You can read the comments of experts on newspapers or business websites so that you will be able to get a more accurate idea about gold prices.
- Whenever you buy gold, definitely take its bill.
- If you sell the same gold at a profit after a few years, then you should know the value of the purchase to calculate capital gains tax. For this, the bill will act as proof.
- The bill given by the jeweler contains the details of the purity of the gold or silver jewelry purchased by you, its rate, and weight.
- If you do not have a bill for jewelry, the goldsmith will try to buy gold from you at an arbitrary price. This will harm you.
- Whenever you buy gold, check its weight.
- Gold is not like groceries. It has become very expensive and its cost is very high. Do enough research before buying gold.
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