Akshaya Tritiya is considered as one of the most auspicious days to purchase gold. Here is a mini shopping guide tips you must know before investing in gold today.
Akshaya Tritiya is one of the most auspicious festivals celebrated in India. This year Akshaya Tritiya is being celebrated on May 10. In India, it is a tradition to purchase gold and other precious metals today. gold is precious, auspicious and also considered as a good financial investment. However, if you are planning to go for gold shopping on Akshaya Tritiya, here are few things to keep in mind before making a gold purchase.
This is a super precious metal and it is important to check purity, price, hallmark before buying gold. Here is how to do it.
HOW TO CHECK HALLMARK, PURITY OF GOLD?
Hallmark is a way to check the authenticity and purity of gold. The Burau of Indian standards (BIS) is responsible of making hallmarking jewellery. Look for BIS-hallmarked jewellery only to avoid adulterated metal.
- BIS Mark: look for BIS logo that is in shape of a triangle. This logo is a mark that the piece of gold is hallmarked, checked and approved as per BIS standards. It is usually marked inside of the jewellery.
- Purity: Gold is measured in karats. The higher the karats, higher is the purity of gold and so is the price.
- HUID Code: This is a six-digit alphanumeric code or Hallmark Unique Identification that is assigned by BIS to gold jewellery verifying its quality.
- Check Weight and Gold Price: Gold price may vary every day and is based on its weight. It is important to track the market rate to compare it for exact cost. Making charges of the gold jewellery may be charged as extra.
- Set a Budget: Set a budget for your purchase. Prior planning can help to avoid overspending. It will also help the shopkeeper to present gold jewellery or coin option in the assigned budget. It is also important to be clear with purpose of buying gold. Some buy it for pure investment and can opt for gold coins as well. But if it is more than an investment, then gold jewellery can be looked into.
WHY BUY GOLD ON AKSHAYA TRITIYA?
Gold is a always a good investment to make. Also, it is believed since age-old traditions that Akshaya Tritiya is a day to incur more wealth, fortune and prosperity and buying precious metals like gold can help harness the positivist and fortune.