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Gold Price in Ahmedabad today -
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Ahmedabad

Ahmedabad, the city currently so famous for an array of things like textiles, diamond cutting, dairy, chemicals and denim was once the epicentre of Dandi march and Satyagraha movement against the British led by Mahatma Gandhi. Many banks have headquarters in this city and it is also the second largest stock exchange in the country. Hindus, Muslims, Christians, Jains and Parsis live here in brotherhood and the population largely is vegetarian. Sabarmati Ashram, Bhadra Fort, and the Calico Museum of Textiles are some of the important places to visit in Ahmedabad. People here share close strong bonds with their families and mostly live as a large joint family under one roof. These people rely on gold rate in Ahmedabad to buy jewellery for wedding purposes.

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Gold Prices in Ahmedabad for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Ahmedabad for last 7 days

Date Gold price 1 gram Gold price 10 gram

Why is Gold considered a Precious Metal?

Gold is universally acknowledged as a valuable commodity pertaining to its unique properties, such as:

  • Finite availability

Gold is available in limited quantities. The best estimates suggest that about 197,576 tonnes of gold have been mined throughout history. In fact, if every ounce of this gold is arranged in a cube, each side of this cube will only measure about 21 metres.

  • High Demand

The price of gold tends to rise over time. This is because its demand is exceedingly high in countries India, but the supply is limited.

  • Idle Asset

Gold is a highly liquid, non-consumable asset. Additionally, this metal retains an active market at almost all times. So, individuals can easily convert their gold to cash whenever they want.

  • Economic impact

It impacts economies in terms of contribution to foreign exchange and trade balance. Furthermore, gold is used as a reserve to hedge against inflation in most free-market economies globally.

How to calculate old gold jewellery price?

Indians have traditionally used gold for investment purposes. Gold is considered a hedge against financial disruptions. However, when you want to sell gold for meeting urgent financial needs, you should be aware of how old gold jewellery is valued. The right knowledge would keep you safe against unscrupulous jewellers. To calculate the value of gold, you have to take it to the nearest assaying or testing laboratory and get its weight and purity tested. The centre certifies gold's purity in Karat or percentage. To calculate the value of the old gold jewellery by the Karat purity method, you have to multiply the gold's weight, purity, and gold rate and divide it by 24. To calculate the value of the old gold jewellery by the percentage purity method, you have to multiply the gold's weight, purity, and gold rate and divide it by 100.

How is Gold’s purity determined?

Gold holds an impeccable value in terms of quantifying one’s wealth as well as for investment. Thus, judging the quality and purity of gold is of utmost importance, both for buyers and for traders.

Primarily, the gold’s purity is determined through the Karat system that measures the same on a scale from 0 to 24. For instance, a 24 karats gold jewellery contains 100% gold. On the other hand, in a 14K gold jewellery, the percentage of gold is 58.33%, and the rest is other metal or alloy.

The gold purity can be measured both by percentage and parts per thousand. However, to convert the Karat into a percentage, one needs to divide the Karat number by 24 and then multiply it by 100.

Another easy way to determine gold’s purity is by checking the hallmark stamp on gold jewellery. This hallmark includes the authorised logo, date of manufacturing, carat weight or fineness of the gold in question. In several countries, including India, it is mandatory to sell gold jewellery with hallmark stamp. 

Lastly, the traders generally use an electronic gold tester to measure the quality and purity of gold. It shows the result accurately within seconds.

KDM vs Hallmark gold - What's the difference?

The purity of the gold and the quality of the gold are two different factors that people often get confused over. Hallmark gold and KDM gold are the two types of gold that usually leads to some confusion. The two types of gold are considerably different with regards to their composition. The KDM gold has a purity level of 92%, where the gold is a mixture of 8% of cadmium and 92% of gold. Since there are some health risks associated with KDM gold, it is no longer in sale in the market. On the other hand, Hallmark gold has a certification by the Bureau of Indian Standards. The Hallmark gold is testes in assaying centers approved by the BIS. There are four varieties of hallmark gold: 23 karat, 22 karat, 21 karat and 18 karat. The purity of the gold is directly proportional to the karat rate. The higher the karat rate, the higher the purity.

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