Faridabad

Gold Price in Faridabad today -
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Faridabad

Faridabad gets its name from its founder Shaik Farid, Mughal emperor Jahangir's treasurer and it is known as the crown jewel of Haryana. The city is part of National Capital Region and is easily accessible from New Delhi, Gurugram, Ghaziabad and Noida. River Yamuna borders Faridabad on its eastern side with Uttar Pradesh. The city has struck a good balance where both agriculture and industries thrive peacefully sans conflict. Being the third fastest growing city in India, Faridabad is famous for henna production, steel tubes manufacturing, tractors, refrigerators, paper, motorcycles, garments, and tyres, among others. The city prides itself in being a major industrial hub where locals have big interest in investing gold. The gold rate in Faridabad is hence followed by many. Faridabad is a bustling tourist city with places Anandpur Dam, Mughal Bridge, Nahar Singh Palace, Rose Garden, Golf Course, Surajkund, and Gymkhana Club attracting the tourists to not only these monuments but also festivals like Kartik Cultural Festival and Surajkund Craft Mela . It boasts of world-class traffic management which makes travelling intra-city and inter-city a hassle-free experience. The local food aloo tikki and paani poori is a hit among both travellers and locals.

Gold Prices in Faridabad for different purity

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Gold Prices in Faridabad for last 7 days

Date Gold price 1 gram Gold price 10 gram

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KDM vs Hallmark gold - What's the difference?

When it comes to buying gold for jewellery or investment purposes, people often get confused about the purity and quality of the gold. The two most commonly confused types of gold are KDM gold and hallmark gold. KDM gold refers to the gold that is made by mixing cadmium with gold, where gold is 92% and cadmium 8%. This brings down the gold's purity level to 92%. However, of late, the production of KDM gold has stopped, due to the associated health risks. Hallmark gold is gold certified by the Bureau of Indian Standards. The test is conducted at the assaying centres approved by the BIS. Hallmark gold is available in four varieties:

  1. a) 23 Karat
  2. b) 22 Karat
  3. c) 21 Karat
  4. d) 18 Karat. 

Higher the carat, better the purity. Hence, depending on how you plan to use the gold, you may select the carat.

What is QE and how does it affect Gold Prices?

Quantitative easing, or commonly known as QE, is an economic policy. It comes into action, in case other policies have run out of steam and stopped working.

  • Definition of Quantitative Easing:QE is monetary policy that promotes the idea of injecting money into an economy not by regulations, but instead via printing currency. Typically QE is regarded as a short-term solution to boost the economy after a crisis.
  • Significance of QE:Typically, Central Banks around the world uses interest rate manipulation as the primary technique to control the flow of money in an economy. However, lowering interest rates did not work during the economic downturn of 2008 and countries resorted to this method.
  • The Methodology of QE:As already mentioned, central banks inject money into an economy with this method. In case, the inflation is low, and banks are not lending, central banks then print new money and buy assets. This sudden increase in money drops interest rates and the value of a currency, which prompts banks to lend at a lower rate. Resultantly, economic activities increase.

The connection between QE and Gold is inversely proportional. It means, with the implementation of quantitative easing, the price of gold drops and vice versa. Thus, conservative investors, who believe gold is the future, advises investing more in gold, instead of other modes.

How is gold rate determined?

The price of gold in India depends on multiple factors. This includes, but is not limited to the following factors:

1) Gold production

2) Inflation

3) Government's gold reserves

4) Demand and supply of gold in the global commodity market

5) Import rates

6) Interest rates

7) Taxes and levies

8) Local demand. 

As a denizen and fellow gold loan borrower, it is imperative for you to stay updated about the latest gold rate in cityname. It is not unusual to find a little variation between the market gold price and the gold valuation offered by the lender. The difference in price primarily occurs because the lender calculates the average gold price of 22-Karat gold based on the rates from the past thirty days and extrapolates the gold gram rate. Hence, the value of the gold you get depends on the average gold price and the lender's loan to value ratio. As per the recent directive of the RBI, lenders can give loans of up to 90% of the gold's market value till March 31, 2021.

Benefits of investing in gold

There are several reasons to put your gold to good use. For starters, people are always looking for the best way to generate high returns. On that note, gold has forever been the conservative investor's best avenue for yielding high returns. With the introduction of Gold ETFs and Sovereign Gold Bonds, the demand for gold has been steadily increasing. The top advantage of gold against cash is that the gold gram rate has never dipped below zero in it’s more than 3000-years' history. Gold also functions as a hedge against financial market fluctuations. Hence, whenever there is a recession, people move towards gold. Additionally, gold is a liquid asset, which means you can either sell it or pledge it in exchange for instant cash loan. Unlike physical money, gold is portable and can be stored anywhere. Lastly, identifying high-quality gold does not require expert understanding. Anyone can buy gold according to its purity while the seller's certificate acts as the proof of its purity. 

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Faridabad
Haryana
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