Gold Price in Jabalpur today - 28 May
last updated on 28 May 2022
Jabalpur, the Madhya Pradesh city which serves as an administrative centre is engulfed with low hills and serene water bodies. The prevalence of major IT, garments, constructions, steel, electrical goods industry made Jabalpur an industrial hub. However, a key source of revenue stems from the agrarian economy. One of the largest cantonments with army headquarters of Odisha, Chhattisgarh, Jharkhand, Bihar, Madhya Pradesh is found in Jabalpur. Interestingly, snooker is believed to have originated from Jabalpur, making it the cultural capital of Madhya Pradesh, People in Jabalpur adhere to norms and traditions. Decking up in traditional attire and jewellery is part of their customs on festive days for which they buy and save a lot of gold jewellery over time. The gold rate in Jabalpur is sought by customers to buy gold at the right time. Balancing Rock, Dhuandhar Falls, Marble Rocks, Madan Mahal Fort, Rani Durgavati Museum, Chausath Yogini Temple, and Tilwara Ghat are some of the tourist destinations in the city.
Gold Prices in Jabalpur for different purity
|Purity||Gold price 1 gram||Gold price 10 gram|
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Gold Prices in Jabalpur for the last 7 days
|Date||Gold price 1 gram||Gold price 10 gram|
|26 May, 2022||₹ 5,400||₹ 54,000|
|25 May, 2022||₹ 6,000||₹ 60,000|
|24 May, 2022||₹ 6,500||₹ 65,000|
|23 May, 2022||₹ 7,000||₹ 70,000|
|22 May, 2022||₹ 7,500||₹ 75,000|
|21 May, 2022||₹ 6,500||₹ 65,000|
|20 May, 2022||₹ 7,500||₹ 75,000|
Why is Gold considered a Precious Metal?
If there was another indicator to measure wealth in the world, barring currency, it would be gold. It is one of the nine noble metals, but gold’s value in the economy surpasses that of its counterparts. But the exploration and extraction of gold is a slow-moving, laborious process.
However, this metal still has a readily available market across the globe, which increases its liquidity, thereby making it an ideal asset. Owners of gold articles have the freedom to convert them into cash with ease.
Moreover, gold is a luxury good, which means that people purchase it in larger quantities when their income rises. Therefore, this yellow metal generally exhibits a steady increase due to high demand and inadequate supply, especially in a country like India. Most free-market economies of the world use gold reserves to hedge against inflation. As a result, this metal possesses an intrinsic value in the global economy as well.
Benefits of investing in gold
In its 3000 year history of trade, the price of gold has never dipped below zero. This is a very compelling fact when you pit gold against cash, whose value keeps is in a constant state of flux. This is only one of several reasons to put your gold to good use! Some of the other benefits of investing in gold are:
1) High Yield Returns: Gold is the best choice of investment if one is looking to make a low-risk investment for a high yield return.
2) Demand for Gold: In the wake of gold ETFs and Sovereign Gold bonds, the demand for gold has been constantly increasing.
3) Hedge Function- Gold functions as a hedging instrument against financial market fluctuations. This makes it a safe bet in the face of recession.
4) Liquid Asset- Being a liquid asset that can be transported and stored anywhere, gold can easily be sold or pledged against an instant loan.
5) Authenticity- Gold is a precious metal well known for its purity and value. This makes it easy to recognize high-quality gold which can simply be bought after verifying if the seller is authorized to do so.
How is Gold’s purity determined?
Gold is one of the most precious metals that do not corrode with time. Thus, from time immemorial, gold has been used to make jewellery and as a substitute for currency. Therefore, it is imperative to assess the gold’s purity to derive its actual value.
Following are some of the most commonly used methods to determine gold’s purity.
- Karat or “K” is considered as one of the gold purity units. There are 0 to 24 grades on this Karat system, and each number denotes the gold purity of varying items. One can also convert this Karat to a percentage by dividing the Karat number by 24 and then multiplying it by 100. Nevertheless, 24K gold is considered to be the purest form of gold.
- Gold merchants, however, use different techniques to measure gold purity. They either use a traditional acid test where the gold of different purity are dipped into nitric acid and then matched with known K-labelled samples. Alternatively, they also use a digital gold tester that shows the most accurate result.
- The buyers, nevertheless, can refer to the hallmark that is tattooed in the inner portion of any gold article. It rightly shows the purity, Karat weight, etc., of that particular gold article.
Individuals need to check gold purity before buying or selling.
How to calculate old gold jewellery price?
Gold has always been one of the most significant investment options for Indians. The high liquidity of gold and its consistent value makes it a popular option for investment purposes. It also acts as a hedge against fluctuations in the market. Gold can either be pledged in the form of a gold loan or it can be sold to meet urgent financial deficits. It pays to be aware of the value of gold to prevent unscrupulous activities by the lenders or jewelers. It is not very complicated to calculate the value of the gold. The weight and the purity of the gold will have to be tested at an assaying laboratory. There are two methods to calculate the purity of gold. It can be denoted in percentage or in karat.
- Karat method: By multiplying the gold’s weight, purity, and gold rate, and then dividing it by 24, you can arrive at the purity of the gold by the karat method.
- Percentage method: By multiplying the gold’s weight, purity, and gold rate, and then by dividing it by 100, you can arrive at the value of the gold in terms of the percentage.