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Gold Price in Madurai today -
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Madurai

If Kanchipuram is the temple city, then Madurai is the cultural capital of Tamil Nadu. Located 465 kms away from Chennai, the state capital, Madurai is a classic amalgamation of history and modernity. It is said to historically date back to the 3rd century. You will find temples dating back to Vijayanagar Empire, Carnatic Kingdom, Madurai Nayaks, Pandyas, and Cholas on one hand, while on the other hand you will find renowned medical colleges and engineering institutions producing some of the best brains in the country. The iconic Madurai Meenakshi Amman Temple, Koodal Azhagar Temple, and Alagar Koyil are some of the famous Hindu temples among others. Apart from agriculture which is their primary occupation, the city’s significant industries include rubber, granite, chemicals, and textile. In the recent past many software companies like HCL Technologies, Sutherland Global Services, Honeywell Technologies, and several others have set up their offices in Madurai. People in Madurai rely on gold rate in Madurai to buy most of their gold jewellery.

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Gold Prices in Madurai for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Madurai for last 7 days

Date Gold price 1 gram Gold price 10 gram

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 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 the gold. It can be denoted in percentage or in karat.

  1. 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.
  1. 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.

Difference between 18 Karat, 22 Karat and 24 Karat gold

Karat is the term that is used internationally to indicate the purity of the gold. The karat rate is directly proportional to the purity of the gold. As the karat increases, so does the purity of the gold. The difference between a 24 karat, 22 karat and 18 karat golds are explained below. The 24 karat gold is the purest form of gold that is available. Because of its purity, rather than using it to make jewelry, it is used for investment purposes. The 24 karat gold exists in the form of gold coins or gold bars. The 24 karat gold is followed by the 22 karat gold which is used to make jewelry. The 22 karat gold is a mixture of gold with alloys such as zinc, nickel, or silver. These alloys make the gold harder and fit to be fashioned into jewelry. The purity of the 22 karat gold is 91.67% pure. The 18 karat gold is the cheapest gold that exists. It is a mixture of 75% gold and 25% alloys.

How is Gold’s purity determined?

Gold is one of the most valuable metals known to humankind, and it can be used for multiple purposes. Besides, making jewellery, gold is also commonly used to avail funds during a financial crunch.

Thus, it is vital to measure the purity of gold to make the most of its equity. Following are some of the ways.

  • Karat System

It constitutes one of the most common ways to determine the quality and purity of gold. Denoted by “K”, this measurement system depends on a scale that ranges from 0 to 24. For instance, a god article of 1 Karat means that that particular gold item consists of 1 part of gold and 23 parts of other metals or alloys. It also means, the closer to 24K, the purer the gold.

  • Hallmarking

Most gold articles, including jewellery, come with an inscription called “hallmark” that carries the symbol of gold purity, its fineness, date of manufacturing, etc. Most countries, including India, have mandated gold jewellers to carry the BIS hallmark.

  • Other Methods

Besides these, most traders use conventional acid test or use an electronic gold tester to determine gold purity accurately.

Irrespective of the method, assessing gold purity is essential for both buyers and traders.

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Madurai
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