Dhanteras 2017: 7 Things to keep in mind before you buy gold

Dhanteras is the festival of wealth and prosperity. An auspicious day when any object of acquisition, be it a small utensil or an exquisite piece of gold jewellery, is said to bring in luck. This year's Dhanteras comes after the Union government altered a key rule governing gold buying. The current price of gold ranges from Rs 29, 675 (Friday) to Rs 29,970 (Monday). Last Dhanteras, the price of gold was around Rs 30,000. Considering the craze that Indian households have for gold, this is just another reason to buy the precious metal. If you have plans to go buy gold today, here is a checklist -

1. Do your homework before setting out to buy gold. Know the price of gold by also checking with other shops as well.
2. Check making charges before buying gold ornaments. Making charges normally range between 6 per cent and 25 per cent of the cost of gold.
3. Always buy gold hallmarked by Bureau of Indian Standards (BIS). The gold is hallmarked by BIS-recognised Assaying and hallmarking centres.
4. Find out the carat of the gold, which denotes its purity in fractions. The higher the carat, the higher is the percentage of purity of gold.
5. Always insist on a bill which tells you in detail about the price and value of gold and precious stones, if any.
6. If you want to invest in gold, buy gold coins. Or you could invest in gold ETFs or sovereign gold bond scheme.
7. Some shops also offer insurance for high-end jewellery of Rs 50,000 and above. Ask the jeweller if he will give you insurance before buying large ticket items. -PTC News

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