Monday, February 6, 2023

Gold Buying Guide: Different Types Of Gold

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In India, gold is a part of cultural roots. Though it is a good investment option, its auspicious value is inevitable.

The value of a gold item depends on its purity. Since gold is a precious commodity, counterfeit varieties will likely float around in the market.

Here is the guide on different types of gold available in the market in terms of purity.

Different Types of Gold in Terms of Purity

The purity of gold is determined by karats. The metal alloy and percentage mix of metals define the purity of gold. A higher karat means higher gold content in a gold piece.

The purest form of gold is too soft to make jewellery out of it. It is mixed with other metals like silver, copper, and zinc. The colour of gold also changes with a change in the percentage of alloy mix.

1. 24 Karat Gold (Pure gold)

The purest and the most expensive form of gold is 24k. It cannot be used for jewellery making and daily wear as it can easily be scratched and bent. It is the best buy for investment purposes.

2. 22 Karat Gold (91.67% gold)

22-karat gold is used to make most jewellery pieces in India. Generally, it is 91.67% pure gold and contains approx 8% alloy mix. In other words, it has 22 parts gold and two parts of other metals. It makes gold firm for intricate designs on gold pieces. However, users need to take care with this blend as it is still a softer form of gold than its other variants. It’s still not that much firm to hold gemstones.

3. 18 Karat Gold (75% gold)

18k gold means eighteen parts of gold and six parts of other metals. It is a traditional gold form with a deep yellow tone and is noticeably dull than the 22kt gold. 25% alloy mix makes it durable and useful for studded jewellery.

4. 14 Karat Gold (58% gold)

It contains fourteen parts of gold and ten parts of alloy mix. It is ideally used as day-to-day wear jewellery. Most customers use it for engagement rings. It is also used by customers with active lifestyles like sports activities or involved in labour-extensive tasks.

The best way to check the gold purity is by looking for Bureau of Indian Standards (BIS) hallmarking on the gold piece. BIS is the official agency that certifies and hallmarks gold jewellery in India. For example, a 22kt gold earpiece is engraved with 916 featuring its karat. It is easy to avoid any discrepancy in gold purity at the time of selling it.

Get the Highest Value of Different Types of Gold

Financial safety is one of the purposes of investing in gold. Often, people sell their old gold to meet financial urgencies. When thinking of ‘how to sell gold jewellery for cash’ to get the best value, buyers like Muthoot Gold Point is the solution.

– Customers can instantly get up to Rs.10,000 in cash and the rest of the amount in their bank accounts online via NEFT/IMPS/RTGS.

– At Muthoot Gold Point, customers experience the scientific evaluation of their gold that gives its accurate valuation and purity. The entire process is completed in front of customers using advanced technologies and XRF machines.

– Customers should confirm if the buyer company/vendor considers the live market gold price. It helps to get the best value. 

By searching for a ‘Muthoot Gold Point near me’, you may get the best price for your gold.

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