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Gold Demand in India: Check Gold Demand in India before Buying

The World Gold Council stated on Friday that India’s gold demand is anticipated to increase further in 2022, potentially widening the trade imbalance and putting pressure on the struggling value of Indian rupee. According to researchers, the gold consumption in India is to reach a six-year high of 800-850 tonnes in 2022, which will be up from that of 797.3 tonnes in 2021. Moreover, India’s gold consumption has increased by 79% since 2020 due to pent up demand caused by the coronavirus disease (Covid-19) pandemic and an apparent recovery in consumer confidence, which boosted retail jewellery sales. Because of the second wave of the coronavirus and the devastation and limits that authorities imply, several people postpone their weddings for this year. 

In India, people wear as well as gift gold on various occasions. Gold jewellery is the most demanded form of gold in the entire country. However, the making charges on the jewellery can be different depending on the quality of gold as well as the design of the jewellery. Also, in case of Hallmark certified jewellery, there are certain things that you should keep in mind. Like always checking the Hallmark symbol on your piece of jewellery to avoid any fraudulent activities.  The demand for gold in India is also directly proportional with its price. However, the price of gold can vary depending on the purity of gold. The gold can be classified into three major categories based on its purity. The following are the classifications of gold based on its purity:

24 Carat Gold- This quality of gold is made up of all 24 parts being pure gold and is 99.9% pure in nature. 

22 Carat Gold- The 24 carat gold is followed by 22 carat gold which is generally 91.6% pure in nature and is made up of 22 parts being pure gold while the other two parts being metal alloys. 

18 Carat Gold- The 18 carat gold, on the other hand is a mixture of gold and other metal alloys and has a purity level of 75%. 

Since, there is a daily fluctuation in the Gold rate in India it is important to check the price of gold before making any new purchase. 

Gold Rate in Chennai

Chennai, also known as Madras, is the state capital of Tamil Nadu. Being the largest city in the area and having the maximum population in the state. Chennai has a huge demand for Gold. Since people consider gold as an asset, many people invest in Gold. Because it acts as a security which they can sell at the time of any financial crisis. Chennai, being famous for its bridal jewellery collection has a lot of demand for gold jewellery. However in order to buy gold in any form you should be aware about the gold rate today in Chennai.

Gold Rate Pondicherry

Puducherry or Pondicherry is an Union territory bordering the southeast Indian state of Tamil Nadu. The city is famous for its beaches and various French sculptures. Pondicherry also has a huge demand for the yellow metal. Since the people of Pondicherry wear as well as gift gold in various festivals and family functions. Although Pondicherry is located near Chennai however, there is a difference in the gold rates of both the cities. Therefore, it is important to check the Gold rate in Pondicherry before buying. 

The above are the two cities that are located near each other in the state of Tamil Nadu. Still have a difference in their gold prices. Therefore, it is advisable to check the gold price in your city before making any new investments. 

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