In India, especially in a culturally rich state like Uttar Pradesh, gold and silver are not just metals, but are a symbol of prosperity, tradition and investment. Their purchase in auspicious occasions, festivals and wedding ceremonies is a common thing. Therefore, everyone’s eyes are fixed on the fluctuations in the prices of these precious metals. This article will throw light on the existing gold-silver market prices and factors affecting them in Uttar Pradesh.
Current status of gold and silver in Uttar Pradesh
There can be a slight difference in gold and silver prices in various major cities of Uttar Pradesh like Lucknow, Kanpur, Varanasi, Agra, Meerut, Prayagraj etc. This difference may be due to local demand, transportation costs and margins of jewelery makers. Typically, 22 carats (for jewelery) and 24 carats (pure gold for investment) are shown in 10 grams per 10 grams, while silver prices are reported per kilogram or 10 grams. There is daily change in these expressions.
Main factor affecting emotions
Gold and silver prices are affected by many national and international factors:
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International Market: Globally gold demand and supply, major central banks (such as US Federal Reserve) monetary policies, and the strength of the dollar have a direct impact on gold prices.
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Rupee-dollar exchange rate: Since India is a great importer of gold, when the Indian rupee is weak against the US dollar, imports become expensive, which increases the prices of gold and silver in the domestic market.
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Local demand and supply: In Uttar Pradesh, the demand for gold and silver increases significantly during festivals (such as Diwali, Dhanteras, Akshaya Tritiya) and in the wedding season. This increased demand may lead to a temporary rise in prices.
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Government policies and taxes: Import duty, excise and GST (Goods and Services Tax) levied by the government also affect the final prices of these metals.
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Inflation and economic uncertainty: At the time of economic instability or high inflation, investors see gold as a safe investment option, which increases its demand and price.
Importance of purity and hallmarking
It is extremely important to check its purity (measured in carat) when buying gold. 24 carat gold is considered to be the pure (99.9%), while 22 carat gold is made more durable to make ornaments by mixing other metals (eg copper or silver) in gold. The Bureau of Indian Standards (BIS) hallmark ensures that jewelery meets the prescribed standards of purity. Buying hallmark jewelery is always intelligent.
Gold and silver from investment point of view
Gold is traditionally considered a safe and reliable investment, especially in a period of economic uncertainty. It also acts a rescue against inflation. Silver, being more cheaper than gold, can be a good option for small investors. Its industrial uses also maintain its demand.
Noted things when buying gold and silver
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Always buy gold and silver from prestigious and reliable jewelers or banks.
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Do check the hallmark.
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Be sure to take a firm bill of the purchased item, in which the purity of gold/silver, weight, making charge and price are clearly mentioned.
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Compare the existing market price from various sources before purchasing.
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