Gold Price in Meerut

Renowned as India’s Sports City, Meerut is economically vibrant and popular and has become an important hub of gold trade. Locals mostly purchase physical gold such as ornaments, coins, biscuits, and bars from various jewellery shops across the city when people are in a celebratory mood during festivities and weddings. Since it is closer to the national capital, Delhi, and the average income is high, Meerut has become a major hub of gold trade in Uttar Pradesh. Therefore, if you want to invest in gold in the industrial city, continue reading to learn more about the gold rates.

Gold Rate in Meerut Today

Locals in Meerut have a great affinity for this precious metal, like other Indians, because the stories of inherent gold value have been passed on through generations, and a big sum of the gold rate today is in the form of family heirlooms and archaic gold artefacts. No matter for which reasons residents invest in gold, knowing the daily price is highly important. As such, 24k gold costs ₹7592.00, 22k gold costs ₹6961.00.

How to Purchase Gold in Meerut?

You can purchase gold in Meerut in the ways mentioned below:-

• Physical Gold

You can buy gold coins, ornaments, or bars. Physical gold is what you can touch and feel. Buying ornaments is the most common and famous way of buying jewellery in Meerut. The demand for gold ornaments increases during the festive and wedding season. During Dhanteras or Diwali, the demand for coins, biscuits,  and bars is high.

• Alternatives of Physical Gold

There are many alternatives to physical gold. Gold stocks are sold in ETFs and spot contracts, It offers high liquidity like digital gold. Digital gold is purchased from online platforms and insured in a locker. The liquidity and returns are high. If you want to buy gold for investment, you invest in sovereign gold bonds, gold saving schemes, or gold mutual funds.

Factors that Impact Gold Rate Meerut

Some of the main factors that influence the price of gold in Meerut are:-

Economic Uncertainties

As there is an increase in economic uncertainty, residents withdraw their hard-earned money from the equity market and invest in gold. That is because the precious metal is a great store of value which secures the wealth of people during challenging times.

Global Factors

Many global factors influence the gold rate in Meerut. These are global changes in policies, currency exchange rates, international market uncertainties in times of war, etc.

Domestic Demand and Supply

Gold has a special importance in the lives of locals, religiously and culturally. People rush to purchase gold during the wedding season, auspicious occasions, festivities, and ceremonies. This is why the demand for gold shoots up at this time. As high demand pressurises supply, the price of gold increases during this time.

Best Gold Investment Strategies in Meerut

Mentioned below are some strategies you can use to buy gold in Meerut:

Traditional Over Counter Trading

Meerut is one of the oldest Indian cities and has one of the oldest jewellery markets. Many skilled artisans, jewellers, and gold traders reside in the city. You can purchase gold in any form- bars, coins, ornaments, bullion, etc. You can hold gold for high-value appreciation or sell it with increasing and decreasing international rates. You can buy physical gold like coins and bars from banks, but the price will be slightly high because of the provided security and hallmarking certification.

Gold ETFs and E-Gold

Meerut is gradually witnessing a change in how its residents are buying and selling gold ETFs and E-gold. The beneficial outcomes earned via selling E-gold and buying gold ETFs are challenging the traditional thinking that physical gold is better for many reasons. Selling gold futures is also gaining prominence. The BSE and NSE govern and regulate the trading of digital gold.

In Meerut, How is the Purity of Gold Evaluated?

Checking how pure gold is includes many easy techniques. These offer a basic understanding of the authenticity and genuineness of gold, but for accurate measurement, consulting a licensed jeweller is advisable. For basic insights regarding the purity of gold, follow the steps stated below:-

• Use a Magnifying Glass - Check gold for hallmark logos or certification signs that depict purity.
• Visual Assessment : Search for discolouration or tarnishing symbols that might suggest impurities.
• Magnetic Test - Pure gold is non-magnetic. Therefore, a magnet can help you identify pure and impure gold.
• Nitric Acid Test - This test includes the use of nitric acid to check the purity of gold. However only professionals and experts can do this test because it includes the use of acid.