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Factors You Must Know Before Selling Your Gold in India

Gold is a precious and beautiful metal for basically 3 reasons. In the first place, it is rare. Secondly, a lot of effort has to be put in to extract it from Earth. Third, gold in its purest form does not rust. Globally, Indians are the highest consumers of gold. Gold has always been considered a very auspicious metal, and Indians commonly buy gold for occasions such as weddings, festivals, etc. Gold, on the other hand, is also known as a popular investment. Many people buy gold, save it during difficult times, and then sell it when the market price is high. India has many options for buying and selling gold when needed. To buy or sell gold, you need to know the 1-gram gold rate in India. Individuals can sell gold both as an asset and jewellery. Before venturing out to sell and monetise gold, one should make sure to consider the following things.            

  1. The price of the gold – Before you intend to sell gold, it is essential to have a basic understanding and knowledge of the value of gold. Few changes in the price can make a huge difference in the overall value. The fluctuation in the price affects the difference between buying and selling for every gram of gold. Therefore, it is advisable to know the 1-gram gold rate in India. An individual must compare the prices and shop around to get some quotes that fully appreciate the value of 1 gm of gold.          
  2. The purity of gold – Before selling the gold, one must evaluate its purity and authenticity. Gold has a marking of a 916 hallmark that denotes 91.6% purity of gold in 22k gold. A high purity ensures a good return value.
  3. Final value after removing impurities -The final price of any piece of jewellery depends upon the value of pure gold minus any gemstones and any other metals mixed in the gold jewellery. A platform like Muthoot Gold Point conducts free purity testing of your gold for you along with free ultrasonic cleaning of your jewellery. This gives you the actual value of your gold and you can be rest assured of a fair deal on your gold.
  4. Option for selling at the best price – The physical gold can be sold at any jewellery store or at any recycler. It is crucial to select the right platform when selling your gold. A partner like Muthoot Gold Point offers you the most transparent and fair platforms to sell your gold, along with the best price on your yellow metal.      
  5. Tax on selling gold – When you buy gold, be sure to bring and save a tax invoice for your purchase, whether it be gems or bullion. Purchase and sale of a good item within three years is called as “short term sale” and will be subject to short term gains. 

In India, gold is considered to be auspicious and often has sentimental value. Since many people owe it, it is very common for them to sell it for cash at the time of money deficiency. To get the best deal on your gold, opt for a reliable platform like Muthoot Gold Point and sell your gold in a few quick, easy and transparent steps.

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