Gold Price in India
Gold in India, a country with some of the highest standards of living in the world, has become an expensive commodity, making it increasingly difficult and somewhere easy for the average consumer to purchase gold.
But even gold-rich, high-income individuals are finding it easy to purchase check the gold spot price.
The Indian gold import scam involves middlemen and jewelry wholesalers who buy bullion for export purposes but then sell it back into the domestic market to goldsmiths at a far higher price.
Gold is imported into India at a relatively high value from the global market, and then re-sold for a significantly lower price.
Because gold is not a local purchase for Indians, most citizens of India purchase their gold through agents, wholesalers, and/or jewelers.
It is estimated that 99 percent of the gold bought in India comes from outside India and this goes on a fairly large scale.
In a country that imports nearly half of its goods, gold is a serious source of importation.
Gold supplies a typical Indian family of five with about 8 kg or one pound of gold each year. The average Indian gold customer purchases 20 to 30 kg per year, depending on the type of jewelry and the pricing that the seller offers.
For the consumer, this means spending $10,000 to $100,000 per year on jewelry and gold, with the consumer wearing the remaining gold.
In 2001, the average monthly salary was about $350 per month. For a household of five people, this is about $3,000 to $5,000 per month or a good amount of money.
That income would be sufficient to cover the expense of jewelry and gold for the family for a year.
Gold is a precious metal used in the manufacture of jewelry and coins. The word gold is derived from Greek terms gold and Adamas and is one of the oldest base metals.
The jewelry made with gold is referred to as gold ornaments. Gold ornaments have been produced since the 2nd Millenium BC.
Gold jewelry has been used for centuries as an investment and has a high market price. Gold jewelry is used for security reasons as its saleable property is its apparent color. Gold ornaments are typically categorized as precious metals.
Gold prices will soar this year. Demand for gold is expected to pick up as geopolitical uncertainties intensify.
Gold price in India
Spot gold prices were $1710 per ounce on March 2, 2021, when gold prices hovered at $1730 per ounce.
Prices started to rise to $1730 per ounce on April, 2021, a 20% increase within a span of one month. As the global tensions intensify, 18k gold price are likely to increase further in the coming months.
It is evident from the rising gold prices in India that the increasing gold prices in the world are likely to increase the demand for gold in India.
Bitcoin in India has been on a steep climb. The bitcoin price has skyrocketed by more than 500 percent in the past two months, reaching $64,430 per coin in late February, and some analysts now believe that the price could easily double by next year.
This surge in the price is significant in a number of ways. Bitcoin, a digital currency created and traded entirely online, has seen its value increase roughly five-fold since January 2017, when it was trading at around $620. There are now more than 19 million bitcoins in circulation, with a total value of more than $600 billion. While Bitcoin’s rise has been impressive.