Gold prices, reached record high on the second consecutive day today, to Rs.1,22,030 per 10 grams for 24-carat gold. This continuous surge in gold price is driven by global economic uncertainty along with the rise in demand for the Diwali festive season. As per data, 22-carat gold stood at Rs.1,11,860, with small variations as per cities. In Chennai, 24-carat gold was priced at Rs.1,22,190, while Delhi recorded Rs.1,22,080.
The price for the Gold in global market has also seen an upswing of 0.3% to $3,995.14 per ounce, approaching the critical $4,000 mark.
Rising Gold Prices Raise Concerns Over Authenticity
As gold price hits new highs, customers are increasingly cautious about checking the purity of their purchases. The high demand, especially during the Diwali season, has also directed to an upsurge in fake or adulterated gold jewellery.
The government of India, in order to protect buyers, has made it mandatory to have the hallmark. Every gold item available in the market for selling, must have the Bureau of Indian Standards (BIS) hallmark, a sign of a purity (such as 24 K or 22K), along with a 6-digit Hallmark Unique Identification Number (HUID). These directives are applicable since March 31, 2023.
How to Check Gold Purity Using BIS Care App
Customers can now confirm the authenticity of their gold jewellery with the help of BIS Care mobile app. Through scanning the HUID, the app provides all the related information about the purity of the item you purchase, like the registration details of the jeweller, and the certifying assay centre.
However, if your purchase fails to meet the related standards, buyers, therefore, are entitled to compensation, twice the difference in value due to the substandard in purity. This confirms transparency and legal protection for the consumers all around.
Also Read: Gold Prices Hit Record Highs: Is It The New Oil Price Surge In The Making?
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
