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What You Should Consider Before Buying Gold Bars

Image for representation.

Image for representation.

Purchasing bars and ETFs are easy to liquidate and cover full value for money unlike jewellery, where the jewellers cut a percentage while evaluating your old jewellery. Here are some things to consider while opting for gold bars.

Gold is an integral part of every Indian household and that is certified by the fact that India is one of the biggest consumers of the yellow metal. Gold jewellery is used for personal use as much as for gifting especially during wedding seasons.

However, the skyrocketing prices and addition making charges make the yellow metal a tad bit expensive affair.

Buyers are gradually opting for Gold ETFs and gold bars. Investing in gold bars cut that extra making cost and can be delivered on your doorsteps. Easy availability on the e-commerce websites like Flipkart, Amazon and Snapdeal have made the yellow metal bars a more feasible option.

Purchasing bars and ETFs are easy to liquidate and cover full value for money unlike jewellery, where the jewellers cut a percentage while evaluating your old jewellery. Here are some things to consider while opting for gold bars.

-- A buyer must always ensure the quality/purity of the bars which is measured in karat. The purest form of gold comes in 24 karats, 22 karats, 18 karats and 14 karats. If you plan to invest in gold, then opt for 24 karats as all 24 parts in gold are pure and have 100 percent gold.

-- To get the worth of your investment always consider buying gold with hallmark certification. Gold that carries BIS (Bureau of Indian Standards) is best to buy and guarantees value for money. Always insist on getting a purity certificate.

-- Fineness is another measure to understand the quality of gold bars which is used to express the content of gold by parts per thousand. Buying the gold bar from a prominent refinery ensures the highest purity level. However, do enquire the place from where the bar was refined. In India, MMTC PAMP (a joint venture between MMTC and Switzerland’s PAMP SA) and Bangalore refinery are the gold refineries.

-- If you plan on purchasing a gold bar online, then keep the original packaging intact to maintain quality and easy to store.

first published:December 20, 2020, 09:43 IST
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