Top 5 insights to consider before buying gold on this Dhanteras!

The quality, price, and purity of the gold you acquire are paramount. To ensure a secure and well-informed decision that aligns with your financial goals and needs, here are the five key things to consider

In India, the festival of Dhanteras is synonymous with buying gold, and for good reason. On this auspicious day, the sale of gold reaches one of its annual peaks as people flock to purchase gold bars, ornaments, coins, and silverware. The term "Dhanteras" itself translates to "dhan" (wealth) and "teras" (thirteenth day), signifying the worship of prosperity and good fortune. This tradition is deeply rooted in the legend of how a prince was saved from death, which has inspired the age-old tradition of investing in gold on Dhanteras. In addition to purchasing gold, it is also customary to keep gold in puja and light a lamp called Yama Deep in front of the main door to seek the blessings of Lord Yama and goddess Lakshmi.

While Dhanteras offers the perfect opportunity to invest in this precious metal, it's crucial to exercise caution and due diligence when making your purchase. The quality, price, and purity of the gold you acquire are paramount. To ensure a secure and well-informed decision that aligns with your financial goals and needs, here are the five key things to consider:

1. Purity and Hallmarking

Make sure the gold you're buying is pure and genuine. To do this, check for a BIS hallmark, a symbol that indicates the gold's purity and authenticity. Look for the BIS logo and purity grade on the gold coin, which is typically marked as 24 karat (99.9 per cent pure) or 22 karat (91.6 per cent pure).

2. Trustworthy Seller

Buy your gold from a reliable and trusted source. Reputable sellers include established jewellers, banks, and well-known dealers. Check for customer reviews and ask for recommendations to ensure you're dealing with a trustworthy seller.

3. Ethical Sourcing

Ensure that your gold is ethically and responsibly sourced. This means supporting environmentally friendly and socially responsible practices in the gold industry.

4. Tax Compliance

Always insist on a bill and pay the requisite tax on gold while buying. This not only ensures your purchase is legitimate but also contributes to the country's revenue and economic well-being.

5. Weight and Size

Determine the weight and size of the gold coin you intend to purchase. Ensure that it matches the standards and requirements you're looking for. Sometimes, smaller coins might have a higher premium, so it's essential to evaluate this against the larger sizes to get the best value for your investment.

By keeping these five essential points in mind, you can make a secure, ethical, and informed gold purchase on Dhanteras. Happy shopping!

Disclaimer: The article is for informational purposes only and not investment advice.