Festivals mean the glimmer of gold jewelry. The custom of buying gold and giving gifts for weddings or pujas is part of our culture. But the rise in the price of gold has made this tradition difficult for the middle class. The government has taken special steps considering this situation. It is trying to make buying gold easier for the middle class by introducing 9-carat gold hallmarking. This initiative is breathing new life into the gold market during the festive season. Due to which the price of 24-carat gold has crossed 1 lakh, the rush to buy this new gold has increased.
Rise in Gold Price
In the last few years, the price of gold has skyrocketed. The price of 24-carat gold has touched almost one lakh taka, which is beyond the reach of the middle class. Although investors have benefited from this price increase, it is a source of stress for the common man. Maintaining the tradition of buying gold during festivals is now difficult for many. The government's new initiative is a ray of hope in solving this problem. 9-carat gold is now being presented as an affordable alternative. Now what is this 9 carat gold, find out the details.
9 carat gold: New possibilities
9 carat gold contains 37.5 percent pure gold, the rest is a mixture of other metals. Whereas hallmarked 22 carat gold contains 91.6% pure gold. As a result, the price of 9 carat gold is much lower than 24 or 22 carat. Currently, a 9 carat gold bhori is available for around 38 thousand taka. This is an affordable option for middle-class families to buy gold jewelry. This gold can be seen in 22 carat gold, but the color is a little lighter. It is difficult to distinguish this gold without an experienced person. Therefore, the government has ordered hallmarking to increase the sale of this gold. So that the middle class increases the tendency to buy this gold and it is within their budget and reach. And since there is a government hallmark stamp, buyers can buy this gold with confidence.
Hallmarking: Quality assurance
The government has made hallmarking of 9 carat gold mandatory from July. Hallmark and HUID number ensure the quality and authenticity of the jewelry. This is a reliable indicator for buyers. It is important to check the hallmark and HUID before buying gold. This system protects buyers from fraud. This step of the government has increased transparency in the gold market.
Market impact and government initiatives
In June this year, gold sales fell by 60 percent. This decline worried the government, and then the central government intervened in the gold market again to keep the market stable. By hallmarking 9-carat gold, the tendency to buy gold at a lower price is increased. This initiative is expected to increase gold sales. Middle-class families are now able to buy gold at affordable prices. This will have a positive impact on the market during the festive season.
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