Gold Price increased again on 11th October 2024: Should You Invest in 22K or 24K Gold This Festival Season?

Gold prices are on the rise still, with the following increases:

• 22K Gold: ₹560 rises per sovereign (8 grams), bringing the total to ₹56,760. The price per gram is now ₹7,095, up by ₹70.
• 24K Gold: ₹76 increase per gram, making it ₹7,740 per gram, with a sovereign priced at ₹61,920.

Should You Invest in 22K or 24K Gold?

Gold investing is not risk-free for first-time investors. Your wants and requirements should guide your choice. 24K gold is purer and provides a higher return if resale value is your priority. The only forms it comes in are bars and coins. In contrast, 22K gold is frequently utilized in jewelry due to its combination with other metals, which gives it greater durability.

It is up to you to decide which of the 22K and 24K is the one you prefer. 22K gold is for people who like gold jewelry, even though 24K gold will cost more. It is simple to buy or sell both varieties of gold because they are both marketable.

Investing is Best Done During the festive season.

As we approach the festive season in Tamil Nadu, the demand for gold typically increases, pushing prices even higher. Keeping an eye on market trends can help you decide when to purchase. Festival periods often see price fluctuations, so it’s important to stay informed.

In conclusion, choosing between 22-karat and 24-karat gold depends on how much the jewellery durability or resale value is to you. Throughout this festive season, keep an eye on the movements of the gold price and base your investment decision on your long-term financial objectives.

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