What makes gold so

What makes gold so costly today?

Gold, the name itself conjures images of opulence and tradition in our minds. The precious metal also depicts religious sentiments and has an auspicious value attached to it.

Having gold is a sign of prestige, not only in India, but globally. No wonder everyone has a sizable amount of gold in their possession.

Of course, with such prominence attached to its name, the sparkling metal comes at a high price. And post pandemic, the gold rates have seen an unprecedented rise. But why is gold so costly? Let’s learn the reasons behind it.

What makes gold so costly?

Gold as a metal is rare to find on earth. More so, its extraction is a painstaking process and involves many health risks.

It’s rarity makes it precious and valuable, thus increasing its cost. Apart from its inherent properties, there are other contributing factors that make gold expensive.

  • Is a popular commodity universally- As discussed before, people love to flaunt their gold assets. Buying or gifting gold commemorates all special occasions, be it birthday, anniversaries, or festivals. There is a demand for gold among all sectors- poor or old, and among all age groups- young or old. This irreplaceable popularity directly translates to an increase in its price.
  • Extraction is complicated- From finding gold in the core of earth to making it market ready for purchase is not an easy process. It involves a lot of laborious steps. All this adds to its price.
  • Demand versus supply ratio- As with any other product, the price of gold is moved by a combination of factors like production, demand and supply. As the demand for gold goods, like jewellery and gold coins increases, the prices go up. On the contrary, when the demand goes down, the prices see a downfall.
  • Long-term investment- The versatility of gold to perform as a commodity, long-term investment, and currency makes it more precious. Investors all over the world regard gold as a safe haven against inflation. Simply put, in harsh times people turn to gold for stability.

So far so good! But how does gold help us during a financial crunch? Well, you can sell gold to get quick cash on the spot. It is as simple as that.

How to get cash against gold?

Gold can be sold in any form- you can sell gold coins, gold bullions, gold coins, old or broken ornaments, missing pieces, or unused antique gold sitting with you for ages.

In today’s testing times, you can sell gold coins or your gold jewelry to get instant cash against gold.

What are the ways of selling gold for cash

There are two ways of selling gold- online or through a local buyer. The preferred method is to visit a buyer, understand their buying-selling procedure, and go ahead with the deal once you are satisfied.

But with so many gold-buying merchants in the city, where should you go? Where should you repose your trust? No worries, just head to Jewels Planet, a big name in the gold selling market. At Jewels Planet, we evaluate your gold on the spot using modern XRF technology. We buy all types of gold. Our transparent process is hassle free and devoid of any hidden gimmicks.

Once at Jewels Planet, you will realize that selling gold for cash was never so easy!

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