Following the announcement of reduced customs duties in the Union Budget 2024, gold prices in India have dropped significantly, coinciding with a rise in consumption ahead of the upcoming wedding season. Gold has significant cultural and financial significance, especially in wedding ceremonies. The recent fall in gold prices offers couples and their families an excellent opportunity to make significant savings on their wedding expenses.

Gold prices fluctuate and are influenced by various factors such as global market trends, changes in currency value and the prevailing economic conditions. Recently, a confluence of these elements has led to a decline in the price of gold. This decline presents a favorable opportunity for people planning their wedding as they can purchase gold jewelry at a cheaper price.

Start your shopping early

It is important to consider buying gold when prices are falling. If you have sufficient funds, postponing your purchase may result in a price increase as gold prices fluctuate over time. External influences such as tensions in the Middle East and the crisis in Bangladesh could contribute to a possible rise in gold prices in the coming months.

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Price fluctuations

Even though the price of gold is currently low, it can fluctuate. Buying early can help you lock in the current low price and avoid any potential price increases in the future. Buying early gives you plenty of time to select the best designs and avoids the rush and higher prices that often accompany last-minute purchases.

Adhil Shetty, CEO, Bankbazaar.com, says, “When buying gold for a wedding, you need to carefully compare the prices, manufacturing cost and tax liability. You need to set a budget and make the purchase according to the requirements of your wedding. While buying jewellery, the manufacturing cost is usually 15-20 percent or even more and 3 percent GST is also levied. So, buying at lower prices is helpful but don’t overdo it without knowing the actual cost and long-term prospects.”

The following graph shows the price movement of gold in Uttar Pradesh over the last 30 days.

Set a budget

Setting a budget is crucial as there is no point in buying beyond your limits. When buying gold on credit, it is important to stick to a budget based on your requirements. List all the gold items you will need for the wedding, including jewelry for the bride and groom, gifts for close relatives and other traditional items.

Research prices

As mentioned earlier, you need to research current gold prices. This will give you an idea of ​​what the approximate cost of your purchase will be and whether you should buy now or wait a bit depending on your wedding date. Check current gold prices and compare prices from different jewelers. Online resources and local jewelers can give you insight into the best deals available.

Funds for purchasing

Set aside the money you need to buy gold. This way, you’ll know your budget and can stop buying when you’re done. It might be tempting to go to a jewelry store and buy more to see new designs. Your budget will tell you where to stop. Set aside money for each category of gold purchases. This will help you avoid overspending.

Choose reputable jewelers

To ensure the quality and authenticity of your gold, it is important to choose a reputable jeweler. Here are some tips:

1. Check certifications: Make sure the jeweler has a purity certificate such as the BIS hallmark in India.
2. Read reviews: Pay attention to customer reviews and ratings. Positive feedback from other customers can be an indication of a trustworthy jeweler.
3. Compare offers: Don’t hesitate to compare offers from different jewelers. Some may offer additional discounts, better craftsmanship, or additional services such as customization.

It is good to buy at lower prices but do not compromise on quality and standards. This is a costly commodity so do not rush your decision based on price. In weddings, try to negotiate prices like processing fees etc. as it will reduce your overall cost.