Gold is considered a haven asset because its value tends to rise during economic uncertainty. In addition, gold is also known as a store of wealth because it holds its value over time. This makes it a good investment option for those who want to build their financial portfolio. There are two types of gold – yellow and white. Yellow gold is also known as 24 karat gold. It is the purest form of gold. White gold is usually plated with other metals. The price of both forms of gold fluctuates depending on supply and demand. Here are types of gold you should consider buying:
#1. 24 Karat Gold
This type of gold has an extremely high purity level and is also referred to as solid gold or noble metal. Its features include durability, resistance to corrosion and tarnishing, and high luster. As such, this type of gold is ideal for jewelry making. The price of this type of gold depends on the market conditions. For example, a kg of 24k gold can be priced at $2,000 in the US but only $1,500 in Australia.
#2. 22 Karat Gold
22k gold properties include high luster, excellent durability, and low cost. Its color ranges from light yellow to dark yellow. Its mixture of only 8% alloyed metal increases the strength of the gold. This gold type is used to manufacture coins, bars, and jewelry. The price of this kind of gold varies. For instance, a kilo of 22k gold costs about $1,200 in the US.
#3. 18 Karat Gold
This type of gold is less expensive than the previous one. However, it still maintains its quality. It is mainly used in manufacturing rings, earrings, necklaces, bracelets, and pendants—a kilo of 18k gold costs around $800 in the US. Most people prefer buying this kind of gold due to its affordability.
#4. 14 Karat Gold
14k gold is less expensive compared to the other types of gold. It is mainly used in manufacturing jewelry. In the US, a kilogram of 14k gold will cost you around $600. This type of gold has a golden-yellow hue. and it’s primarily used to make small items like studs, cufflinks, and brooches. Its 25% alloyed metal makes it more durable than the other types of gold.
#5. 10 Karat Gold
10k gold is the least expensive among all types of gold. Its primary use is in manufacturing fine jewelry. This gold’s color ranges from light yellowish brown to reddish brown. It is mainly mixed with copper and nickel, which increase its strength. A kilo of 10k gold costs around $400 in the US. This gold is very soft and malleable. 10k gold is relatively new in the market. This type of gold was first introduced in the 1980s. And It is mainly used to make wedding bands and engagement rings. 10k gold is very affordable, which makes it perfect for any budget. 10k gold is highly durable and resistant to corrosion
To get the best deal, you need to know what to look out for when purchasing gold. The following tips will help you find the best deals when buying gold.
Know Your Needs
Before looking for gold, you should determine what you need. Do you plan to buy gold for investment purposes? Or do you intend to use it for personal reasons? Once you know what you need, you can narrow your search to the specific type of gold that meets your requirements.
Determine Your Budget
After knowing what you need, you must now set a budget. Before you purchase anything, you should always consider how much you can afford to pay.
Choose a Reputable Dealer
When shopping for gold, you must always shop at reputable dealers. Many unscrupulous dealers sell fake gold. Always ask for references before making any purchases.
Look For Quality
When buying gold, you should never settle for cheap quality. Cheap quality gold usually has flaws such as scratches, dents, and cracks. These flaws could affect the durability of your purchase.
With this type in mind, you will have no problem finding suitable gold for your needs.