Gold has been valuable to us since ancient times. It was first mined in 2000 B.C. Egypt, while the first gold coins were in use in Rome since 50 B.C. Gold is one of the most important precious metals and is amazingly malleable, a good conductor, and resistance to natural forces. This makes gold invaluable to various industries. Gold also holds a lot of sentimental value, which is why a lot of jewellery that is passed on from generation to generation is made of gold. In terms of security, gold is considered to be an ideal investment and is widely chosen for coverage during difficult times. Global stocks of gold have steadily been swelling in the last few decades, and at present are at an all-time high. Gold has numerous qualities which make it invaluable. This is why the price of gold remains advantageous even in hard times and has steadily been increasing.
For purposes of trade, gold is available in a variety of quantities. A Gold guinea weighs around eight gms. At present, the current gold guinea rate is INR 30345 (per 8 gms). Like any other precious metal that is up for trade, the gold guinea price varies from day today. You can check the gold guinea live price online.
Types of Contracts
Trade of gold takes place in a variety of ways. There are different types of contracts one can choose from, depending on one’s requirements. It is wise to look into the various contracts, and their specifications, before you are able to make an informed decision. There are four types of gold contracts. They are Gold (the big gold), gold mini, gold guinea and the gold petal. The lot size of Gold is 1 kilogram, for gold mini, it is 100 gm, 8 gm for the gold guinea and 1 gm for gold petal.
Quantities of Contracts
Let’s take a look at the liquidity rates for the different types of contracts on a normal trading day:
- Big gold contracts (12 – 13K lots)
- Gold m contracts (14-15k lots)
- Gold Guinea contracts (1-1.5K)
- Gold petal contracts (8-9K)
Why Gold Guinea Contracts?
The big gold contract demands a hefty margin, which doesn’t let everyone trade in one. The gold guinea and gold petal are miniscule contracts which ask for a very low margin, (as low as Rs.1251 for Gold Guinea and Rs.154 for Gold Petal). The contract value is small since the lot size is tiny. Therefore, the gold guinea and gold petal are better options to invest in when the resources are limited.
For Regular households that like investing in gold, the gold guinea and the gold petals are good options. A majority of Indians like to buy gold during various festivals like Akshaya Tritiya, Dhanteras, and the New Year. Farmers also invest in gold during monsoons, if the harvest is good. Other than jewellery, gold guinea and bars are popular choices. Since so many people buy gold during these occasions, the gold guinea price is also generally high. If you wish to buy gold at other times, you should keep a check on the Gold guinea live price, to estimate the current gold guinea rate. This will help you figure out the most favourable time for an investment.