Gold Rate in Akola Today

Indians, including residents of Akola, have a longstanding tradition of buying and gifting gold jewellery during festive seasons and other celebrations. Gold also serves as a strong long-term investment. While its price can fluctuate in the short term, it has consistently maintained its value over time. 

To navigate the fluctuating gold rates in Akola, regularly check the rates. Consider the influencing factors listed here before making any decisions about purchasing or leveraging gold.

Check out the gold price today in Akola for different weights below.

Gram	22 Carat Gold Rate Today	22 Carat Gold Rate Yesterday	Daily Price Change
1 Gram	₹9,080	₹9,080	₹0
10 Gram	₹90,800	₹90,800	₹0
100 Gram	₹908,000	₹908,000	₹0

Gold price in Akola with fluctuations in the last few days, is shown below:

Gold price in Akola with fluctuations in the last few days, is shown below:

In the past, investing in gold meant buying physical gold from jewellery stores. Today, technology offers various gold investment options. Here are some popular modes of investment in this yellow metal: 

• Physical Gold

This involves buying gold as jewellery, coins, or bars. Jewellery can serve dual purposes for use on special occasions, while coins and bars are strictly for investment. However, this option may involve high making charges and risks of theft, thus requiring bank locker storage.

• Gold Exchange-traded Funds (ETFs)

Gold ETFs allow you to invest in gold without owning it physically. Traded on stock exchanges like the National Stock Exchange (NSE), they invest in gold bullion or futures contracts, with their value linked to gold prices. 

• Digital Gold

You can now purchase and store gold digitally. This type of investment is secure as it is backed by physical gold stored securely in lockers or vaults. This method eliminates the need to visit a jeweller, arranging physical storage or worrying about theft.

• Gold Investment Schemes

Many jewellers offer investment plans that allow you to contribute small, regular amounts over a specified period. At the end of the term, you can use the accumulated funds to purchase gold. The details of these plans may differ among jewellers.

When checking today’s gold rate in Akola, keep these key factors in mind before making your purchase:

• City's Current Gold Rate

Gold prices vary by city due to demand and import costs. Always check the day’s rate from reliable sources to make an informed decision.

• Hallmark and the 6-digit HUID Code

Ensure your gold has a hallmark by the Bureau of Indian Standards (BIS) and a 6-digit Hallmark Identification Code. These marks guarantee purity and ensure you get what you pay for.

• Reputable Seller

Buy only from trusted sellers with a strong reputation and positive reviews. Confirm they provide BIS-hallmarked gold and a hallmark certificate to avoid scams.

• Making Charges

Jewellers apply making charges for jewellery with intricate designs. These charges differ, so compare rates among reputable sellers to find the best deal.

Along with knowing the gold price in Akola, it is essential to understand the factors that influence current gold prices. Here are the key aspects to consider:

• Currency Fluctuations

Changes in the rupee’s value against the US Dollar affect import costs, directly impacting gold prices. Gold prices tend to rise when the dollar weakens against other currencies. In contrast, they generally fall when the dollar strengthens.

• Local Demand and Supply

The demand for gold jewellery typically surges during festive seasons, influencing the overall market supply and driving prices higher. Gold prices tend to rise during peak demand periods, such as festivals or weddings, and decrease when demand declines.

• Import Regulations

Adjustments in import duties influence gold prices. When the import duty on gold decreases, the cost of gold reduces, leading to lower domestic prices. For instance, in 2024, the government cut the import duty on gold from 15% to 6%, causing domestic gold prices to drop by 9%. 

• Inflation

When inflation rises, gold prices usually go up too. This is because gold acts as a safeguard against decreasing currency value. As a result, more people buy gold, which increases its price.

While you may find some of the tests listed below helpful, use the services of a professional for greater accuracy and safety. Here are some simple and effective methods to check gold’s purity:

• Magnet Test

Pure gold is non-magnetic and does not get attracted to a magnet. If the magnet attracts the gold item, it likely contains impurities or is not genuine.

• Black Stone Test

Rub the gold against a black stone to create a streak. If the streak is golden, it is likely real gold. If no streak appears or the colour differs, it is not gold.

• Acid Test

After rubbing an area of your gold item on a stone, apply a drop of nitric acid or aqua regia to the streak. Gold will remain unaffected, while the streak will dissolve if it is not pure gold.

• Weight Test

Gold coins are made to specific weight and size standards. Fake gold usually differs in size or thickness. Check the coin's weight, diameter, and thickness against standard measurements.

• Heat Test

Real gold melts without changing colour, while fake metals like copper or brass turn dark or change colour when heated.

• Float Test

Fill a glass with water and drop the gold item in. Real gold sinks due to its high density, while fake gold may float or hover.

As per the current taxation rules of the country, you need to pay Goods and Services Tax (GST) on gold purchases. GST is added to gold’s price, so a higher tax rate will increase the cost of your purchase, and a lower rate will reduce it.

 

The GST on gold is comparatively lower than other goods and services. The GST on gold coins in India is 3%. In addition, making charges on gold applied by jewellers are taxed at 5%.

 

For example, if you purchase a gold bar worth ₹1 Lakh, the GST on gold at 3% comes to ₹3,000. Add this to the original price of the gold item, and the total cost will be ₹1,03,000.

Gold loans and gold rates are closely linked. When you use gold as collateral, the loan amount is determined by the current gold rate. 

 

As gold prices increase, the loan amount you can get increases, enabling you to borrow more for the same amount of gold. Conversely, when gold prices fall, the loan that you qualify for goes down.

On Bajaj Markets, you can instantly compare and apply for gold loans from various lenders. Within just a few minutes and with minimal documentation, you can submit your application digitally and secure your loan.