The people of Aurangabad rely heavily on imports of gold for investment purposes and to meet the demands of all kinds of auspicious occasions, such as festival purchases and weddings. Buying gold in Aurangabad today? Then you must know the gold rate in Aurangabad today. Although the rate of gold tends to go through fluctuations here, as it does in most Indian cities, gold is considered a stable asset as it is easily liquefiable. Holding its own against inflation, and representing a hedge against economic uncertainty, gold is viewed as a much sought-after metal. Here’s all you need to know about gold in Aurangabad, if you want to purchase it.
You may be a novice at investing or one who wants to diversify their portfolio. Whatever your gold requirement is, whether for its ornamentation or asset value, you must know the gold price in Aurangabad today. These are the rates:
22 carat gold rate today in Aurangabad - Rs. 45,930 for 10 grams
24 carat gold rate in Aurangabad - Rs. 48,230 for 10 grams
Think you should invest in 24 carat gold? You wouldn’t be wrong to do so, as this is the purest gold you will get, seeing you gain huge returns in the future. Therefore, you should know the gold rates today. Gold rate in Aurangabad for 24 carat gold is:
1 gram of 24 carat gold - Rs. 4,823
8 grams of 24 carat gold - Rs. 38, 584
The gold price in Aurangabad for 22 carat gold is vital to be aware of if you’re on the hunt for gold ornament purchase, as most jewellery is made from 22 carat gold. Note the rates:
1 gram of 22 carat gold - Rs. 4,593
8 grams of 22 carat gold - Rs. 36,744
Today, the gold rate in Aurangabad, Maharashtra, depends on various variables. Some factors that decide the rate of gold are domestic, while others are international. For instance, the gold standard international price is determined by the London Bullion Association. This is officially published for all nations to rate the value of gold. The Indian Bullion Jewellers Association considers international pricing and decides on the gold prices for India. Moreover, banks and other institutions import gold into India. The gold that is imported has to be taxed, and after all the taxes are applied, prices are determined for India and separate states.
The gold rate in Aurangabad, Maharashtra, is taken into important consideration when you purchase gold or any form of gold investment, or securities. Nonetheless, you need to know that the gold you buy is pure. So how can you be sure about this metal’s purity? The purity of gold is represented by a scale of values from 1 - 24. As you already know, 24 (carat) indicates the purest form of this metal. Gold, in this case, is not blended with any other metal/alloy. However, when you buy 22 carat gold, you are essentially buying gold that is 91.6% pure. The Bureau of Indian Standards certifies all valid 22 carat gold articles with a stamp or a hallmark, bearing the insignia, ‘916’.
Investing in any form of gold is a good idea in Aurangabad today. Gold rate is one thing to know about, but you can easily get a clue to the purity of the metal too. Gold, as sold in India, is measured by three levels of purity:
24 carat gold - 99.99% pure
22 carat gold - 91.6% pure
18 carat gold - 75% pure
The people of Aurangabad love their gold, and even if you are willing to pay the Aurangabad gold price that a seller suggests, you should ensure what you are purchasing is pure. Just by looking at gold, this is impossible to gauge. Some ways to know about purity are mentioned below:
Testing with magnets - As gold is a metal that is non-ferrous, it is not attracted to magnets. This is a property that you can use to test if the gold you are buying is pure.
Machines for purity - Nowadays, all retailers selling physical gold have digital gold purity machines that evaluate your gold (and their own) in terms of caratage and weight.
Get certified gold - The gold you purchase should always be certified officially. Whatever gold that is authenticated by the Bureau of Indian Standards comes with its own distinctive certificate, and you must insist on this.
A necessary condition for you to make a gold investment is to know the gold price today. Aurangabad, Maharashtra, experiences fluctuations in gold rates, sometimes on a daily basis, and you have to know the rate when you invest in order to budget your funds accordingly. The common ways to invest in gold are physical gold, gold mutual funds, or gold Exchange Traded Funds (ETFs).
How You Can Make Gold Investments in Aurangabad
You can not only invest in physical gold, but there are a quite few methods that you can look at if you want to invest in the metal. The following are the ways in which you can make gold investments in Aurangabad:
Purchase physical gold - Physical gold is a traditional and common way for people from Aurangabad to make investments in this metal. Primarily, gold investment takes the form of jewellery which can be worn and simultaneously kept for security against the requirement for cash. People also buy gold in the physical form of bars and coins. These can be bought from banks or jewellers.
Gold in paper form - Gold investments can be undertaken in paper form, such as mutual funds, ETFs and gold SGBs. It is imperative to know the current gold rate in Aurangabad if you want to purchase gold in any of these formats. These are secure investments as they prevent any loss of physical gold through theft, plus there’s no need for insurance.
The gold price in Aurangabad, Maharashtra may be prone to changes, so you must consider certain points while you buy gold. These are listed below:
Certification is necessary - A piece of sound advice is to buy gold with proper certification and see that it is hallmarked from the BIS.
Charges for making - You have to pay the making charges beyond the value of the gold you buy. This is included in the total cost you ultimately pay for jewellery and even coins. There is no cap on these charges, and jewellers charge as they please. However, you should do your research well and find a good average charge.
Gold purity - If you are purchasing 22 carat gold, this will be in the form of jewellery, and you must make sure you buy this gold which is 91.6% pure. Ask to check the purity via a purity machine before you make your purchase.
Insist on an invoice - When you buy gold in Aurangabad, the gold rate in Aurangabad will be one of the pieces of information written on an invoice you must get with your purchase. The invoice is a must as it has details of the seller, the purity of the purchase, the weight of products bought, etc. It is important to have if you want to resell your gold.
The gold rate in Aurangabad today may not be the same as it was yesterday. Furthermore, it may not be the same tomorrow. Gold prices fluctuate for several reasons in Aurangabad, and this is due to global as well as domestic variables. As gold is imported from abroad, the international price of gold determines the rate of gold in India. Added to this, taxes, both global and domestic apply, and import duties too. The dollar to rupee ratio also has a say in rate fluctuations, and when the value of currencies fluctuate, so does the value of gold. Over and above all this, when the demand for gold increases, the price goes up and vice versa, creating shifts in the value of gold.
The gold rate in Aurangabad has a lot to do with factors that influence it, both outside India and within the country. Importance should be given to these factors so that you can take an informed decision to buy gold at the best possible rate:
Inflation rates - Gold is seen as a hedge against inflation. When inflation strikes and prices of commodities rise, people panic and buy gold as a safety measure for the future. This leads to a rise in gold demand and, consequently, its price.
Rates of interest - When interest rates climb, the supply of gold rises. This results in the price of gold falling, and people clamour to buy it. Then, the price rises again due to a rise in demand.
Demand and supply angle - India imports gold in large quantities to meet the demand in the country. Gold is seen as a stable asset and its intrinsic quality to fulfil the needs of Indians during festivals and religious occasions makes it a metal of great value in India. As demand increases, gold supply decreases, and if gold prices rise internationally, India imports less gold for the increased price. All this has a direct impact on the cost of the metal in India.
Market conditions - The gold price in Aurangabad today is largely affected by seasons. With festival times and wedding seasons seeing an upsurge in gold purchase, naturally, rates increase. These are the times of high demand for this metal which is precious to all Indians.
The gold price in Aurangabad, Maharashtra, may see fluctuations due to a number of aspects that affect it from within India and outside the country. However, one cost that is added to any rate of gold remains fixed. This is the tax that is charged on the gold you buy. The Goods and Services Tax or GST is charged to customers by sellers and then given to the Government of India. This tax, an indirect tax, is levied at 3% on the value of the gold you buy. GST at 5% is levied on making charges of gold ornaments. Since there is no limit on making charges, this is the cost that can take the price of gold you purchase up exponentially.
Planning a purchase of gold? Then you should not only know the current gold rate in Aurangabad, but the differences in the standards of purity of the metal. Have a look below to find out:
KDM Gold - KDM gold represents gold that is mixed with an alloy or another metal. Previously, KDM gold consisted of 92% gold and 8% cadmium. Nonetheless, cadmium was banned from the blend as it was found to have toxic effects on human skin. Instead, gold is mixed with other metals like zinc or copper. Cadmium is now merely used for soldering purposes in making ornaments.
Gold with a Hallmark - The Bureau of Indian Standards or BIS has a major role to play in authenticating gold. When any article made of gold has a BIS stamp, it is called a hallmark and guarantees the purity of 22 carat gold you purchase. Typically, the BIS hallmark will be imprinted as ‘916’ indicative of 22 carat gold which is 91.6% gold mixed with an alloy.
When you buy jewellery with a hallmark, it means you are buying jewellery that is authenticated for its purity by the Bureau of Indian Standards or BIS. This jewellery comes with a certification that guarantees its purity.
Several well-known jewellers like Tanishq, Joy Alukkas, etc., have schemes that help you earn money by investing in gold. As part of these schemes, customers have to make a deposit every month for a chosen tenure. At the end of this tenor, customers get paid back a bonus amount or 75% of it. This allows customers to buy gold that is equal to the amount at the end of the tenor from the same jeweller.
As gold is imported from abroad, the rupee-dollar exchange rate is important in the purchase of gold. India has to buy gold at a price in dollars, so if the value of the rupee falls against the dollar, India is able to buy less gold at higher prices. Hence, the cost of gold gets affected.