Gold Rate in Bhiwandi Today

Bhiwandi is a city in the Thane district of Maharashtra, India, known for its textile industry, particularly its powerloom-producing sector. Like any other part of India, gold in Bhiwandi holds a cultural and economic significance. 

Today’s Gold Rate in Bhiwandi depends on factors like market trends, purity, form, and many more. For example, a specific amount of gold in coin form will be cheaper than jewellery. Knowing the fluctuations in detail will help you get the most out of your investment.

You no longer need to visit a jeweller to invest in gold. Thanks to technology, there are now many ways to invest in gold. Here are some options available in Bhiwandi:

• Digital Gold Investment

Some investment platforms let you buy digital gold. In this kind of investment, the company buys the same amount of gold for you and keeps it safe in a vault. The gold is also insured, so you don’t have to worry about its safety.

• Physical Gold

Physical gold investment means buying and holding gold in its solid form. You can buy gold jewellery from a trusted jeweller after checking its authenticity. You can use the gold for festivals and special occasions if you buy it in ornamental form. But if you are investing only for profit, gold coins and bars are a better option. 

 

But, keep in mind that physical gold can be costly because of making and labour charges. You may also have to pay for a bank locker to keep it safe.

• Gold Bonds Investments

A Sovereign Gold Bond (SGB) is another investment option where you don’t have to buy the gold physically. The RBI manages the scheme and you can buy SGBs when issued and redeem them at maturity. Some other benefits of this investment are: 

• Invest from 1g up to 4Kg (Individuals & HUFs) or 20Kg (Trusts)

• Hold and trade it in dematerialised or paper form

• Receive gold’s market value at maturity plus interest

• Avoid making charges and purity concerns of jewellery

• Use it as collateral for loans

• Gold Exchange-Traded Funds

Gold ETFs work like stock market investments but for gold. They trade on stock exchanges, and you can buy and sell gold just like stocks.

Before investing in digital gold or other options, you need to keep some factors in mind. One of the main factors is the market conditions and economy that can affect gold prices today in Bhiwandi. Also, evaluate your investment goals and risk level. Other factors are:

• Suitable Gold Investment Type

There are physical and digital gold investments. For physical gold, you can buy jewellery, coins, or bars. For digital investments, you can go for ETFs or gold bonds. Both types have some risks and advantages. Choose the one that will be suitable for you. 

• The Right Time to Buy Based on Market Trends

Market trends play a huge role in rates of gold. So, check the updates daily to compare the prices and invest according to them. 

• Go for a Trusted Seller

When buying physical gold, a jeweller with years of reputation in the market is important. Check out if the seller has an online presence and reviews their past customers. Make sure the seller provides all the legal documents of the gold. 

• Get the Hallmark Certification

Hallmarking certifies gold purity. Since April 1, 2023, jewellers can sell only hallmarked gold with a unique Hallmark Unique Identification (HUID) code. Authorised Assaying and Hallmarking Centres (AHCs) stamp the HUID to ensure purity and transparency. 

 

Each jewellery piece displays the Bureau of Indian Standards (BIS) logo, karat level, and a six-digit HUID code. Buyers can verify details using the BIS Care app.

• Additional Charges

Physical jewellery has design charges. These charges can differ from jeweller to jeweller. Here, you can compare the options or negotiate with the jeweller to reduce the changes. Also, there will be taxes on the charges, so make sure to add it to your account.

 

You will find a lot of jewellers give discounts on design charges during festive occasions, so you can use that time to invest in gold.

Gold prices depend on many factors, especially international markets. Since India is a major gold consumer, any global price change directly affects its cost here. Let’s look at some of the important factors that determine the gold’s rate:

• Inflation Rate

Gold retains its value better than currency during economic uncertainties, which is why it is a popular safety net against inflation. When inflation rises, more investors buy gold, increasing its demand and price. This applies to both global and Indian inflation.

• Gold Reserve

The central bank maintains significant gold and currency reserves. When these institutions purchase additional gold, the overall supply of the precious metal contracts. This reduced supply, coupled with increased demand, can drive up the price of gold, as more cash flows into the market.

• Festive Season

People usually buy gold for jewellery, gifts, and investments during festivals and weddings. This drives up demand, leading to an increase in gold prices. 

• US Dollar Rate

Global gold price changes directly impact prices in India since the country imports large amounts. During political instability, investors see gold as a safe option, increasing its demand and price.

Gold purity is measured in karats (K), with 24K containing 99.9% gold. Lower karats mix metals like silver or copper for more durability. To check the purity, the following methods are used: 

• Checking with Nitric Acid 

The acid test is a common way to check gold purity. The jeweller rubs the gold on a stone and applies a drop of nitric acid. The reaction shows the gold's karat level. The process is fast and simple, but it can damage gold if not done correctly. 

• Black Stone Method

Jewellers keep a black stone with them to check the authenticity of the gold. They create a streak on the gold to see if it’s reacting to it. You can use the black stone and then put a drop of acid to check it more precisely. 

• Fire Assay Method

The fire assay method accurately tests gold purity. Jewellers melt the gold and analyse its content. This method provides precise results but will destroy a small amount of gold. 

• Magnetic Test

Scammers commonly use iron to imitate gold. You can easily detect it with the help of a strong magnet, as gold is non-magnetic. 

• Float Test

Another simple method to check the purity of the gold is float taste. This method is ideal for gold coins. You can use your previously purchased gold coin and the new one and drop it in a glass of water. If they sink in a different manner, the new one may be fake.

In India, buying gold coins includes a 3% GST, with 1.5% going to CGST and 1.5% to SGST. The making charges for jewellery have a 5% GST.

 

For example, if you buy gold coins worth ₹50,000, the GST will be ₹1,500 (3% of ₹50,000). If the jeweller charges ₹4,000 for making the coins, the GST on making charges will be ₹200 (5% of ₹4,000). So, the total amount you will pay is ₹55,700.

Gold loans are helpful in emergencies because they are easy to get and have low interest rates. The amount you can borrow depends on gold prices. If gold prices are high, you get more money; if they drop, you get less. This makes gold loans a simple and useful option.

You can compare and apply different lenders who are offering gold loans at Bajaj Markets. All you have to do is provide a few basic details and documents and secure a high-valued loan within minutes.