Gold Rate Today in Erode

Gold Rate in Erode

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Gold is an integral part of the country’s culture and symbolises purity, auspiciousness and good fortune. Though the price of gold fluctuates, it has cemented its position among investors because of being inflation-proof. According to market experts, investment in gold can be an excellent choice for the iversification of your portfolio. If you are a resident of Erode, looking forward to gold investments, here’s a detailed guide.

Gold Rate in Erode

If you are interested in making a gold investment, consider the gold rate today Erode:

 

  • 24 carat gold: 10 grams for Rs. 47,370.

  • 22 carat gold: 10 grams for Rs. 45,110.

Today 24 Carat Gold Price per gram in Erode

Here’s a look at the gold 24 carat price Erode today:

 

  • Pure gold (24 carats) for 1 gram: Rs. 4,737.

  • Pure gold (24 carats) for 8 grams: Rs. 37,896.

Today 22 Carat Gold Price per gram in Erode

Here’s a look at today gold rate in erode 22 carat:

 

  • Standard gold (22 carats) for 1 gram: Rs. 4,511.

  • Standard gold (22 carats) for 8 grams: Rs. 36,088.

Now that you know today Erode gold rate, here’s a look at the rate change for today and yesterday:

Gold

Gold rate in Erode today per gram

Yesterday gold rate per gram in Erode

Rate change

Pure gold (24 carats) for 1 gram

₹ 5,171

₹ 5,171

₹ 0

Pure gold (24 carats) for 8 grams

₹ 41,368

₹ 41,368

₹ 0

Standard gold (22 carats) for 1 gram

₹ 4,925

₹ 4,925

₹ 0

Standard gold (22 carats) for 8 grams

₹ 39,400

₹ 39,400

₹ 0

If you want to know today gold rate in Erode 916 KDM, here’s a look:

 

  • 18 carat gold rate in Erode for 1 gram: Rs. 3,694.

  • 18 carat gold rate in Erode for 10 grams: Rs, 36,940.

To have a clear understanding of the gold rate Erode live, refer to the weekly chart:

22 & 24 Carat Gold Rate in Erode for Last 10 Days

Date

STANDARD GOLD 22K

PURE GOLD 24K

1 Gram

10 Gram

1 Gram

10 Gram

Nov 27, 2022 ₹ 4,925.00 ₹ 49,250.00 ₹ 5,171.00 ₹ 51,710.00
Nov 26, 2022 ₹ 4,925.00 ₹ 49,250.00 ₹ 5,171.00 ₹ 51,710.00
Nov 25, 2022 ₹ 4,935.00 ₹ 49,350.00 ₹ 5,182.00 ₹ 51,820.00
Nov 24, 2022 ₹ 4,931.00 ₹ 49,310.00 ₹ 5,178.00 ₹ 51,780.00
Nov 23, 2022 ₹ 4,885.00 ₹ 48,850.00 ₹ 5,129.00 ₹ 51,290.00
Nov 22, 2022 ₹ 4,905.00 ₹ 49,050.00 ₹ 5,150.00 ₹ 51,500.00
Nov 21, 2022 ₹ 4,920.00 ₹ 49,200.00 ₹ 5,166.00 ₹ 51,660.00
Nov 20, 2022 ₹ 4,925.00 ₹ 49,250.00 ₹ 5,171.00 ₹ 51,710.00
Nov 19, 2022 ₹ 4,925.00 ₹ 49,250.00 ₹ 5,171.00 ₹ 51,710.00
Nov 18, 2022 ₹ 4,945.00 ₹ 49,450.00 ₹ 5,192.00 ₹ 51,920.00

 How Gold Rate is Determined in Erode?

A multitude of factors determine gold prices in the country and Erode. At present, there is no accepted mechanism to regulate gold price formally, nor does an international body exist to control the rates. Here’s a look at some factors determining the gold rate in Erode:

 

  • The international spot price of gold: OTC markets such as the London Bullion Market fix the spot price of gold daily. Also, bullion traders and banks help to decide the spot price of gold. And the daily spot price of gold plays a key role in determining the international gold rates. As India exports most of its gold, international prices of gold have a direct bearing on the gold rates in the country.

  • The gold futures price: Gold trade also occurs across global exchanges such as COMEX, TOCOM, DGCX, and more. Speculation drives the gold futures price. The gold futures price also affects the international gold prices.

  • Demand and supply factors: After the international price of gold, the demand and supply factors primarily decide the gold price in Erode. For instance, in a fixed period, with the supply of gold remaining constant, high demand will cause the current gold rate in Erode to increase.

  • Consumer behaviour: Along with demand and supply factors, consumer behaviour is integral in shaping the gold rate at Erode. For example, during the festival season, consumers can buy more gold. High demand increases the gold rates. Economic factors such as inflation also shape consumer behaviour and create a huge demand for this precious metal.

How is the Purity of Gold Determined?

The Bureau of Indian Standards (BIS) is the nodal body in the country to determine the purity of gold. This government body establishes the purity of gold through hallmarking at BIS-licensed testing labs. Once the gold item undergoes hallmarking at a licensed centre, four unique marks are embossed on the gold item:

 

  1. The BIS logo: The certified centre stamps a distinct BIS logo as a hallmark to guarantee its authenticity.

  2. Number or mark of the assaying or hallmarking centre: Along with the BIS logo, a hallmarked gold item has the mark of the licensed centre. There are different BIS-approved centres, having separate marks/numbers, across the country.

  3. Jeweller’s unique identification mark: Any hallmarked gold item such as a gold ornament, coin and bar will have the jeweller’s unique identification mark. You can cross-check this mark with the list of BIS-licensed jewellers on the BIS website.

  4. Karat purity mark: The BIS also mandates embossing gold items with specific marks showing the karat purity levels. At present, stamping gold items with karat purity is mandatory for 14 carats, 18 carats, 20 carats, 22 carats, 23 carats and 24 carats.

Apart from the standard process of hallmarking, gold manufacturers and sellers conduct other tests such as X-ray Fluorescence Spectroscopy (XRF) test, metal detector test, thermal test, electric and electronic machine tests, to test the purity of gold. 

Different Types of Purity measures of Gold in Erode

There are two different types of purity measures of gold across the country, and consequently in Erode:

 

  1. Carat Purity of Gold: Here, the purity of gold is expressed in carats. A carat purity measure of 24 indicates 99.9% pure gold. You can refer to the table to know the various carat purity measures and their uses: 

Carat

Purity level

Uses

24 carats

99.9%

Electronics, medicines, coins and bars

23 carats

95.8%

Coins and bars

22 carats

91.67%

Jewellery. Most popular in India.

20 carats

83.3%

Jewellery.

18 carats

75%

Studded and designer jewellery for regular use.

14 carats

58.5%

Studded and durable jewellery. Most popular in the USA.

9 carats

37.5%

Simple and durable entry-level gold jewellery for daily use.

 
2. Fineness purity of gold: This measure expresses the purity of gold in parts per thousand. For instance, a fineness of 990, the same as 24carat gold, indicates that in an alloy of gold, 990 parts consists of pure gold and the rest of other metals. You can refer to the table showing the pureness, percentage of other metals and corresponding carat levels:  
 

Fineness

Percentage of other metals in parts per thousand

Carats

990

0.10%

24 carats

958

0.42%

23 carats

916

0.84%

22 carats

833

167%

20 carats

750

250%

18 carats

585

415%

14 carats

375

625%

14 carats

 How to Know If You Are Buying Fake Gold?

Now that you know about the different gold purity measures, you can easily identify a fake gold piece. While buying a gold item or checking the already purchased gold item, you can:

 

  • Check the price of gold: Unscrupulous jewellers can sell a fake gold piece at a low price as against the standard gold rate in Erode. If the seller or jeweller agrees to sell the gold item at a price lower than the prevailing standard prices in Erode, chances are that the gold item is fake or impure.

  • Check the hallmarking: Missing all, or any of the requisite BIS-specified marks shows a fake gold item.

  • Use a density testing machine: You can take your gold item to a jeweller, having a density testing machine. The machine provides accurate results for the purity of gold.

  • Use a carat measuring machine: A jeweller with a carat measuring machine can provide you with valid results about the purity of your gold item.

  • Buy a home testing kit: You can buy a home testing kit having a testing stone and vials with varying concentrations of nitric acid. You can rub your gold item on the testing stone and apply the nitric acid to the mark. A fully dissolved mark can show a fake gold item.

  • Do a magnet test: You can simply place a powerful magnet next to your gold item. It will draw a fake gold item because of its impure metal contents.

Gold as an Investment in Erode

Like other cities in Tamil Nadu, residents of Erode share a common liking for gold. The purchase of gold is a key aspect of the socio-cultural traditions of Erode. People buy this precious metal on joyous occasions, such as weddings, rituals and festivals. Although people prefer to buy gold jewellery, there is also a robust demand for gold bars and coins. While earlier, gold was synonymous only with auspiciousness and wealth, it is now also being recognised as a reliable investment avenue.

How can You Make Gold Investments in Erode?

As a resident of Erode, you can make gold investments in:

 

  • Physical Gold: You can simply buy the precious metal as coins, bars and jewellery.

  • Gold Exchange-Traded-Funds (ETFs): As an alternative to holding physical gold, you can invest in Gold ETFs. This investment merges the simplicity of gold investments with the elasticity of the stock market trading. It requires you to open a Demat account and a trading account to start trading in Gold ETFs.

  • Sovereign Gold Bond (SGB) scheme: These are government-backed bonds having a tenure of 8 years. Denominated in grams, SGBs carry a minimum lock-in period of 5 years. These can be a risk-averse alternative to investing in physical gold.

  • Gold mutual funds: These are open-ended funds allowing the option of investment through SIPs. On redemption, the fund house provides the Net Asset Value (NAV) of gold on that date.

Points to Note Before Purchasing Gold in Erode

Before purchasing gold in Erode, refer to the checklist:

 

  • Consider gold rate in Erode today: Knowing today gold price in Erode will help you make an informed decision.

  • Consider purity of gold: After zeroing in on your preferred carat or pureness level, make sure that the gold item is at the specified carat level. You can look at the BIS carat purity mark or use a carat testing machine.

  • Look at hallmarking: A gold item, not having the requisite BIS-hallmarking components, is fraught with the dangers of fraud.

  • Insist on getting a receipt: You must always request a physical receipt for the purchase.

  • Know wastage charges: To account for the wasted or lost gold during the designing process, jewellers levy this charge. As the wastage or breaking charge varies between jewellers, it is advisable to know the charge beforehand.

  • Ask about the making charges: For the services rendered - of designing your gold ornament - the jeweller or seller can levy a making charge. Remember to ask about this charge as it is an integral component of the final price.

Why Gold Rates in Erode fluctuate?

Gold rates in erode fluctuate because of multiple reasons. As India has low mineral reserves of this precious metal, import is the sole way to fulfil the soaring demand. So right from the international costs of gold production to import duties and from economic variables such as inflation to local issues such as a hike in fuel prices affect the gold rate at Erode. The determination of the spot price of gold at international OTC markets, along with the speculation on future gold prices across global stock exchanges, also results in daily fluctuations of gold prices.

Factors that Affect Gold Prices in Erode

Here’s a look at the crucial factors affecting the gold price in Erode:

 

  1. Fluctuations in currency rates: US Dollar is the denomination for gold trading across global markets. So if the US Dollar strengthens against the Indian Rupee (INR), gold prices will increase in India, and in Erode.

  2. Geopolitical crisis: The yellow metal is also a crisis commodity. People buy more gold during times of strife, risks and uncertainties to hedge themselves. So if there is a global upheaval such as a disaster, market collapse, war, and so on, the gold rate in India, and consequently Erode, will increase.

  3. Repo rates: If the RBI announces a decision to slash the Repo rate, banks will start providing loans at a lower interest rate. This will provide people with opportunities to buy gold. The high demand then can increase the gold rate in Erode. Similarly, a hike in the Repo rate, resulting in higher interest on loans, can lower the current gold rate in Erode.

  4. Local issues: Local variables such as a hike in fuel rate or increase in transportation costs can directly affect the gold price in Erode. To offset the increase in the overall costs, sellers and manufacturers will add the fresh costs to the actual selling price of gold items. This will increase the current gold rate in Erode.

  5. The existing scenario in the Indian jewellery market: During times of seasonal festivities such as Diwali and Dhanteras, people start buying more gold. This high seasonal demand can hike the gold rate at Erode.

  6. Inflation: Investments in gold can beat inflation. So if inflationary trends emerge in the country’s economy, people can purchase more gold. This will increase the current gold rate in Erode.

GST Impact on Gold Rate in Erode

Here’s a look at the GST impact on the gold rate in Erode today:

 

  • GST impact on gold value in Erode: GST increased the tax rate on the value of gold from the previous rate of 2% to an existing 3%. This is because a uniform rate of 3% on the value of gold replaced the previous rates of 1% VAT along with 1% sales tax. So, now for any gold purchase, you must pay a GST of 3% on the gold’s value.

  • GST impact on making charges of gold items: As GST taxed the service sector, jewellers and sellers providing services, including the making of gold ornaments, came within its ambit. The rules fixed the tax slab for GST on making charges for gold items at 5%. To offset the fresh charge, jewellers passed the costs to customers. So for any gold purchase now, you must pay the making charges along with the GST on it.

Difference between KDM and Hallmarked gold in Erode

What is KDM gold in Erode?

KDM Gold is soldered using Cadmium, a metal causing severe toxicity to gold artisans. So the BIS regulations prohibit the use of Cadmium. Previous editions of articles mentioning the gold rate at Erode could have listed: ‘today gold rate in Erode 916KDM’, but at present, KDM gold purity levels are not listed.

What is hallmarked gold in Erode?

Hallmarked gold is BIS-certified gold and bears four different BIS-mandated marks/numbers. According to rules, gold sellers must comply with the hallmarking process. 

Here’s a look at the differences between both:

 

KDM gold in Erode

Hallmarked gold in Erode

Legal status

BIS has banned the production of KDM gold.

BIS has mandated hallmarking process in all gold items.

Presence

Jewellers and others can’t sell KDM gold.

Present across jewellers, banks and bullion traders.

Purity level

Typically, you would find 916KDM gold, which was the same as 22 carat gold.

You can find different purity levels, ranging from 18 carats to 24 carats.

FAQs

  • ✔️Where can I buy gold in Erode?

    You can buy gold from a trusted jeweller or a bullion trader. You can also approach banks selling gold coins and bars.

  • ✔️Can I buy gold having in-house marks of the jeweller instead of hallmarked gold?

    No, you should always buy BIS-certified hallmarked gold.

  • ✔️Is hallmarking mandatory for gold ornaments?

    Yes, the BIS has mandated hallmarking from June 16, 2021.

  • ✔️Is it compulsory to have a Demat account to buy Gold ETFs?

    Yes, SEBI mandates having a Demat account for any gold ETF purchase.

  • ✔️Which gold investment is the best?

    You can select from a range of gold investments - from physical gold to gold bonds and virtual gold - as per your investment objectives.

  • ✔️Is there a 48 carat gold too?

    No, the purest gold is 24 carats. 

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