Gold is a common commodity in most households in India. There are many ways in which this precious metal is bought and held. The most common channel is gold jewelry. Indians love to buy the latest designs in gold jewelry for the many festivities and occasions that are celebrated in the country. Other ways of buying and holding the precious metal include gold coins and gold bars.
Gold is also a popular investment option in India. With increasing prices that often offer inflation-beating returns, gold is a lucrative addition to the portfolio of any investor who is looking for an inflation-proof investment. Whether you want to buy gold in Kanpur for the purpose of investing or as jewelry for any occasions in your family, you need to be aware of the gold rate in Kanpur before you make a decision to buy the precious metal.
The gold price in Kanpur fluctuates on a daily basis due to a number of reasons. That is why it is important to take a closer look at the gold rate in Kanpur today before you buy the precious metal or sell your existing holdings. Here is a closer look at the rate of the commodity in Kanpur today.
24 carat gold rate in Kanpur: 10 grams for Rs. 47,410
22 carat gold rate in Kanpur: 10 grams for Rs. 44,610
24 carat gold is pure gold that is generally used to make gold coins and gold bars. If you wish to buy gold in this form, you need to know the 24 carat gold rate today in Kanpur. Here are the details on a per gram basis.
24 carat gold: 1 gram for Rs. 4,741
24 carat gold: 8 grams for Rs. 37,928
22 carat gold is most commonly used to make jewelry. So, if you are planning to buy gold jewelry in Kanpur, you need to check out the 22 carat gold rate today in Kanpur. Here are the details on a per gram basis.
24 carat gold: 1 gram for Rs. 4,461
24 carat gold: 8 grams for Rs. 35,688
The gold rate in Kanpur is not decided by any one single factor. It is a complex, many-layered set of influencing factors that decide and drive the price of gold in Kanpur. Since gold is freely traded in the market in both the physical and the digital format, there is no deciding entity or authority that determines what the price of gold is going to be on a day to day basis. Ultimately, the gold rate is decided informally by a combination of many different factors.
And as each of these factors change, so does the gold rate in Kanpur. That is why the price of gold continues to fluctuate on a daily basis. So, if you are planning to buy gold as jewelry, coins or bars, or if you want to invest in digital gold or gold ETFs, you need to keep an eye on all the factors that impact the price of gold in Kanpur. You also need to do this if you are planning to sell any gold that you currently hold.
It helps to know which factors are responsible for driving the current gold rate in Kanpur upward or downward. That way, if you want to buy or sell gold in Kanpur today, gold rates in the market will be factored into your decisions. Here are the top factors that affect the price of the precious metal.
Demand and supply of gold are among the major factors that drive the price of the commodity. As the demand for the metal increases, the prices also rise since the supply remains quite constant. On the other hand, if the demand for gold goes down, the price will also dip correspondingly, making it more affordable to buy gold jewelry or investments.
India has a vast and dynamic market for gold jewelry, and this also affects the price of gold in Kanpur. If there is an influx of buyers in the market, as it often happens during the festive season, the demand rises. And as you saw earlier, a rise in the demand drives up the price of gold. Similarly, if there are fewer buyers, or if the number of sellers in the market increase today, the 24 carat gold rate today in Kanpur and the 22 carat gold rate today in Kanpur will reduce.
Governments hold gold reserves for various economic and financial reasons. Depending on their needs and the policies in force, they may choose to sell some of their reserves or buy more gold. These transactions also affect the price of gold.
Interest rates and gold prices share an inverse relationship. If the interest rates rise, it means depositors can get better returns on their investments. So, they may tend to navigate to other investment options instead of gold, thus lowering the demand for the precious metal. This, in turn, brings down the price of gold in Kanpur. Similarly, falling interest rates drive up the demand for gold, thereby increasing the gold rate in Kanpur.
Inflation affects the prices of all goods and services, and gold’s prices are also, to a certain extent, impacted. However, if you are choosing to hold gold as an investment, you’ll find that gold offers inflation-beating returns. This is why many investors use gold to inflation-proof their portfolio.
India’s domestic supply for gold is not enough to meet its dynamic demand. So, the country imports gold from abroad, resulting in import duty on the metal. If the import duty rises, this change is reflected in the price of gold too, driving the gold rates upward.
In addition to the factors mentioned above, there are also other aspects that impact the gold rate in Kanpur. They include geopolitical developments in India and abroad, economic developments on a national and international level, as well as the general state of the economy.
Now that you know more about the factors that influence the gold price in Kanpur today, you need to expand your horizons and understand the other aspects that you need to consider before you buy gold in Kanpur.
This is the first thing you need to consider before you buy gold in Kanpur. You can easily find the details online, because the gold rate in Kanpur is updated on a daily basis. You can find the price per gram, per 8 grams, per 10 grams and per kilogram. All of this information can help you make smarter purchase decisions.
There are different grades of purity of gold available in the market. You need to be aware of the purity of the product you intend to purchase. This information is also available easily. All you need to do is look at the bar, coin or the piece of jewelry you want to buy. The details will generally be available there.
When you buy gold, be it as jewelry, coins or bars, you need to be aware of its certification. It is advisable to only buy gold products that come with a genuine BIS hallmark certification. Look for this the next time you buy gold in Kanpur.
If you want to buy gold jewelry, you need to be aware of the making charges involved. All makers charge this fee for designing and manufacturing the pieces of jewelry that they sell. And these charges will vary from one seller to the next. So, keep an eye out for these costs too.
Another important aspect of buying gold in Kanpur is factoring in the taxes on the precious metal. More specifically, you need to understand how GST is applicable on the gold jewelry that you want to buy.
GST or Goods and Services Tax is a kind of indirect tax that is levied on the manufacture and sale of goods, and on the provision of services. When you buy gold jewelry in Kanpur, this transaction involves both goods and services. The product that you buy is classified as ‘goods’ and the process of making the jewelry is classified as ‘services.’ And both these areas attract GST.
The GST rate on gold ornaments is 3%, while the GST rate on the making charges is 5%. So, when you buy gold ornaments in Kanpur, you will also have to pay GST as applicable. So, ensure that you keep this in mind when you are coming up with a purchase budget. These taxes will be over and above the gold cost as per the gold price in Kanpur.
If you want to build a corpus using gold, you can choose to invest in this precious metal over the long term. And when it comes to gold investments in Kanpur, there is no dearth of options. You can invest in gold in any of the following ways.
Physical gold is the most common way in which people traditionally invest in gold. This includes buying gold as jewelry, or as gold coins or bars.
Digital gold is a virtual way to hold the precious metal without going through the hassle of physically storing the commodity. You can buy digital gold with small amounts of money too on Finserv MARKETS. Head to the website and invest in the precious metal through a simple and quick online process that is 100% transparent.
Gold ETFs or Exchange Traded Funds are exactly what they sound like. They are gold funds that can easily be traded on an exchange. The biggest advantage of investing in gold through gold ETFs is that they are highly liquid and can be bought and sold quickly and without any hassle.
Sovereign Gold Bonds are securities that the government of India backs. They come with a lock-in period of 5 years, and you can invest in as little as 1 gram of gold. The overall investment tenure is 8 years.
There are different ways in which the purity of gold can be measured. Here are some of the most common methods used.
Gold is a non-ferrous metal, so it is not attracted to magnets. This helps in identifying fake gold and real gold.
A drop of nitric acid is placed on the gold being tested. If the gold is real, there is no change. However, if it turns green, the gold being tested could be fake.
These days, most jewelers in Kanpur and the rest of India make use of purity testing machines to differentiate fake and real gold.
Since gold is an asset that can easily be held in the physical form, it is often used as a collateral for loans in Kanpur and other parts of India. So, if you are in need of any emergency funds or if you find yourself in a financial crisis, you can use any gold that you have to avail a loan at short notice.
The amount of loan sanctioned to you will depend on the gold price in kanpur today, the purity of your gold ornaments and the net weight of the items.
There is no particular best time to buy gold. You can keep an eye on the current gold rate in Kanpur and make your purchase when the price is affordable and within your budget.
That depends entirely on your needs and goals. If you want to buy ornaments for a festival or celebration, physical gold would be the right choice. For investment purposes, you can rely on digital gold.
Yes, you need a demat account and a trading account to buy and sell gold ETFs in India.
You can invest in gold coins, bars, ornaments, or jewellery, or you can invest in gold through gold funds and ETFs
To know whether the gold you are purchasing is fake or pure, you should look for certain markings. These are:
2.Purity stamp (eg: 14k, 22k) indicating the carats of gold