Gold Rate in Nagpur

We Indians consider gold as not merely an investment tool, but a metal with significant sentimental value. That’s one of the reasons why we’re always at the top when it comes to consumption of gold. Over the years, this yellow metal has proven its might time and time again, even during times of economic downturn. 

That’s not all. The rise in the price of this precious metal has consistently managed to beat the rates of inflation, prompting people to term gold as an inflation-proof investment avenue. Since gold serves dual purposes - as an investment option and as ornaments that are adorned during times of special occasions, you might be inclined to invest in it. 

If that’s the case, then knowing what the current gold rates are is quite important, don’t you think? Here’s what the yellow metal is currently retailing for in the city of Nagpur. 

Unlike other metals or commodities, the gold rate in Nagpur is constantly fluctuating every single day. And so, it is crucial for you to know what the current gold rate in Nagpur is, especially if you’re keen on purchasing it. Being a resident of the ‘Orange City’, you could get your hands on the yellow metal for the following prices

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

One of the primary advantages of gold is that there are multiple different ways to invest in it. You no longer have to purchase ornaments, bars, or coins to be able to leverage the value addition that the yellow metal provides. If you’re an individual who prefers to not hold gold in its physical form, gold ETFs, or by purchasing gold derivative contracts in the commodity market.

That said, whatever your choice may be, it is important to know what the gold price today in Nagpur is. Here’s a quick look at how the price of the precious metal has fluctuated over the past few days.

Just like how it is important to know what the gold price in Nagpur is before heading out for a purchase, it is equally crucial to know the purity of gold. 22 carat gold and 24 carat gold are two of the most popular purity levels in which the yellow metal is being sold here in India. The purity level of gold is determined by the Bureau of Indian Standards (BIS). The BIS certifies gold with its ‘BIS Hallmark’ tag. 

The purity of gold cannot be assessed using the naked eye. So then, how is the purity of gold determined? Actually, there are four different ways in which it can be determined. Continue reading to find out more about it.

1. Using Magnets

   This is one of the easiest ways to gauge the purity of gold. Since gold is a non-ferrous metal, it shouldn’t get attracted to magnets. If it does get attracted to them, then the gold is probably either impure or fake.

2. Via the Stamp

   Almost all physical forms of gold like coins, bars, and jewelry come with a stamp. This stamp clearly specifies the purity in terms of carats.

3. Using an Acid

   In this method, the gold is lightly scratched out and a drop of liquid nitric acid is placed on it. If the nitric acid turns milky white, it indicates gold plated sterling silver. If it turns green, it indicates that the gold is a fake. If the gold is real, the nitric acid remains as it is.

Let’s say that you've checked the price of gold in Nagpur today and have decided that it is the right time to purchase. Here are a few things that you should keep in mind when purchasing the precious metal. 

1. Always Ask for a Proper Invoice 

Never purchase gold without a proper invoice. The invoice should not only clearly specify the type of gold that you’re purchasing, but must also mention the purity levels, the weight, the gold rate in Nagpur at present, the seller’s address, GSTIN number, and other key information. Also, make sure that you keep this invoice safe for as long as possible. This will help you in case you ever need to return your gold.

2. Check the purity levels

Before you finalize your purchase of gold, ensure that the gold is of the specified purity. It is not advisable to just simply go with the tag on the gold. If the seller has a purity testing machine, request them to check the purity level before you take delivery. Also, you could refer to the stamp on the gold.

3. Beware of making charges

When purchasing gold jewelry, sellers typically add making costs to the price of gold. The making charges are essentially labour costs involved with making the piece of jewelry, which is basically passed on to you. This can ultimately drive the price up.

Since gold is a valuable and lucrative investment option, many individuals in Nagpur choose to invest in it. One of the most popular forms of investment in this precious metal continues to be through physical gold. 

People in Nagpur prefer to buy jewelry, ornaments, bars, and coins with a long-term view. If you, like the majority of people, prefer to purchase gold as an investment, ensure that you keep a close eye on the gold price in Nagpur.

There’s a plethora of different ways through which you can invest in gold in Nagpur. Interested to know more about them? Continue reading to find out.

1. Physical Gold

As we’ve already seen above, investing in physical gold involves purchasing gold in the form of either bars, coins, jewelry, or ornaments. 

2. Gold Mutual Funds
   

There are a plethora of mutual fund schemes with gold as the underlying asset. You can leverage the price movements of gold without having to own the asset physically. 

3. Gold Derivatives

Alternatively, you could also invest in derivative contracts like futures and options with gold as the underlying commodity as well. This gives you the option to create wealth by making use of short-term movements in the gold rate in Nagpur.

Did you know that the production of gold in India is very miniscule compared to our rate of consumption? Therefore, to meet the ever increasing demands, India has to resort to importing gold from other countries. However, not everybody can import gold into Nagpur. Only entities that are certified by the Directorate General of Foreign Trade (DGFT) are allowed to do so. That’s not all. Only gold bars are allowed to be imported into the country. Medallions or coins are not permitted.

If you’ve ever monitored the 24 carat gold rate in Nagpur, you’d find that the price fluctuates every single day. Have you ever wondered why that happens? Read on to find out why. 

One of the primary and the most important reasons for this daily fluctuation in the gold Nagpur rate has to do with the forces of demand and supply. During times of lower demand and higher supply, the prices of gold tend to go down a bit. Conversely, during times of higher demand and lower supply, the prices of gold tend to skyrocket.

The forces of demand and supply that you saw above aren’t the only ones that influence the current gold rate in Nagpur. Here’s a quick look at a few of the other factors.

• Interest rates

  The prevailing interest rates in the country can influence the gold price in Nagpur to a certain extent. For instance, if the interest rates are raised, the price of gold is likely to go down and vice versa.

• Inflation

  Since gold is an inflation-proof investment avenue, many individuals tend to invest in gold during times of high inflation, driving demand up and therefore the price. To put it simply, if the inflation rates increase, you can expect the price of gold to jump as well.

• Government’s reserves

  To keep the gold rate in Nagpur and the entire country stable, the Indian government maintains gold reserves. As a matter of fact, all major governments throughout the world do them. Therefore, if the government decides to buy more gold, the price can go upward and vice versa.

The gold rate in Nagpur at present is also influenced by the taxes levied on the yellow metal, with GST being one of the major taxes that have an impact on it. On gold jewelry, 3% of GST is currently being charged. And on making charges, which is essentially labour costs involved with making the gold jewelry, the rate of GST is 5%. This levy of GST has led to a rise in the gold Nagpur rate.

If you’ve ever visited a jewelry shop in Nagpur, you might have come across two different types of gold - KDM gold and Hallmarked gold. Interested in knowing the difference between these two? Read on to find out.

• Hallmarked gold   

As you’ve already seen above, the BIS is the entity responsible for certifying the purity of gold. Hallmarking is the process of certification from the Bureau of Indian Standards. Any gold that’s been Hallmarked effectively means that the gold has been certified to be pure.  

• KDM gold

KDM gold is a form of gold that consists of 92% gold and 8% cadmium, giving it a purity level of 92%. This form of gold has now been banned by the BIS due to the toxic effects of cadmium on the human body. Nowadays, jewelers use safe metals like copper or zinc along with gold.