Know today’s gold prices in Nanded for smarter purchases and investments.
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Nanded, a city steeped in history and spirituality, has a deep connection with gold, often used to mark celebrations, traditions, and life’s milestones. From adorning temple rituals to enhancing festive occasions, gold remains an integral part of Nanded’s cultural and social fabric.
Since gold rates are influenced by global and local factors and can vary across cities, staying informed about today’s gold rate in Nanded is crucial. Whether you’re planning to invest or purchase jewellery for a special occasion, knowing the latest prices helps you make confident and well-informed decisions.
Gold is a valuable asset that can be invested in several ways in Nanded. Here are some popular options:
Physical Gold
Purchase gold jewellery, coins, bars, or ornaments. The cost depends on purity levels, such as 22-karat or 24-karat gold, and additional making charges.
Digital Gold
Invest in gold online through apps and websites. Digital Gold offers convenience, as it doesn’t require physical storage, and you can start with small amounts, even ₹1.
Gold Exchange-Traded Funds (ETFs)
Gold ETFs are traded on stock exchanges and represent units backed by physical gold. They are ideal for investors seeking flexibility and easy liquidity.
Gold Mutual Funds
These mutual funds invest in gold mining companies or physical gold. You can start with a small amount, making it accessible to most investors.
Sovereign Gold Bonds (SGBs)
Issued by the Reserve Bank of India (RBI), SGBs are secure, government-backed investments. They offer periodic interest along with long-term value growth.
When buying gold in Nanded, keep these points in mind:
Current Gold Rate
Stay updated on today’s gold rate in Nanded to ensure you’re paying the right price.
Purity of Gold
Gold is available in different purities, such as 18-karat, 22-karat, and 24-karat. Check the karat marking before purchase.
Trusted Seller
Buy gold from reputed jewellers or authorised dealers to ensure quality and authenticity.
Hallmark Certification
Always check for the BIS hallmark, which certifies the purity and authenticity of gold.
Additional Costs
Consider making charges, wastage costs, and GST while calculating the total cost of your purchase.
Gold prices in Nanded are influenced by various factors. Here are the key ones:
Global Market Trends
International demand, supply, and geopolitical events significantly impact gold prices.
Inflation
Higher inflation rates increase gold’s appeal as a hedge, raising its prices.
Currency Exchange Rates
The value of the Indian Rupee against the US Dollar affects gold prices since gold is globally traded in USD.
Local Demand
Festivals, weddings, and regional preferences in Nanded can drive up demand and influence prices.
Government Policies
Import duties, taxes, and Reserve Bank of India policies play a crucial role in determining gold rates.
Gold purity in Nanded is assessed using various reliable methods. Here are the common ones:
Hallmark Certification
Look for the BIS hallmark, which certifies gold purity. The hallmark includes the BIS logo, purity in karats, and a unique Hallmark Unique Identification (HUID) number.
Density Test
Gold’s density is unique. Comparing the item’s density to that of pure gold can reveal its purity level. Variations suggest impurities.
Magnet Test
Pure gold is non-magnetic. Bringing a magnet near the item helps detect other metals. If the item is attracted to the magnet, it may contain impurities.
Visual Inspection
Pure gold does not tarnish or discolour over time. Any visible tarnish or discoloration could indicate impurities.
X-ray Fluorescence Testing
This advanced method uses X-rays to evaluate gold’s composition accurately. Many jewellers in Nanded provide this service for precise results.
The Goods and Services Tax (GST) directly impacts the price of gold in Nanded. Here’s how:
GST on Gold Purchases
A GST of 3% is applied to the value of gold during purchase. This adds to the overall price, making gold slightly more expensive.
GST on Making Charges
Jewellery making involves an additional 5% GST on the making charges. This is particularly relevant for elaborate designs that carry higher craftsmanship costs.
Overall Cost Implication
The combined GST on gold value and making charges can significantly affect the total cost of gold jewellery. Buyers in Nanded should account for these taxes to avoid surprises.
Gold rates have a direct influence on gold loans in Nanded. The loan amount you can borrow depends on the value of the gold pledged as collateral.
When gold prices are high, the value of your pledged gold increases, allowing you to secure a higher gold loan amount. Conversely, if gold rates drop, the value of your gold decreases, which reduces the maximum loan amount you can get.
The Reserve Bank of India regulates the loan-to-value ratio for gold loans, capping it at 75%. However, fluctuations in gold prices during the loan tenure could affect repayment terms. For instance, if gold prices fall significantly, lenders may require additional collateral to cover the loan. Staying updated on gold rates in Nanded helps you make informed decisions when applying for a gold loan.
FAQ
How is the purity of gold measured in Nanded?
The purity of gold in Nanded is measured in karats. 24-karat gold, with 99.9% purity, is considered the purest, while 22-karat gold, commonly used for jewellery, has 91.6% purity.
How can I buy Digital Gold in Nanded?
You can buy Digital Gold in Nanded through various apps and websites. These platforms let you invest in gold online and securely store it in insured vaults.
What factors influence the gold rate in Nanded?
Gold rates in Nanded are influenced by global market trends, inflation, local demand during festivals and weddings, currency exchange rates, and government policies.
Which type of gold is best for jewellery in Nanded?
22-karat gold is preferred for making jewellery in Nanded due to its durability and purity balance. 24-karat gold is too soft and is mostly used for investments.
How does GST affect gold purchases in Nanded?
GST adds to the cost of gold in Nanded. A 3% GST is levied on gold purchases, and an additional 5% GST is charged on jewellery making charges, increasing the overall price.
