Gold Rate Today in Vijayawada

Gold Rate in Vijayawada

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Gold Rate In Vijayawada

Vijayawada is a major city located in the state of Andhra Pradesh, and is a popular destination for buying and selling gold. Jewellery from Vijayawada is also reputed to have some of the best quality, designs and patterns in India. Gold is a very lucrative investment option in India, but there are certain fundamentals that investors need to know before investing. Read on to know more about the gold price in Vijayawada, purity of gold, factors that affect the price of gold, and how to invest.

Below is the market price of gold for the last 10 days. 

Date

Price of 22 Carat Gold (INR/Rs.)

Price of 24 Carat gold (INR/Rs.)

9th November, 2021

45,000

49,100

8th November, 2021

45,110

49,210

7th November, 2021

45,110

49,210

6th November, 2021

45,100

49,200

5th November, 2021

44,700

48,760

4th November, 2021

44,550

48,600

3rd November, 2021

44,550

48,600

2nd November, 2021

44,800

48,870

1st November, 2021

44,700

48,770

31st October, 2021

44,700

48,770

Today 24 Carat Gold Price per gram in Vijayawada

Gold rates fluctuate on a daily basis. This is the gold price in Vijayawada today for 24 carat gold.

Weight

Gold Price Today

Gold Price Yesterday

Net Daily Price Change

1 gram

Rs. 4,910

Rs.4,921

  • Rs. 11

8 grams

Rs.39,280

 

 

Rs.39,368

  • Rs. 88

10 grams

Rs.49,100

Rs.49,210

  • Rs. 110

100 grams

Rs.4,91,000

Rs.4,92,100

  • Rs. 1,100

Today 22 Carat Gold Price per gram in Vijayawada

Today gold rate in Vijayawada 22 carat per gram is Rs. 4,455. Here is a table depicting the rate for other quantities of gold. 

Weight

Gold Price Today

Gold Price Yesterday

Net Daily Price Change

1 gram

Rs. 4,500

Rs.4,511

  • Rs. 11

8 grams

Rs.36,000

 

 

Rs.36,088

  • Rs. 88

10 grams

Rs.45,000

Rs.45,110

  • Rs. 110

100 grams

Rs.4,50,000

Rs.4,51,100

  • Rs. 1,100

How is Gold Rate Determined in Vijayawada?

India has low reserves of gold along with a high consumption of the precious metal. To bridge the demand and supply gap, the country relies almost entirely on gold imports. So the international gold rates have a direct impact on the gold rate in India.

Globally, the London Bullion Association decides the gold rate, and the gold prices are published in US Dollars by the IBA. These numbers are the benchmark for bullion traders and bankers worldwide.

The Indian Bullion Jewellers Association (IBJA) takes this rate as a base and then adds taxes such as import duty and other charges. Following this, a body of bullion traders decides the gold rate, which is applicable to retailers. Hence, the gold price across India can change up to twice a day and is fairly volatile.

Of course, the market price of gold fluctuates just like any other commodity and depends on demand and supply factors, as well the performance of broader macroeconomic variables such as inflation over the course of the year.

How is the Purity of Gold Determined?

  • Gold purity is measured on a carat scale. This scale goes from 9k to 24k, 24k being the purest form.

 

  • Gold is alloyed with other metals because it is too soft in its purest form for regular use in the form of jewelry, and also it changes color when allowed with other metals. Hence, jewelers alloy it with other metals to make exquisite jewelry.

 

  • Prices and purity differ from one seller to another, not just in Vijayawada but in any city.

The government body that oversees the certification of gold purity is the Bureau of Indian Standards (BIS), and the certification process is known as hallmarking.

Here are the major components of BIS hallmarking which indicate the purity of gold.

  1. Jeweler’s identification mark

  2. BIS Mark

  3. Purity in Karat

  4. Hallmarking Centre’s identification number or mark

22k, 14k, and 18k gold are typically used for jewelry-making. Gold purity is often tested with the help of a magnet. Impure gold has a certain amount of metal in it, which will get attracted by the magnet. Nowadays, jewelers can also test purity with carat checking machines which give authentic results.

Different Types of Purity Measure of Gold in Vijayawada

Carat

Purity Percentage (percentage of gold in the alloy)

24 Carat

99.99%

22 Carat

91.7%

20 Carat

83.3%

18 Carat

75%

14 Carat

58.3%

10 Carat

41.7%

How to Know If You are Buying Fake Gold?

You can easily recognise an authentic gold item by considering the following variables:

  • Look for hallmarking: To identify a genuine gold item, you should first look for the different BIS marks such as the BIS logo, purity stamp, hallmarking centre’s mark and jeweller’s unique identification mark. Remember, a fake gold item will not bear all or some of these marks.

  • Consider the gold rate: Along with purchasing hallmarked jewellery from reputed sellers, you must also consider the price. Ensure that the price of the gold item is comparable to its market rate. A price that is too low might indicate fake gold.

  • Do a magnet test: You can use a magnet to test the purity of your gold item. A fake gold item, having impurities, will be drawn to a magnet.

  • Use a carat checking machine: You can ask your jeweller to test the purity of your gold item by using a carat checking machine.

If you’re buying gold as a commodity through a Gold ETF, then such considerations are not relevant as you are not purchasing the physical metal itself.

Gold as an Investment in Vijayawada

Here are a few reasons why investing in gold can be beneficial for you:

  • Gold investments are a good way to fight inflation, which is why investors are advised to buy gold at times when it is affordable. Gold does not lose value over the years the way money or other investments do.

  • In times of inflation, gold acts as a hedge. As we are seeing a rise in inflation by 5% to 7%, the returns from investments in gold will also fall in that range.

  • With the demand for this precious metal increasing day by day, the supply limitations have pushed the rates even higher. Hence, hold on to your gold for longer to maximize your profits.

  • Gold acts as a good safety blanket for investors. Generally, buying gold in physical forms such as coins, bars or jewelry is considered the better option.

  • Some investors prefer gold ETFs since there is no hassle with regard to storage, and the gold is stored in electric form. This makes it an easy and secure investment.

Remember that investing all your funds in one place is not ideal; try to diversify your portfolio as much as possible.

How You Can Make Gold Investments in Vijayawada

The primary forms in which you can buy gold are:

  1. Physical Gold: Gold coins and bars are the most common way of holding gold as an investment. Gold jewelry is also a traditionally popular form of investing in gold.

  2. Gold funds: A gold fund is a mutual fund that primarily invests in gold-producing companies or gold bullion. The different types of gold funds are gold mining funds, growth gold mutual funds, and dividend gold mutual funds. You don’t need a Demat account for the same, but you may need to pay fund management fees.

  3. Gold ETFs- Exchange-traded fund that tracks the price of domestic physical gold and can be bought without a Demat account.

Points to Note Before Purchasing Gold in Vijayawada

  • Make sure you know the purity: 24 carat gold is the purest gold, but is not well-suited for making jewelry. 22 carat or 18 carat gold is typically used for making jewelry.

  • Make sure your gold has certification: While purchasing gold it is of crucial importance to check whether the gold you are purchasing is certified. Reputed sellers typically provide a KDM or hallmark certification as an assurance of the purity or authenticity of the gold they are selling.

  • Be aware of making charges: Most jewellers charge customers extra for the designing and creation process that goes into making gold jewelry. Depending on the complexity of the design and purity of gold, the charges will vary. These charges also vary depending on the jeweler you go to.

  • Know the weight of gold: The weight is a notable component as this is what determines the price of gold. For jewelry that is studded with precious stones, the cost may be even higher than plain gold ornaments. Ensure that you have compared the prices of gold jewelry in your region from different vendors, in order to avoid dealing with overcharging issues.

Why Do Gold Rates in Vijayawada Fluctuate?

Today gold cost in Vijayawada per gram is Rs.4,860 for 24 carat gold and Rs.4,455 for 22 carat gold. This price can rise and fall every day, even two times a day. Vijayawada sees a lot of volatility in gold prices for a few reasons. It is essential for people to understand why these market fluctuations occur in order to avoid losses and keep gaining profits:

  • Global Currency Fluctuations: The price of gold changes with movements in the US Dollar’s value. Gold has an inverse relationship with the US Dollar, in the sense that if the rate of USD is up, gold rates in Vijayawada drop. If the USD is on the decline, the gold rate in Vijayawada is on the rise. Other international currencies such as the Japanese Yen and the Euro also affect the gold rate, but not as much as the USD.

  • Inflation: Gold has a tendency to be in higher demand during times of high-inflation, and post periods of significant government stimulus. This reflects the investor’s faith in gold as an asset, in comparison to the value of the fiat currency.

  • Seasonal Demand: Like other commodities, gold prices are also impacted by demand and supply. For instance, the demand for gold tends to increase during the wedding season and thus the price of gold.

Factors that Affects Gold Prices in Vijayawada

A number of factors affect the movement of gold prices. For any investor or buyer, knowing these factors is beneficial as it can help them buy or sell gold at an opportune time. Here are the factors that affect gold prices in Vijayawada:

  • International market movements, import duties, excise duty, exchange rate conversion are some of the factors that affect the rate of gold in India.

  • The value of the US Dollar has an inverse relationship with the rate of gold. The weaker the USD gets, the stronger the gold rates in India. Currently, gold rates are on the decline in India and, therefore, in Vijayawada.

  • Political events and tensions can also affect the rates of gold in Vijayawada as people tend to buy gold during times of perceived crisis.

The most ideal way to invest in gold is to buy it when there is a considerable drop in price. Currently, there is no downslide in gold rates. Keep tracking gold prices in the market every day in order to get it when it is within the right window of purchase. You can check live prices online.

GST Impact On Gold Rate in Vijayawada

The Goods and Services Tax, also known as GST, is applicable to the purchase of any good or service in India. According to this tax, gold is a commodity that is taxable. A GST of 3% is charged on any purchase. In addition to this, a making charge of 5% and a 10% import duty is applied to the purchase of gold. In comparison to older gold rates, these charges bring up gold rates slightly higher. Especially for investors keen on jewellery, the GST impact on gold rates in Vijayawada may be burdensome.

Tax

Before GST in Rs.

After GST in Rs.

Price of 10 grams

45,000

45,000

Customs Duty

4,500

4,500

Service Tax and VAT

990

0

GST on GOLD

0

1,485

Total gold value

50,490

50,895

Making charge

3,000

3,000

GST on Making charge

0

150

Final Price of gold after GST

53,490

54,135

Difference Between KDM and Hallmarked Gold in Vijayawada

  • KDM gold: KDM gold is a form of alloyed gold, wherein the filler or solder used is cadmium. The ratio is 92% gold to 8% cadmium. KDM gold is now banned by the BIS. More advanced metal solders such as copper or zinc have been used as replacements for cadmium. The KDM gold rates vary depending on the current gold rate.

  • Hallmarked gold: This is the most widely accepted standard of gold purity, not just in Vijayawada but all across India. Any grade of gold, ranging from 9 carat gold to 24 carat gold is certified with the hallmark. Hallmark gold charges are charged on the basis of purity i.e: the percentage of gold added to the jewelry or the coin. For instance, if you are purchasing a 22 carat gold necklace, the price will be determined according to the gold rate for 22 carat gold at that point in time, considering the weight of the necklace.

The hallmark provides a certification of the purity of the purchased gold. It instils faith and confidence in the buyer’s mind, as it accurately attests to the quality of the purchase. If you have bought 18 carat hallmarked jewelry, you can rest assured that 18/24 parts in gold. This is important to note as it greatly affects resale value. Reputed jewelers typically prefer BIS hallmark over KDM certification, as the license granted by the BIS legitimizes their gold jewelry, coins, and ornaments. They can get their gold hallmarked from any official BIS-recognized hallmarking centers.

FAQs

  • ✔️What is the 22k gold rate in Vijayawada today?

    Today 22k gold rate in Vijayawada is Rs. 4,500 per gram.

  • ✔️What is the cost of 24k gold in Vijayawada today?

    Today gold cost in Vijayawada for 24k gold is Rs.4,910

  • ✔️Why is alloyed gold preferred for jewelry-making?

    24k gold, which is gold in its purest form, is too soft for jewelry-making, Hence 22k or 18k alloyed gold is used for jewelry or ornaments.

  • ✔️How can one invest in gold?

    You can invest in gold coins, bars, ornaments, or jewellery, or you can invest in gold through gold funds and ETFs

  • ✔️How to Know If You are Buying Fake Gold?

    To know whether the gold you are purchasing is fake or pure, you should look for certain markings. These are:

    1.Hallmark

    2.Purity stamp (eg: 14k, 22k) indicating the carats of gold

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