Gold is an integral part of Indian culture. Be it a festival or a celebration, the purchase of gold is always considered auspicious. Along with its cultural significance, gold can also be an excellent choice for making investments. Gold investments can beat inflation and provide stability to your investment portfolio. Here’s a detailed look at the different aspects of making gold investments in the city of Visakhapatnam, including the current price of gold, the pros and cons of investing in gold, and the factors to consider before making gold investments.
Here’s a look at the gold price in Vizag for the last 10 days.
Date |
Price of 22 Carat Gold |
Price of 24 Carat gold |
22 November, 2021 |
Rs. 45,730 |
Rs. 49,890 |
21 November, 2021 |
Rs. 45,740 |
Rs. 49,900 |
20 November, 2021 |
Rs. 45,750 |
Rs. 49,910 |
19 November, 2021 |
Rs. 46,000 |
Rs. 50,180 |
18 November, 2021 |
Rs. 46,000 |
Rs. 50,180 |
17 November, 2021 |
Rs. 45,900 |
Rs. 50,070 |
16 November, 2021 |
Rs. 46,150 |
Rs. 50,350 |
15 November, 2021 |
Rs. 45,900 |
Rs. 50,070 |
14 November, 2021 |
Rs. 46,110 |
Rs. 50,190 |
13 November, 2021 |
Rs. 46,110 |
Rs. 50,180 |
Weight |
Gold Price Today |
Gold Price Yesterday |
Net Daily Price Change |
1 gram |
Rs. 4,573 |
Rs. 4,574 |
Rs. -1 |
8 grams |
Rs. 36,584 |
Rs. 36,592 |
Rs. -8 |
10 grams |
Rs. 45,730 |
Rs. 45,740 |
Rs. -10 |
100 grams |
Rs. 4,57,300 |
Rs. 4,57,400 |
Rs. -100 |
Weight |
Gold Price Today |
Gold Price Yesterday |
Net Daily Price Change |
1 gram |
Rs. 4,989 |
Rs. 4,990 |
Rs. -1 |
8 grams |
Rs. 39,912 |
Rs. 39,920 |
Rs. -8 |
10 grams |
Rs. 49,890 |
Rs. 49,900 |
Rs. -10 |
100 grams |
Rs. 4,98,900 |
Rs. 4,99,000 |
Rs. -100 |
The gold rate in Vizag today per gram depends on several factors. Here’s a look:
Today’s Visakhapatnam gold rate depends on several factors such as the supply, current demand, and investor behaviour at large. Mostly, the price of gold is affected more or less by the same factors that impact the price of any other commodity.
If there is an increase in demand for gold, this will push the gold price in Vizag upwards. Alternatively, if the government discovered a new gold mine, resulting in an increase in supply, this would cause the price to fall.
Other economic factors also play a role. For instance, if inflation is high, people can make more investments in gold. This will increase the demand, thus pushing the price upwards.
Did you know that even 24 carat gold is not 100% pure? This is because pure gold is extremely malleable. So gold is mixed with an alloy that acts as a hardening agent. The carat or ‘K’, signifies the amount of alloy in your gold. The purity of gold is also expressed in fineness, which is the percentage of pure gold in parts per thousand.
In order to determine the fineness and purity of gold, you must first divide the carat value by 24 For instance, if it's 22K, divide this by 24. Then, take this value and multiply it by 100. In the case of 22K gold, this would give you a purity level of 91.66% and a fineness of 916. Similarly, you can determine the purity and fineness of gold for other carat grades as well.
To certify the purity of gold, the Bureau of Indian Standards (BIS) has mandated hallmarking. Here, four different marks are embossed on any gold item:
Carat |
Purity Percentage (percentage of gold in the alloy) |
Fineness |
24 Carat |
99.99% |
999 |
22 Carat |
91.6% |
916 |
20 Carat |
83.3% |
833 |
18 Carat |
75% |
750 |
14 Carat |
58.3% |
583 |
10 Carat |
41.7% |
417 |
Before purchasing a gold item, you must ensure that it is genuine. Wondering how to identify genuine gold? Well, the easiest way is to look for hallmarked gold. The authenticity of this gold cannot be questioned as it has been certified by a BIS-licensed lab.
Another way is to purchase gold only from reputed and trusted vendors. You should also check the gold price in Visakhapatnam today and compare it to the price being offered. A price that is suspiciously low might indicate fake gold.
To test the purity of a gold item, you can also use some tests such as the magnet test, scratch test and nitric acid test. You can also use a carat testing machine to check its carat grade.
Of course, all these factors only matter if you are purchasing physical gold. With gold bonds and ETFs etc, you needn’t worry about the authenticity of gold.
As an investor, you must always aim for portfolio diversification. Spreading your investments across various asset classes, including gold, can hedge you from risks. Here are some other benefits of buying gold as an investment in Visakhapatnam.
The returns on gold investments are as competitive as returns from other investments avenues, such as debt or equity.
As compared to other investments, gold has demonstrated the capacity to beat inflation.
You can predict the seasonal increase and decrease in prices and invest accordingly. For instance, you can assume that the gold rate in Visakhapatnam will increase during festivities and the wedding season. You can then take a calculated risk to buy more gold or sell your existing holdings.
Created by large-scale mining companies, these funds can be an alternative for purchasing physical gold. You don’t require a Demat account to invest in gold funds.
Here, you buy a representational amount of gold, but not the metal itself. Gold ETFs are traded across stock exchanges, just like company stocks. You require a Demat account to trade in Gold ETFs.
You can simply choose to invest in physical gold. You can buy gold coins, bars or ornaments. However, buying physical gold comes with security risks .
These are government-backed bonds denominated in grams of gold. SGBs have an investment tenure of eight years, along with a lock-in period of five years.
Always make sure that you request for an invoice. In the event that you want to return or sell your gold, this invoice will come in handy.
If you’re buying physical gold, weigh it correctly and thoroughly. With gold, even 1 gram less could cause you a significant financial loss.
Always buy hallmarked gold.
The gold rate in Visakhapatnam is affected by several factors. These include:
Seasonal demand
Currency exchange rates
International issues
State of the Indian economy
State of world financial markets
Local issues
An in-depth analysis of these variables can help you to zero in on the reasons for gold rate fluctuations.
India experiences seasonal demand for gold. Based on the time of year, upcoming festivals, and more, the price can fluctuate.
Given that gold can weather inflation, people will purchase more gold during inflationary trends. This can increase the gold price in Vizag.
When interest rates increase, the gold rate in Vizag can decrease and vice versa. This is because a higher interest rate can prompt people to hold on to their cash instead of making gold investments. A low demand can cause lower prices.
Introduced in 2017, the Goods and Service Tax (GST) subsumed the major indirect taxes. Along with the process of indirect tax consolidation, it also provided four different tax slabs for various goods and commodities. For the first time, GST levied a tax on the service sector also. Similar to the tax slabs for goods, four different tax rates were prescribed for the service sector.
GST levied a special rate of 3% on the gold value. As making charges on gold was within the ambit of the service sector, jewellers had to now pay a 5% GST on the making charge.
In the pre-GST period, consumers had to pay a 2% rate on the gold value, comprising 1% as VAT and 1% as sales tax. No tax was levied on making charges.
To understand the impact of GST on gold prices, here’s an example. If the gold value is Rs. 45,000 per 10 gram and the jeweller/seller levies 10% rate as the making charge, here’s a look at how GST would impact the final price of gold:
Tax |
Before GST in Rs. |
After GST in Rs. |
Service Tax @ 1% |
450 |
0 |
VAT @ 1% |
450 |
0 |
GST on GOLD @ 3% |
0 |
1,350 |
Making charge @10% |
4,500 |
4,500 |
GST on Making charge @ 5% |
0 |
225 |
Final price of gold |
50,400 |
51,075 |
Yes, the price of gold is relatively stable. However, there are no guaranteed returns.
If you are looking to diversify your portfolio, gold can be a good investment option.
Currently, the import duty stands at 1.25%.
There are a number of indicators you could follow to identify which time of year you should buy. For instance, you can consider buying gold before the wedding season. As a thumb rule, you can buy when there is a low demand.
No, the BIS has banned the production of KDM gold.