Gold Rate Today in Visakhapatnam

Gold Rate in Visakhapatnam

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Gold Rate In Visakhapatnam

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

Today 22 Carat Gold Price per gram in Visakhapatnam

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

Today 24 Carat Gold Price per gram in Visakhapatnam

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

How Gold Rate is Determined in Visakhapatnam?

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.

How is the Purity of Gold Determined?

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:

  1. The BIS logo.

  2. Carat purity mark.

  3. Hallmarking or assaying centre’s mark.

  4. The jeweller’s unique mark or Id.

Different Types of Purity Measure of Gold in Visakhapatnam

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

How to Know If You are Buying Fake Gold?

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.

Gold as an Investment in Visakhapatnam

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.

How You Can Make Gold Investments in Visakhapatnam

Gold Funds

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.

Gold ETF

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 invest in the metal itself

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 .

Sovereign Gold Bonds

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. 

Points to Note Before Purchasing Gold in Visakhapatnam

  • 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.

Why Gold Rates in Visakhapatnam Fluctuate?

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.

Factors that Affects Gold Prices in Visakhapatnam

1. The fact that demand is seasonal:

India experiences seasonal demand for gold. Based on the time of year, upcoming festivals, and more, the price can fluctuate.

2. Inflation plays a role too:

Given that gold can weather inflation, people will purchase more gold during inflationary trends. This can increase the gold price in Vizag.

3. Interest Rates:

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.

GST Impact on Gold Rate in Visakhapatnam

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

Difference between KDM and Hallmarked Gold in Visakhapatnam

Hallmarked gold : Hallmarked gold is embossed with the four BIS marks, including the BIS logo, the jeweller’s unique Id, the hallmarking centre’s mark/number and the carat purity mark. As per government rules, hallmarking is mandatory.

 

KDM gold: This type of gold is soldered using cadmium. However, the BIS has banned the use of cadmium as a soldering agent. This is because exposure to cadmium can cause health hazards to gold artisans. At present, other metals such as zinc and copper are used to solder gold. 

FAQs

  • ✔️Is gold a safe investment?

    Yes, the price of gold is relatively stable. However, there are no guaranteed returns.

  • ✔️Should I invest in gold?

    If you are looking to diversify your portfolio, gold can be a good investment option.

  • ✔️What is the import duty on gold?

    Currently, the import duty stands at 1.25%. 

  • ✔️What’s the best time to buy gold?

    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. 

  • ✔️Can I buy KDM gold now?

    No, the BIS has banned the production of KDM gold.

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