
Today Gold Rate in Kanpur is Rs. 47,981.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
Today Gold Rate in Kanpur is Rs. 47,981.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
Gold prices in Kanpur are affected by a number of factors such as an overall demand for gold in India, seasonal factors such as weddings and festivals, and global policies such as the dollar rupee conversion rate. At times, fluctuations are so rapid and significant that the gold rate in Kanpur changes in a matter of a few hours. Gold has always been considered as a tool to tide over financial emergencies. From being used as a wearable, one can now invest in gold through other mediums as well. More about gold investment in Kanpur and what one should know before investing is discussed in a brief below.
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With the introduction of GST, consumers need to pay 3% on the price of gold including making charges.
Geo-political crises: Gold as an asset class has a negative correlation with other assets. In times of geopolitical tension, economic slowdown, and increased volatility in financial markets, the demand for gold usually increases which also pushes up the prices of gold.
Import Duty: India currently imports gold to meet its existing demand for consumption or investment. Increase in import duty will directly affect the gold rates in Kanpur to increase.
US-dollar rupee equation: Gold and US dollar share an inverse relationship. Any change in the US dollar will directly impact the gold rate in Kanpur.
Interest Rates: It is seen in a past that interest rates have a negative correlation with gold prices. It is because people start to flock to fixed income investments when central banks increase interest rates which causes the demand for gold to decrease.
Gold Price Trend in March 2021 | |
Trend | 24 Karat Gold (Rs/10gm) |
Rate on 01-March-2021 | 47,981.00 |
Rate on 31-March-2021 | 47,981.00 |
Highest Rate | 47,981.00 |
Lowest Rate | 47,981.00 |
Month Performance | Rising |
% Change | 0.00 % |
Gold Price Trend in February 2021 | |
Trend | 24 Karat Gold (Rs/10gm) |
Rate on 01-February-2021 | 49,553.00 |
Rate on 28-February-2021 | 47,981.00 |
Highest Rate | 49,553.00 |
Lowest Rate | 47,981.00 |
Month Performance | Rising |
% Change | 3.17 % |
Gold Price Trend in January 2021 | |
Trend | 24 Karat Gold (Rs/10gm) |
Rate on 01-January-2021 | 50,077.00 |
Rate on 31-January-2021 | 49,553.00 |
Highest Rate | 50,315.00 |
Lowest Rate | 49,553.00 |
Month Performance | Rising |
% Change | 1.05 % |
Gold Price Trend in December 2020 | |
Trend | 24 Karat Gold (Rs/10gm) |
Rate on 11-December-2020 | 49,175.00 |
Rate on 31-December-2020 | 49,962.00 |
Highest Rate | 50,360.00 |
Lowest Rate | 48,951.00 |
Month Performance | Decline |
% Change | -1.60 % |
There are two ways through which an individual can own gold-physical and paper. Where one can physically invest in gold through jewellery, gold coins/bars, it won’t yield that much return if compared with other paper gold which includes sovereign gold bonds, gold mutual funds, gold ETF and digital gold for that matter. In the below table, one will find investment options available in Kanpur and how to go about them in brief:
Investment options | How to Get Started | What one should know |
Physical Gold (Jewellery/Coins/Bars) It is easy to invest in physical gold in the form of gold jewellery and gold coins/bars. | It involves one to visit jewellery store or ecommerce websites such as bluestone, caratlane, etc. and buy jewellery/gold coin/bar as per their budget. |
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Gold ETFs Gold exchange traded funds are somewhat similar to buying an equivalent sum of physical gold. That is, you receive units in an electronic form. These funds invest in physical gold of 99.5% purity. | One needs to have a demat account before s/he can buy/sell units either on BSE/NSE |
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Sovereign Gold Bonds These bonds are government backed and issued by RBI. It comes with a tenure of 8 years with an exit option available after 5 years. The returns on SGBs are based on price of gold plus assured 2.50% interest per annum which is paid out once in once every six months | One can buy from their bank’s website or through post office, stock exchange |
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Digital gold is another option through which one can invest in gold and mobile wallets such as Paytm, Freecharge, GoldRush are some of the platforms through which one can do that. Also called as gold accumulation plan as they allow you to accumulate gold by purchasing gold from as low as Rs.1. If keeping gold is an issue for you and you don’t want to start investing in gold through options given above, digital gold can best bet for you. Here, one is not obligated to make any fixed or periodic payments. One can either redeem their accumulated gold through coins or get an appreciated gold price in your account. Although if you choose to redeem accumulated gold into coins, you will be charged delivery and minting charges.
Purity of gold is a matter of concern and to counter that consumers should always buy hallmarked gold. Not only does it bring transparency in price but also helps you fetch the right price at the time of selling. Hallmarking is done by the BIS, the governing body which certifies the purity of the gold being used. To ensure one is not cheated while buying gold, here are the components one must check:
For Gold Jewellery,
For Other Gold Articles,
In case of financial emergency or you are short of funds, you can use your gold as a collateral and get a loan against your gold in Kanpur. You can either get a loan from a bank or small finance institutions. However, it is recommended to check online with the bank whether they service gold loans in your area or not. If they do, take the gold you are ready to pledge to the bank and submit KYC and other requisite documents. The gold loan will be sanctioned based on the purity, net weight of the gold in ornaments and loan tenure. In return, the borrower needs to pay the interest on the loan and until it is paid, the gold will be kept in a secured vault.
Gold Jewellery is primarily purchased for consumption purposes. It serves as an investment product if you decide to sell it when gold prices appreciate. However, before you put your money in gold jewellery for investment purposes, one should know that owning gold jewellery has its own concerns. High cost regarding physical storage, making charges, fear of burglary and theft, to name few, which makes investing in physical gold a costly affair. What’s more, at the time of selling, making charges will be deducted before the jeweller quotes the final price to you. If you are looking for returns, it is beneficial to park your funds in gold ETF or sovereign gold bonds.
Gold coins/bars can be bought from jewellers, banks, from different ecommerce websites such as Paytm, Amazon, etc. Available in different denominations (such as 1gm, 2 gm, 5gm, 10 gm, etc.), one can choose to buy gold coins as per their budget.
Gold rate in Kanpur fluctuates everyday due to various factors and it is not entirely possible to relate one event for the fall in the gold price in Kanpur. Currently, gold prices are showing an upward trend due to the global uncertainties.
One shouldn’t confuse gold accumulation plan with SIP (systematic Investment plan) as you are making period investment in the latter option whereas one is not obligated to make one in digital gold. Digital gold is a gold accumulation plan which means you buy gold at current price and keep it in your wallet and sell it as per your wish. Hence, it won’t earn you any interest.