Today’s Gold Rate in Nagpur

As India is not a producer but a consumer of gold, the country relies heavily on imports to meet existing gold demand. The gold rate in Nagpur City as well as the whole of India is determined by the Indian Bullion Jewellers Association (IBJA).

The IBJA comprises gold dealers and sellers who decide the gold rate today based on the ‘buy’ and ‘sell’ quotes provided by the well-known jewellers. However, other parameters such as demand for gold, import duty, international gold price etc. are also taken into consideration while fixing the price of gold.

Also Read: How to Calculate Gold Price for Jewellery?

With the introduction of the Good and Services Tax (GST) in July 2017, the 1% Excise Duty and 1.2% VAT levied has been replaced with 3% GST. However, taxes on processing charges and customs duty remain unchanged at 5% and 10%, respectively.

To know more about GST on Gold, click here

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Following are some of the contributing factors in determining the price of gold-

1. Inflation
   With the increase in the inflation trend, the demand for gold also increases which leads to rise in the gold rate in Nagpur.
2. Demand and Supply Ratio
   If the gold is not imported in sufficient quantity as per the demand, the price of gold rises higher.
3. Purchase Power
   The gold rate in Nagpur as well as the whole country tends to increase during the wedding and festive season.
4. Equation of Dollar and Rupee
   Since gold is traded in dollars, hence any change in the equation of dollar and rupee impacts the price of gold.
5. Interest Rates on Fixed Deposits
   When low interest rates are offered by banks on FDs, people tend to invest more in gold.
6. Rate of US Dollar
   Gold and Dollar share an inverse relationship. A falling dollar increases the value of other countries’ currencies which, in turn, increases the demand for commodities including gold.

It is significant to check for certain things before buying gold. Listed below are some of the aspects you must keep in mind before finalizing the purchase:

• Price of Gold (per gram)- It is important to check the gold rates prevailing on the particular day you decide to make a purchase. Gold Rates in Nagpur City tend to change on a daily basis. Hence, it is imperative to check the gold rate today before purchasing
• Purity of Gold- Gold is categorized in karats or carats that give an idea about the pure gold content in that item. 24 K gold is considered as the purest form of gold
• BIS Mark- It is considered best to purchase gold that has a BIS Mark on it. In this way, you can ensure that the gold is pure and meets the quality standards
• Weight of the item- The price of the gold item depends on how much it weighs. The more the weight the more expensive it will be
• Invoice- To avoid any possible errors or discrepancies, remember to take the invoice of the item purchased from your jeweller.

‘Karat’ or ‘Carat’ refers to the purity of the gold. Here is the comparison between 24 Carat and 22 Carat Gold-

24 Carat (24K) gold is considered as pure gold (100% gold), free of any mixture of other elements.

22 Carat (22K) gold contains a small portion of alloy mixed with gold (91.7% of the composition is pure gold and the remaining 8.3% is alloy).

Given below are some of the gold investment options people generally opt for-

1. Gold Coins and Bars- One of the options of gold investment options is gold coins and bars. The gold coins or bars can be purchased from banks or jewellery stores.
2. Gold Ornaments- People not only buy the gold ornaments for fashion but for investment purposes also. This is the most common way of investing in gold.
3. Gold ETFs- Gold ETFs are just like any other individual commodities listed on the stock exchange. Demat account holders can invest in Gold ETFs.
4. Gold Mutual Fund- Investing in gold can also be done through a gold mutual fund that invests in various gold-related funds.

Q. Is the gold price in Nagpur same for 22K and 18K gold purity?

No, the price of 22K and 18K gold is different. Also, the gold rates in Nagpur as well as in the whole country tend to change on a daily basis.

Q. What is the recent trend of Gold Rate in Nagpur City?

The gold rate in Nagpur is consistently rising due to high demand of the metal in the city.

Q. Who are the well-known jewellers in Nagpur?

Well-known gold jewellers in Nagpur are Karan Kothari Jewellers, Batukbhai Sons Jewellers, Gold Palace Jewellers etc.

Q. Why should we buy 24 Karat Gold for Investment?

Buying 24 karat usually in the form of coins and bars is considered a good way to preserve wealth or hedge against economic uncertainties.