Gold Rate in Maharashtra

The rates of gold in Maharashtra have not been fluctuating sharply lately, but when you go to purchase gold in bulk, even slight changes matter in the final price you pay. Therefore, it's critical to know the gold price today. Gold price in Maharashtra is mentioned in the following gold rate table:

Gold is a distinctive metal that you can invest in by many means. Tradition and culture in Maharashtra still demands the purchase of physical gold, but if you don’t want the risk of it being stolen or lost, you can explore other investment avenues.  ETFs or derivative gold contracts with gold commodities as assets. Any or all of these are good investment options, but before you dive in, you need to know about gold rates today. 24 carat gold rate in Maharashtra and 22 carat rate fluctuations are necessary to know about, as you can see below:

Gold price in Maharashtra with fluctuations in the last few days, is shown below:

As it is important to be informed about today’s rate of gold in Maharashtra, it is also vital to know about how pure the gold that you purchase is. Among the grades of purity that you get for retail today, 22 carat and 24 carat are the grades sold in India. Decided by the Bureau of Indian Standards or BIS, the purity standards are marked on any piece of gold to be sold, with a hallmark or stamp indicating authenticity.

Let’s say you wish to purchase gold and know the gold rate today in India. Maharashtra rates are what you should know as rates differ from state to state. Apart from this information, it is essential to get a hang of how to test gold purity, or at least, let the seller test it before you make purchases. Here are four ways:

• Stamping/Hallmarking - The BIS places a stamp of certification on pieces of jewellery to deem it authentic. This hallmark is present in any gold ornament you choose from a store, and guarantees purity.

• Use of Magnets - An easy, yet old-fashioned way of making sure that gold is pure is by using magnets. As gold doesn’t attract magnets (it is not ferrous), any metal that does attract magnets is assuredly fake or impure.

• Acid Use - Adopted by many jewellers who don’t possess machines for purity, this method involves gold to be scratched out and nitric acid applied to it. In case the acid turns milky white, the ‘gold’ is only a plating with silver underneath. If the acid turns green, the metal is fake. In the event the gold is authentic, the acid will remain the same colour.

• Machine for Purity - Most jewellers will quote you the gold price in India. Maharashtra-based jewellers have purity machines that are digital to assure you of the gold you pay for too.

Assuming you live in Maharashtra, gold today price-wise suits you and you have decided to buy some. In advance of your purchase, you should consider the following:

• Check On Purity - You have to be certain about the grade of purity of gold you buy. Price is not the only factor that you should go by. Have your jeweller put your gold through a machine check. Also check for a hallmark on gold ornaments.

• Get an Adequate Invoice - After you determine pure standards, see that your bill/invoice mentions the rate of gold, the weight, the making cost, the type of metal (22 or 24 carat), the seller’s contact details, etc. Keep this safe with you in case you want to resell your gold in the future.

• Making Charges Count - Not only must you know the rate of gold today, rate in Maharashtra also counts. The state where you shop for gold is the rate that matters to you. Added to this, you must pay making charges on any physical gold you buy. These are costs of labour that sellers add to the cost of the actual gold, and since this is left to sellers’ discretion, it can take the overall purchase price up.

The gold rate today in Maharashtra, 22 carat being the most loved here, is quite steady, but can change with demand at any time. Maharashtra is the most economically developing state in India today, with Mumbai as the financial capital of the country.  Ornaments are also bought for every occasion and gold is preferred for festivals and marriages alike, not to mention to be given as gifts at Rakshabandhan and other festivals. Thus, the shine of gold is everlasting in Maharashtra.

When you know the 1 gram gold price in Maharashtra, it's simple to calculate the price of gold you purchase and know about making charges added to that. On asking most people in Maharashtra today, they would tell you that investing in physical gold like ornaments is the best form of investment, but the high making charges tend to put people off. More and more people are investing in gold without the bother of its actual form, and these are all the ways that people invest:

• Gold in Physical Form - Gold in physical form is a popular investment option,and this means that people buy ornaments, coins and bars.

• Gold Mutual Funds - Mutual fund plans with assets of gold as their basis are taking investors to new levels of profit as they take advantage of price movements.

• Gold in Digital Form - All you require is a demat account to hold gold digitally till you wish to transact with it.

• Derivatives in Gold - Derivative contracts like options and futures with gold as the base commodity let you make profit with short-term movements seeing gains.

Indian gold production is nowhere near commensurate with the desire for gold that people have. Hence, gold is in short supply in a country like India where the demand is high. What’s the solution? The answer lies in the importing of gold from other countries into India. However, only those who hold a certification of import generated by the Directorate General of foreign Trade can import gold. You may find that the price of gold in Maharashtra changes due to the factors of supply and demand within the state.

While tracking any form of gold rate today, 24 carat gold in Maharashtra is prone to fluctuate, if not a lot, still enough to impact the price of gold you may buy. The reason for this is simply because of demand and supply variables. The more the supply, the price decreases, and vice versa.

You might think the current gold rate in Maharashtra isn’t as volatile as it used to be, but you must be aware of factors that can affect gold rates at any time:

• Inflation - Gold is said to be an inflation-proof form of investment, not affected by market trends and the general state of the economy. However, when there is high inflation, people view gold as a safe haven and tend to stockpile it. This creates a demand and takes the price up.

• Interest - The gold rate in Maharashtra today is influenced, to a specific degree, by prevailing interest rates. If interest rates are low, then the price of gold is very likely to rise.

• Reserves of the Government - In order to maintain the balance of the rate of gold in India, the government stores gold  reserves. This is not just the case with India, but is a practice with governments all over the globe. Nonetheless, how does this impact the gold rate? If the government ends up buying more gold, there will be a shortage for citizens and more of a demand. This will take the price of gold to new heights.

The GST is one of the highest taxes charged on commodities like gold these days. A 3% GST is levied on any gold jewellery that you choose to own today. Moreover, a GST of 5% is charged on making costs when gold jewellery is bought. Making charges do not have any cap on them, and in flagship jewellery brands, making charges are high. Taxes over and above this can take gold rates higher, especially in Maharashtra.

A visit to any jewellery store will introduce you to different kinds of gold. Although this sparkling metal looks the same everywhere you see it, it is not. There are two types of gold generally - KDM gold and Hallmarked gold. Read on to find out what they signify:

• KDM - An ornament that constitutes KDM gold has 92% of gold in it. The rest may be another metal such as cadmium. However, cadmium has been abolished for use by the Bureau of Indian Standards as it has a toxic effect on the wearer. Now, jewellery may be 92% gold fused with safe metals like zinc or copper.

• Hallmarked - The Bureau of Indian Standards marks all gold with a stamp of certification of authenticity. This stamp is called a hallmark and practically guarantees that you purchase genuine metal. So if you know today’s rate of gold in Maharashtra, and you know that your gold is pure, you can easily calculate  how much you are paying for making charges.

Once you have familiarized with aspects of gold investment and know the rates, there is no better way to invest. You can find a host of gold investment products at www.bajajfinservmarkets.in.