Gold Rate in Solapur

In addition to being culturally significant, gold is a popular avenue for making a financial investment. Gold prices move up and down on a regular basis due to demand, supply, changes in government policies, global economic factors, etc. 

By monitoring the gold price in Solapur, you can adapt to price fluctuations to get a good price for your assets.

Check out the gold price today in Solapur for different weights below.

Gram	22 Carat Gold Rate Today	22 Carat Gold Rate Yesterday	Daily Price Change
1 Gram	₹7,515	₹7,530	₹-15
10 Gram	₹75,150	₹75,300	₹-150
100 Gram	₹751,500	₹753,000	₹-1500

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

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

There are numerous other investment options than investing in physical gold assets. Some of these options are :

• Physical Gold

The most preferred investment in gold is purchasing it through coins, jewellery, ornaments, or gold bars. You can buy gold items from reputed jewellers online or offline and use them whenever you want. 

• Digital Gold

As the name states, this option is available through online mode, where you can buy or sell gold through investment platforms. This option to invest in gold is an excellent option if you do not prefer storing physical gold. 

• Gold Exchange-traded Funds (ETFs)

Gold ETFs are gold units not purchased physically or online but in demat or paper format. In this method, you can get gold in units, where 1 unit represents 1 gram of gold.  

• Gold Sovereign Bonds

Introduced by the Reserve Bank of India (RBI), this investment allows you to buy gold in the form of securities. Rather than physical or digital involvement, this option allows you to purchase gold bonds with a fixed interest rate. 

Read also: SGB vs physical gold

Before making the final purchasing decision according to the price of gold in Solapur, consider these points to ensure a fair offer:

• Stay Updated with Current Gold Rates

When you are updated with the local gold rates in Solapur, you can make a wise decision by not paying extra money to the seller. You can check current gold prices from the recognised commodity exchanges.

• Choose a Reliable Seller 

You need to choose a reliable seller, as there are hundreds of sellers nationwide. Checking reviews and recommendations and visiting a well-known jewellery store can help you get high-quality gold.

• Hallmark Certification

It is important to check hallmark certification, which is a purity certificate provided by the Bureau of Indian Standards (BIS). Remember to check the BIS logo, the 6-digit Hallmark Unique Identification (HUID), and the purity in karats.

• Comparison Shopping 

You can take your own time to compare the prices offered by different sellers or jewellers. This can help you choose items that fit your budget and style.

• Understand Additional Charges 

Some extra hidden charges like making charges and additional taxes may be applied at the time of gold purchase. Most jewellers charge making charges on jewellery to compensate for the work put into creating the piece.

• Ensure Complete Documentation 

While you are making a gold asset purchase, you need to be sure of getting receipts and transaction bills. Through these documents, it will be easy to claim insurance in future or use them as collateral for gold loans.

Various national and international factors influence gold prices. Some of these factors are listed below:

• Demand and Supply

The local demand and supply of gold impact the gold prices. As the demand goes up during the festive season, the gold prices increase, and vice-versa.

• Inflation

The rise in inflation globally and nationwide directly impacts the value of gold. As inflation increases, the demand and prices of gold go up. 

• Government Regulations

Changes in government rules and regulations also impact the gold rate in Solapur today. Changes in import regulations or taxation rules can influence the cost of gold immediately.

• Currency Rate Fluctuations 

Gold is traded in the U.S. Dollar. Gold prices usually decrease as the dollar strengthens because of their inverse relationship. Similarly, the prices go up when the dollar's value goes down.

When it comes to analysing the purity of gold, most people use visual aids and older methods. Here are some methods you can use apart from checking the hallmark: 

• Nitric Acid Test 

In this test, a segment of the gold item is scratched, and drops of nitric acid are added. If the colour changes to blue, black, or green, it means the gold item has other metals mixed with it.

• Magnetic Test

Gold is non-magnetic, so if a magnet pulls at your gold, it likely contains other metals. If there is no attraction, it suggests the gold's purity.

• Visual Inspection

Examine the gold for any tarnishing or colour changes. Pure gold maintains its shine, while alloys may show signs of wear.

• Stone Test

Rub the gold on a touchstone, then apply acid. Pure gold would not react, but alloys would leave marks, helping to confirm purity.

• Electronic Testing

An electronic tester measures the gold’s conductivity. Higher conductivity indicates a higher purity level.

Due to amendments and continuous changes in Goods and Services Tax (GST) applicable to gold, the rates may vary. By monitoring these rate fluctuations, you can make informed decisions when buying or selling gold.

Additional Read: GST applies to gold jewellery

 

Gold is subject to a 3% GST, split equally between 1.5% CGST and 1.5% SGST. Additionally, making charges for jewellery are subject to a 5% GST. For example, if a gold coin is valued at ₹50,000, the GST payable would be ₹1,500.

Other than purchasing gold for festivals and cultural ceremonies, gold is considered an excellent way to get funds during financial crises. By pledging the gold item as collateral, you can get a gold loan. 

 

Gold rate directly impacts the value you can get against a gold loan. When gold rates are high, you can get a high loan amount against your collateral. 

Stay updated on market trends to secure the most favourable loan terms. At Bajaj Markets, comparing and applying for gold loans from multiple lenders is quick and convenient.