Today Gold Rate in Vizag

Gold is available in different purities, such as 24 karats, 22 karats, and 18 karats, with prices varying for each purity level. Gold rates in India, including Vizag, fluctuate due to various factors. To make an informed purchase and get the best value, it is important to check the current gold prices before buying.

In addition to traditional gold jewellery and ornaments, gold purchase options have expanded recently. Some of the options you have as a resident on Vizag are listed below:

• Physical Gold

This is a traditional form of investment, including jewellery, ornaments, coins, bars, biscuits, etc. Purchasing and storing physical gold may involve risks of theft and additional charges, but it remains a solid investment option. This is because it can be sold at a higher value in the future as gold rates generally increase over time.

• Digital Gold

Digital gold option refers to a modern method where you can buy or sell gold in digital form through FinTech platforms. Investing in digital gold eliminates the risks of storage and theft, as it can be securely stored in digital lockers.

• Gold Exchange-traded Funds (ETFs)

These ETFs represent collective ownership of gold in demat or paper format. Each ETF corresponds to 1 gram of gold. Rather than purchasing gold physically or digitally, you can own a portion of gold ETFs and benefit from gold appreciation without the storage issues.

 

Also Read: Difference between SGB and Gold ETF

• Gold Sovereign Bonds (SGBs)

SGBs are among the safest investment options as they are directly backed by the Reserve Bank of India. These bonds are available in physical, digital, or demat forms and are traded as government-backed securities.

The gold price in Vizag can fluctuate based on factors such as gold purity, market value, and applicable taxes. Before purchasing gold, here are some points you need to consider to make an informed decision:

• Current Gold Rate

Before buying gold, it is important to track the current gold rates according to its purity. As gold prices tend to rise during the festive season, purchasing it when prices are low can help you stay within your budget.

• Gold Purity

Since the gold rate varies with purity, it is essential to check the purity before making a purchase. The 24-karat gold price is typically higher as it is the purest form. However, the price may differ depending on the gold item you wish to buy, as 24-karat gold is not suitable for jewellery making.

 

Also Read: Types of gold karats

• Seller’s Reputation

With many gold sellers in Vizag, selecting a reputable seller is crucial. A trusted seller guarantees the sale of verified gold items with accurate value and proper documentation. Additionally, you may receive offers and discounts from established sellers, which local sellers may not provide.

• Hallmark Certification

A hallmark is an authentication certificate issued by the Bureau of Indian Standards (BIS). It is a triangular verification stamp placed on all gold jewellery and items. It includes the purity in karats, unique identification number (HUID), and seller details, among other information. Verifying the hallmark will confirm that the gold is genuine and priced fairly.

• Additional Charges

Additional costs, such as making charges and GST taxes, apply to gold purchases. These extra charges increase the final price of the gold item, so it is important to consider them. Understanding all these extra costs will help you plan your budget effectively.

• Complete Documentation

When making a gold purchase, it is essential to collect complete documentation, including all purchase bills and transaction receipts. These documents will serve as proof if you wish to sell the gold item or take a gold loan against the gold asset in the future.

Several national and global factors contribute to the fluctuation in today's gold rate for different purities. Some of these factors are listed below in brief:

• Currency Value Changes

Frequent fluctuations in currency values against fixed variables cause gold rates to change. For example, the Indian currency’s value fluctuates against the U.S. Dollar, leading to changes in gold prices in India. A stronger USD value leads to gold getting expensive in India, and vice versa.

• Demand and Supply

During celebrations and the festive and wedding seasons in India, the demand for gold jewellery and ornaments rises. This increased demand drives up the price of gold.

• Inflation

As economic conditions change, investors adjust their investment decisions. Since gold retains its value during gold, its demand increases. When the demand goes up, the prices also go up.

• Government Regulations

Changes in regulations related to imports or taxes affect the overall gold prices in the country. For example, any restrictions in the imports lead to increased demand, which drives the prices of the asset.

Gold is available in different purities, such as 24K, 22K, and 18K, but it is important to check the quantity of other metals mixed in. To check the purity of the gold, you can use the following methods:

• Density Test

By comparing the density of pure gold to the gold item you want to buy, you can check its purity. A float test can also be performed, as pure gold has a high density and may not float, while other metals might.

• Magnet Test

Gold does not get attracted to a magnet, unlike other metals. To check for impurities, bring a magnet closer to the gold item. If the gold item is attracted to it, the gold is impure.

• Visual Check

Pure yellow gold does not tarnish, but if it contains other metal impurities, it might leave a colour residue. Visually inspect the gold item for any tarnish to determine its purity.

• Acid Test

For an accurate purity check, scratch a segment of the gold item and apply a few drops of nitric acid. If the colour changes or the segment dissolves, the gold is impure and contains other metals.

• Hallmark Check

The Hallmark is an authentication stamp issued by the BIS. Checking for this stamp guarantees the purity of the gold item without needing any additional tests.

• X-Ray Fluorescence Test

A modern method for testing gold purity involves using X-rays to analyse any metal impurities. Visit a professional for this test to ensure safety and accuracy.

GST stands for Goods and Services Tax, which is imposed on the sale of all types of goods in India. According to the current GST regulations, a 3% GST is levied on the sale of gold, while a 5% GST applies to the making charges of gold items. 

 

It is important to calculate the final price, including GST, before buying gold. This is because the tax is added to the final cost of your purchase.

Gold loans can be a crucial option when you need emergency funds. For a gold loan, items like jewellery or ornaments serve as collateral, allowing you to access funds immediately. 

 

The loan amount you can borrow is determined by the current price of gold, rather than the price at the time of purchasing. The higher the current gold rate, the higher the amount you qualify for. 

If you wish to obtain a gold loan, regularly monitor the prices to ensure you get the best value for your collateral. At Bajaj Markets, securing a gold loan is effortless and swift. Compare offers from various lenders with ease, and complete your application digitally in minutes – requiring little to no paperwork.