Gold Rate in Maharashtra _{Last Updated : 04 Dec 2022}

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Today's Gold Price in Maharashtra

Maharashtra is one of the most prosperous states in India. The state, which includes cosmopolitan cities such as Mumbai and Pune, boasts of one of the largest demands of gold in the country. Gold rates in Maharashtra for different variants such as bullions and bars reflect the gold rate today in India persisting worldwide. Mumbai, with its location in the western coast of India, has made it an ideal location for imports of gold, which form a significant portion of overall supply of the yellow metal in the country.

Gold is primarily traded in the form of jewellery in Maharashtra, with the rural population accounting for a substantial portion of gold purchases. Jalgaon in Maharashtra is also known as the ‘Golden City’ owing to its quality gold jewellery, which is sold far and wide.Gold price in Maharashtra is related to gold rates in other parts of the countries, albeit with slight differences.

Trend of Gold Rate in Maharashtra for October 2022

September 2022 Gold Rate in Maharashtra

Trend of Monthly Gold Rate in Maharashtra for September 2022

• In Maharashtra, gold prices started off at the rate of Rs.4,964 per gram of 24 karat gold in the month of September. Over the month, the precious yellow metal witnessed some fluctuations in its price and displayed an overall decline in its performance.
• The highest price for the month was Rs.4,991 per gram on 6 September. Gold prices in Maharashtra recorded their lowest price point for the month on 27 September when a gram of 24 karat gold was being traded for Rs.4,859. Thus, the overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at –0.20%.
• The price of gold for the month of September closed at Rs.4,954 per gram in Maharashtra.

August 2022 Gold Rate in Maharashtra

Trend of Monthly Gold Rate in Maharashtra for August 2022

• In Maharashtra, gold prices started off at Rs.5,038 per gram for the month of August. Over the next few weeks, the prices witnessed several fluctuations and settled at Rs.5,043 per gram by the end of the month.
• The highest price of the precious yellow metal was recorded on 14 and 15 August wherein a gram was 24 karat gold was priced at Rs.5,138. Gold was being sold at its lowest price point of Rs.5,017 per gram on 23, 24, and 29 August.
• Thus, gold prices in Maharashtra witnessed an inclining trend during the month of August. The percentage change in gold prices for the month stood at 0.09%.

Factors That Determine the Price of Gold in Maharashtra

These are a few factors that affect the price of gold in Maharashtra.

• Other than government policies, economic changes, and/or political movements can affect the price of gold in Maharashtra.
• The value of the Indian Rupee as compared to gold is a major factor that affects the price of gold in Maharashtra. If the value of the U.S. dollar increases when compared to the Indian Ruppe, the price of gold in Maharashtra will increase.
• Any change in excise duty and also the import rates will change the price of gold.

Pointers to Look out for When Buying Gold in Maharashtra

• Market movement

You should be aware of the market movement before you buy gold. If the market is down, you can buy gold. After the price of gold increases, you can sell the gold and get the profit.

• Purchase hallmark gold

You should only buy hallmarked. There are a lot of jewelers in Maharashtra who sell gold that is authentic and pure.

Gold Jewellery Stores in Maharashtra

A few of the jewellery stores in Maharashtra are:

• Tanishq Jewelers
• Kalyan Jewelers
• P Prem Jewelers
• Malabar Gold and Diamonds
• Mahalaxmi Jewelers

Options of Gold in Maharashtra

• Gold is a great investment, and you should understand that you have a lot of options when it comes to buying gold. Other than gold ornaments, you can buy gold ETFs, gold bars.
• When it comes to gold ETFs, you do not need to buy gold in a physical form. If you do not have high investment capital, you can buy 22-karat or 18-karat gold and this will be cheaper than 24-karat gold.

Why to Buy Gold in Maharashtra

• Other than buying gold as an investment, it is considered auspicious to purchase gold. During a lot of events like weddings, festivals, people buy a lot of gold.
• You can use gold as a hedge to secure your future if you face a financial crunch.
• Gold is considered to be a safe haven. This means that when the markets are down, investors buy gold as it is low risk and less volatile as compared to oil or the U.S. dollar.

FAQs on Gold price in Maharashtra

1. Why is 24 karat gold not used for making jewellery in Maharashtra?

   The 24-karat gold is of the highest purity and is very soft. This softness allows the yellow metal to be easily drawn into wires and beaten into sheets. Because of this exceptional softness, it is difficult for a jeweller to craft intricate jewellery pieces with 24 karat gold.

2. What to check while buying gold jewellery in Maharashtra?

   The below-mentioned are a few points one should note when buying gold jewellery: Check the purity of gold used while making the jewellery, ie. 22 karat or 24 karat, Check if the ornament is hallmarked and Check the making charges applied.

3. How is the price of gold determined in Maharashtra?

   There are various factors which determine the price of gold such as the policies introduced by the government, rate of interest, the demand for gold, etc. There are external factors too that determines the cost of gold in India such as the rate of Indian currency with respect to US dollar, price of oil, important political events, etc.

4. Should I make an investment in 24-karat gold in Maharashtra?

   If you are looking forward to making a long-term investment in gold, then buying 24-karat gold is a good option.

5. What is Maharashtra gold less than 24-karat made up of?

   Gold less than 24-karat is made up of an alloy with other metals like silver, platinum or copper.

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