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Todays Gold Price in Nagpur
Investing in gold in India, to the average Indian, means purchasing gold jewelry and/or ornaments. At least this is what it is in the traditional sense, but a new wave of information and awareness is bringing India to the forefront of investments in gold as a tradable commodity. In Nagpur, second capital of Maharashtra, the perception of Gold prices is changing from jewelry to high-valued investment option.
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Buying Gold in Nagpur
There are many traders, merchants, established sellers and certified authorities selling gold in the great city of Nagpur, such as Shri Nirmal Jewellers, Sona Hira Chand Rupchand, V M Jewellers, Jos Alukkas Jewellery, Inter Gold Gems Private Limited, Wadilal Parekh and Sons, Tanishq, Pure Gold, etc.
When buying gold in Nagpur, it is highly recommended that you buy from a well-established and certified dealer. Ensure that the gold is marked, stamped, engraved or in some way certified and determined to be authentic gold of whichever purity you choose – 22 karat or 24 karat. Make sure that you also get a certificate of authenticity which contains details of purity, gold rate on the date of purchase and the amount of gold purchased – along with the gold.
Investing in Gold in Nagpur – types and options available
Gold coins – After gold jewelry and ornaments, gold coins are the most common type of gold that’s purchased as an investment (especially in India). Gold coins are available in various weights like 1 gram, 2 grams, 5 grams, 10 grams, etc. and represent smaller investments than, say, gold bullion. Your investments will be subject to the same market factors that affect the price of all types of gold, but your risk will be significantly lesser as the denominations are lower, and coins can be purchased at any time during the year. Purchasing a few coins a month of a standard weight can be used to average out the gold price you’ve paid as the average gold price in India in that particular year. Gold coins are easy to acquire and provide a way for low and medium income groups to invest in gold as a commodity.
Gold bullion – Standard-sized pieces of gold, gold bars (like in the movies) and gold tablets fall under the definition of gold bullion. Gold bullion is bought primarily as an investable commodity, in larger quantities, from a certified authority. It is generally traded in weightages over 500 grams, the most common being 1 kilo. Gold bullion also facilitates international gold trading and is one of the most common ways in which gold is transferred overseas, apart from gold ownership certificates. Most types of gold bullion are internationally tradable.
Jewelry and Ornaments – are bought and sold in India at the drop of a hat, for weddings, naming ceremonies, festivals, etc. and are the most common form of gold in the country. It should be noted that when gold is shaped into ornaments and jewelry, it is sometimes mixed with an alloy to allow for greater malleability, which results in the loss of some purity. Gold in this form has utility as a gift, a daily use item and also as a means of preserving the asset value, should the need arise to sell it.
It’s very important to read up on the factors that affect the gold rate, such as the strength of the US Dollar, demand versus supply, international currency movements, etc. before deciding on the right time to invest. Investing and trading in gold is an activity centered on the right timing.
- Also Check - Gold Rate in Maharashtra
FAQs on Gold Rate in Nagpur
When would be the best time to purchase gold?
Gold can be purchased at any given time as per your needs. However, it is important that you check the purity of gold before buying it.
How does 24 karat gold differ from 22 karat gold?
No additional metals are added to 24 karat gold, while additional metals apart from gold are added to 22 karat gold. The percentage of pure metal in the case of 22 karat gold is around 92.
What factors determine the price of gold in India?
Gold prices in India depend on the rates of the yellow metal in the international markets, inflation, economic stability, import costs, and the value of the rupee against the dollar.
Will the prices of gold differ from city to city?
Yes, the prices of gold will be different in every city. The main reasons for the prices to vary in every city are transportation costs, the amount of gold that has been bought, and local taxes.
Do the interest rates on fixed deposits affect gold prices?
Yes, gold prices are affected by the interest rates on fixed deposits.