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Todays Gold Price in Visakhapatnam
Residents of Visakhapatnam mostly view the yellow precious metal as a traditional form of investment. Gold rate today in Visakhapatnam are subject to various developments in India and across the world. Gold prices in Visakhapatnam are, however, also dependent on the local taxes and transportation charges in addition to various additional costs charged by jewelry stores across the city.
Gold in Vizag is mostly bought during the wedding season, festivals such as Diwali and auspicious occasions such as Akshaya Tritiya which witnesses maximum rush with customers making a beeline at jewelry stores across the city to avail of the attractive discounts. Gold rate today in Visakhapatnam is bought in the form of intricate wedding jewelry, gold coins and bars. Traditionally, South India has been the largest consumer of gold with prominent jewelry chains dotting across the region. There are over 300,000 jewelers across India including small businesses.
Why is it important to track gold price in Visakhapatnam
The basic rule of investing is that you also what you are investing in and why you are doing so. And the same is true with the case of gold as well. Whether you want to buy gold in Visakhapatnam or in any other city, you need to know what is happening in the market or how the precious metal is performing. Gold prices are never constant and as such keeps fluctuating based on a number of local and international factors. Sometimes, a rise in demand can also contribute to a rise in demand. For instance, during the many wedding seasons you see over the course of a year, gold prices will be on the higher side. This is because there’s more activity, albeit in the retail side of the business, as more people are looking to purchase the metal. If you are an investor, you have all the more reason to know how good or bad a metal is performing. Choose the right time and use the most used strategy of buying on a low and selling when its peaking idea if you are to make a good gain in the process.
What are the popular gold jewellery stores in Visakhapatnam?
Being in the southern part of India where a lot of gold is consumed, Visakhapatnam is home to hundreds of jewellery stores. Some of the most popular ones include Khazana Jewellers - a store with a widespread presence in all five state of South India. Jos Alukkas - owned by one of the Alukkas - this store has seen a significant rise in number over the last decade or so. Again, this store also has a massive presence in Karnataka, Telangana, Andhra Pradesh, Tamil Nadu, and Kerala. Malabar Gold and Diamonds - a Kerala-based business is another popular jeweller in the city that jewellery enthusiasts can visit. Besides this there are other jewellers like Lalithaa Jewellery, Vaibhav Jewellers, Hira Panna Jewellers, who are known among gold buyers in the city.
Gold as an Investment in Visakhapatnam
Jewelry - Jewelry in Vizag forms the major component of the overall demand for gold in the city owing to the tradition of buying the yellow metal during auspicious occasions. Most consider gold a safe investment. India's gold jewelry demand increased by 8 percent despite stricter import rules (some rules were done away with during the latter part of 2014).
Coin - According to experts, gold coins have lesser premium and can be redeemed at the market price during selling. Many investors buy gold coins from reputed jeweler owing to no risk of impurity. While banks sell gold, they don’t buy back coins even as a pledge. Post offices and non-bank financial agencies also sell gold coins. Consumers have to pay a VAT @ 1%.
Gold ETFs - One unit of ETF is equal to 1 gram of gold. Exchange Traded Funds (ETF) are like mutual funds that invest in gold. ETFs are gaining increasing popularity across the country owing to high liquidity, ease of investing (traded on the stock exchange) among many others. Also, there is no wealth tax involved which makes it an attractive investment option.
How to invest in gold in Visakhapatnam
Visakhapatnam, being one of the most popular cities in South India, offers plenty of opportunities for all sorts of gold investors: whether it is the large jewellery-buying consumers or for the investment-oriented companies. People can invest in a range of assets like gold coins, jewellery, gold bullions (bricks), and gold ETFs.
Opting for a Gold Loan In Visakhapatnam
While taking a loan against assets has been prevalent in India for a long time, opting for finance through gold is the most popular one. Up until recently taking a gold loan was a major hurdle because one would have been left under the mercy of a local jewellery banker, who would offer rates based on a whim on the actual price of gold. However, as the gold industry has developed there are plenty of national and local entities, who take up gold of the current day’s rates and offer you a loan amount you are looking for. You will of course be required to pay interest rates and the principal for a given point of time before getting your jewellery back.
Everything about taxes on gold in Visakhapatnam
Taxing on gold remains largely the same across all states of the country, hence there’s very little change to expect in Visakhapatnam. To start, gold owners are liable to pay income tax depending on their situations. For instance, if you sell your gold, the profit you make is taxable under the ‘Capital Gains’ component of ITD. Jewellers dealers are also liable to pay taxes, which they should pay under the ‘Profits and gains of business or profession’. The actual tax amount payable differs based on a few factors. These involve:
- Short Term capital asset - Gold is considered to be a short-term capital asset, if you buy the jewellery and sell it within 36 months.
- Long term capital asset - If you keep gold for longer than 36 months and then sell it later, your gold is considered a long-term capital asset.
While short term gains on gold are taxed based on the tax slab you fall under, long term gains will be taxed at 20%, which is exclusive of any other cess that the government levies.
In case, you have lost money by selling you gold, it is considered as a capital loss and you are required to mention the same while filing your Income Tax returns.
FAQs on Gold rate in Vishakhapatnam
What is the difference between a 22-karat gold bar and a 24-karat gold bar?
The difference between a 24-karat gold bar and a 22-karat gold bar is that the former is considered to be the purest form of gold and has no other metal mixed with it. In the case of 22-karat gold, it may contain some metal that may affect its overall purity as well as the cost. Overall, the cost of a 22-karat gold bar will be lower than that of a 24-karat gold bar.
Does the price of gold in Vishakhapatnam be the same as the price of gold in other cities?
The price of gold in Vishakhapatnam should be the same when compared to the price of gold in other cities in Andhra Pradesh. However, when the price of gold in Vishakhapatnam is compared to the price in other cities in India, then the price is likely to be different. The difference in the price of gold might be due to various factors such as the demand for gold in the city, etc.
What factors affect gold rates in Vishakhapatnam?
Some of the factors that determine gold rates in Vishakhapatnam are given as: Gold prices in the international markets, Value of the rupee against the dollar, Import costs.
How can I check whether the gold that I have purchased is real?
One of the easiest ways to check the authenticity of your gold is to conduct the float test. Take your gold ornament and put it in a bowl of cold water. If the gold item sinks to the bottom of the bowl, then it is real gold since the precious metal’s density is high, otherwise it fake or a plated gold ornament. The other way to check is by taking your gold ornament and bringing it close to a magnet. If it sticks to the magnet then it is fake gold. Real gold will not stick to the magnet.
Why does gold price vary from place to place?
The various factors affecting the gold rate include high demand for the yellow metal and comparatively low supply, transportation expenses, policies and tariffs imposed by local governments, etc. It is because of these factors that gold price varies from place to place.