Last updated on: 21st Sep 2023
Bangalore is the capital of the Indian state of Karnataka. It is named India's IT hub and a tourist gem. The city also has a considerable demand for gold. Gold is considered one of the safest forms of investment. However, given the volatile market, gold rates also frequently change in today’s times.
The demand for gold is met by importing gold. The following factors will determine the gold rate:
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹4,471.50 +14.25 (0.32%) | ₹4,424.25 -47.25 (1.07%) |
8 grams | ₹35,772.00 +114 (0.32%) | ₹35,394.00 -378 (1.07%) |
10 grams | ₹44,715.00 +142.50 (0.32%) | ₹44,242.50 -472.50 (1.07%) |
100 grams | ₹4,47,150.00 +1425 (0.32%) | ₹4,42,425.00 -4725 (1.07%) |
Gold rates are not stable and are subject to certain changes daily. Understanding the factors behind these changes can help you make better investment decisions. Some of the factors affecting gold rates in Bengaluru are:
Demand and Supply
Demand and supply are among the biggest factors in deciding the rates for any commodity sold in the market, and gold is no exception. The availability of gold is finite across the globe, which limits the supply. However, the demand for the commodity has been increasing as the years go by. This increasing demand results in rising rates of gold.
Import Costs
A lot of physical gold used in India is imported. Therefore, the cost of importing metal can directly impact gold rates in Bengaluru. This means if the import costs increase, the rate of gold will also increase.
Seasonal Demand
Gold is in heavy demand during the times of festivals and weddings. The demand for gold rises substantially during these times, and a hike in gold rates can also be noticed.
Mining and Production Costs
Gold is acquired through the process of mining. This mined gold is then sent through a production process to get them in usable form. All these processes require energy to complete the task. Therefore, if the mining or production cost increases, the rates of gold will also increase.
Strength of the U.S. Dollar
Gold rates follow an inverse relationship with the dollar price as the dollar weakens and gold rates increase.
Government Reserves
Government Banks often store gold in bulk to maintain economic stability. The rates hike when they buy gold in large quantities than they sell. Moreover, during inflation, to stabilise the economy, they start to sell gold in the market, which decreases the gold rates. Therefore, government reserves can affect the gold rates in Bengaluru.
Day | 18K Gold |
---|---|
21 Sep 2023 | ₹44,242.50 -472.50 (0.60%) |
20 Sep 2023 | ₹44,715.00 +142.50 (0.18%) |
19 Sep 2023 | ₹44,572.50 -7.50 (0.01%) |
18 Sep 2023 | ₹44,580.00 +180 (0.23%) |
15 Sep 2023 | ₹44,400.00 +337.50 (0.43%) |
14 Sep 2023 | ₹44,062.50 -7.50 (0.01%) |
13 Sep 2023 | ₹44,070.00 -7.50 (0.01%) |
12 Sep 2023 | ₹44,077.50 -232.50 (0.30%) |
11 Sep 2023 | ₹44,310.00 +37.50 (0.05%) |
08 Sep 2023 | ₹44,272.50 -112.50 (0.14%) |
Day | 18K Gold |
---|---|
21 Sep 2023 | ₹44,242.50 -472.50 (0.60%) |
20 Sep 2023 | ₹44,715.00 +142.50 (0.18%) |
19 Sep 2023 | ₹44,572.50 -7.50 (0.01%) |
18 Sep 2023 | ₹44,580.00 +180 (0.23%) |
15 Sep 2023 | ₹44,400.00 +337.50 (0.43%) |
14 Sep 2023 | ₹44,062.50 -7.50 (0.01%) |
13 Sep 2023 | ₹44,070.00 -7.50 (0.01%) |
12 Sep 2023 | ₹44,077.50 -232.50 (0.30%) |
11 Sep 2023 | ₹44,310.00 +37.50 (0.05%) |
08 Sep 2023 | ₹44,272.50 -112.50 (0.14%) |
Day | 18K Gold |
---|---|
21 Sep 2023 | ₹44,242.50 -472.50 (0.60%) |
20 Sep 2023 | ₹44,715.00 +142.50 (0.18%) |
19 Sep 2023 | ₹44,572.50 -7.50 (0.01%) |
18 Sep 2023 | ₹44,580.00 +180 (0.23%) |
15 Sep 2023 | ₹44,400.00 +337.50 (0.43%) |
14 Sep 2023 | ₹44,062.50 -7.50 (0.01%) |
13 Sep 2023 | ₹44,070.00 -7.50 (0.01%) |
12 Sep 2023 | ₹44,077.50 -232.50 (0.30%) |
11 Sep 2023 | ₹44,310.00 +37.50 (0.05%) |
08 Sep 2023 | ₹44,272.50 -112.50 (0.14%) |
Day | 18K Gold |
---|---|
21 Sep 2023 | ₹44,242.50 -472.50 (0.60%) |
20 Sep 2023 | ₹44,715.00 +142.50 (0.18%) |
19 Sep 2023 | ₹44,572.50 -7.50 (0.01%) |
18 Sep 2023 | ₹44,580.00 +180 (0.23%) |
15 Sep 2023 | ₹44,400.00 +337.50 (0.43%) |
14 Sep 2023 | ₹44,062.50 -7.50 (0.01%) |
13 Sep 2023 | ₹44,070.00 -7.50 (0.01%) |
12 Sep 2023 | ₹44,077.50 -232.50 (0.30%) |
11 Sep 2023 | ₹44,310.00 +37.50 (0.05%) |
08 Sep 2023 | ₹44,272.50 -112.50 (0.14%) |
The following points should be kept in mind while buying gold in Bangalore.
Purity: Ensure that you pay as per the purity of gold in karats. The percentage of gold in the alloy determines its purity.
Making charges: If you buy gold in the form of jewellery, you will be charged making charges that might go up to 35% of the gold. These charges are a complete waste if your purpose is to invest.
Cost of stones in gold jewellery: Gold jewellery often contains different stones; the weight of the stone is also charged at the rate of gold.
Do not buy un-hallmarked gold: Hallmarking is done on gold articles to ensure credibility on the purity of gold. Therefore, it is advised to buy only hallmarked gold.
Import duty: A 12.5% import duty is charged on gold imported into India. This duty is passed on to the consumer, increasing the price of gold in Bangalore.
Agriculture Infrastructure Development Cess (AIDC): A 2.5% AIDC is charged on imported gold. This cess is used to fund infrastructure projects in the agricultural sector.
Goods and Services Tax (GST): A 3% GST is charged on the sale of gold in Bangalore. This tax is used to fund a variety of government programs.
Making charges: When physical gold is made into jewellery, it attracts making charges. These charges are subject to a 5% GST.
Hallmarking charges: A hallmarking charge of ₹45/- is charged per article of gold in Bangalore. This charge is used to ensure the quality of gold jewellery.
Gold purity is measured in karats, with higher karats indicating a higher purity. The following karats of gold are available:
Here are a few methods to evaluate the purity of gold
Yes, 24 Karat is gold in its purest form. But it is too soft for use. Hence, metals like zinc are added to strengthen it. The gold thus created is the 22 Karat variant. While 24 Karat is 99.9% pure, 22 Karat typically consists of around 91% pure gold. As a result, 24 Karat gold costs more than 22 Karat gold.
Location
₹44,243 / 10gm
Last updated on: 21st Sep 2023
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.