Gold Rate Today in Ambikapur

Ambikapur is a beautiful city which is located in the state of Chattisgarh. Other major cities in the state of Chattisgarh surround it. Ambikapur derives its name from Goddess Ambika, which is central to the identity of this city. Ambikapur has people from all religious and cultural groups.

It has been viewed as a common trend that people of Ambikapur tend to diverge in gold as an investment option. Therefore, gold is the most popular investment option for residents of Ambikapur. Therefore, it becomes important that you make a sound purchase of gold bars and gold ornaments by keeping in mind the details shared further.

Comparison Between 24-Karat and 22-Karat Gold

The most commonly purchased variants of gold in Ambikapur are 22-karat and 24-karat. These descriptions are usually based on a varying range of purity. The differentiation depends on the following factors:

Purity: 24K gold is believed to be a 99.9% pure form of gold. While 22K is only 91.7% pure, implying that the remaining 9% is formed of other metals such as copper, silver, and zinc to count a few.

Durability: 22K is more durable as compared to 24K gold due to its composition, which has a blend of other metals as well.

Cost: The cost of 24K gold is higher than 22K gold due to its high purity.

How are gold rates decided in Ambikapur?

Gold rates in Ambikapur are dependent on several internal as well as external factors. They are listed below:

Demand Supply: The gold price in Ambikapur heavily depends on demand and supply chain factors. Additionally, since gold is not produced in factories and is extracted from natural resources, the supply of raw gold keeps changing. The demand for gold is highest in Ambikapur at the time of festivals.

Import Duties: Around 90% of gold sold in India is imported from other countries with rich gold reserves. This import of gold is subject to various taxes and duties. These taxes increase the base price of gold.

There are 3 types of import duties applicable on gold in India: Customs Duty - 12.5%, Agriculture Infrastructure and Development Cess (AIDC) - 2.5% and Social Welfare Surcharge - 10% of Customs Duty. A 3% GST is also charged on gold products and ornaments.

International Factors: The rate of gold also depends on various international factors such as war, tension among global powers, international sanctions, and geopolitical factors.

How is the gold price fixed in Ambikapur?

The gold price fluctuates on a day-to-day basis. It is fixed daily after keeping in mind the relevant factors. These gold rates are fixed in Ambikapur by The Indian Bullion Jewellers Association, also known as the IBJA. IBJA consists of the top gold dealers of India as its members. These members are responsible for fixing gold prices daily.

What are the substitutes for physical gold in Ambikapur?

Gold is commonly known to be subject to various security threats. Therefore, people are now turning to various substitutes for physical gold. These substitutes are often known as online gold. You can invest in the following substitutes for physical gold in Ambikapur:

• Sovereign Gold Bonds: These are government securities denominated in grams of gold. These gold bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India.  
• Gold Exchange-Traded Funds (ETFs): A gold ETF is an open-ended mutual fund scheme that tracks the changing cost of gold. One gold ETF represents one gram of gold of high purity. 
• Gold Mutual Funds: Gold mutual funds are regulated by the Stocks Exchange Board of India (SEBI). They are used to invest in the units of a gold ETF.

Interesting Facts on Gold

Here are some interesting facts related to gold that will further pique your interest in this precious metal:

• According to RBI data for 2009-10, 7% of Indian household savings or investments are in the form of Gold.
• Out of the whole lot of gold consumed in India, around 90% is imported from other countries.
• Gold is highly malleable and ductile. 28.3 grams of gold can be beaten into an 8 km long thread or hammered into a 100 sq feet sheet.
• Gold is an indestructible metal. Gold is a noble metal and doesn’t react easily. It doesn’t rust, oxidise or even react to most acids. Most of the gold mined still exists today.