Gold Rate Today in Amravati
Last updated on: 8th Mar 2023 06:30 AM
Amravati is the ninth-largest city in Maharashtra, India, and the second-largest city in the Vidarbha region. It is a place of great traditional, cultural and religious significance. Many travellers from across the country visit Amravati's historical and religious landmarks every year. Numerous temples are located here. In addition, it is renowned as the city of Lord Indra.
Amravati citizens buy gold throughout the year. However, the demand is highest during the festive season. While most people traditionally invest in physical gold, paper and digital gold are also popular options.
Like the rest of India, gold rates in Amravati are impacted by several factors. Hence, before buying gold, you must understand the current gold prices. Continue reading as we discuss the rates, factors impacting the rates and more.
Gold Rate Comparison - 22K vs 24K
Factors Affecting Gold Prices In Amravati
The following are some factors that affect the price of gold:
- Demand and Supply
In Amravati, rising demand and limited supply cause gold prices to rise. Gold prices typically rise during the holiday and wedding seasons due to an increase in demand. - Inflation
Rising inflation results in decreasing exchange rates and rupee depreciation. Why do people invest in gold during this time? Because gold acts as a hedge against inflation, even when it lasts for a very long time. With more people investing in gold during inflation, the gold rates increase. - Interest Rate
Gold prices are inversely associated with interest rates and are therefore dependent on them. Rising interest rates always affect the price of gold and reduce gold demand which reduces the price of gold in Amravati. - Import Duties
India produces less than 1% of the world's overall gold. However, it is also the second-largest consumer of gold globally. As a result, import taxes on gold directly impact its daily selling price. - Government Reserves
The Reserve Bank of India sells and buys gold on behalf of the Government of India. Government trades in gold at different prices and quantities, affecting gold prices. - Currency Fluctuations
USD is the main currency used to trade gold on international markets. The import prices are determined by translating USD (US Dollar) to ₹ (Indian National Rupee). As a result, the overall costs of gold are impacted by changes in the value of the USD.
Today's 22K & 24K Gold Rates Per Gram in Amravati
| Gram | Yesterday | Today |
|---|---|---|
| 1 gram | ₹552.10 -1.00 (-0.18%) | ₹552.10 0.00 (0.00%) |
| 8 grams | ₹4,416.80 -8.00 (-0.18%) | ₹4,416.80 0.00 (0.00%) |
| 10 grams | ₹5,521.00 -10.00 (-0.18%) | ₹5,521.00 0.00 (0.00%) |
| 100 grams | ₹55,210.00 -100.00 (-0.18%) | ₹55,210.00 0.00 (0.00%) |
Hallmark, KDM and 916 Varieties of Gold
If you want to invest in gold jewellery, it is essential to understand the value of 916 hallmark gold.
Simply put, 916 gold refers to 22 Karat gold. This gold variant contains 91.6 grams of pure gold in 100 grams of alloy.
Remember, 24-Karat refers to gold in its purest form. However, it is considered too delicate to craft exquisite jewellery. 22-Karat gold, on the other hand, is sturdier and offers better durability. Hence, this variant is used widely to manufacture jewellery items.
Hallmark is a certification that the gold you are buying is of good quality. The Bureau of Indian Standards (BIS) hallmarks gold in India, including Amravati. Hence, hallmarking ensures that the quality of the gold is consistent with the seller's claim. It prevents customers from getting duped while buying or selling.
Historical Gold Rate in Amravati for Last 10 Days
| Day | 24K Gold | 22K Gold |
|---|---|---|
| 09 Mar 2023 | ₹5,521.00 0.00 (0.00%) | ₹5,061.10 0.00 (0.00%) |
| 08 Mar 2023 | ₹5,521.00 -10.00 (-0.18%) | ₹5,061.10 -9.17 (-0.15%) |
| 07 Mar 2023 | ₹5,531.00 0.00 (0.00%) | ₹5,070.27 0.00 (0.00%) |
| 06 Mar 2023 | ₹5,531.00 0.00 (0.00%) | ₹5,070.27 0.00 (0.00%) |
| 05 Mar 2023 | ₹5,531.00 0.00 (0.00%) | ₹5,070.27 0.00 (0.00%) |
| 04 Mar 2023 | ₹5,531.00 0.00 (0.00%) | ₹5,070.27 0.00 (0.00%) |
| 03 Mar 2023 | ₹5,531.00 15.00 (0.27%) | ₹5,070.27 13.75 (0.23%) |
| 02 Mar 2023 | ₹5,516.00 16.00 (0.29%) | ₹5,056.52 14.67 (0.24%) |
| 01 Mar 2023 | ₹5,500.00 11.00 (0.20%) | ₹5,041.85 10.08 (0.17%) |
| 28 Feb 2023 | ₹5,489.00 -16.00 (-0.29%) | ₹5,031.77 -14.67 (-0.24%) |
How is the Purity of Gold Evaluated in Amravati?
Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.
The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.
BIS Mark
Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.
Karat
Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.
Jewellers Identification Mark
The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.
Different Ways To Invest in Gold in Amravati
Here are some popular gold investment options
1. Physical Gold
Buying physical gold is the most convenient way of investing in gold. In this case, you need to visit a jeweller to buy gold. Physical gold denotes items like jewellery, gold coins and bars.
2. Digital Gold
As the name suggests, you can buy this type of gold online via select platforms like Paytm and Phonepe. The best part is that you can start investing with as low as ₹1. Further, you don't need to worry about storing this gold. The seller will store your gold on your behalf free of cost.
3. Paper Gold
Paper Gold is an asset representing the value of physical gold while not being the yellow metal itself. It is considered safer than holding gold in physical form. Examples of paper gold include gold Exchange Traded Funds (ETFs), gold mutual funds and gold sovereign bonds
FAQs of Gold Rate in Amravati
How can I verify the gold in Amravati?
Hallmarking ensures the purity of gold. Check the hallmarking, the Bureau of Indian Standards (BIS) logo, the Jewellers' identification mark and the Number before buying gold in Amravati.
What do the terms KDM, 916, and hallmark jewellery mean?
One tola is equal to how many grams of gold?
What is Sovereign Gold Bond (SGB)?
Sovereign Gold Bond
2.5% p.a. + Gold price increase
- RBI issued bonds
- Best deals filtered for you
- Tax exempted when held till maturity
Gold Rates in Popular Cities of India
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.