Gold rate in Balangir
gold rate in balangir

24K Gold/ 10gm
57,910.00
0.00(0.00%)
22K Gold/ 10gm
55,150.00
0.00(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Located in southern Odisha, the city of Balangir serves as the district capital. Forests, waterfalls, valleys, and bubbling springs all serve to entice visitors to the District from farther afield in search of tranquilly. In addition to its hilly terrain and abundance of natural resources, the Eastern Ghats region is famous for the unique customs and practices of its indigenous tribes.

22K & 24K Gold Rates Per Gram in Balangir

24K
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GramYesterdayToday
1gm
5,791.00
0.00 (0.00%)
5,791.00
0.00 (0.00%)
8gm
46,328.00
0.00 (0.00%)
46,328.00
0.00 (0.00%)
10gm
57,910.00
0.00 (0.00%)
57,910.00
0.00 (0.00%)
100gm
5,79,100.00
0.00 (0.00%)
5,79,100.00
0.00 (0.00%)

Factors Affecting Gold Prices in Balangir

Here are some factors that affect inflation in Balangir:

Inflation

Nowadays, one of the most common reasons to buy gold is to hedge against the devaluation of one's currency and inflation. Gold's worth, as measured by the price of an ounce of the precious metal, may be more stable than currency values. When investors foresee a decline in the value of paper money, they may be tempted to buy gold.

Demand and Supply

Currently, in Balangir, the price of gold is affected by both supply and demand. In Balangir, gold prices have gone increased as a result of rising demand and a lack of available metal.

Government Gold Reserves

There are usually some gold and foreign currency reserves in a country's central bank. The Reserve Bank of India and the Federal Reserve System are two such institutions. As the price of gold rises, prominent banks increase their holdings and demand for the precious metal.

Variations in Currency Rates

Generally speaking, gold transactions in overseas markets are conducted in US dollars. The import price in India Rupees must be converted from US Dollars before it can be calculated. The cost of bringing gold into India is affected by fluctuations in the value of the US dollar. Sales, imports, and other costs fluctuate daily due to this.

Historical gold rates in Balangir in last 10 days

1 gram
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Day24K Gold22K Gold
04 Feb 2023
5,791.00
0.00 (0.00%)
5,515.00
0.00 (0.00%)
03 Feb 2023
5,791.00
0.00 (0.00%)
5,515.00
0.00 (0.00%)
02 Feb 2023
5,791.00
89.00 (1.57%)
5,515.00
85.00 (1.57%)
01 Feb 2023
5,702.00
27.00 (0.48%)
5,430.00
25.00 (0.47%)
31 Jan 2023
5,675.00
-16.00 (-0.28%)
5,405.00
-15.00 (-0.27%)
30 Jan 2023
5,691.00
0.00 (0.00%)
5,420.00
0.00 (0.00%)
29 Jan 2023
5,691.00
0.00 (0.00%)
5,420.00
0.00 (0.00%)
28 Jan 2023
5,691.00
16.00 (0.29%)
5,420.00
15.00 (0.28%)
27 Jan 2023
5,675.00
-63.00 (-1.09%)
5,405.00
-60.00 (-1.09%)
26 Jan 2023
5,738.00
42.00 (0.74%)
5,465.00
40.00 (0.74%)

Impact of GST on Gold Prices in Balangir

Gold is subject to a variety of goods and services tax (GST) structures, including but not limited to service tax, value-added tax, excise duty, and other domestic indirect taxes. Gold jewellery production expenses are subject to taxation under the Goods and Services Tax regime. Taxes went up by around 2% once the GST was implemented. Impact of GST on Gold Prices Implementing GST on gold at 3% has only marginally increased the price for gold buyers because the impact tax rate on the value of gold was 2% before the adoption of GST on gold at 3%.

In addition to the 12.5% customs duty and 2.5% AIDC that are already applied to gold imports into India, a further 10% social welfare surcharge is tacked on.

When these various levies are included, the cost of purchasing gold increases considerably.

Weekly & monthly gold rate in Balangir
1 gram
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7 Days
30 Days
3 Months
6 Months
24K GOLD
22K GOLD

Gold vs Other Investment Options

Investing is a common practise among the general populace. Every person of working age should make it a priority to amass financial security for themselves and their families. Gold is being considered as an investment by many people in light of the recent global market turbulence. The precious metal has long been used as a protection against inflation.

The only investment choice that is more stable than gold is real estate. Since land is in short supply, its price will increase. In 2022, gold appears to be a better investment than Bitcoin, which is currently falling like a stone in the cryptocurrency market.

The precious metals markets are very specialised, and there are many different sorts of metals you might invest in.

Global market instability brought on by the pandemic significantly impacted several sectors, including the transportation and airline industries. Many individuals who don't have a lot of money to invest prefer gold to stocks and shares of large corporations.

Trend of Gold rates in Balangir

1 gram
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Day24K Gold22K Gold
01 February 202357025430
05 February 202300
Highest57915515
Lowest57025430

Investment Options for Gold in Balangir

 

Gold Mutual Funds

These mutual funds are managed by a variety of financial institutions, and the vast majority of their holdings are Gold ETFs (AMCs). Gold ETFs, which trade on stock markets like shares, are backed primarily by gold bullion and the stock of gold mining and processing companies.

Digital Gold

You may buy these in increments as small as one gramme through a number of different apps.

Interesting Facts about Gold

Due to its durability and durability, much of the gold that has ever been discovered has been put to good use. However, it is believed that 80% of the world's gold is still hidden beneath the surface.

In contrast to gold, diamonds are incredibly abundant in their natural state. A five-carat mined diamond is easier to find than a one-troy-ounce (31.1 gramme) gold piece.

True gold can be shaped in surprising ways. One ounce of gold can be beaten down to a thin enough sheet to cover three hundred square feet.

 

FAQs of Gold price in Balangir

How and where can I buy gold in Balangir?

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Can I avoid paying GST when buying gold?

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What distinguishes 24-karat gold from 21-karat gold?

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