Gold Rate Bangalore
Last updated on: 2nd Jun 2023 05:41 PM
Bangalore, known as the "Silicon Valley of India," is the largest city in the southern Indian state of Karnataka. It is the leading IT exporter in the country and has one of the highest GDPs of any big city in India.
Naturally, given the high concentration of wealth and income in the city, there is a high demand for gold in Bangalore, both for investment and decorative purposes. This demand increases during Dhanteras and other festivals where gold is considered auspicious.
The rates of gold in the city are linked to its global prices and other local influences. Factors like the purity of gold, import duties, and festive demand surges have a bearing on gold prices in Bangalore.
Please continue reading to learn more about gold rates, the top factors affecting its volatility, and the prerequisite concepts for investing in gold.
Gold is considered a stable investment for long-term returns. It is excellent for diversifying your portfolio and hedging against market risks in Bangalore. You can invest in physical gold, such as jewellery and bullion.
If you want to avoid paying for charges or wastage, you can choose to invest in digital gold, such as gold bonds, equity-traded funds (ETFs), etc. Here are some of the alternatives to physical gold:
One of the most purchased forms of gold in terms of purity grades is 24K gold and 22k gold. When buying gold for jewellery or investment purposes, deciding whether to get 24K or 22K gold can be puzzling. Let’s compare these two types of gold in detail.
24K gold is the purest form of gold available in the market, with a fineness level of 999. On the contrary, 22K gold is only 91.6% pure gold, and the rest 8.4% is a mixture of other metals like silver, copper, or zinc. The fineness level of 22K gold is 916.
Pure gold is soft, making it unsuitable for jewellery making. However, it has wide applications in the manufacturing industry and is widely used in making electronic devices and medical equipment. Other than manufacturing purposes, they are also available as gold bars and coins, as 24K gold is perfect for investment purposes.
Whereas 22K gold is perfect for making jewellery. Since they are mixed with other metals like copper, silver, or zinc, the metal alloy formed is highly durable, which is why they are perfect for making jewellery.
As the purity level of gold increases, so does the cost. 24K gold is more expensive than 22K gold since the former is pure gold and the latter is gold mixed with impurities (other metals).
From the above comparison, it is clear that if you are looking to buy gold for daily wear purposes, then 22K is the best choice. However, if the purpose of purchase is solely investment, then 24K gold is a better choice.
The purity of gold can be verified through the hallmark provided by the Bureau of Indian Standards (BIS). If you are looking to buy gold in Bangalore, check the hallmark before buying it.
All registered jewellers in B’luru are required to stamp gold articles with the hallmark and gold karats. There are very high chances of being defrauded in the purchase of un-hallmarked gold.
The purity of gold is measured in karats. 24-karat gold is the purest form of gold, containing 99.9% gold. However, it isn't easy to make jewellery with it because it is too fragile.
Generally, 22-karat gold is used to make jewellery. It contains 22 parts gold and two parts copper, silver, nickel, and zinc. It has a purity of 91.6% and is hence also called "916 gold."
14K and 18K gold are used to make designer jewellery which has a lesser quantity of gold.
|Day||24K Gold||22K Gold|
|02 Jun 2023|
|01 Jun 2023|
|31 May 2023|
|30 May 2023|
|29 May 2023|
|26 May 2023|
|25 May 2023|
|24 May 2023|
|23 May 2023|
|22 May 2023|
The following taxes are levied on every morsel of gold sold in the city:
Here are some factors that determine the gold price in Bangalore:
The global demand and supply of gold keep fluctuating in response to macroeconomic factors and geopolitical situations. This impacts the local price of gold in Bangalore as well.
Is buying gold worth it?
Yes, buying gold is worth the investment. With the growing demand for the metal, the value of this precious metal has been rising over the years. A trend of increasing gold rates can be noticed over the years, and the same can be predicted for the future.
What is the purity of different karats of gold?
What is KDM gold? How does it differ from hallmarked gold?
Should I buy un-hallmarked gold?
Is KDM gold and 22K gold the same?
Is the gold rate the same throughout the country?
How can beginners invest in gold?
How to store gold?
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.