Gold Rate Beed
Last updated on: 8th Mar 2023 06:30 AM
Beed is a city located in the Marathwada region of the Indian state of Maharashtra. It is known for its rich cultural heritage, historical landmarks, and fertile agricultural land. Beed is also an attractive destination for investors who are looking to invest in gold. Gold is considered a safe haven investment that provides stability and security during times of economic uncertainty. The city offers a variety of options for investors looking to purchase gold, including jewelry shops, banks, and online platforms.
The prices of gold in Beed are competitive, and investors can buy gold at a relatively low premium compared to other cities. Additionally, the city has a rich tradition of gold trading and has a large number of local gold merchants who have been in the business for many years. This makes Beed an ideal place for those looking to invest in gold and take advantage of its stability and security.
There are two separate GST charges on gold that buyers of the precious metal must pay in Beed. First, a 3% GST is levied on the price of gold. Secondly, the jeweller charges a 5% GST for gold ornaments on the making charges. Making charges refer to the cost of moulding raw gold into jewellery.
Three types of import duties are applicable on gold imports to India - Customs Duty (12.5%), Agriculture and Infra Tax (2.5%), and Social Welfare Surcharge (10% of Customs Duty).
Gold is trendy in Beed. However, it should be noted that the popularity is in terms of gold jewellery or gold ornaments, not gold investments.
The concept of gold as a form of investment is still novel among many people. The fact that you can buy gold digitally or invest in a gold exchange-traded fund (ETF) is not as well-known as the value of gold ornaments. Most people would still opt for physical gold — be it gold coins or gold jewellery — to hold it as an investment asset.
There are several different options available for gold investments in Beed -
|Day||24K Gold||22K Gold|
|09 Mar 2023|
|08 Mar 2023|
|07 Mar 2023|
|06 Mar 2023|
|05 Mar 2023|
|04 Mar 2023|
|03 Mar 2023|
|02 Mar 2023|
|01 Mar 2023|
|28 Feb 2023|
916 hallmarked gold refers to 22-karat gold since 22-karat gold is 91.6% pure by volume.
In terms of investment, 24-karat gold is more popular. But when it comes to making jewellery, 22-karat gold is preferred. The trace metals in the alloy add to the gold's strength and durability and make it easier to mould into ornaments.
The 916 hallmark is provided by the Bureau of Indian Standards (BIS), which authenticates the gold's purity.
Inflation eats into the value of money. Because there is a consistent increase in the average price level, the real value of money falls. At times like this, it is ideal for storing your savings in forms other than cash. Gold is the perfect solution.
There is a direct relationship between the inflation rate and gold price. If inflation increases, the cost of gold rises, and vice versa. Fluctuations in gold prices often accompany the monetary policy decisions of the Reserve Bank of India (RBI).
Indians tend to consume a lot of gold during the festive season. There is a higher demand during Dhanteras and Diwali as people rush to mark the auspicious occasions with gold purchases.
The interaction between demand and supply influences the price of any commodity. As the supply of gold is generally constant, any uptick in demand pushes up the average cost of gold.
During instability and volatility, people tend to look for safe shelters. If there is any political unrest in the country, or if people expect the stock market to crash, there will be a migration in investor assets towards gold. The demand for gold increases during such times, and so does the price of gold.
In comparison, when the economy is prospering and there is high production and demand, investors reduce their investments in gold and shift towards asset classes with higher risk exposure.
Government policies significantly impact most sectors of the country, and gold is no different. The Government of India uses gold as an instrument to control inflation.
The government tends to increase interest rates when the inflation rate is on the higher side. People opt for more debt-based investment assets and buy bonds and fixed deposits. Loose cash reduces in the hands of people, and the demand for gold falls. The opposite happens when the government lowers interest rates.
Thus, the changes in government policies influence the demand for gold and, indirectly, its price.
What should I check before buying gold in Beed?
You should ensure the quality and purity of the gold used. There are 4 things to check before buying gold items -
Year of Production
Identification Mark or Number of the Jeweller
Gold Purity Hallmark
Is 24K gold more expensive than 22K gold?
Do fixed deposit interest rates impact gold prices in Beed?
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.