Gold rate in Belgaum
gold rate in belgaum

24K Gold/ 10gm
57,490.00
0.00(0.00%)
22K Gold/ 10gm
54,750.00
0.00(0.00%)

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

Belgaum is a city in the northwestern part of Karnataka. It is the administrative headquarters of the Belgaum district. With over half a million population, Belgaum is among one of the largest cities in Karnataka, after Bengaluru.

Belgaum is a major centre for gold trade in Karnataka. Several businesses cater to the rising demand for gold in the city and its gold markets are among the largest in the state. The gold trade is mainly conducted out of shops in the Khade Bazar, Raviwar Peth, Gokak, and Shahpur areas.

Gold prices in Belgaum are influenced by various factors, both domestic and international. On the domestic front, gold prices in Belgaum are affected by factors such as inflation, the performance of the equity markets, and interest rates. On the international front, factors such as the value of the US Dollar, oil prices, and global economic conditions affect the rates.

Let us now have a look at the gold prices in the city to help you understand the local market for gold and make an informed purchase decision.

22K & 24K Gold Rates Per Gram in Belgaum

24K
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GramYesterdayToday
1gm
5,749.00
0.00 (0.00%)
5,749.00
0.00 (0.00%)
8gm
45,992.00
0.00 (0.00%)
45,992.00
0.00 (0.00%)
10gm
57,490.00
0.00 (0.00%)
57,490.00
0.00 (0.00%)
100gm
5,74,900.00
0.00 (0.00%)
5,74,900.00
0.00 (0.00%)

Factors Affecting Gold Prices in Belgaum

Inflation

Gold is often seen as a hedge against inflation. Rising prices for goods and services erode the purchasing power of paper money, making gold relatively more valuable. When people see prices rising, they may buy gold to try to protect their wealth. The fear of inflation can thus cause the price of gold to rise in Belgaum.

Interest Rates

The Reserve Bank of India (RBI) uses several tools to manage inflation, including interest rates. When inflation is high, the RBI typically raises interest rates to prevent prices from rising too quickly. With a hike in interest rates, people tend to invest more in fixed-income schemes and limit their investments in gold. This causes gold rates to fall due to a decrease in demand. The opposite happens when interest rates go up.

Import Restrictions

RBI's gold import policy directly affects gold prices in India. If the central bank eases restrictions on gold imports, it will lead to a fall in gold prices. On the other hand, if RBI imposes higher duties or puts a limit on gold imports, it would push up prices. RBI's actions are thus closely watched by gold traders and investors.

Geopolitical Factors

Gold prices are highly influenced by geopolitical factors. One of the most influential geopolitical factors is the ongoing trade war between the United States and China. As the trade war continues, it is expected that gold prices will continue to rise.

Local Taxes

State and local governments in India also impose taxes on gold purchases. These taxes can significantly impact the price of gold in Belgaum, as the taxes are applied in addition to the price of gold.

Supply and Demand

Supply and demand are major factors in determining gold prices. When the demand for gold increases due to a rise in the purchase of gold, it drives up the price of gold. If there is a decrease in demand, gold prices drop as supply exceeds demand.

International Gold Prices

Gold prices in Belgaum are also affected by international gold prices. As the price of gold globally increases, it also impacts the price of gold in Belgaum. This is because much of India's gold is imported.

 

Historical gold rates in Belgaum in last 10 days

1 gram
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Day24K Gold22K Gold
04 Feb 2023
5,749.00
0.00 (0.00%)
5,475.00
0.00 (0.00%)
03 Feb 2023
5,749.00
0.00 (0.00%)
5,475.00
0.00 (0.00%)
02 Feb 2023
5,749.00
89.00 (1.58%)
5,475.00
85.00 (1.58%)
01 Feb 2023
5,660.00
27.00 (0.48%)
5,390.00
25.00 (0.47%)
31 Jan 2023
5,633.00
-16.00 (-0.28%)
5,365.00
-15.00 (-0.27%)
30 Jan 2023
5,649.00
0.00 (0.00%)
5,380.00
0.00 (0.00%)
29 Jan 2023
5,649.00
0.00 (0.00%)
5,380.00
0.00 (0.00%)
28 Jan 2023
5,649.00
16.00 (0.29%)
5,380.00
15.00 (0.28%)
27 Jan 2023
5,633.00
-63.00 (-1.10%)
5,365.00
-60.00 (-1.10%)
26 Jan 2023
5,696.00
42.00 (0.75%)
5,425.00
40.00 (0.75%)

How Does Taxation Impact Gold Rates in Belgaum?

Several taxes and duties can impact gold rates in Belgaum. Goods and Services Tax (GST) imposed by the Central Government is the most important among them. Let's have a look at the interplay of various taxes and duties affecting gold rates in Belgaum.

  • 3% GST
  • 12.5 % import duty
  • 2.5% Agriculture Infrastructure Development Cess (AIDC)
  • 5% Making Charges (Only on gold jewellery and ornaments) is applicable on all gold jewellery and ornaments, irrespective of price.
  • ₹45 Hallmarking Charges are applicable as Belgaum is part of the Government's list of regions where hallmarking is mandatory.

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

Gold vs Fixed Deposit: Which is Better Investment?

Gold is a physical asset that has been valued as a store of wealth for centuries. It is widely recognized as a hedge against inflation and economic uncertainty, and it is considered a safe haven asset in times of financial turmoil. Gold can be purchased in various forms, including coins, bars, and jewelry, and it can be bought and sold through a variety of channels, such as gold dealers, digital gold platforms, and gold ETFs.

Fixed deposits, on the other hand, are financial instruments offered by banks and other financial institutions that allow investors to earn a fixed rate of interest on their deposits. FDs are generally considered a low-risk investment option, as they are backed by the stability of the financial institution and offer a guaranteed return. FDs are typically held for a fixed term, and the interest rate is usually higher for longer-term deposits.

When deciding between gold and FDs, investors should consider the following factors:

  • Financial goals: If an investor's primary goal is to preserve capital and protect against inflation, gold may be a good option. If the primary goal is to earn a fixed and stable return, FDs may be a better choice.
  • Risk tolerance: Gold prices can fluctuate significantly in response to market conditions, so there is a risk of capital loss if the price of gold falls. FDs, on the other hand, are generally considered a low-risk investment option, as they offer a guaranteed return and are backed by the stability of the financial institution. Investors with a low risk tolerance may be more comfortable with FDs, while those with a higher risk tolerance may be more willing to take on the potential volatility of gold.
  • Investment horizon: The length of time an investor plans to hold an investment can also be a factor in the decision between gold and FDs. Gold can be a good option for long-term investors, as it has historically held its value over the long term. FDs, on the other hand, are typically held for a fixed term, and the interest rate is usually higher for longer-term deposits. Investors with a shorter investment horizon may be more comfortable with FDs, while those with a longer horizon may prefer gold.

Trend of Gold rates in Belgaum

1 gram
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Day24K Gold22K Gold
01 February 202356605390
07 February 202300
Highest57495475
Lowest56605390

How is the Purity of Gold Evaluated in Belgaum?

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.

  1. 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.

  2. 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.

  3. 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.

FAQs of Gold price in Belgaum

What are the different types of gold investment options available in Belgaum?

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What is the difference between 24-karat and 22-karat gold?

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How to avoid making charges if I want to invest in gold?

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Can I sell my gold jewellery in Belgaum?

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