Last updated on: 8th Mar 2023 06:30 AM
The industrial town of Bhilai is the second largest urban area in Chhatisgarh. It is located in the Durg District and has a rich cultural heritage and demography. Its combination of industry, culture, and nature makes it an interesting and attractive place to visit. It is also a hub of industry and commerce in the region.
Whether you're a seasoned investor or new to the game, gold is a valuable addition to your portfolio. Like most Indian cities, gold has traditionally been esteemed in Bhilai as jewellery and investment instruments.
The locals buy gold in the form of jewellery and bullion throughout the year in Bhilai. However, the demand for gold is highest during festive seasons such as Diwali, Dussehra, Dhanteras, etc. The continuous changes in buying patterns of gold influence the prices of gold in the city.
Besides festivities, other factors also impact gold prices in Bhilai. Continue reading to explore the various factors influencing gold prices in Bhilai.
The price of gold in Bhilai Nagar contains the following taxes:
Here are a few ways to check the purity of gold in Bhilai:
In India, the Bureau of Indian Standards (BIS) is responsible for hallmarking gold jewellery. The hallmark is a mark stamped on the jewellery that indicates the purity of the gold. You can look for the hallmark on the jewellery to determine its purity. Common hallmark stamps for gold include 10K, 14K, 18K, and 24K, with the higher numbers indicating a higher purity of gold.
Gold testing kits are available at jewellery stores and online. These kits use a chemical process to determine the purity of the gold.
24-karat gold is the purest form, containing 100% gold. However, it is hard to make jewellery with it because it is soft. So usually, 22-karat gold is used to make gold jewellery. This contains 22 parts gold and 2 parts copper, silver, nickel, and zinc alloys. It is also called 916 gold, equivalent to 91.6% gold. The price of 916 gold is calculated by multiplying 0.916 by the price of 24 karat gold. Further, 14 and 18-karat gold is used to make designer jewellery.
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%) |
You can verify the purity of gold through the hallmark given by the Bureau of Indian Standards (BIS). If you are looking to buy gold in Bhilai Nagar, check the hallmark before buying it.
All registered jewellers are required to stamp gold articles with the hallmark and the gold karats. There are 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, containing 100% gold. However, it is hard to make jewellery with it because it is soft. So usually, 22-karat gold is used to make gold jewellery. This contains 22 parts gold and 2 parts alloys of copper, silver, nickel, and zinc. It is also called 916 gold, as it is equivalent to 91.6% gold. The price of 916 gold is calculated by multiplying 0.916 by the price of 24 karat gold. Further, 14 and 18-karat gold is used to make designer jewellery.
The Indian Bullion and Jewellers Association (IBJA) is a trade association representing the interests of gold dealers in Bhilai. It does not directly determine the price of gold. However, it does provide a daily reference gold price in Bhilai based on the market rate.
The IBJA reference price is based on the price of gold in the international market and the rupee/dollar exchange rate. It is used to settle gold transactions between buyers and sellers. However, it is crucial to note that the actual price of gold in Bhilai may vary.
In addition, other organisations determine the price of gold. It is a result of the interactions of all the participants in the market, including central, commercial, investment banks, hedge funds, and retail investors.
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%) |
When using gold jewellery as an investment, you end up paying 'making charges' which are not recovered on the sale of the very same articles. Consequently, the profitability of gold declines. Therefore, you can choose to invest in different alternatives as discussed below:
KDM is a type of gold that is commonly used in Bhilai. It refers to gold that has been melted and formed into a bar. KDM gold is often alloyed with other metals to increase its strength and durability.
Hallmarked gold is certified by a government agency as meeting specific standards for purity. In India, the Bureau of Indian Standards (BIS) is responsible for hallmarking gold. To be hallmark certified, gold must meet certain purity standards. Also, it must be tested by a BIS-approved laboratory. Hallmarked gold is considered to be of higher quality than non-hallmarked gold. So, it is often more expensive than KDM gold.
So, it is important to note that KDM and hallmarked gold differ. KDM gold can be hallmark certified, but it is not necessarily guaranteed.
Like the rest of India, gold rates in Bhilai Nagar depend on various factors. Here are the factors impacting the gold rate in Bhilai Nagar:
Is gold a good hedge against inflation?
Gold is often seen as a hedge against inflation, as it increases when prices rise. However, the relationship between gold and inflation is not always straightforward. But it is essential to consider your investment goals and risk tolerance before deciding whether to invest in gold.
How do I determine the value of my gold jewellery?
How to check the purity of different karats of gold?
Should I buy un-hallmarked gold?
Why is paper gold easier to sell?
What is KDM gold? How does it differ from hallmarked gold?
What returns do I get from investing in a gold bond?
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.