Gold Rate Today in Bhind

Bhind is located in Madhya Pradesh's Chambal division. In the north and east, it borders Uttar Pradesh's Agra, Etawah, Jalaun, and Jhansi districts. On the south and southwest sides, it borders the Datia, Gwalior, and Morena districts of Madhya Pradesh. In terms of economy, agriculture is the backbone of Bhind.

Bhind district is named after the Hindu saint Vibhandak Rishi, also known as Bhindi Rishi. This district has a rich history, just like gold and silver. Do you know? Gold & silver were among the first five elements discovered, alongside copper, iron, and lead.

As with many other Indian cities, Bhind places heavy emphasis on gold. Weddings and auspicious festivals have traditionally been associated with gold as a symbol and ritual. Most investors consider gold a reliable asset due to its long history and cultural significance. International trends, inflation, currency rates, and several other factors influence the gold rate in Bhind and elsewhere in India. Read on to discover the gold rates in Bhind.

How do GST & Import Duties Impact Gold Rates in Bhind?

Since the Goods and Services Tax took effect, there have been some fluctuations in gold rates. Gold is subject to a 3% GST on top of the landed cost. 

A landed cost or landed price is the sum of all charges associated with transporting a product from its source to its destination, including import duties and charges like Basic Customs Duty (BCD), Agriculture and Infrastructure Cess (AIDC), and Social Welfare Surcharge (SWS).

There is a 5% GST on the making charges of gold jewellery.

How is the Purity of Gold Evaluated in Bhind?

Gold's purity is measured in Karats and can be classified as 24, 22, 10, 14, and 10 karats. A 24-Karat gold bar contains no alloys and is 99.9% pure gold. The softness and fragility of 24 Karat gold make it unsuitable for ornaments and jewellery.

Jewellery is generally made from 22-karat to 10-karat gold. And it's purity can also be calculated in percentages or parts per thousand. To convert karats to a percentage, divide the karat number by 24 and multiply the result by 100. For example, if you want to know the percentage of gold in your 18 Karat earrings, divide 18 by 24, and the result is 0.75, multiply that by 100, and you have 75%, which is the gold content of your earrings.

Additionally, you can check the karat stamp of gold jewellery to determine its purity. The Bureau of Indian Standards (BIS) issues hallmarks to ensure purity.

As of June 16, 2021, hallmarks are mandatory for gold sales. However, it only applies to jewellers with annual turnovers of more than ₹40 lakhs. As a result, some jewellers may sell gold without a hallmark, nevertheless, it is advisable to purchase gold with a hallmark to ensure its authenticity.

As of July 1, 2021, new hallmarking signs have been introduced. According to the Department of Consumer Affairs, BIS hallmarks on gold jewellery have the following symbols:

1.  BIS Standard mark
2.  Purity/Fineness Grade and
3.  6-digit alpha-numeric code (Jeweller's Identification mark/number)

Gold Rates in Bhind

Here are the gold rates in Bhind based on purity levels. The rates are in Indian rupees.

Factors Affecting the Gold Prices in Bhind

The following are the key factors influencing the gold rate.

Rate of the Indian Rupee: The spot price of gold is determined by the London bullion market, which trades in dollars, euros, and pounds. As a result, the value of the Indian rupee influences gold prices significantly. A fall in the rupee's value increases the exchange rate, which leads to higher gold prices.

Fluctuations in the International Market: Since most of India's gold demand is met by imports when gold prices rise overseas, they also increase in India.

Inflation: Inflation often leads to an increase in gold prices. Gold is often purchased as a way to counter inflation, which increases its demand, thereby raising its price.

Festive and Wedding Seasons: Gold prices usually rise during these seasons due to increased demand.

Interest Rate: Fixed deposits are popular financial instruments for savings and investments among Indian households. However, in times of low-interest rates, gold becomes a more attractive investment option. Thus, this leads to higher demand for gold, resulting in higher prices.

Stock Market Correlation: There is a negative correlation between gold prices and the stock market. During a downturn in the stock market, investors usually place their surplus funds in gold or other safe assets. Due to this, gold's demand increases, and its price rises.