Gold Rate Today in Bhiwani

Bhiwani is a city in the state of Haryana with a rich history. It used to be called the “Gate of Rajputana”. It is believed that Rajput King Neem Singh named this city after his wife Bhani. It is home to over 500 temples and is also called ‘Chhoti Kashi’. The people of Bhawani consider Gold very auspicious and the demand spikes, especially during festivals and marriages. Gold is bought in Bhiwani to keep the family safe from an unexpected financial crisis.

Things You must know before Investing in Gold

Gold is an omnipresent investment in every Indian household for ages. It is considered to be a safe shield against inflation risks. Below are a few points that you must consider before buying gold 

Difference between 22K and 24K Gold

This indicates the purity of Gold in the ornament. 24K contains about 99.9% of Gold but it is not considered durable for making ornaments. 22K Gold has about 91% pure Gold mixed with other alloys which makes it highly durable, hence it is most widely used by jewellers.

Gold Rate calculation

Jewellers in Bhiwani use the below calculation to determine the final price of the gold jewellery :

Final Price = 24K or 22K Gold rate (in gms) * Gold weight (in gms) + Making charges+ GST (Price + Making charges)      

Gold v/s Other Investments

It is always advisable to have a balanced portfolio to mitigate risks. Gold is a good asset to have as it acts as a backup in a weak economic scenario when the equities fall sharply. A few features of Gold investments are as below-

• Gold has shown appreciation in the past when the stock markets went down as it attracts an inflow of money from the market. Hence, it acts as a hedging instrument.
• It is a precious metal that can be handed down to coming generations as a means of financial security.
• You can invest in either physical gold in the form of jewellery, coins and bars. Investing in physical Gold does involve the risk of theft. You may have to spend on the storage fees of Bank lockers.  
• Gold can also be bought in virtual forms like ETFs, Gold Mutual Funds, Sovereign Gold Bonds and Digital Gold.

How is Gold purity evaluated in Bhiwani?

There are 3 terms namely BIS Hallmark, KDM Gold and 916 Gold to understand before buying Gold jewellery or coins in Bhiwani. These are explained below-

BIS Hallmark

BIS or Bureau of Indian Standards is responsible for setting a set of standards to confirm the purity of Gold. From July 2021, every jeweller has to mandatorily affix BIS Hallmark on its jewellery. You need to look for these 3 signs -

• BIS Logo - It shows that purity has been checked at a BIS centre. It is a triangle-shaped logo.
• Purity Grade - It tells the purity of the Gold used. For example, 22K916 ( 22k gold with 91.6% purity), 18K750 ( 18k gold with 75% purity) etc.
• HUID Code- It is called a Hallmark Unique identification number. It's a 6-digit alphanumeric code which can be verified on BIS Care App.

KDM Gold

It contains 92% pure Gold and 8% Cadmium. This alloy mixture was used to attain the best purity of Gold. However, the BIS has banned the KDM gold as it was found to have caused serious health issues to the artisans who worked with it.

916 Gold

It is another name for 22K Gold. Here, 916 means 91.6% Gold and the rest is other metal alloys. For example, if 22K gold weighs 100 gms it means that it has 91.6 gms of pure Gold. You must look for BIS 916 mark as it certifies the gold purity as per BIS standards.

Factors affecting the Price of Gold

The continuous change of Gold rates is caused by many factors which are highlighted as under-

Demand and Supply 

When the demand for Gold increases, the price will also rise. This usually happens during the festival and marriage seasons. The Government also maintains Gold reserves. If these reserves are increased by the Govt, then it causes reduced supply in the market, which in turn leads to an increase in the price of Gold.

Inflation

Gold is used for protection against inflation in Bhiwani. When inflation goes high, people tend to buy more Gold for financial security. This causes the demand to go up and consequently, the Gold price also increases.

US Dollar vs Indian Rupee 

Most of the Gold in India is imported. The price of Gold is initially fixed in US Dollars. If the Indian Rupee gets weak, the conversion rate increases causing a spike in Gold price. Hence, the rate is also influenced by the exchange rate of the Indian Rupee.

Taxes and Import Duty

Import of Gold attracts Custom Duty which varies as per changes in the government’s policies. Besides this, Goods and Services Tax (GST) and other charges are also levied. Below are the current rate of charges on Gold in Bhiwani –

• Customs Duty – 12.5%
• Agricultural Infrastructure and Development Cess (AIDC) – 2.5%
• Social Welfare Surcharge – 10% of Customs Duty
• GST – 3%