Gold Rate Today in Chandrapur

Chandrapur is a city in Maharashtra. The Wardha Valley Coalfield (a vast coal deposit) and the super-thermal power plant in Chandrapur district are both well known. The Erai and the Zarpat rivers meet in the city's vicinity. There are many coal seams in the area surrounding the city. Chandrapur is also referred to as the "Black Gold City."

Gold rates in Chandrapur constantly fluctuate because of various factors. These include inflation, changes in government policies, currency conversion rates, and gold rates in international markets.

The demand for gold in Chandrapur increases during the wedding and festive seasons. While earlier, investing in gold meant visiting a jeweller physically, nowadays, you can also invest in digital gold from the convenience of your home.

How does GST Impact Gold Rates in Chandrapur?

The implementation of the Goods and Services Tax (GST) raised the prices of gold in Chandrapur. In the pre-GST era, buyers had to pay a 10% import duty, 1% customs duty, and 1.2% value-added tax (VAT) when purchasing gold.

After the implementation of GST, buyers pay a 12.5% import duty and 3% GST on the price of gold. So, GST entails higher costs than customs duty and VAT put together.

In addition, you also need to pay 5-15% more as making charges if you are buying gold ornaments. These charges vary from one jeweller to another.

Investment Options for Gold in Chandrapur

• Wearing gold ornaments is considered auspicious in Chandrapur, especially during wedding ceremonies and festivities. People buy physical gold jewellery in massive amounts during these occasions.
• People in Chandrapur also buy bullion as an investment to beat inflation and cope with unexpected economic downturns.
• With digitisation, a lot of people have turned towards digital gold. Various options exist under this category. Examples include gold Exchange Traded Funds (ETFs), gold mutual funds, and sovereign gold bonds (SGBs). Let’s have a look at them below.

1. Sovereign Gold Bonds (SGBs): A sovereign gold bond (SGB) is a bond issued by the Indian government that is worth gold in grams. Gold in the form of digital currency is a good alternative to physical gold. The issue price must also be paid in cash when bonds mature, as well as when bonds are redeemed in cash.
2. Gold Mutual Funds: For gold investments, gold mutual funds are becoming more and more popular. These funds make investments in organisations that work in the gold sector, including mining firms. They give investors a means of making gold investments without having to purchase and store physical gold.
3. Gold Exchange-Traded Funds (ETFs): The most common way to invest in gold in Chandrapur is through gold exchange-traded funds (ETFs). Investors can gain exposure to the metal without owning physical gold thanks to the way it tracks the price of gold. These funds can be purchased and sold on stock exchanges just like other stocks.
4. Digital Gold:  Investors can buy and hold physical gold without having to store it physically thanks to digital gold. It is therefore a practical and adaptable choice for those looking to invest in gold. Investors may benefit from digital gold's convenience, adaptability, and security, among other benefits.

Most of these are valued in grams of gold and serve as alternatives to holding actual gold. These investments help you avoid risks like theft and burglary that come with holding physical gold.

How to Determine the Purity of Gold?

The gold rates vary depending on the purity of the gold. According to the World Gold Council, 24-karat gold has a purity of 99.9%, while 22-karat gold is 91.6% pure.

22-karat gold is also 916-hallmarked gold, owing to its purity value. The Bureau of Indian Standards (BIS) carries out the authentication and hallmarking of gold jewellery. Before buying gold, check out the hallmark to assess the gold's quality. Remember that the gold rate for 22-karat gold differs from city to city.

One way to determine the purity of gold at home is by immersing it in water. Your gold is pure if it sinks to the bottom. Another method is to place the gold close to a magnet. If the gold is pure, it won't be drawn to the magnet.

You must look for the following marks before purchasing gold items from a jeweller:

1. Check if the gold ornament bears the triangle-shaped BIS mark.
2. Look for the jeweller's identification number or mark.
3. Check the caratage (22K916), which ensures karat purity and fineness.
4. Ensure the year of production of the jewellery.

Factors Affecting Gold Prices in Chandrapur

• Inflation causes an increase in the demand for gold, thus impacting its prices. This is because investments in gold have historically yielded inflation-beating returns.
• The fluctuations in the value of the Indian rupee against the US dollar impact the gold rates. If the value of the Indian rupee plummets, the gold rates rise.
• If gold rates in international markets increase, the rates rise in Chandrapur as well.
• Government policy changes, like taxation and import regulation changes, are also significant factors impacting price fluctuation in the city.
• Gold prices tend to rise during auspicious festivals, wedding seasons, and other occasions in Chandrapur.
• Gold's price tends to rise during economic downturns because it is considered a stable asset. Investors turn away from riskier investments and invest in gold instead. Additionally, gold is highly liquid and maintains its value even during unstable times.