Last updated on: 29th Jan 2023 9:00 AM
Kadapa in Southern Andhra Pradesh is rich in black and red ferrous soil and known for its black limestone. Kadapa is the gateway to Thirumala hills, where Tirupati temple is located. As of November 2022, the Tirumala Tirupati Devasthanams (TTD) said it has 10.3 tonnes of gold deposits and thousands of crores of rupees in nationalised banks. Many worshippers donate gold and money regularly to the temple as a token of gratitude.
The price of gold purchased by you in Kadapa contains the following taxes:
The Bureau of Indian Standards (BIS) has made hallmarking mandatory to guarantee the purity or fineness of precious metal articles. This protects buyers from purchasing adulterated gold and ensures that your gold fetches the right price if you want to liquidate it.
Registered jewellers in Kadapa and the country must only sell hallmarked gold articles. The purity of gold is measured in karats (K). A 22K BIS hallmarked gold article will have the BIS logo. 24-karat gold is the purest, as it has 99.9% gold. However, it is too soft for use and hence, is strengthened by the addition of metals such s zinc and copper. 22K contains traces of copper, silver, nickel and zinc apart from gold, which makes it durable. It is also called 916 gold, as it has 91.6% gold. The price of 916 gold is calculated by multiplying 0.916 by the price of 24 karat gold.
Buying gold jewellery and coins involves paying the making and waste charges. These are not recovered when you resell these items. So if you are buying gold purely as an investment, here are a few alternative options:
|Day||24K Gold||22K Gold|
|30 Jan 2023|
|29 Jan 2023|
|28 Jan 2023|
|27 Jan 2023|
|26 Jan 2023|
|25 Jan 2023|
|24 Jan 2023|
|23 Jan 2023|
|22 Jan 2023|
|21 Jan 2023|
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Kadapa. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.
Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.
Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.
On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.
|Day||24K Gold||22K Gold|
|01 January 2023||5387||5130|
|30 January 2023||5618||5350|
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.
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.
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.
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.
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