Gold Rate Kadapa
Last updated on: 8th Mar 2023 06:30 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 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.
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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.
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:
How is the purity of gold measured?
The purity of gold is measured in karats. A gold karat is 1 out of 24 parts, 22K is 22 out of 24 parts, and 24k is 24 out of 24 parts gold. 18 karat is 75% pure, and 14 karat is 58.3% pure.
Which are some places to buy gold jewellery in Kadapa?
What is KDM gold? How is it different 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.