Gold Rate Kakinada
Last updated on: 8th Mar 2023 06:30 AM
Kakinada is the sixth-largest city in Andhra Pradesh. It is famous for its local food and well-planned infrastructure. The city is also home to many Telugu cinema celebrities and used to have many cinema theatres. Kakinada is known for its sweets, such as Kaja, which has become a famous recipe in South India.
Kakinada is an essential political region and also one of the three smart cities of Andhra Pradesh under India's Smart Cities Mission.
Gold is a valuable asset across all regions of India. The city of Kakinada is no exception when it comes to buying gold. Like other regions in India, Kakinada has a healthy demand for gold, especially during festivals and auspicious occasions. Many people choose gold as a preferred addition to their investment portfolio.
Let us look at the gold rates in Kakinada.
The Goods and Services Tax (GST) has contributed to the rise in gold rates. Before the implementation of GST, jewellers had to pay a 10% customs tax, 1% excise duty and 1.2% value-added tax (VAT). However, the import duty on gold including Agriculture Infrastructure and Development Cess (AIDC) has increased to 15%. Additionally, you have to pay a GST rate of 3% on all gold purchases.
Quantitative Easing (QE) is a monetary strategy employed by central banks of countries. In QE, a central bank buys securities to reduce interest rates, increase the supply of money, and drive more lending to businesses. The goal of QE is to encourage economic activity during financial crises. QE can also impact the gold market. Whenever the authorities hint at using QE to scale back gold purchases, the prices of gold can rise overnight.
Gold is one of the most preferred investment choices in India. Besides buying physical gold, there are many investment alternatives for gold available. Gold jewellery is the most popular form of gold that people purchase from a store. The other investment choices are:
|Day||24K Gold||22K Gold|
|09 Mar 2023|
|08 Mar 2023|
|07 Mar 2023|
|06 Mar 2023|
|05 Mar 2023|
|04 Mar 2023|
|03 Mar 2023|
|02 Mar 2023|
|01 Mar 2023|
|28 Feb 2023|
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.
What are the different colours of gold that I can buy?
Why is the gold rate in Kakinada different from other cities?
What is a BIS hallmark?
Where can I purchase gold in Kakinada?
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.