Gold Rate Today in Kalyan

The historic twin towns of Kalyan and Dombivli are in Maharashtra's Thane district. They come under the Mumbai metropolitan region and are administered by the Kalyan Dombivli Municipal Corporation.

Both towns are steeped in history and bear numerous relics of an ancient and glorious past. Dombivli finds a mention in stone inscriptions in Mahul village near Turbhe Port, dating back to 1075.

Kalyan, a prosperous port city, was subjected to numerous invasions, ranging from the Mughals and Portuguese to the British.

It is, however, recognised as a Maratha and Peshwa bastion and is best known as a strategic place that Marathas conquered back from the Mughals.

Gold investment options in Kalyan-Dombivli

There are several ways to purchase gold as an investment:

• Physical gold: Almost everyone is aware of physical gold. The most common forms of physical gold are jewellery, coins, bars, etc. This implies investing money directly in actual gold. Future sales of physical gold may fetch a higher price. It does have certain disadvantages, such as making costs (for jewellery) and expenses, as well as concerns related to storage and safekeeping.
• Exchange-traded funds (ETFs): Gold and stocks of gold mining and production firms are the main underlying assets of gold exchange-traded funds, which are traded on stock exchanges like shares. A Demat account is necessary for investing in gold ETFs.
• Digital gold: With digital gold, you can invest in and buy gold virtually without possessing the physical metal. You can invest in virtual gold through reputed websites. You can start small and build up your gold holdings in an insured safe until maturity. Gold:
• Sovereign gold bonds (SGBs): Government securities valued in gold grams are known as sovereign gold bonds. Because they are issued on behalf of the Government of India through the Reserve Bank of India (RBI), sovereign gold bonds are the safest method of investing in gold. These bonds are traded on an exchange. Therefore, to purchase sovereign gold bonds, the buyer must deposit the issue price in cash with a SEBI-approved stockbroker.
• Gold mutual funds: These are funds that invest mainly in gold ETFs and are managed by multiple asset management companies (AMCs).
• Revamped Gold Deposit Program (R-GDS): The government of India has started this initiative in order to put the nation's unused gold to good use. You can earn income by depositing gold with the bank with a minimum deposit of  30 grams. The duration of this plan extends from one year to fifteen years, and with time, the deposit's interest rate rises.

The effect of GST on the price of gold in Kalyan-Dombivli

The GST for gold in Kalyan-Dombivli is approximately 3%, and there are various other charges involved in the gold rate, including processing fees and customs duties. For gold, the processing charge and the customs duty are both 5%.

Interesting facts about gold

• Gold is highly ductile (can be drawn into thin wires). It is said that five miles (8 kilometres) of gold thread can be made from a single ounce of gold (28 grams). The fine line can even be used for embroidery.
• Despite being a dense, thick metal, gold is mainly non-toxic. While it can be ingested in small quantities in foods and beverages, some people are allergic to it.
• Beyond its economic and ceremonial importance, gold has numerous other applications. It is utilised in electrical wiring, electronics, medicines, dentistry, radiation shielding, and painting glass, among other things.

Where to Buy KDM and Hallmark gold in Kalyan?

The purity of gold is tested by Hallmark. It gives the buyer confidence because it is the symbol of gold purity. This means that if you purchase Hallmark 18K gold jewellery, it implies that 18/24 of the parts are made of gold, with the remaining parts being an alloy. On the other hand, KDM gold is a type of gold alloy containing 92% gold and 8% cadmium alloy.

In India, all reputed jewellers offer KDM and Hallmark jewellery. In addition, local gold stores in Kalyan are offering the same. However, if you are not interested in investing in pure gold, you can avail of various gold schemes that offer safe and secure investment options, under the purview of the Government of India.

Factors that affect the gold rate 

The relationship between gold prices and inflation

It indicates that higher inflation levels will most likely result in higher prices for gold because the value of money is likely to decrease. Inflation tends to be directly related to fluctuations in the price of gold.

Indian jewellery market's effect on gold prices

The importance of gold in Indian households is well known, especially during the festival and wedding seasons. Additionally, prices rose throughout the festive period due to increased consumer demand for gold. It's significant to notice that, according to a World Gold Council (WGC) report from 2019, Indian families have collected about 25,000 metric tons of gold overall, making India the largest gold-holding nation in the world.

Effects of exchange rate changes and import taxes on gold prices

Any changes in the US dollar or Indian rupee may affect gold prices in India because gold is traded in USD on international markets. The value of gold is likely to rise in Indian rupees if the rupee were to decrease against the USD. India also imports a lot of gold because it is one of the top metal users, with imports covering 89% of the demand. As a result, import taxes significantly influence gold prices in India.

The effect of interest rates on the gold price

Interest rates and gold prices are inversely related. When interest rates decline, people find it challenging to earn satisfactory returns on any deposits and think investing in gold would provide better returns. As a result, demand for gold rises, as do the prices. In contrast, as interest rates increase, people usually sell their gold and invest in deposits to earn higher interest, resulting in falling demand and prices for gold.

Effect of GST

Before the introduction of GST, a service tax of 1% and a VAT of 1% were applied over the selling price of the gold purchase. However, with the introduction of GST, gold tax rates have become 3%, making it more expensive than ever.

Gold reserves

Gold is primarily stored in the Central Government's reserves. As a result, when they start purchasing more gold than they are selling, the supply becomes limited, and prices for gold tend to witness a sudden rise.