Gold Rate Today in Maharashtra
Last updated on: 3rd Dec 2024
The Indian state of Maharashtra is highly regarded as one of the country's most prosperous regions. The state, which is home to significant metropolises like Mumbai and Pune, has one of the country's highest per capita demands for gold. Gold prices in Maharashtra for various forms, including billions and bars, mostly align with the current gold prices in India and the rest of the world. Given its proximity to the sea on India's western coast, Mumbai plays a pivotal role in the country's gold supply chain.
Gold is predominantly traded in Maharashtra as jewellery, with the rural populace accounting for a large share of gold purchases. Jalgaon in Maharashtra is commonly referred to as the 'Golden City' because of the high quality of the gold jewellery produced and exported worldwide. In general, the price of gold in Maharashtra is consistent with the national average, with some regional variations.
Gold Rate Comparison - 22K vs 24K
How is the Purity of Gold Evaluated in Maharashtra
Before purchasing any item made of gold, one needs to make sure that the item has been hallmarked by the Bureau of Indian Standards (BIS) to determine whether the gold is of a high enough purity. The hallmarking process ensures that the gold possesses a certain purity level and is carried out by the Bureau of Indian Standards (BIS).
Otherwise, one can perform some gold purity checks at home as well. For example, you can perform tests like the acid test or the float test to check the purity of your gold product. If the product loses its colour when exposed to vinegar or floats in a bucket of water, it may be impure.
Today's 22K & 24K Gold Rates Per Gram in Maharashtra
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹7,620.00 -42 (0.55%) | ₹7,664.00 +44 (0.57%) |
8 grams | ₹60,960.00 -336 (0.55%) | ₹61,312.00 +352 (0.57%) |
10 grams | ₹76,200.00 -420 (0.55%) | ₹76,640.00 +440 (0.57%) |
100 grams | ₹7,62,000.00 -4200 (0.55%) | ₹7,66,400.00 +4400 (0.57%) |
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹7,620.00 -42 (0.55%) | ₹7,664.00 +44 (0.57%) |
8 grams | ₹60,960.00 -336 (0.55%) | ₹61,312.00 +352 (0.57%) |
10 grams | ₹76,200.00 -420 (0.55%) | ₹76,640.00 +440 (0.57%) |
100 grams | ₹7,62,000.00 -4200 (0.55%) | ₹7,66,400.00 +4400 (0.57%) |
How to Invest in Gold in Maharashtra
Here are some of the most popular forms of gold investments in Maharashtra:
Physical Gold
Maharashtra residents typically put their money into gold through coins, bars, and jewellery. Gold jewellery is the most common form of gold investment in Maharashtra. It is especially popularly sold and bought on occasions like Makar Sakranti, Diwali, and Ganesh Chaturthi in Maharashtra. It is popular for people of all socioeconomic backgrounds to purchase it on festive and momentous occasions.
The one catch with gold jewellery is that you may have to pay an additional 10% for the production fees. You may not get the same amount you paid when you sell your jewellery because tastes and styles change.
Gold exchange-traded funds (ETFs)
Investing in gold ETFs is similar to buying gold in an electronic form. The investment in any gold ETF is the same as investing in stocks. You can invest in the gold ETF schemes listed on the Bombay Stock Exchange Ltd. (BSE) and the National Stock Exchange of India (NSE). These ETFs monitor the gold prices in domestic markets and provide returns based on the investment.
Sovereign gold bonds
Sovereign gold bonds (SGBs) are also known as debt bonds or securities. The Reserve Bank of India (RBI) issues these bonds on a per-gram basis. The minimum investment in SGBs is one gram. Furthermore, the maximum investment is four kilograms. The duration for investment is fixed at eight years, and the interest rate is 2.5% per annum. You can present the investment as collateral against loans.
Historical Gold Rate in Maharashtra for Last 10 Days
Day | 24K Gold | 22K Gold |
---|---|---|
03 Dec 2024 | ₹76,640.00 +440 (0.57%) | ₹70,255.89 +403.35 (0.48%) |
02 Dec 2024 | ₹76,200.00 -420 (0.55%) | ₹69,852.54 -385.01 (0.46%) |
29 Nov 2024 | ₹76,620.00 +780 (1.02%) | ₹70,237.55 +715.03 (0.86%) |
28 Nov 2024 | ₹75,840.00 -320 (0.42%) | ₹69,522.53 -293.34 (0.35%) |
27 Nov 2024 | ₹76,160.00 +880 (1.16%) | ₹69,815.87 +806.70 (0.97%) |
26 Nov 2024 | ₹75,280.00 -1410 (1.87%) | ₹69,009.18 -1292.55 (1.57%) |
25 Nov 2024 | ₹76,690.00 -1060 (1.38%) | ₹70,301.72 -971.70 (1.16%) |
22 Nov 2024 | ₹77,750.00 +900 (1.16%) | ₹71,273.43 +825.03 (0.97%) |
21 Nov 2024 | ₹76,850.00 +870 (1.13%) | ₹70,448.40 +797.53 (0.95%) |
20 Nov 2024 | ₹75,980.00 +410 (0.54%) | ₹69,650.87 +375.85 (0.45%) |
Day | 24K Gold | 22K Gold |
---|---|---|
03 Dec 2024 | ₹76,640.00 +440 (0.57%) | ₹70,255.89 +403.35 (0.48%) |
02 Dec 2024 | ₹76,200.00 -420 (0.55%) | ₹69,852.54 -385.01 (0.46%) |
29 Nov 2024 | ₹76,620.00 +780 (1.02%) | ₹70,237.55 +715.03 (0.86%) |
28 Nov 2024 | ₹75,840.00 -320 (0.42%) | ₹69,522.53 -293.34 (0.35%) |
27 Nov 2024 | ₹76,160.00 +880 (1.16%) | ₹69,815.87 +806.70 (0.97%) |
26 Nov 2024 | ₹75,280.00 -1410 (1.87%) | ₹69,009.18 -1292.55 (1.57%) |
25 Nov 2024 | ₹76,690.00 -1060 (1.38%) | ₹70,301.72 -971.70 (1.16%) |
22 Nov 2024 | ₹77,750.00 +900 (1.16%) | ₹71,273.43 +825.03 (0.97%) |
21 Nov 2024 | ₹76,850.00 +870 (1.13%) | ₹70,448.40 +797.53 (0.95%) |
20 Nov 2024 | ₹75,980.00 +410 (0.54%) | ₹69,650.87 +375.85 (0.45%) |
Day | 24K Gold | 22K Gold |
---|---|---|
03 Dec 2024 | ₹76,640.00 +440 (0.57%) | ₹70,255.89 +403.35 (0.48%) |
02 Dec 2024 | ₹76,200.00 -420 (0.55%) | ₹69,852.54 -385.01 (0.46%) |
29 Nov 2024 | ₹76,620.00 +780 (1.02%) | ₹70,237.55 +715.03 (0.86%) |
28 Nov 2024 | ₹75,840.00 -320 (0.42%) | ₹69,522.53 -293.34 (0.35%) |
27 Nov 2024 | ₹76,160.00 +880 (1.16%) | ₹69,815.87 +806.70 (0.97%) |
26 Nov 2024 | ₹75,280.00 -1410 (1.87%) | ₹69,009.18 -1292.55 (1.57%) |
25 Nov 2024 | ₹76,690.00 -1060 (1.38%) | ₹70,301.72 -971.70 (1.16%) |
22 Nov 2024 | ₹77,750.00 +900 (1.16%) | ₹71,273.43 +825.03 (0.97%) |
21 Nov 2024 | ₹76,850.00 +870 (1.13%) | ₹70,448.40 +797.53 (0.95%) |
20 Nov 2024 | ₹75,980.00 +410 (0.54%) | ₹69,650.87 +375.85 (0.45%) |
Day | 24K Gold | 22K Gold |
---|---|---|
03 Dec 2024 | ₹76,640.00 +440 (0.57%) | ₹70,255.89 +403.35 (0.48%) |
02 Dec 2024 | ₹76,200.00 -420 (0.55%) | ₹69,852.54 -385.01 (0.46%) |
29 Nov 2024 | ₹76,620.00 +780 (1.02%) | ₹70,237.55 +715.03 (0.86%) |
28 Nov 2024 | ₹75,840.00 -320 (0.42%) | ₹69,522.53 -293.34 (0.35%) |
27 Nov 2024 | ₹76,160.00 +880 (1.16%) | ₹69,815.87 +806.70 (0.97%) |
26 Nov 2024 | ₹75,280.00 -1410 (1.87%) | ₹69,009.18 -1292.55 (1.57%) |
25 Nov 2024 | ₹76,690.00 -1060 (1.38%) | ₹70,301.72 -971.70 (1.16%) |
22 Nov 2024 | ₹77,750.00 +900 (1.16%) | ₹71,273.43 +825.03 (0.97%) |
21 Nov 2024 | ₹76,850.00 +870 (1.13%) | ₹70,448.40 +797.53 (0.95%) |
20 Nov 2024 | ₹75,980.00 +410 (0.54%) | ₹69,650.87 +375.85 (0.45%) |
Impact of GST / Central Bank Policies on Gold Rate in Maharashtra
Gold is subject to taxation at a rate of 3% throughout all tax brackets and all gold and jewellery containing gold would be subject to a standard tax rate of 3%, the cost of which would be paid by the final consumer. Additionally, the government has imposed an additional tax of 5% on making charges.
Influencing Factors on Gold Prices in Maharashtra
Some of the factors that impact the cost of gold in Maharashtra include the following:
Government Gold Reserves
The nation's gold reserves are stored at RBI. Therefore, when the Reserve Bank of India (RBI) increases its gold purchases, the demand for gold increases while the supply decreases, leading to higher gold prices.
Inflation
Gold is employed as a hedge against inflation because of its high value relative to fiat currencies. As a result, gold's popularity rises in times of high inflation and falls during times of low inflation.
The Jewellery Market
Gold prices climb during high-demand times, such as Diwali, Akshaya Tritiya, and wedding seasons. In addition, gold prices rise when there is a market demand and supply disparity.
Global Movement
Any change in the price of gold has a ripple effect on the cost of gold.
Changes In Interest Rates
As interest rates rise, more and more people are selling gold to meet their immediate financial needs. Prices drop when there's more demand for the yellow metal. But if rates were reduced, consumers would have more spending power. Metal prices are expected to rise as demand increases.
External Factors
Gold prices in Maharashtra can be impacted by factors apart from government policies, such as economic and political shifts.
Dollar-Indian Rupee Correlation
The value of the Indian Rupee relative to the price of gold strongly influences gold prices in Maharashtra. Therefore, there will be an increase in the price of gold in Maharashtra if the U.S. dollar appreciates against the Indian Ruppe.
Instability in the Economy
In times of economic uncertainty, gold tends to be more expensive than usual because of its high liquidity and relative stability in value. As a result, gold investing is favoured over other hazardous investments because of the uncertain economic climate.
Low FD interest rates
Investment bank fixed deposits are popular among Indian investors. In contrast, gold becomes a more attractive investment option as FD rates fall, driving demand and prices. Despite this and the metal's fluctuating price, gold remains a highly sought-after commodity.
FAQs of Gold Rate in Maharashtra
What should I look for when buying gold jewellery in Maharashtra?
Ensure you know if the gold used to make the jewellery is 22K or 24K pure. Find out if the jewellery piece has been hallmarked, and see if any additional costs are associated with making it.
Should I buy 24K gold in Maharashtra?
What tax rates will apply if I buy gold in Maharashtra?
How do I determine the price of gold per gram in Maharashtra?
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₹76,640 / 10gm
Last updated on: 3rd Dec 2024