Gold rate in Mangalagiri

Mangalagiri, a city located in the state of Andhra Pradesh, India, is a hub of economic development and cultural richness. With a growing population and thriving industries, Mangalagiri offers a range of investment opportunities for individuals seeking to grow their wealth. One of the most popular forms of investment in Mangalagiri is gold. Gold has been a symbol of wealth and prosperity for centuries, and its popularity as an investment option continues to grow.

In this blog, we will take a closer look at the various gold investment options available in Mangalagiri, including physical gold, gold savings accounts, gold ETFs, and gold bonds. Whether you are a seasoned investor or new to the gold market, this blog will provide valuable insights on how to make the most of your gold investment in Mangalagiri.

Comparison Between 24K and 22K Gold

24K gold and 22K gold are two types of gold that are the purest forms of gold you can buy. The 24K gold is purer than the 22K gold type as it contains 99 per cent gold. The 22K gold items contain only 91.7 per cent gold and are less pure than 24K gold. 22K gold is sturdier and does not break easily. Therefore, it is used to make jewellery and wearable items. Gold bars and coins made for investment and storage purposes are made of 24K gold.

The BIS Hallmark certification signifies purity and checks any gold item. When buying gold jewellery, look for sure signs of purity. The signs of purity are discussed in detail further. Both gold jewellery and bars can be used for investment and as collateral for loans.

Gold vs other investment options

A new way of investing in gold is buying gold items and gold bonds guaranteed by the government. You can also invest in gold ETF or gold mutual funds to get returns in gold or gold-based derivatives. Gold exchange-traded funds are mutual funds set up to track the ever-changing prices of gold in the national market. Investment in gold lowers risk for your investment portfolio and helps you diversify it with different asset classes. There are other assets in which you can also invest.

For example, you can invest in real estate, mutual funds or fixed deposits to set up wealth for the future. Mutual fund investments through SIP can be lucrative choices for higher returns. You can even start buying stocks from different IPOs and companies. 

How is the Purity of Gold Evaluated in Mangalagiri?

Some signs tell you that the gold items you buy are pure. These three signs of purity for gold are as given below-

• BIS hallmark- BIS hallmark is a certification of the Bureau of Indian standards, which has been mandatory in India on pure gold jewellery since 2021. The triangular BIS hallmark assures you of its certification and purity.
• Fineness grade- The fineness grade of the jewellery or bar shows you a degree of purity of gold in a jewellery piece or gold bar. The purity and fineness grade of the jewellery or bar determines the rate of gold.
• Alphanumeric code- A six-digit alphanumeric code is also etched into pure gold jewellery or bar, along with the BIS certification. The Alphanumeric code, also known as the HUID, shows that the jewellery is certified and registered with the BIS.

Before you purchase a gold item, ask the jeweller if the item has these three signs. Once you spot these signs, you can buy the item.

Impact of GST / Central Bank Policies on Gold Rate in Mangalagiri?

The purchase of gold falls under the goods category of the goods and services tax. The GST tax is levied on both jewellery and gold bars. Due to the addition of taxes on the gold price, the final price goes up by 1.1 per cent for gold jewellery. On the other hand, the gold price goes 2 to 3 per cent upward for pure gold bars and coins. Moreover, a 5 per cent GST on making fee is also charged on gold jewellery and items.