Last updated on: 29th Jan 2023 9:00 AM
Osmanabad, a city in Maharashtra, got its name from Mir Osman Ali Khan, one of Hyderabad's last rulers. It is the 39th largest city in Maharashtra in terms of population. The industrialisation of Osmanabad is responsible for improving the economy of the town.
Gold is majorly demanded in Osmanabad in the medical, technological, and industrial sectors. It is considered one of the most valuable metals by households. It is a sign of pride for the people.
The significance of gold in Osmanabad is much beyond the jewellery and investment purposes. The use of gold in bars, jewellery, coins, and so on is responsible for the bulk demand for gold in Osmanabad. The need for gold also depends on the time of year and the price of gold.
People in this city consider gold a sign of wealth and prosperity. Most of the time, the demand for gold in Osmanabad exceeds the experts' expectations.
• Gold is a highly ductile and malleable metal. It can be beaten into sheets and thread easily.
• Scientists believe that gold crystals originated during the vapourisation of water in earthquakes.
• Currently, the biggest country producing gold is China. China also has the most extensive consumer base for gold.
• Pure gold is so thin that astronauts use it to see through it.
• During the medieval period, gold flakes were sprinkled on rich people's food to symbolise wealth.
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|30 Jan 2023|
|29 Jan 2023|
|28 Jan 2023|
|27 Jan 2023|
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|24 Jan 2023|
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|21 Jan 2023|
If you are willing to purchase gold in Osmanabad, you must be familiar with the term karat. Karat is the measuring unit of the purity of gold. Now let us understand the differentiation between 24K and 22K gold.
24K gold is the gold available in jewellery stores in Osmanabad with the highest purity. It includes 99% of gold which is too soft. It must be purchased only for storage and investment purposes. This gold is used in making electrical and medical appliances. Due to its highest purity, it is the most expensive gold of all the grades of gold.
On the other hand, 22K gold is used for making jewellery. It is more durable than 24K gold as it is mixed with other metals. It is also known as 916 hallmarked gold since it contains 91.6%. It is comparatively less expensive than the 24K gold.
The prices of gold in Osmanabad change daily due to various factors. Some of the factors affecting gold prices in Osmanabad are discussed below-
Demand and Supply: The market forces of demand and supply play a significant role in determining the prices of gold. There is a direct relationship between the demand and prices of gold in Osmanabad. The more the need for gold, the higher the price of gold and vice-versa.
Interest Rates: The rate of interest and prices of gold are indirectly related. When the market interest rate decreases, people buy more gold, increasing demand. This, in turn, increases the costs of gold in Osmanabad.
Import Duty: Most of the gold in Osmanabad is imported from other countries. The fluctuations in import duty are responsible for the changes in the price of gold.
|Day||24K Gold||22K Gold|
|01 January 2023||5411||5153|
|30 January 2023||5626||5358|
Measuring the karat value of gold is the most used way of determining the purity of gold. The value of karat ranges from 0 to 24. You must always inquire about the karat value of the gold you purchase in Osmanabad.
The other common checkpoints to evaluate the purity of gold are:
• BIS Mark
• Identification number of the jeweller as issued by the BIS
• 916 hallmark emblem
• Year of production
If you are purchasing gold in Osmanabad, you have to pay additional charges in the form of GST at the rate of 3%. GST applies to all gold pieces, whether imported or produced in the same country.
After the amendments introduced in the provision of GST, 5% GST also applies to the making of gold jewellery.
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