Last updated on: 29th Jan 2023 9:00 AM
A vibrant city in Karnataka, Raichur, is of great historical significance. It is also home to a few gold mines in Hutti that date back to the pre-Ashokan era. In addition, the city has a gold refinery. Hence, it is not surprising that Raichur has a thriving community of gold sellers and buyers.
Various factors, both domestic and international, impact gold prices in Raichur. For instance, the wedding and festive seasons witness an increase in the demand for gold. As a result, the prices also go up.
So, let's now look at the current gold rates in Raichur and find out what causes them to fluctuate.
Gram | Yesterday | Today |
---|---|---|
1gm | ₹5,649.00 0.00 (0.00%) | ₹5,649.00 0.00 (0.00%) |
8gm | ₹45,192.00 0.00 (0.00%) | ₹45,192.00 0.00 (0.00%) |
10gm | ₹56,490.00 0.00 (0.00%) | ₹56,490.00 0.00 (0.00%) |
100gm | ₹5,64,900.00 0.00 (0.00%) | ₹5,64,900.00 0.00 (0.00%) |
22-Karat and 24-Karat gold are the two main variations available in Raichur.
22-Karat gold is also known as "916 gold" because it has a purity of 91.67%. Gold is mixed with other alloys to ensure sturdiness and durability. Hence, most jewellery items are made with 22-Karat gold.
On the other hand, 24-Karat gold is 99.9% pure gold and thus denotes gold in its purest form.
Hence, purity levels differentiate the two gold variants.
Moreover, 24-Karat gold is great to invest in but not ideal for making jewellery pieces. In contrast, 22-Karat gold is the jeweller's preferred choice.
Day | 24K Gold | 22K Gold |
---|---|---|
30 Jan 2023 | ₹5,649.00 0.00 (0.00%) | ₹5,380.00 0.00 (0.00%) |
29 Jan 2023 | ₹5,649.00 0.00 (0.00%) | ₹5,380.00 0.00 (0.00%) |
28 Jan 2023 | ₹5,649.00 16.00 (0.29%) | ₹5,380.00 15.00 (0.28%) |
27 Jan 2023 | ₹5,633.00 -63.00 (-1.10%) | ₹5,365.00 -60.00 (-1.10%) |
26 Jan 2023 | ₹5,696.00 42.00 (0.75%) | ₹5,425.00 40.00 (0.75%) |
25 Jan 2023 | ₹5,654.00 0.00 (0.00%) | ₹5,385.00 0.00 (0.00%) |
24 Jan 2023 | ₹5,654.00 36.00 (0.65%) | ₹5,385.00 35.00 (0.66%) |
23 Jan 2023 | ₹5,618.00 11.00 (0.20%) | ₹5,350.00 10.00 (0.19%) |
22 Jan 2023 | ₹5,607.00 0.00 (0.00%) | ₹5,340.00 0.00 (0.00%) |
21 Jan 2023 | ₹5,607.00 -11.00 (-0.19%) | ₹5,340.00 -10.00 (-0.18%) |
There are several ways to evaluate the purity of gold.
Besides these, the easiest and the most fail-proof way to ascertain the gold is by checking its hallmark. The Bureau of Indian Standards (BIS) provides hallmark certification for gold in India. Additionally, you can also take your gold to a jeweller or goldsmith and have it professionally tested.
The GST implementation has impacted the cost of buying gold in Raichur.
Before the introduction of GST, buyers had to pay a 10% import duty, 1% customs duty, and 1.2% value-added tax (VAT) on their gold purchases.
After the GST implementation, buyers must pay a 12.5% import duty and 3% GST on the total price. Further, a 5% GST on making charges will also apply if they want to use gold to make jewellery items.
Hence, as observed, the tax burden on gold purchases has increased since the GST introduction.
Day | 24K Gold | 22K Gold |
---|---|---|
01 January 2023 | 5434 | 5175 |
30 January 2023 | 5649 | 5380 |
Highest | 5696 | 5425 |
Lowest | 5408 | 5150 |
You can invest in gold in various ways in Raichur. Let's look at some of them:
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