Gold Rate Today in Raigarh

Raigarh, a city located in the Indian state of Chhattisgarh, is known for its growing economy and investment opportunities. With its thriving business community and increasing number of investors, Raigarh has become an attractive location for those looking to grow their wealth. One such investment option that has been popular for centuries is gold, a precious metal that is widely considered a safe haven for investors. From its stability to its growth potential, investing in gold has been a preferred choice among investors. In this blog, we will explore the benefits of investing in gold in Raigarh and why it is a smart option for both seasoned and first-time investors.

From understanding the basics of gold investment to exploring the different forms of gold investments available in the city, we aim to provide you with a comprehensive guide to make informed investment decisions in Raigarh.

Comparison Between 24K and 22K Gold

The primary difference between 24K and 22K gold is that 24K is the most expensive and purest form of gold. In 22K gold, goldsmiths combine two parts of zinc, copper or silver into 22 parts of gold, and it is less refined than 24K gold and thus less expensive. Here is how the two compare.

24K Gold is an excellent investment because you can sell it and get the same or a higher selling price than its purchase price, depending on the rise and fall of gold rates. But when the people in Raigarh buy gold as an investment, they buy 22K gold because it is more rigid and durable. The jewellery breaks slowly, and you can sell it for the same price you purchased it after deducting your making charge and other expenses.

Jewellery use 22K gold for ornaments and figurines because it is stronger than pure gold, and it gets its strength from certain alloys like zinc, copper or silver. Thus it isn't pure gold and is cheaper than 24K pure gold. 

Gold vs other investment options

Unlike other investments, gold is flexible, and you can choose the gold quantity and the money to spend on it.  Here is a comparative study:

Fixed Deposits Vs Gold Investments

An investor can deposit a fixed sum of money for a fixed term and earn a fixed return on fixed deposits(FD). However, the return is low but safe as they are not subject to market fluctuations. Also, the return on FDs is taxable.

Gold is easy to buy or sell as the investor does not need to buy a fixed quantity or hold it for a fixed tenure. The return is comparatively high because of the increasing trend of gold prices. Moreover, gold investment is a great option to save on tax.

How is the Purity of Gold Evaluated in Raigarh?

Gold rates vary as per the purity of gold; thus, it is essential to evaluate. Here's how they do it in Raigarh.

Jewellers

The jewellers have gadgets with the latest technology that reports the purity of the gold ornament, including the percentage of gold and other metals. Whenever you want to sell an ornament, they place it on the machine's plate and will offer a selling price accordingly.

Gold Buyers and Investors

As a gold buyer or investor, the best way to ascertain gold purity is to check its hallmark or BIS mark. It specifies the gold karat, fineness, the hallmarking centre's identification mark, the date of the hallmark, and the jeweller's identification mark.

Impact of GST on Gold Rate in Raigarh  

Goods and Services Tax applies to all physical gold purchases in India. When you buy gold ornaments, coins, biscuits or bars, you have to pay GST at 3% on gold. However, when you buy gold ornaments, you must pay an additional GST of 5% on making charges. That is because you need to pay GST on the good over here it is gold and also need to pay service tax on craftsman's services.

Some Interesting Facts on Gold and Gold Rates in Raigarh vs Other Cities

According to the World Gold Council (WGC), of the total gold mined globally, about 49% comprises ornaments. Such statistics indicate the people's preference for gold ornaments. Continue reading to learn more exciting facts about precious metals.

• As gold is a good conductor of heat, it absorbs your body heat instantaneously and will have the same temperature as your body as soon as you wear it.
• Gold glitters and looks new even after years of use because it does not rust or tarnish when exposed to moisture.
• When you buy rose gold, yellow gold or white gold, there should not be a change in the gold rates. That is because the quantity of gold is the same, but the craftsman uses a combination of metals to get a variety of shades. For instance, gold combines with silver to form white gold, copper to create rose gold and so on.
• Goldsmiths in Raigarh charge making charges at the approximate rate of 5 - 35% of the total value of gold.
• Gold rates in Raigarh rise during festivals and weddings because of increased demand for precious metals.