Gold Rate Today in Rajapalayam

Rajapalayam, the largest municipal city in Tamil Nadu, is one of the largest textile industry manufacturing regions. It is an important centre for the production of cotton. The city is known for its highly enlightened urbanized culture. It has a well-developed infrastructure with a grand industrial base.

In Rajapalayam, gold is considered a symbolic metal. People living in this city use gold to store value and jewellery purposes. People here consider buying or wearing gold jewellery during the festive season auspicious. The value of this metal has risen steadily over the years, making it a good investment option. Read on to learn more about the gold rates in Rajapalayam and how to invest in it.

Alternatives to Physical Gold in Rajapulayam

Gold is considered the most valuable metal, so the chances of its theft are always at their peak. If you are willing to purchase gold only for investment purposes, you will find it challenging to store it safely.

To avoid this difficulty, you can invest in other options in Rajapulayam. Some of the options are discussed below -

Sovereign Gold Bonds (SGB) - The government introduced the concept of SGB in Rajapulayam in 2015. The main motive for its introduction was to reduce the burden of imports. The government issues these bonds in the multiple of 1. 

Gold Exchange-Traded Funds (ETFs) - Gold ETFs are the same as physical gold without carrying any trouble with storage. To invest in gold ETF, you need to open a Demat account and hold the units of gold in dematerialized form.

Gold Mutual Funds - These are open-ended mutual funds. These funds invest in gold reserves, and their prices are directly dependent on the prices of physical gold.

Some Interesting Facts on Gold and Gold Rates in Rajapulayam

• Gold can be shaped into jewellery and can be used as a good conductor of electricity.
• Gold is a metal with high density. Its weight is 19.3 times of other metals. 
• Gold doesn't corrode like silver and copper. So apart from jewellery purposes, gold is also used in electronics and wiring. 
• The gold with the highest purity is odourless and tasteless. This is because of the unreactive property of gold.
• As per the study by Australian scientists, gold is found on the leaves of the Eucalyptus plant.

Impact of GST on Gold in Rajapulayam

The government introduced GST on 1st July 2017 to replace other indirect taxes. The introduction of GST has also shown its effects on the prices of gold. The prices of gold have increased due to the introduction of GST. GST is charged on gold at the rate of 3%. Also, there is a GST charge of 5% on making gold jewellery. 

How is the Purity of Gold Evaluated in Rajapulayam?

It is crucial to check whether the gold you buy in Rajapulayam is pure. Some of the points to check the purity of gold are discussed below -

Karat - You must always inquire about the purity of gold in Karats from its seller. 24-karat gold is the purest form of gold available in the markets of Rajapulayam. It is often mixed with other metals to form 22K gold.

BIS Mark - The Bureau of Indian Standards is the institution that certifies the purity of gold. The gold you are purchasing must have BIS marked on it. 

Jeweller's Identification Mark - The entire list of certified jewellers is available on the official website of BIS. You must purchase gold only from the jewellery stores in Rajapulayam certified by BIS.

Comparison Between 24K and 22K Gold

While buying gold in Rajapulayam, you must have come across the term 'Karat' denoted by 'K'. Karat is the unit to measure the purity of gold. More is the Karat; more is the purity of gold, and vice-versa.

• 24K Gold - This is the purest form of gold, with 99.9% purity. No other grade of gold is as pure as 24K. However, this gold is too soft to form jewellery. Therefore, it is mainly used in making gold bars and coins. The colour of this gold is distinctly yellow. Due to its higher purity level, it is more expensive than the 22K gold. If you want to purchase gold for storage and investment purposes, you can buy 24K gold.
• 22K Gold - In terms of purity, 22K gold holds the second position. This is the gold which is used for making jewellery. 22K means that 22 pieces of jewellery contain pure gold while the other two contain other metals such as zinc, copper, nickel, etc, with which gold is mixed. Due to this amalgamation of other metals, gold becomes hard and durable to form jewellery.