Gold Rate Rajapalayam
Last updated on: 8th Mar 2023 06:30 AM
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.
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.
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.
|Day||24K Gold||22K Gold|
|09 Mar 2023|
|08 Mar 2023|
|07 Mar 2023|
|06 Mar 2023|
|05 Mar 2023|
|04 Mar 2023|
|03 Mar 2023|
|02 Mar 2023|
|01 Mar 2023|
|28 Feb 2023|
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.
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.
What is 916 gold?
916 gold is the other name of 22K gold. It is the second purest form of gold, with 91.6% purity. 24K gold is mixed with other metals in small quantities to form 22K gold.
From where should I purchase gold in Rajapulayam?
Why do the prices of gold keep on changing?
What are the ways through which I can avoid the storage cost of physical gold?
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.