Gold rate in Rajkot
gold rate in rajkot

24K Gold/ 10gm
57,480.00
0.00(0.00%)
22K Gold/ 10gm
54,740.00
0.00(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Known for being a renowned manufacturing hub for water pumps, diesel engines, ceramics, and textiles, Rajkot is one of Gujarat's major industrial cities. It is located in the center of the Kathiawar peninsula.

Besides being one of the country's cleanest and fastest-growing cities, Rajkot is also renowned for its thriving gold market. The demand for gold in Rajkot witnesses a spike during weddings and festive seasons. A combination of factors impacts gold prices in the city, which fluctuate regularly.

So, let us look at the current gold rates and the top reasons behind gold price fluctuations in Rajkot.

22K & 24K Gold Rates Per Gram in Rajkot

24K
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GramYesterdayToday
1gm
5,748.00
0.00 (0.00%)
5,748.00
0.00 (0.00%)
8gm
45,984.00
0.00 (0.00%)
45,984.00
0.00 (0.00%)
10gm
57,480.00
0.00 (0.00%)
57,480.00
0.00 (0.00%)
100gm
5,74,800.00
0.00 (0.00%)
5,74,800.00
0.00 (0.00%)

Factors Affecting Gold Prices in Rajkot

Many factors affect the gold rates in Rajkot. Here is a quick look at some of them:

Interest Rate

Interest rates and gold prices have historically had an inverse relationship; with rising interest rates, people typically prefer selling gold or gold ornaments to make more money. However, as the interest rate falls, more people choose to purchase gold, driving up its demand and price.

Inflation

The rising costs of goods and services can immensely impact gold prices. Gold rates typically change in direct proportion to inflation. In other words, higher inflation levels increase gold prices. This is because gold has historically acted as a hedge against inflation. People tend to fall back on gold when other investment options fail to generate inflation-adjusted returns.

Government Reserves

The Reserve Bank of India holds substantial gold reserves. When the RBI purchases more gold than it sells, the price of gold rises. This occurs due to a shortage of gold or gold products at a time the market experiences an increase in cash flow.

Currency Fluctuations

USD is the currency used to trade gold on global markets. INR is converted into USD during import. The import price of gold can therefore be impacted by changes in the USD or INR, which will then have an impact on the selling price.

Indian Jewellery Market

Indian households have traditionally seen gold as a strategic asset. Hence, gold has a unique position in Indian households. When the demand for gold increases during festivities, its price also rises.

Geo-Political Factors

India is one of the biggest consumers of gold. Hence, any fluctuation in the gold rates internationally will impact its price in the country. Additionally, investors view gold as a safe option during times of political unpredictability. With more people investing in gold, the prices may also shoot through the roof.

Historical gold rates in Rajkot in last 10 days

1 gram
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Day24K Gold22K Gold
04 Feb 2023
5,748.00
0.00 (0.00%)
5,474.00
0.00 (0.00%)
03 Feb 2023
5,748.00
0.00 (0.00%)
5,474.00
0.00 (0.00%)
02 Feb 2023
5,748.00
90.00 (1.60%)
5,474.00
85.00 (1.58%)
01 Feb 2023
5,658.00
26.00 (0.47%)
5,389.00
25.00 (0.47%)
31 Jan 2023
5,632.00
-16.00 (-0.28%)
5,364.00
-15.00 (-0.27%)
30 Jan 2023
5,648.00
0.00 (0.00%)
5,379.00
0.00 (0.00%)
29 Jan 2023
5,648.00
0.00 (0.00%)
5,379.00
0.00 (0.00%)
28 Jan 2023
5,648.00
16.00 (0.29%)
5,379.00
15.00 (0.28%)
27 Jan 2023
5,632.00
-63.00 (-1.10%)
5,364.00
-60.00 (-1.10%)
26 Jan 2023
5,695.00
42.00 (0.75%)
5,424.00
40.00 (0.75%)

Investment Options for Gold in Rajkot

There are various ways to invest in gold in Rajkot. Physical gold is one such option. Traditionally, it has been the most popular choice. However, investors nowadays have more options available. Here's a sneak peek into some of them:

  • Sovereign Gold Bonds (SGBs)
    These are Government securities with physical gold as their underlying asset. The Reserve Bank of India (RBI) releases SGBs regularly. You can buy them at top public and private sector banks. On maturity, you can redeem these bonds in cash form.
  • Gold Exchange Traded Funds (ETFs)
    Gold ETFs are units of physical gold traded on the country's leading stock exchanges. Here one unit equals one gram of physical gold.
  • Gold Mutual Funds
    Gold mutual funds invest primarily in Gold ETFs. Like regular mutual funds, different asset management companies (AMCs) manage them.

Weekly & monthly gold rate in Rajkot
1 gram
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7 Days
30 Days
3 Months
6 Months
24K GOLD
22K GOLD

Understanding 916-hallmarked Gold Prices in Rajkot

Anyone looking to buy gold should be familiar with the 916 gold rates in Rajkot. However, it's a term that baffles most investors. Let us now find out what it means.

Since purity levels determine gold prices, knowing the meaning of hallmarked 916 gold is crucial. Remember that the unit of Karat determines the purity of gold. For instance, 24-Karat gold is considered 99.9% pure. In other words, it is the purest form of gold. But despite the high levels of pure gold present in this form, it is not used for making jewellery. That's because 24-Karat gold is too delicate to be used in ornaments.

Jewellers prefer another variant - the 22-Karat gold. It contains 91.6% gold mixed with other alloys. This combination ensures sturdiness, making it the most preferred choice among jewellers. The number 916 is an ode to the percentage of pure gold in 22-Karat gold. On the other hand, hallmarking is simply a stamp or mark of the gold's purity and fineness.

The Indian Bureau of Standards certifies the purity of gold in India. So, check the 916-hallmark before buying gold in Rajkot.

Trend of Gold rates in Rajkot

1 gram
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Day24K Gold22K Gold
01 February 202356585389
07 February 202300
Highest57485474
Lowest56585389

How is the Purity of Gold Evaluated in Rajkot?

Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.

The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.

  1. BIS Mark

    Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.

  2. Karat

    Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.

  3. Jewellers Identification Mark

    The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.

FAQs of Gold price in Rajkot

Are 22 Karat and 24 Karat gold rates different in Rajkot?

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What is Hallmark gold?

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Is there a tax on gold purchases in Rajkot?

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What causes the gold price in Rajkot to fluctuate so much?

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