Gold Rate Srikakulam
Last updated on: 8th Mar 2023 06:30 AM
Situated in the northeastern part of the Indian state Andhra Pradesh, Srikakulam is a low-lying city along Nagavali and Vamsadhara. It served as a capital for the Northern Circārs (Northern Sarkārs) in the 16th century. Currently, it holds significant importance in the agriculture sector as the majority of the population is dependent on it. In addition, the industrial sector employs a small percentage of the population of the city.
The demand for gold has always been high in the city. Accordingly, the gold rate in Srikakulam has always been high, owing to the high demand, transportation charges, and high prices of other metals. There are many ways to invest in gold other than purchasing physical gold. Let us have a look at some of these options.
Before we delve into the investment schemes, let us examine the gold prices in Srikakulam.
Although physical gold is one of the major ways to invest in gold, you need to take care of storage and security. These concerns restrict you from owning an enormous quantity of gold. In this case, you can consider the following different gold investment schemes:
Investing in gold ETFs is like purchasing gold in an electronic form. You can invest in any gold ETF similarly as you invest in stocks. These ETFs track the gold prices in the domestic markets and offer returns based on your investment. You can invest in gold ETFs listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India (NSE). You can track gold prices in the domestic market and purchase and sell gold ETFs accordingly. This factor will offer flexibility in investments.
Sovereign gold bonds (SGBs) are debt bonds or securities. The Reserve Bank of India issues these bonds on behalf of the Government of India. You can own gold in a dematerialised form by buying a sovereign gold bond. They are issued on a per-gram basis. The minimum investment in SGBs is 1 g, and the maximum is 4 kg for an individual investor. The investment tenure is fixed at eight years, and the interest rate is fixed at 2.5% per annum. The interest is credited on half yearly basis to your bank account. You can use the investment in these bonds as collateral against loans. Premature withdrawals are allowed five years from the date of issue.
If you do not have a Demat account, you can invest in digital gold through gold funds such as HDFC Gold Fund and Aditya Birla Sun Life Gold Fund. The investments made in gold funds are further invested in gold ETFs. Therefore, you need to spend more if you choose to invest in gold funds than gold ETFs, as the fund managers charge you for managing the gold funds and ETFs on your behalf.
Investment in gold is one of the most prominent gold investment options. It provides great returns over the long term and offers a hedge against inflation. On the other hand, a fixed deposit (FD) scheme provides assured returns based on the pre-determined interest rate for a specific tenure. Therefore, let us compare these investment options:
Both investment schemes offer great returns if invested for the long term. In the case of FD, the longer the term, the higher the interest rate. Hence, you will gain a higher income through interest amount. For gold investment, gold rates may be variable in the short term. However, long-term investments may offer higher returns.
Investing in gold can offer a hedge against inflation. The prices are variable and may fluctuate up or down at any time. Once prices surge, you will gain higher profitability if you buy the instrument at a lower rate. Conversely, the profits from FDs are guaranteed as you invest based on a pre-determined interest rate. However, this rate of interest may not compensate for the rate of inflation.
Gold is considered an asset for building wealth over the long term. However, FDs provide regular income as you can avail of the interest amount at regular intervals.
Investments in gold are easy to liquidate. In the case of FD, the investment is fixed for a specific duration. If you want to withdraw the investment amount before maturity, you need to pay a penalty fee.
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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.
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.
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.
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.
According to the World Gold Council, 24-karat gold is the purest form. It has a purity of 99.9%. However, 22-karat gold is made up of 91.7% gold, along with small amounts of copper, silver, and zinc.
The colour of 24-karat gold is yellow. However, 22-karat gold is available in yellow and rose colours.
The higher the karats, the higher the cost. 24-karat gold is costlier than 22-karat gold.
24-karat gold is available in bars, coins, and bullion. However, 22-karat gold is available in the form of bullion and jewellery. 24-karat gold is not usually used for producing ornaments and jewellery as it is delicate and not suitable for daily usage.
Which are the top gold jewellers in Srikakulam?
Following are the top gold jewellers in Srikakulam:
Sri Srinivasa Jewellers
Sri Satya Jewellers
Sai Naidu Jewellery
Sri Sai Balaji Jewellers
Which factors impact the gold rates in Srikakulam?
What are the things to consider before purchasing gold jewellery in Srikakulam?
Are there any discounts on purchasing sovereign gold bonds?
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.