Gold Rate Today in Thane

Thane district is an administrative district in the state of Maharashtra. It lies entirely within the Konkan Division. The district's headquarters is in Thane city.

The gold rate in Thane is always on the higher side compared to other parts of Maharashtra. Gold rates in Thane usually go up during festivals and wedding seasons. People in India are known to buy gold during these periods for investment and gifting purposes.

The fluctuations in the gold rates in Thane are due to various reasons, such as changes in the global market, government policies, etc.

So, if you plan to buy gold soon, let's have a look at the gold rates in Thane.

How Does GST Impact Gold Rates in Thane?

The Goods and Services Tax (GST) was introduced in India in 2017. The GST on the value of gold is 3%, and the GST on the making charges of gold jewellery is 5%. Making charges refer to the cost incurred by artisans to convert raw gold into jewellery or ornaments.

Three types of import duties are also applicable on gold imports to India - Custom Duty (12.5%), Agriculture and Infra Tax (2.5%), and Social Welfare Surcharge (10% of Custom Duty). Thus, the total import duty (excluding GST) is therefore around 15% (12.5 +2.5) + a minimal Social Welfare Surcharge of 10% of Custom Duty (not the gold price).

Investment Options For Gold in Thane

1. Gold Exchange-Traded Funds (ETFs): These funds aim to track the domestic physical gold prices. They are passive investment instruments that are based on gold prices and invest in gold bullion. In short, Gold ETFs are units representing physical gold in paper or dematerialised form. One Gold ETF unit is equal to 1 gram of gold and is backed by very high-purity physical gold. Gold ETFs combine the flexibility of stock investment and the simplicity of gold investments.
2. Sovereign Gold Bonds: The Government of India launched the Gold Bond scheme in 2015. These bonds are issued by the Reserve Bank of India (RBI) and are backed by the government. They have a tenure of 8 years and offer interest at the rate of 2.5% per annum. These bonds are very liquid and can be traded on stock exchanges.
3. Gold Mutual Funds: These funds are another good investment option for gold in Thane. They offer good returns and are very liquid. Gold mutual funds buy ETFs and follow gold ETF units, representing actual gold value. These mutual funds profit on the underlying asset's performance.

Understanding 916 Hallmarked Gold Prices in Thane

People usually invest in two types of gold -

• 24-karat gold, which has a purity of 99.9%
• 22-karat gold, which has a purity of 91.6%

22K gold is also commonly referred to as 916 gold, owing to its purity value. It means that 22 parts of pure gold are mixed with 2 parts of metals such as silver, copper and zinc. This imparts sturdiness to the alloy and allows it to be moulded into intricate jewellery designs.

The 916 hallmark is a purity certification mark for 22K gold. The Bureau of Indian Standards (BIS) authenticates and issues this certification. Always check for this hallmark before you purchase 22-karat gold ornaments in Thane.

What Factors Affect the Price of Gold in Thane?

1. Inflation: Inflation significantly impacts gold prices. When the inflation rate is high, people tend to invest in gold, which is considered a safe investment option. This, in turn, leads to an increase in the gold rate.

2. Economic instability: Gold is considered a safe investment tool during economic instability or uncertain times. When the stock market is unstable, people tend to prioritise gold, which has historically provided long-term returns. This increases the gold rates in Thane.

3. Geopolitical factors: Geopolitical tensions directly impact the gold rate. When political unrest occurs in a country or region, people tend to invest in gold instead of investment assets such as stocks and mutual funds. This, in turn, leads to an increase in the gold rate.

4. International factors: Gold is traded in international markets and is, thus, subject to global factors such as the US dollar rate, crude oil prices, etc. All these factors play a role in determining the gold rates in Thane as well