Gold Rate in Navi Mumbai

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Today’s Gold Rate in India
22 Karat
45,690Per 10g of 22k Gold

Today 24 Carat Gold Price in Navi Mumbai – Updated

Gram 24 Carat Gold Today 24 Carat Gold Yesterday
Daily Price Change
1 gram ₹4,786 ₹4,787 ₹ -1
8 gram ₹38,288 ₹38,296 ₹ -8
10 gram ₹47,860 ₹47,870 ₹ -10
100 gram ₹4,78,600 ₹4,78,700 ₹ -100

Today 22 Carat Gold Price in Navi Mumbai – Updated

Gram 22 Carat Gold Today 22 Carat Gold Yesterday Daily Price Change
1 gram ₹4,686 ₹4,687 ₹ -1
8 gram ₹37,488 ₹37,496 ₹ -8
10 gram ₹46,860 ₹46,870 ₹ -10
100 gram ₹4,68,600 ₹4,68,700 ₹ -100

Today Gold Rate In Navi Mumbai :

Gold Rate in Navi MumbaiThere has been a consistent rise in the rates of gold which has bever occurred to be this noticeable in the past few years. This is a live example of how the Indians have been frequenting their usage of this commodity. This noticeable demand has also been observed in Navi Mumbai. The rates set for a certain amount of gold is set on a universal level. This means that the prices of gold would be the same all over the world on one particular day. The only difference that would exist would be because of individual currency differences.

This is why the Gold Rate in Navi Mumbai are decided based on the international market fluctuations, currency value fluctuations that happen on that day that affect the Gold Rate in Navi Mumbai for each day are being set. The purchase and the making of gold in this particular city are mostly for ornaments and jewellery, which is the demand of the people of Navi Mumbai and Indians as a whole.

They are known to be having a give and take relationship with gold from the very beginning.

Compare 22k & 24k Gold Rate in Navi Mumbai

Last 10 Days Gold Rates

Date
STANDARD GOLD 22K PURE GOLD 24K
1 GRAM 10 GRAM 1 GRAM 10 GRAM
24 July 2021 Rs. 4,686.00 Rs. 46,860 Rs. 4,786.00 Rs. 47,860
23 July 2021 Rs. 4,687.00 Rs. 46,870 Rs. 4,787.00 Rs. 47,870
22 July 2021 Rs. 4,690.00 Rs. 46,900 Rs. 4,790.00 Rs. 47,900
21 July 2021 Rs. 4,712.00 Rs. 47,120 Rs. 4,812.00 Rs. 48,120
20 July 2021 Rs. 4,730.00 Rs. 47,300 Rs. 4,830.00 Rs. 48,300
19 July 2021 Rs. 4,704.00 Rs. 47,040 Rs. 4,804.00 Rs. 48,040
18 July 2021 Rs. 4,719.00 Rs. 47,190 Rs. 4,819.00 Rs. 48,190
17 July 2021 Rs. 4,720.00 Rs. 47,200 Rs. 4,820.00 Rs. 48,200
16 July 2021 Rs. 4,735.00 Rs. 47,350 Rs. 4,835.00 Rs. 48,350
15 July 2021 Rs. 4,709.00 Rs. 47,090 Rs. 4,809.00 Rs. 48,090

 

Gold Rate in Navi Mumbai

Gold is the most popular, largely consumed and highly precious metal. Its demand is not limited only to Navi Mumbai or India but all over the world. The prices of gold are determined by taking into consideration the various international trends and other interrelated yet minute factors. It’s considered to be dynamic in nature because it is a lot of factors that influence the prices of gold, from the most important that is the international market to the minutest factors. Some examples of these factors could be ranging from the strength of the US Dollar to the seasonal demand to the financial market situations in the country.

The people of Navi Mumbai mostly purchase gold as ornaments or jewellery, which is the most popular way of purchasing gold all over India. This precious metal is traded as a commodity in various exchanges such as MCX, NCDEX AND NSEL.  These contracts are available as spot contracts and futures contracts. Spot contracts are where the gold can be bought and immediately delivered, whereas future contracts are when gold is bought but is delivered way later and not right away.

List of banks providing gold loan in Navi Mumbai

Bank / NBFC Rate Per Gram Interest Rate Gold Loan Tenure Min – Max Loan Amount
₹ 3,506 to ₹ 4,621 0.099 3 to 24 months ₹ 10 thousand to 5 crore
ICICI Gold Loan ₹ 3,506 to ₹ 4,621 0.1 6 to 12 months ₹ 10 thousand to 5 crore
₹ 3,506 to ₹ 4,621 0.12 7 days to 36 months ₹ 3 thousand to 1 crore
₹ 3,506 to ₹ 4,621 0.1225 12 months ₹ 3 thousand to 1 crore
₹ 3,506 to ₹ 4,621 0.1025 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1 3 to 36 months ₹ 10 thousand to 5 crore
SBI Gold Loan ₹ 3,506 to ₹ 4,621 0.0975 12 to 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.075 3 to 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1025 12 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1025 12 months ₹ 10 thousand to 5 crore
IIFL Gold Loan ₹ 3,506 to ₹ 4,621 0.12 11 months ₹ 3 thousand to 50 lakh

How are Gold Rates Decided?

Gold RateGold Rate in Navi Mumbai is decided based on the recent international trends and continue to be constantly affected by a wide series of influential factors, some of which may even go unnoticed because there are way too many. This could range from the strength of the Indian rupee to the seasonal demands of gold to the fluctuations in the financial industry. The majority of the people who purchase gold in Navi Mumbai or even the rest of the world, always buy it in the form of jewellery or ornaments, buying coins doesn’t happen very frequently.

When compared to the previous years, the rate of gold has significantly increased over the years. If you want to continue investing in gold then it would definitely be of greater value.

How do Gold Traders Determine Future Gold Prices in Navi Mumbai?

Certain factors that lead to the constant variations of the price in gold are also the ones that the investors have to keep in mind to make future predictions. Those are:

  1. Prices of other valuable metals: the investors have to be updated about the prices of other metals and then predict the trend accordingly.
  2. Gold related news: it is extremely important to be updated about the latest news related to the Gold Rate in Navi Mumbai, offers, etc.
  3. Rupee to Foreign Exchange rate: when the value of the rupee falls when compared to other currencies then the prices of gold would increase and vice-versa. It is important to keep track of it.

Impact of GST on Gold Rate in Navi Mumbai

There has been a lot of ebbs and flow in the Gold Rate in Navi Mumbai, especially after the enactment of Goods and Service Tax (GST) in India. Along with international trends, the advent of GST has also reflected on the gold rate in Navi Mumbai as well.  This means the taxation on gold jewellery is now 3%, which is exclusive of the 1.5% VAT, which was levied earlier, along with 1% excise duty.  After GST, the taxation has been streamlined, the final jewellery bills are now inclusive of 3% GST, customs duty of 10% and processing charges are imposed as 5%.

Impact of Central Bank Policies on Navi Mumbai Gold Rate?

The Central Bank is the regulatory authority that regulates all the financial and banking services of the country and also successfully executes the government’s issuing of the currency and monetary policies. Gold Rate in Navi Mumbai or anywhere in the country is dependent on the Central Banks’ monetary policies. These policies which are regulated by the Central Bank are the key drivers in deciding the Gold Rate in Navi Mumbai. Gold mining companies and banks also manipulate the Gold Rate in Navi Mumbai as they have huge gold reserves with them.

Gold as an Investment in Navi Mumbai

Gold Rate in Navi MumbaiMany stores are present in Navi Mumbai, where you could find genuine gold jewellery to purchase. However, before purchasing gold in today’s world an individual has to do some research; could be done by checking websites online or the newspapers for recent updates on Gold Rate in Navi Mumbai. The Gold Rate in Navi Mumbai keep varying on a day to day basis, hence it is very important to check them every day before deciding on purchasing.

If you have chosen a place and bought the jewellery, make sure that you get a purity certificate for the gold that you have bought. This is to double-check if the money that you have invested is worth it.

How Can You Make Gold Investments in Navi Mumbai

Ways you could make gold investments in Navi Mumbai are:

  1. Investing in gold coins
  2. Purchasing jewellery
  3. Gold bullions
  4. Exchange-traded funds

Gold Schemes To Invest in Navi Mumbai

The gold schemes are present in the market with the sole objective of helping people save gold that can be used by many who want to save that money for larger more emergent expenses/situations in life. There are various schemes present in Navi Mumbai that one could invest in which would make the purchase of the gold easier.

There are plenty of discounts on the making charges that are existent when purchasing gold, however, there is never gold that is bought with completely no making charges paid. It is advisable to invest in gold schemes as a purpose to accumulate gold for future purposes. Invest in any such scheme, not for investment purposes, but to buy physical gold at a later stage.

Some Interesting Facts on Gold

Interesting facts on gold:

  • Gold is extremely soft when compared to other metals and requires the presence of another metal mixed with it to make it harder.
  • Gold is known for not having any oxidants in them.
  • It continues to stay hard and not easily melted only if it is alloyed with certain specific metals.

Things to Consider Before Buying Gold Jewellery in Navi Mumbai

The factors that influence the Gold Rate in Navi Mumbai are plenty, however, there are certain things one should consider before buying gold jewellery. They are:

  • Weight: the weight of the jewellery is directly proportional to the price that you would have to pay for the gold jewellery. If the weight is high then so would the price. And vice-versa.
  • Purity: gold jewellery should compulsorily have a purity of 22 carats, whereas gold coins should have a purity of 24 carats.
  • Labour charges: this is also known as making charges. It is the amount charged for the services and the labour work behind the jewellery. You need to check if this cost also added to the jewellery price, would be fitting in your budget.
  • Certification: you have all the rights to know the authenticity of the gold that you are about to spend your money on. Ensure you always have a purity certificate for any type of gold jewellery that you purchase.

Factors that Influence Gold Prices in Navi Mumbai

The factors that influence the Gold Rate in Navi Mumbai are:

  • The gold rate in Navi Mumbai would substantially increase when there is a sudden demand and supply that takes place during the festive seasons, namely Diwali, Akshaya Tritiya, Dhanteras, Christmas and so on. however, this is not only limited to Navi Mumbai but all over India.
  • When the value of the rupee against other currencies decrease in the international market then the prices of gold increase immediately and vice-versa.
  • The international market fluctuations are one of the most important factors which affect the price of gold around the country. If there is a rise in the prices of gold around the world then it would happen in Navi Mumbai as well.

KDM and Hallmarked Gold in Navi Mumbai

Hallmark – it is jewellery which is a certification of quality as per the internationally set standards of purity by the Bureau of Indian Standards. It is determined by the composition of the metal which is used for alloying and the purity levels of the gold used in the same.

KDM – KDM is formed by 92% gold is mixed with 8% of cadmium. It is an alloy that is used in the process of jewellery designing, older materials are used, however, there are two metals that are gold and solder material that are having different melting points, which is why cadmium is added to the mixture and is therefore called KDM.

Understanding 916 Gold Price Today in Navi Mumbai

One of the most frequently asked questions and one which people always have trouble understanding. If someone wants to purchase gold then they would have to do the basic background research and most importantly check the rates of 916 gold that is available in Navi Mumbai.

916 gold is basically 22 carats of gold in India. If it is of such purity, it should come with a quality certificate attached to it. The prices of gold in Navi Mumbai are largely affected by the rates of import duty.

Best Place to Buy Gold in Navi Mumbai

People who are considering investing in gold should check out different options and not just jump on the first one they set their eyes on. The first and foremost thing to do would be to check the current days gold rate in Navi Mumbai either online or through a newspaper. Plenty of shops offering the best of them all are present in and around Navi Mumbai and in the majority of parts of the city. Though gold can be purchased anywhere in the world, Navi Mumbai is the one with the best rates at the moment.

Buying a Gold Loan in Navi Mumbai

Availing of a gold loan is not as hard as it seems. The applicant would have to choose the bank of their preference and meet the eligibility criteria set by the same. After which they would be asked to submit the required documents, and they would also have to give assurance that they are in a position to pay the interest amount monthly, for the amount they borrowed.

If you do not show consistency in repaying your interest amounts every month and are missing way too many deadlines. Then, the bank has the authority to do whatever they want to your gold. The ownership of your gold is transferred to them.

What are the Advantages and Disadvantages of Sovereign Gold Bond Scheme

Advantages :

  • The most important advantage is that these schemes are backed by the government which makes it more reliable.
  • This scheme can be purchased in two forms such as a Demat form and a paper form.
  • You need not have to worry about the purity of the gold because this exists in both paper as well as in electronic form.
  • They can be kept in a digital form, meaning you would not have to worry about the safety of your gold, unlike the physical gold.
  • This scheme works on consistency. This means that regardless of what happens in the market, you would continue to get your interest rates at the said time.

Disadvantages :

  • The process of having to switch your gold bonds into physical gold is a very long and tiresome process. If you have any plans of using the gold for any personal needs such as functions, weddings, etc. then these bonds would not work out for you.
  • Suppose there is a sudden drop in the Gold Rate in Navi Mumbai right after you purchase the scheme or during the purchase of the scheme then you would suffer from a capital loss of investment. However, you would not be affected by this if you had opted for a long-term plan.

Gold Vs. Mutual Funds

MUTUAL FUNDS GOLD
Complicated
Less complicated
Greater market risk Involved
Based on global and few other factors it is easier to get a rough idea of the gold rates
Options to invest in Equity linked saving scheme (ELSS), Equity mutual funds, debt fund, liquid funds, etc.
Gold Funds and Gold ETFs
More opportunity cost
Less opportunity cost

About Navi Mumbai

Navi Mumbai which was earlier known as New Bombay is known to be having much more space than Mumbai, is the largest planned city in the entire world, which is facing the west coast of Maharashtra. Unlike Mumbai, Navi Mumbai has more space for new structures, projects and also space for the environment to grow.

FAQs

What is the Gold Rate in Navi Mumbai for 916 hallmark gold?

The Gold Rate in Navi Mumbaifor 916 hallmark gold is ₹ 45,900. The 916 KDM Gold Rate in Navi Mumbai is the same as the 22-carat hallmark gold.

What is the price of 1 gram of gold in Navi Mumbai today?

The price of 1 gm gold in Navi Mumbai today is ₹ 5,010 for 24 carats of gold and ₹ 45,900 for 22 carats gold.

How is today’s gold rate in Navi Mumbai 916 determined?

Gold rate in Navi Mumbai can be determined using different factors such as the demand for gold, if there is a low demand then the prices of gold are also low, and vice versa; interest rates in the developed countries. The Gold Rate in Navi Mumbai is also affected by the various Government policies such as the tariffs on gold, the tariffs the local government charges, etc.

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