Gold Rate in Visakhapatnam

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

Today 24 Carat Gold Price in Visakhapatnam – 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 Visakhapatnam – 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 Visakhapatnam : Gold Rate in Visakhapatnam

The sudden increase in the gold rate in Visakhapatnam is very noticeably seen. And the gold rate in Visakhapatnam is not just dependent on one but many factors that are interrelated and mostly on an international level. People of Visakhapatnam generally purchase gold in the form of ornaments or jewellery.

Indians and their relationship with gold go way back many centuries. Indians considered investing in gold to be one of their life’s greatest achievements. It is because back in those days and even now, gold is used to avail gold loans for immediate and emergent financial expenses.

Compare 22k & 24k Gold Rate in Visakhapatnam

Gold Today Yesterday Rate Change
Standard Gold (22 K) ( 1 gram ) ₹ 4,610 ₹ 4,560 ₹ 50 ↑
Standard Gold (22 K) ( 8 grams ) ₹ 36,880 ₹ 36,480 ₹ 400 ↑
Pure Gold (24 K) ( 1 gram ) ₹ 5,030 ₹ 4,976 ₹ 54 ↑
Pure Gold (24 K) ( 8 grams ) ₹ 40,240 ₹ 39,808 ₹ 432 ↑

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 Visakhapatnam

Gold is a precious metal that has been consumed in large amounts over the years. It is largely consumed by the people of Visakhapatnam as well as all over India. The gold rate in Visakhapatnam is determined by the trends in the international market.

There are two contracts that are available that is 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 Visakhapatnam

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?

The gold rates are decided based on the international trends and other factors that affect the gold rate in Visakhapatnam. This could vary from the value of the Indian currency against other currencies, the international market to the festive seasons internally, etc. The people of Visakhapatnam usually purchase gold in the form of ornaments and jewellery. Comparing the gold rate in Visakhapatnam over the years, we could now find a slow and steady improvement in the same.

How do Gold Traders Determine Future Gold Prices in Visakhapatnam?

Certain factors that lead to the constant variations of the gold rate in Visakhapatnam 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 imperative to be updated about the latest news related to the gold rates, prices, 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 Visakhapatnam

There has been a lot of ebbs and flow in the gold rate in Visakhapatnam, 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 Visakhapatnam 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 Visakhapatnam Gold Rate?

The Central Bank is the bank that regulates all the financial and banking services of the country and carries out the various monetary policies issued by the Government. The gold rate in Visakhapatnam or in any other state for that matter is dependent on the policies and regulations that are issued by the Central Bank.

Gold as an Investment in Visakhapatnam

Many stores are present in Visakhapatnam, where you could find genuine gold jewellery to purchase. However, before purchasing gold in today’s world, an individual has to do some research; it could be done by checking websites online or the newspapers for recent updates on gold rates. These gold rates keep varying on a day to day basis. Hence it is crucial 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 works for two things. The first is it gives you the assurance that you have invested in the right place. Secondly, having a purity certificate makes it easier if at all you are in a position where you have to pledge your gold. Without this purity certificate, it is not possible to pledge any gold. Having purity certificates also fetch you higher loan amounts.

How Can You Make Gold Investments in Visakhapatnam

The ways in which you can make gold investments in Visakhapatnam are:

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

Gold Schemes To Invest in Visakhapatnam

The idea behind introducing such schemes in the market is to help people save their gold as well as save money for other expenses. There are plenty of schemes available in the Visakhapatnam market which would help the individual in the purchasing of the gold.

There are various discounts made on the making charges of the gold. However, there are no zero charges in making charges. There would always be a certain price. Do check out the schemes present in Visakhapatnam.

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 Jewelry in Visakhapatnam

There are certain factors that directly influence the rate of gold. Hence, when you are purchasing gold, you need to keep all these features in mind:

  1. Certification: the gold has to come with a certificate of purity to show its authenticity. Make sure any purchase of gold of yours has a certificate of quality and purity attached with it.
  2. Purity: whenever you’re purchasing gold jewellery, make sure it is in the purity rate of 22 carats, and if it is gold coins, then it should be 24 carats.
  3. Weight: the amount that you pay for the gold that you purchase is directly proportional to the weight of the gold present in the jewellery that you are purchasing. If there are more stones, then the weight of the jewellery would be high, and hence prices would be high.
  4. Labour charges: these are also called making charges; this amount is charged for the labour involved in making the jewellery.

Factors that Influence Gold Prices in Visakhapatnam

The factors that influence the gold rate in Visakhapatnam is:

  • The gold rate in Visakhapatnam would substantially increase when there is a sudden demand and supply that takes place throughout the year.
  • 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.

KDM and Hallmarked Gold in Visakhapatnam

Hallmark – is defined as the kind of jewellery which comes with a purity quality certificate from the BIS.

KDM – is known to be an alloy that is mixed with gold to increase the melting point and to make gold harder. It is added in the ratio of 92% of gold and 8% of cadmium, which is why the name KDM.

Understanding 916 Gold Price Today in Visakhapatnam

One of the most frequently asked questions. 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 Visakhapatnam as well.

This is because 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 Visakhapatnam are largely affected by the rates of import duty.

Best Place to Buy Gold in Visakhapatnam

Gold Loan Visakhapatnam

If anyone is planning on buying gold, then they need to do proper planning and research according to that. It is advised first to check all the available options online – shops, schemes and rates offered. To cross-check the same, one could also check the newspapers for constant updates. There are various shops available in Visakhapatnam available to purchase the best quality gold.

Buying a Gold Loan in Visakhapatnam

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.

Suppose 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 of the Scheme :

  • These could be in the form of a paper or a Demat
  • The gold is safer because the scheme has the option of keeping it electronic as well as in paper form.
  • All the schemes are backed up by the government.
  • These are kept digitally. Hence the gold is kept safe.
  • Whatever happens to the market, you would continue to get your interest amounts on time.

Disadvantages of the Scheme :

  • The conversion of the gold bonds into physical gold is a tedious procedure. Once you have enabled the scheme, the gold cannot be used for other general purposes.
  • If there is a sudden drop at the time of the buying of the scheme, then the individual would be facing the capital loss of the investment. If you’ve chosen the longer plan, then it would not affect you.

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

Latest News on Gold Rate in Visakhapatnam

2021-03-17:

In Anakapallae, Visakhapatnam, the police have arrested 3 persons with the charges of stealing gold ornaments that are worth Rs 1.5 lakhs cash from the shop and a house. The arrested were identified as B Eliya Raju of Anakapalle, P Durga Rao of Vizianagaram and D Thimothi of Anakapalle. The gold that went missing was having a weight of 930 grams. The police also continued to question a few old offenders and some of the workers in the shop.

2021-03-13:

Gold rate today slashes in Hyderabad, Bangalore, Kerala, Visakhapatnam on 13 March 2021. Gold rate in Visakhapatnam has followed the same trends with Rs. 41,850, and Rs. 45,650 per ten grams of 22 carats and 24 carats, respectively, with a fall of Rs. 300 and Rs. 330 on both the metals. In contrast, the silver rates across the country have fallen down in various cities.

FAQs

What is the gold rate in Visakhapatnam for 916 hallmark gold?

The gold rate in Visakhapatnam for 916 hallmark gold is ₹ 45,900. The 916 KDM gold rate in Visakhapatnam is the same as the 22-carat hallmark gold.

What is the price of 1 gram of gold in Visakhapatnam today?

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

How is today’s gold rate in Visakhapatnam 916 determined?

Gold rate in Visakhapatnam can be determined using different factors such as the demand for gold; if there is low demand, then the prices of gold are also low, and vice versa; interest rates in the developed countries.

About Visakhapatnam

Visakhapatnam is the second-largest city in Andhra Pradesh and is most famous for its burgeoning steel industry. It is also the home to international ports. It is popularly known as Vizag among people of the area, does not fail to surprise people with its tourist attractions.

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