Last 7 days Gold Rates ( 22 Carat & 24 Carat )

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Gold prices in India vary by the city due to local market considerations such as supply and demand, state taxes, and shipping costs (of physical gold). This article focuses on how profitable gold investments are in the city of Nellore, the historical and current gold rates in Nellore, types of gold, and more.

Benefits of investing in gold

Gold has always been a valued commodity. Its value has not only remained relatively stable throughout history, but demand for it has also been continuously increasing. If you want to earn a high return on your investment, gold is the way to go. When there is a recession, people tend to go toward gold. In that instance, it serves as a buffer against market swings. It is one of the world's most liquid assets. It can be sold or used as collateral to receive funds. It is also easy to store. Unlike the stock market, dealing in gold or determining its value or quality does not require much knowledge as the purity of the gold is always certified by the seller.

Gold in Nellore

Nellore is a well-known district town in Andhra Pradesh's coastline region with historical and cultural significance. The economy of coastal Andhra has flourished in recent years, and a 12,000-acre Special Economic Zone is being created near the port by Krishnapatnam to support industrial expansion in this area.

According to Telugu customs, families practice passing down gold from one generation to the next. As a result, the people here are fascinated with gold jewellery. Aside from that, gold is an essential component in the majority of local festivities and wedding functions. The Nellore market features a large number of local gold sellers that cater to local demand. Whether it is  24 Carat gold rate in Nellore or 22K gold rate today in Nellore, gold is a sought-after commodity in this region's rural and urban areas. Nellore inhabitants like to invest in gold coins as a hedge against inflation. Gold is easily accessible even in rural places.

Nellore is well-connected by road and has decent transit to its neighbouring communities. As a result, when the local community needs to buy anything, including gold, the Nellore market is an excellent option.

Current Gold Rate in Nellore- last 10 days

Date

10 Gram (22 K)

10 Gram (24 K)

27 July 2021

Rs. 46500

Rs. 48830

26 July 2021

Rs. 46500

Rs. 48830

25 July 2021

Rs. 46500

Rs. 48830

24 July 2021

Rs. 46500

Rs. 48830

23 July 2021

Rs. 45060

Rs. 48830

22 July 2021

Rs. 45000

Rs. 47250

21 July 2021

Rs. 45300

Rs. 47570

20 July 2021

Rs. 45660

Rs. 47940

19 July 2021

Rs. 45460

Rs. 47730

18 July 2021

Rs. 45410

Rs. 49540

 

Past trend of Gold rate in Nellore

Months

Lowest Price 24 Carat Gold Rs. Per 10 Grams

Highest Price 24 Carat Gold Rs. Per 10 Grams

June 2021

48,600

50,790

May 2021

45,000

50,710

April 2021

45,990

49,170

Difference between KDM and Hallmark gold

People frequently become confused regarding the purity and quality of gold when purchasing it for jewellery or investment purposes. KDM gold and hallmark gold are the two most general types of gold. 

KDM gold is manufactured by combining cadmium with gold, with gold accounting for 92% and cadmium accounting for 8%. This reduces the purity of gold to 92%. However, due to the related health hazards, the production of KDM gold has ceased. 

The Bureau of Indian Standards certifies Hallmark gold. The test is carried out at BIS-approved assaying facilities. There are five types of hallmark gold:

24 K = 99.9% Pure

22 K = 91.6% Pure

18 K = 75% Pure

14 K = 58.5% Pure

10 K = 41.7% Pure

916 Hallmark Gold

The Bureau of Indian Statistics (BIS) was formed to impose some regulations on India's gold manufacturers. The traders, according to that, adhere to the rule of engraving the 916 hallmarks on the gold. It denotes that the gold is pure and genuine.

916 Gold is 22 Karat gold. It demonstrates that there are 91.6 grams of gold in 100 grams of alloy. That explains the purity of the gold. This is what gold manufacturers use to confirm that the sculpture and quality are the same as the 22 Karat gold.

Buying Gold in Nellore

In Nellore, many gold merchants provide dependable gold in coins, bars, and jewellery. People who wish to invest should first evaluate gold prices and quality from several dealers before deciding on the most reliable one. Most dealers/jewellers now provide customers with authentic gold certifications at the time of purchase. It is strongly encouraged that while acquiring gold in Nellore, you go to a certified and reputed jeweller who sells hallmark jewellery. It is also important to know today's gold rate in Nellore per gram before purchasing. 

Some of the best and reputed jewellers in Nellore are Kalyan Jewelers and Joyalukkas Jewelry in Ramamurthy Nagar, and Jain Gold in Ramesh Reddy Nagar.

How to Invest in Gold in Nellore 

Physical Gold

If you want to buy actual gold, all you have to do is go to a jewellery store and buy gold jewellery and/or gold coins. It is recommended to select coins over jewellery because jewellery cost includes making charges that the customer would not recover when selling. Gold coins have long been seen as auspicious and are available in different weights. Hence, purchasing gold coins may be beneficial in the long run when looking to liquidate. Gold bars are another form of gold investment.

Digital Gold

There is also an option of purchasing gold Exchange-Traded Funds(ETF). After opening a trading account, an individual can ask the broker to buy gold ETFs. Government-issued sovereign gold bonds are likewise listed and can be purchased in the same way as listed shares are. ETFs are traded on the stock exchange, are simple to buy and sell, and have no liquidity issues. They are held in electronic form in the Demat account, so there are no security or safety concerns with the physical gold. 

With respect to digital, Khatabook presents a lucrative opportunity in digital investments. Since digital gold is present in the form of an electronic certificate, availing this gold can be done without any hassle with only a few clicks. 

Reasons For Fluctuating Gold Rate In Nellore

Many factors influence today's gold rates in Nellore. Always compare prices before making a purchase. You might implement a purchasing strategy based on price drops.

Let's have a look at some of the elements that influence gold prices:

  • Inflation: The rate of inflation influences the gold price. During an inflationary period, demand for gold rises because people prefer to buy gold rather than currency resulting in the gold rates hike. During inflation, investors like to utilise gold as a hedging instrument.
  • Demand: The gold rate tends to increase during festival seasons because as demand grows. The majority of gold jewellery purchased in Nellore is for traditional occasions such as weddings, birthdays, and anniversaries. On auspicious days such as Akshaya Tritiya and Dhanteras, there are long lines in front of jewellery businesses in Nellore.
  • The rupee-dollar exchange rate also impacts the gold prices in India. As gold is largely imported, gold will certainly rise in rupee terms if the rupee value falls against the dollar. A falling currency may reduce the demand for gold in the country.
  • Gold and interest rates: Interest rates on financial products and services impact the gold demand. When interest rates rise, people prefer to sell gold to earn cash, and a larger supply of gold lowers the precious metal price. 

The difference in the 22 karat Gold rate in Nellore and other cities

The causes of the variation in the gold rate in Nellore and other cities are logistics, transportation costs, quantity purchased, and the local market condition. Different states pay different taxes, resulting in pricing differences between states. Also, the difference in the making charges levied by jewellers contributes to this variation.

Checklist for buying gold in Nellore 

It is important to be aware of the following things before buying gold in Nellore:

  • The gold rate per gram in Nellore: It is critical to research the gold price per gram to avoid paying more than the actual price. However, make sure you get the price from a legitimate and trustworthy source.
  • Different purity levels: Before purchasing gold, the buyer must understand the various purity levels of gold, such as 24 carats or 100% gold and 22 carats or 91.6% gold. Depending on the requirement and usage, one should decide the type of gold to be purchased.
  • Certification: The most crucial part in determining the quality and purity of gold is to ensure gold certification. Make sure that you purchase hallmark gold or gold with the BIS mark.
  • Buy-back terms: Finally, be aware of the sellers’ buy-back policy, which governs the terms of gold exchange years later. Determine whether the seller will acquire the gold at the same price or whether any cost-cutting is involved.
  • Bill/Invoice: Most essential, after buying gold, make sure to obtain a bill from the seller. An invoice will help you take action if the gold is impure or lacks the supplier's quality.

Extra caution is required when buying gold online. There are many online gold sellers nowadays. Though internet shopping is handy, it is critical to only buy from trusted licensed dealers because there is a considerable risk of fraud and adulteration.

How to sell gold in Nellore?

Gold is easy to sell because most jewellers and pawn shops are willing to buy it. However, because jewellers only pay for the weight of gold, not the design, the gold ornaments may sell for less than expected. Making charges are charged at the time of purchase but are not included in the selling prices. It is always advisable to be aware of the present gold rate in Nellore and to get the price estimates from several buyers to get the best deal. Selling gold coins and gold bars rather than jewellery is a better option because they fetch higher prices from jewellers.

Customers who own gold jewellery can always approach a bank or a gold loan company to obtain a loan against the gold to cover an unexpected personal or commercial need. There are several banks and NBFCs in Nellore that offer loans against gold jewellery.

Conclusion

Gold can be a valuable investment item to have in a well-balanced portfolio. Gold has some of the highest liquidity in commodity markets and has typically increased in value over time. A solid financial portfolio should include 10 to 15% of one's wealth in gold and gold-backed products. Awareness about the variety of gold, the quality of gold, and the most recent gold prices in your city can help you make an informed decision while buying and selling gold or seeking a gold loan.

Khatabook helps you make a gold purchase in just a few clicks in the form of digital gold. This is an electronic certificate which is backed by physical gold and therefore, is a safe and secured process. You can create a customer profile in Khatabook, refer to the prices, and make a purchase by paying through digital options like Net Banking, UPI, Wallets, and more.

FAQs 

What is the GST for Gold?

If the gold is imported from elsewhere, the vendors must pay a 10% customs charge on the gold value. In addition, a 3% GST is levied on the gold value. If the gold is used to make jewellery, a 5% GST is payable on the making charges.

What are hallmarks available in Nellore?

 Gold hallmarks available in Nellore are 999 hallmark gold (24 karat gold), 916 hallmark gold (22 karat gold), 750 hallmark gold (18 karat gold),  585 hallmark gold (14 karat gold).

What influences today’s gold rate in Nellore?

The gold rates in Nellore are affected by various factors, including interest rates in industrialized countries and demand for gold, with lesser demand resulting in lower prices and higher demand resulting in higher prices. Furthermore, the gold price in Nellore is affected by government policy concerning gold tariffs and taxes levied by local governments.

What is the import duty on gold?

The import duty on gold has been raised from 10% to 12.5% in the 2019 Union Budget.

Why is jewellery not made in 24K gold?

24K gold is too soft to be used in jewellery. As a result, jewellers choose 22K or 18K gold for jewellery that is intended to be worn regularly.

What is the best time to buy Gold in Nellore?

The gold rate in Nellore city swings daily for many reasons, and it is impossible to pinpoint an exact time. Experts recommend, however, that you accumulate gold on each dip to help you average out costs.

How can you sell Gold in Nellore?

Gold, being highly liquid, can be easily and instantly redeemed for cash, whether you choose to sell it or pledge it. If you sell your gold at the same shop where you bought it from (please keep the bill/invoice with you), it will avoid any suspicion regarding the purity of the commodity and ensure a smoother transaction.

What factors should I check before buying gold in Nellore?

Before purchasing gold in Nellore, bear the following points in mind:

  • Current Gold Rate
  • Purity Levels
  • Hallmark Certification.
  • Buy-back terms of the jeweller.