Gold investment is one of the traditional forms of investment. Even the availability of other investment options has not dulled the demand for gold. The demand for gold drives the gold rate in Suryapet. Indians love the yellow metal and wear it at weddings and functions.
Read this article to know about today’s gold rate in Suryapet live.
What is Today's Gold Rate in Suryapet?
Suryapet is one of the largest gold consumers having several super-sized jewellery stores that display gold articles that meet all budgets and occasions. Gold is available in Suryapet at the present gold rate as bars, coins, jewellery etc.
Gold prices in recent months have risen. During July 2020, the prices had crossed the 50K mark. The pandemic and slow markets contributed to the increased demand for gold. Let us look at what factors affect gold prices to understand the gold markets, prices and terminology.
How is the Gold Rate in Suryapet Determined?
Today's gold rate in Suryapet is available online and in newspapers. Gold rates are affected by the changing values of:
- The Rupee Vs US Dollar - fluctuates and affects the exports and imports of our country. India imports gold in USD. When this rate increases, the import costs rise and push up gold rate in Suryapet.
- Alloy Prices - check the prices of silver, copper etc., as they are usually mixed with gold to make it stronger.
- Gold rate news - on reputed sites like KhataBook can help in maximizing profit and the best gold rates.
You can buy gold as an investment in the following ways;
- Physical Gold - Physical gold is familiar to almost everyone. It’s the gold that you can touch and feel. Physical gold is usually in the form of jewellery, coins, bars etc.
- Gold Market trade - Gold stocks are traded in ETFs (exchange-traded funds ) and spot contracts. The demand for ETFs has seen a steady fall over the past two years.
- Digital Gold: This is gold bought on the digital platform. Platforms like KhataBook allows you to invest in digital gold. You can start saving small and accumulating gold in an insured locker till maturity. In case you need physical gold, you may request doorstep delivery in the form of coins or gold bars.
Documents needed when investing in gold:
- Investment of Rs. 2 lakhs or more requires you to produce a PAN card and any other address proof.
- For Gold ETFs (Electronic Traded Funds), one must open a brokerage account and a Demat account with the ETF seller firm.
- For SGBs (Sovereign Gold Bonds), digital gold etc., very little paperwork and no Demat account are involved.
- For mutual funds, you will need a brokerage and Demat account.
Why Gold Prices Fluctuate:
Some of the main factors to understand the fluctuation of gold prices are;
- Demand and Supply: Demand and supply situations affect the gold rate in Suryapet today. High demand and low supply lead to an increase in gold prices in Suryapet.
- Interest Rates: Gold prices depend on the interest rates and have an inversely proportional relationship with them. Rising interest rates always impact gold prices which see a decline in buying of gold.
- Jewellery Markets: India uses a lot of gold jewellery for weddings and other festivities. There is a huge accumulation of gold jewellery, especially within a traditional setup.
- Inflation: A rising inflation rate means a falling currency rate and rupee devaluation. Gold serves as the perfect foil to inflation, even when it lasts for long periods explaining why consumers invest in gold.
- Government Reserves: Indian gold reserves are held by the Government of India, which sells and buys gold via The Reserve Bank of India. Gold prices are seen to rise or fall depending on the price and quantities of gold traded in by the Government.
- Currency Fluctuations: Gold in international markets is traded in USD. The import prices are calculated by converting the USD (US Dollar) to INR (Indian National Rupee). However, the USD prices also fluctuate, impacting the overall costs in USD and INR. Thus daily fluctuations are present in the import price, selling price, etc.
- Import Duty: The Indian share of the total production of gold globally is less than 1%. Yet, the demand for gold is very high in Suryapet. India as a whole is the second-largest gold consumer in the world. Thus import duties on gold directly affect the daily selling price.
What To Check When Buying Gold in Suryapet?
Some of the must-check factors are:
- Suryapetty levels: 24K gold is pure gold. But, it is not malleable and is hence mixed with small amounts of other metals. Thus one has 22K, 18K, 14K gold.
- The price/gram of gold: Gold rates not only fluctuate daily but also across locations. You must check the rates like the 22-carat gold rate in Suryapet today and the 18-carat gold rate in Suryapet today per gram before buying gold.
- Buy-back terms: In changing markets, it is important to find sellers who assure you of buy-back terms at prevailing market rates. Many sellers also buy/exchange gold on its weight basis, less the making charges, to lock in the day’s gold rates.
- Certification of the metal: The Bureau of Indian standards certifies the Suryapetty of gold. The most popular 916 gold means that every 100gm of gold contains 91.6gm of pure gold. It is also known as 22K gold.
- Making charges: The final price of jewellery in Suryapet is higher than today’s gold rate in Suryapet 916. It can be calculated as ;
Final jewellery price= (gold weight in grams x 22-carat gold rate in Suryapet) (an approximate of 10 to 20% of today’s gold rate in Suryapet in making charges) (GST applicable at 3% of the purchase price at 916 gold rate in Suryapet today ).
Differences in types of gold:
Yellow in colour.
Yellow in colour.
Depending on the alloy metal, it can be yellow, white or rose coloured.
Available as bullion bars, coins
Available as bullion and jewellery
Available as jewellery.
Used in making of bullion, jewellery, industrial purposes and medical devices.
Used in jewellery and corresponds to the gold rate today in Suryapet 22k.
Used in jewellery making.
More expensive than 22K gold.
Less expensive than 24k gold.
Less expensive than 22K gold.
Buying Digital Gold
Digital gold is a preferred investment in recent times. Digital gold is a good buy because you can start buying gold with as little as Rs 1. One can sell it at the gold rate today in Suryapet from home or even convert it to physical gold at will. Continue saving to buy gold where 1 digital unit of gold means 1 gram of gold. Store your gold in a digital locker till encashment. One can sell it from home at the 916 gold rate in Suryapet or convert it to physical gold at will, delivered at one’s address in tamper-proof packaging.
For Ex: You can buy digital gold on platforms like KhataBook.
Selling/Trading Digital Gold:
Digital gold trading does not require deep financial expertise. It can be bought, sold or traded in electronic format. All you need is a mobile phone, a good internet connection and a platform like KhataBook to buy digital gold.
The general steps are:
- Enter the amount of INR or grams you want to buy.
- Select the payment mode and upload KYC verification documents.
- Make the payment. The digital gold is instantly reflected in your locker.
- See the right time and sell your digital gold through the platform.
- You can also request doorstep delivery in the form of coins or gold bars.
Availing Gold loans:
A Gold Loan is a credit facility that allows you to borrow secured loans by keeping gold as collateral. The best part of the gold loan is that physical gold can raise 90% of its value as a secured loan in times of distress. A secured loan is offered by most banks, NBFCs and other private financial institutions. With gold as the collateral, you can fetch up to 90% of the gold value as a loan to be repaid with bank interest within the specified time. A default causes the lender to auction the gold collateral.
Gold prices have increased, indicating high demand for gold. According to some predictions, it is expected to hit a high of 65K for 10 grams in the next 2 years. Besides, the pandemic has wreaked havoc, resulting in low-interest rates, rising inflation rates, high liquidity, and a sluggish market impacted economy. The years 2021 and 2020 have seen nearly all investment portfolios betting on gold as a good instrument. Given the above facts, you can take advantage of the gold prices by learning to invest and buy digital gold at KhataBook.
What is the Important Checklist for Buying Gold in Suryapet?
- Check the gold price per gram
- Know about different Suryapetty levels
- Be aware of the buy-back terms
- Ensure certification
- Collect bill
How is Today's Gold Rate in Suryapet determined?
Today's Gold Rate in Suryapet depends on different factors. For example, the interest rates, the demand for gold etc. Further, the Gold rate in Suryapet is additionally influenced by Government policies and taxes on gold.
What is the easiest way to find the gold rate?
You can find gold rates on online platforms like Khatabook.
Will the gold rate in my state increase or decrease?
Gold rates depend on a number of factors like Inflation, Demand and Supply, Interest rates, etc. Any changes in these factors would affect the gold rates.
When is the best time to invest in Gold?
It is preferable to buy gold when the gold rates are lower than the average gold rates for the period.
Is Digital Gold safe?
Yes, it is in digital format and stored in an insured locker.