Gold was traditionally bought for jewellery. It is auspicious and a great choice of investment. Gold also signifies the wealth and prosperity of the person. Most Indians pass their Gold from one generation to another. Though traditionally Gold was bought as jewellery, there are now more options to buy gold. If you are interested in buying gold, especially for investment there are better options than physical gold. But before that let’s look into the gold rates in Maharashtra. 

What is Today’s Gold Rate in Maharashtra?

As of 19th April 2024, the 22-carat gold rate in Maharashtra today is ₹6853/gram of 22k gold and the 24-carat gold rate in Maharashtra today is ₹7196/gm of 24K gold. The present gold rate in Maharashtra per gram rate has been fluctuating due to a slew of factors.

Check out the 10-day fluctuation in the 24-carat gold rate in Maharashtra and the 22k gold rate today in Maharashtra.

Historical Prices of Gold Rates in Maharashtra

Thus a study of the prices like the gold rate in Maharashtra today 916 and assessing factors that affect gold prices etc., help when deciding to invest in gold. 

Also Read: Steps to Calculate the Gold Price for Jewellery

Final Price of Gold

The final price = Gold Weight (gm) x today’s gold rate in Maharashtra + making and wastage charges and 3% GST on the final price.

Gold Investment vs Fixed Deposit

Let’s compare how Gold fares against FD.

How Gold rate in Maharashtra is determined?

Gold rates are readily available in financial magazines, jewellery stores, newspapers etc. These rates are typically affected by the following rates, which are essential to check before investing.

• Gold rate news and predictions on reputed sites like Khatabook can help predict the gold rate movement and help you maximise profit.
• The Metal Rate for silver, copper, etc is also important. Check these rates as it impacts the prices of gold. They are used as alloy metals with gold to make them more malleable. 
• The Rupee Vs US Dollar fluctuates. It has an impact on the exports and imports of our country. India imports gold in USD. When this rate fluctuates, the import duties change and affect today’s gold rate in Maharashtra.

Gold Options Compared

You can buy gold today in a variety of methods in Maharashtra. Take a look at your options.

• Physical Gold: You can buy jewellery or bullion (coins/bars) at the 916 gold rate in Maharashtra at banks, jewellery shops etc.
• Digital Gold: This is gold bought on the digital platform, and platforms like Khatabook allow you to start saving small and accumulating gold in an insured locker till maturity. You can exchange the certificate for physical gold that Khatabook will deliver to your doorstep in tamper-proof packaging. 
• SGBs or Gold Sovereign Bonds: These are government-backed bonds and have an 8-year term with 2.5% returns. They are like fixed deposits.
• Derivatives and trading in gold: You can trade in these at the current gold rate in Maharashtra, but it is risky. It involves trading on the stock and commodities markets.

What Documents are Needed When Investing in Gold? 

• Physical gold requires no documents, brokerage or Demat account. However, keep the purchase receipt and BIS certification carefully. 
• If investing Rs. 2 lakhs or more on jewellery, coins, bars etc., at the 22-carat gold rate in Maharashtra today, you need the PAN Card and identification with name and address Voter ID/ Passport/ Aadhar Card. 
• For ETFs, one must open a brokerage account and a Demat account with the ETF seller firm.
• For SGBs, digital gold etc., very little paperwork and no Demat account are involved.
• For mutual fund’s a brokerage and Demat account will be needed.

Also Read: What is Gold Standard and How Does it Work?

What Factors Affect Gold Rates in Maharashtra?

The gold rate in Maharashtra is directly affected by the below factors.

What to Check When Buying Gold in Maharashtra?

Some essential terms to get familiar with and the things to check always when trading or investing in gold:

• Hallmark and purity levels: Check the hallmark certifying the gold quality, the company logo and BIS mark or the purity of gold. The most popular 916 gold means that every 100gm of gold contains 91.6gm of pure gold.
• The price/gram of gold: Gold rates like the 24-carat gold rate in Maharashtra fluctuate daily and across locations. So you must check the rates daily and type of gold.
• Buy-back terms: Many jewellers in Maharashtra assure customers of exchanging the gold on a gram-to-gram basis less wastage and making charges to ensure one’s gold value does not decrease. Check who offers you the best deal.

Different Gold Types

Pure Gold is 24K, while gold used in jewellery is generally 22K. 18K options of white and rose gold are trendy today in the jewellery segment and closely tied to the18-carat gold rate in Maharashtra today.

22K Vs 24K Gold

Digital Gold  

Buying: Digital gold is an electronic form of gold. You can start buying gold at the day’s price with as little as Rs 10. One can sell it from home or even convert it to physical gold at will. Platforms like: Khatabook, offer you digital gold.

Also Read: What are the Smartest Ways to Invest in Digital Gold?

Trading Digital Gold

Digital gold can be bought and sold at the gold rate in Maharashtra with just a mobile phone, a good internet connection on a platform like Khatabook. 

The general steps required are:

• Enter the gold, its type and weight in grams. 
• Select the payment mode.
• Upload KYC verification documents, and make a payment. 
• The digital gold is instantly reflected in your insured digital locker. 
• If you need to sell, check today’s gold rate in Maharashtra and then sell it. 
• If you need to avail of a loan or sell without further hassles, request the physical gold’s home delivery in tamper-proof packaging.

Availing Gold Loans

Your gold can be pledged as collateral to banks, NBFcs and other gold companies to raise 90% of its value as a secured loan in times of distress.  A secured loan is offered with gold as the collateral and repaid with bank interest within a specified time. However, default causes the lender to auction the gold pledged as the collateral. 

Where To Buy Gold in Maharashtra

Take your pick of jewellery stores from the easy list provided below.

Conclusion:

Storing gold to hand it down over generations or investing in gold rate in Maharashtra 916 gold alone may not fetch the expected returns. Options like digital gold are paper gold and cannot be stolen and offer better returns. It requires very little investment and can be easily bought at Khatabook. You may need a brokerage and Demat account for the same. Happy investing!