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Gold Rate in Nagpur

Nagpur is one of the leading cities in the Indian state of Maharashtra. Investing in gold in Nagpur is very common as it has a good cultural as well as financial value. Touted to be the second capital of Maharashtra, gold in Nagpur has become a tradable community and has witnessed a heavy demand. Nagpur gold rates change every day depending on a number of factors that directly impact its price. The gold rate today in Nagpur is determined on the basis of cost per gram depending on which people make the purchase. Gold rate today in Nagpur is derived on the basis of the karat value of it. Demand for gold is high during festivals and weddings. There are a number of gold traders in Nagpur who are very much involved in the business of buying and selling gold.

Factors Determining Gold Rate in Nagpur

Nagpur is not just known for yummy oranges, but also for its love towards gold. Since gold is purchased in heavy quantities here, you should know about the factors that have a high impact on its price.

Inflation: When the inflation trend goes upwards, the demand for gold too increases, which leads to a rise in the gold rate in Nagpur.

Interest rates offered on FDs: When banks offer low-interest rates on fixed deposits, people tend to invest in gold as it offers good returns.

Purchase of gold: Gold rates in Nagpur rise high during the time of weddings and festivals.

Demand and supply ratio: If gold in Nagpur is not imported in sufficient quantity that fulfils its demand, then the gold price tends to go sky high.

Equation of dollar and rupee: Since gold is traded in Nagpur in dollars, any change in the dollar and rupee equation has an impact on its price. If the dollar becomes strong against the rupee, the gold price increases as traders have to pay a heavy amount for its purchase in dollars. Similarly, when the rupee becomes strong against the dollar, gold price decrease.

Rate of the US dollar: Dollar and gold share an inverse relationship due to which the gold rate in Nagpur increases if the dollar weakens as people look to invest in an appreciating commodity. And when the dollar becomes strong, gold rates in Nagpur decrease as people start investing in the dollar since it has an increasing value.

Who Determines Gold Rate in Nagpur?

The gold rate today in Nagpur is determined by the Indian Bullion Association. There is no such person or family in Nagpur that determines the gold rate in the city. The Indian Bullion Association that plays a key role in determining the rate of gold in India all over the country also decides the gold rate in Nagpur. The IBJA consists of gold dealers and sellers who decide the gold rate today on the basis of the ‘buy’ and ‘sell’ quotes provided by well-known jewellers in the city. On the basis of the quotes provided by the jewellers, an average number is arrived upon. Other factors such as demand for gold, import duty, international gold price are also taken into consideration while fixing the gold price in Nagpur.

Things to Know Before Buying Gold in Nagpur

Buying gold is one of the momentous occasions of one’s life. Since gold not only holds a cultural value, but also has a huge financial value, it’s imperative for you to check for certain things before finalizing the purchase.

Check for the per gram gold price: When buying gold in Nagpur, check for the gold rates prevailing on the day. Gold rates in Nagpur change on a daily basis and are determined as per the karat value. Checking the gold rate today in Nagpur will give a fair idea about the exact price of gold and will help you make an informed purchase.

Purity of the gold: Gold in Nagpur is categorized in different karats that give you a fair idea about the pure gold content in the gold item you are purchasing. Here is how the gold purity of various karats is determined.
- 24 K = 99.9% Pure
- 22 K = 91.3% Pure
- 18 K = 75% Pure
- 14 K = 58.5% Pure
- 10 K = 41.7% Pure

BIS mark: It is always advisable to purchase gold that has a BIS mark. This helps you ensure that the gold is pure and meets the standard quality.

Don’t forget the invoice: To make sure that the gold you purchase is pure and is not ridden with any discrepancies, don’t forget to ask the jeweller for an invoice as it will help you while selling gold in the future.

Weight of the gold item: If the gold item you are purchasing features diamonds and other gemstones, then the weight of the purchase increases which leads to an increase in the amount you will have to pay.

Various Gold Investment Options in Nagpur

Here are a few gold investment options that help people build an exhaustive gold portfolio.

Gold coins and bars: After gold jewellery, one of the popular gold investment options in Nagpur is investing in gold coins and bars. Gold coins and bars are available in various karats and grams and can be purchased from banks or jewellery stores. This gold investment option is easy to acquire and is extremely popular among low and medium income groups.

Gold ETFs: Gold in Nagpur can be purchased without holding it physically. Gold ETFs are just like any other individual commodities listed on the stock exchange. Demat account holders can invest in Gold ETFs.

Gold Mutual Fund: Investing in gold in Nagpur can be done through gold mutual fund that invests in various gold-related funds. One does not need to hold a Demat account to invest in the gold mutual fund.

Gold ornaments: Gold ornaments are purchased not just for the purpose of fashion, but also for investment. Purchasing gold jewellery includes making charges that are inclusive of the final price of the gold jewellery and exclusive while selling them back.