Gold Rate in Karnataka
What is the importance of gold in Karnataka?
Home to the famous Kolar Gold Mines, Karnataka exhibits a unique reverence towards Gold. Considered to be a sacred metal all through the Indian subcontinent, it is especially in Karnataka that gold is viewed with utmost veneration and forms an integral part of all special occasions such as weddings and religious festivals. Exchange of gold is a must on occasions such as Diwali, Akshaya Tritiya and Dussehra.
How do people in Karnataka buy gold?
Karnataka is the host to several jewelers and gold traders who are renowned throughout the country. They are responsible for molding the yellow metal according to the latest trends into various designs ranging from traditional to modern. Gold coins and gold bars are also very commonly given gifts to friends and family members on special occasions and events.
What does the price of gold in Karnataka depend on?
Todays gold rate in Karnataka depends on the global factors such as the international price of gold and the dollar-rupee exchange rate as well as internal factors such as the central banks monetary policies and the import duties on gold. The gold rate in Karnataka fluctuates with changes in these factors and is quite volatile. Hence one has to be watchful of the prices of gold in Karnataka, accumulate at the dips and sell at the highs.
Gold Rate in Karnataka
Karnataka is the parent state of Indias largest gold mines – the Kolar Gold Mines. Therefore, for obvious reasons, Karnataka is very involved in the buying and selling business of gold. Gold is an essential part of the festivities in Karnataka.
Storing and Importing of Gold in Karnataka
Today gold price in Karnataka affects the buying patterns of this precious metal here. From weddings to auspicious festivals, exchange and offering of gold is an important part of the rich culture of Karnataka. Karnataka is the home to several gold traders and jewelers.
The demand for gold in Karnataka is mainly during the wedding season and during important festivals like Diwali, Dussehra, Dhanteras, etc. People in this state are very fond of wearing gold jewelry, and hence, this precious yellow metal is molded and designed very intricately to suit the taste of the people here. Besides jewelry, gold coins and gold bullion are also considered as auspicious gifts in Karnataka.
Gold Price Movement in Karnataka
Gold is traded in Karnataka as not just jewelry but also as an investment. Since gold price in Karnataka has always been on the rise, gold is a safe asset to dodge inflation.
Gold as an Investment in Karnataka
The following are the two ways of buying gold in Karnataka:
Retail buying of gold
Retail buying of gold in Karnataka can be done either through jewelry stores or banks. You can do this both online and offline. Gold can be bought in the form of jewelry or gold bullion.
Wholesale buying of gold
Wholesale buying of gold in Karnataka is not allowed by the government except for smaller quantities.