Gold Rate in Pune
Gold is the most preferred commodity for people in India. The price of gold in Pune depends on various factors – the rise and fall of the commodity in international market, the exchange rate of rupee, and the surge and fall in the demand. Since there are no gold mines in Pune, the exporting factor is included in the fixation of price leading the gold price in Pune to be comparatively higher.
The latest gold rate in Pune rose highest in the country during the first week of March, fluctuated considerably in the second week, and contrary to the national trends, found stability in the third week of the month. Theres a good demand for gold in Pune and the rising rates have never really been a deterrence factor for people, as they tend to invest more in gold due to the excellent returns and reliability in its value as compared to other investments.
Gold Price in Pune
Pune has become an important development center in Maharashtra. Education and technology are the city main core industries. With an educated and wealthy population, Pune has lots of reliable investment opportunities.
The safest form of asset, gold is found easily in the city. But since there are no mine or ports nearby, Pune gold rate is a little more expensive than general.
Gold can be found in 22 and 24 Karat, where the purity determines the gold price. The 22 Karat is approximately 92% pure, and the 24 Karat gold (a.k.a. 916 Hallmarked) has almost 100% of purity.
Gold Price Movement in Pune
Gold price in Pune has been volatile in the past two months. Uncertainty regarding the Indian Union Budget kept gold demand oscillating. Also, the global reaction to President Trump made the prices unstable.
By the end of February, prices were climbing fast. On March 2017, the rates in Pune were the highest in the country. The current gold rate in Pune is now dipping, closing below previous prices.
Trading Gold in Pune
Pune has jewelry shops spread out all over the city. There its possible to buy and sell gold, with a small commission for the shop.
Also, theres the gold futures market. You can bet on the gold price, using contracts that will expire on a future date. Although risky, futures are a good way to start in the gold business.
What to Expect
The outlook is favorable for long-term gold investors. For the occasional buyer, it is more interesting to wait. International gold prices are expected to drop in this year.
Here you can analyze todays gold price, and better design your portfolio:
GST Impact on Gold Rate in Pune
There have been a lot of fluctuations since the adoption of Goods and Services Tax (GST) in the entire country and the gold rate in Pune is no exception. When it comes to gold, global market trends influence prices and the taxes that are levied. Under the new norms of GST, the cost gap has been neutralized between small and big gold players. The customer now has to bear flat 3% GST, along with 5% GST on processing charges and a custom duty of 10%.
Gold as an Investment in Pune
Pune is known to be a cosmopolitan city as well as an educational hub. This place is known to have one of the youngest crowds of qualified and working professionals. The city is growing to be one of the safe havens in terms of making gold investments. People in Pune constantly look for ways to invest their hard earned money in gold, at any given price. The gold price in Pune is growing with a constant increase in demand for gold.
Pune has a number of small and large jewelry stores, and gold sellers coming down to the city. Before going to the jewellers, you can search for gold rate in Pune today online and stay updated. Also, if you are going to make an investment in gold ornaments, ensure the vendor gives you certified jewelry, as it ensures the level of purity, making it a safe investment for you.
How Can You Make Gold Investments in Pune
The price of the gold varies with the level of purity, if it is 22 karat gold then its purity is 92% and it is going to be comparatively less expensive than 24 karat gold which is 99.99% pure, and is certainly the most expensive one. Being a safe and wise investment option, gold investment is high in demand in Pune. There are multiple options to invest in gold in Pune, based on your account balance and liquidity of cash. You can invest in gold jewelry, gold bullions, buy your allocated gold account, and also into Gold ETF.
Gold jewelry will always remain a traditional mode of investment. As it can be passed from generation to generation and is kept as an asset in Indian households. Gold coins are sized from 1-10 grams and bullion bars are bigger in size, therefore they are used to make huge investments. Another way is getting your gold stored with banks with your own allocated gold account. Before spending into ETF (Gold Exchange Traded Funds), you must know that the value of 1 gram of gold turns out to be one unit of ETF.
Things to Remember Before Buying Gold Jewelry in Pune
Today gold rate in Pune is influenced by a lot of determinants, so to make it easier for you, weve listed the factors you need to be aware of, before you make your purchase.
Certification – If you buy certified gold jewelry, it is easy to exchange it in the future. Moreover, it ensures source reliability and purity of gold.
Labor Charges – They are known as the making charges or labor charges which go into designing and making the gold jewelry. A lot of vendors charge higher making charges. While making a purchase, make sure that you are charged nominally. When you check the gold rate today in Pune, dont forget to add making charges of your jewelry to it, to get the final cost.
Purity – Purity of gold is an important factor to consider. For jewelry making, usually 22 karat gold is used, which is 92% pure gold. 24 Karat is 99.99 % pure, but it is not suitable for jewelry making as it is too soft. 14 karat gold (58.33% pure) and 18 karat gold (75% pure) can also be used for gold ornaments.
Weight – Price of gold jewelry is directly proportionate to its weight. And if other stones or gems are added to it, then also the weight would increase. So, you need to ensure that your jewelry is weighed properly and you are not charged at gold prices for the extra weight of other stones.
Simply search online about the gold price today in Pune and take a note of it. This will help you make an informed decision, when you actually go to make a purchase.
Factors that Influence Gold Prices in Pune
Rate of Inflation – Gold is one of the best, most stable and safest investment choices when the market is reeling from inflation. Being a stable investment option means that the demand for gold increases, impacting its prices as well.
Gold Reserves – The Reserve Bank of India maintains the gold reserves for the entire country along with its cash reserves. The reserve bank holds these gold reserves and when there is a rise in the supply of money and decrease in the supply of gold, it results in rocketing gold prices.
Mutable Rate of Interest – Human psychology is such that the more we get the better it is. So, if the interest rate is increased, people will sell their gold to get cash in return. And with an increase in supply of gold, the price will also fall.
Jewelry Market Scenario – Indian culture and festivals involve a purchase of gold items or ornaments in some form or the other. Amid Indian marriage season and festival time, the jewelry market rakes in profits and thus the gold prices are also correspondingly affected.
Difference between KDM and Hallmarked Gold in Pune
Hallmark – The primary difference between KDM and Hallmarked jewelry lies in the purity and the metal used for alloying. Bureau of Indian Standards (BIS) gives quality certification on gold, as per international standards of purity.
KDM- It is an alloy of gold and cadmium can be mixed in the ratio of 92% and 8% individually. Solder material is used to make designs on jewelry, but due to difference in melting point of solder material and gold, cadmium is now used in crafting gold, which is known as KDM.