Gold Price in Aurangabad today - 28 May
last updated on 28 May 2022
The people of Aurangabad and the rest of India have historically revered gold as a symbol of prosperity. It is considered to be an international indicator of wealth. This precious metal is a luxury item purchased in larger amounts with rising income. It offers high liquidity despite fluctuating market rates. Therefore, it is also a popular hedging asset.
Although the overall market rates vary frequently, gold always experiences high demand with an upward price trend. Therefore, whether you wish to purchase gold or apply for a gold loan, it is essential to be aware of the current prices. This lets you time your decision to get the most out of your investment.
Gold Value :₹ 0
Gold Prices in Aurangabad for different purity
|Purity||Gold price 1 gram||Gold price 10 gram|
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Gold Prices in Aurangabad for last 7 days
|Date||Gold price 1 gram||Gold price 10 gram|
|26 May, 2022||₹ 5,400||₹ 54,000|
|25 May, 2022||₹ 6,000||₹ 60,000|
|24 May, 2022||₹ 6,500||₹ 65,000|
|23 May, 2022||₹ 7,000||₹ 70,000|
|22 May, 2022||₹ 7,500||₹ 75,000|
|21 May, 2022||₹ 6,500||₹ 65,000|
|20 May, 2022||₹ 7,500||₹ 75,000|
Gold Rates in Aurangabad According to Purity
The price of an amount of gold depends on its purity. The international unit called karat is used to measure this purity. Pure gold is somewhat soft. Therefore, it is challenging to make usable jewellery with it. Gold is thus alloyed with other metals to make it harder and impart desirable properties.
Most gold items available in the market are of three levels of purity. The purest form is 24 karats. Coins and bars are made out of it. The other two states, 22 karats and 18 karats, are used to build ornaments of various kinds. Since the ornament price depends on purity, it is essential to know the prevailing rates of all three before purchasing or applying for a loan.
Gold Prices in Aurangabad in the Last Week
The historical city of Aurangabad has traditionally had a high demand for gold. Since it is a tourist spot with a number of gold dealers and investors, this demand keeps on rising. This rise, therefore, drives up its prices. Here is a comparative display of gold prices in Aurangabad in the past week.
Weekly and Monthly Trend of Gold Rate in Aurangabad
The prices of gold always keep increasing over the long term despite frequent fluctuations. Therefore, it helps to keep track of these rising prices visually. This graph represents the weekly and monthly trends of this precious metal.
Reasons to Check Gold Rate in Aurangabad before Purchasing
The market price of gold determines the amount you can purchase and the amount you can receive as a loan against it. Therefore, knowing the prevailing market prices will help you to better time your gold purchase or gold-backed loan application. Additionally, the interest rates of various gold loan providers can also vary based on market value. Therefore, you can compare these interest rates to pick an ideal lender.
Factors That Affect Gold Rates in Aurangabad
The cost of gold in the market depends on several domestic and international factors. Some domestic factors include its demand in the markets, rates of interest, taxes applicable on it, government-held reserves, and some seasonal buying trends. International factors can consist of global inflation and changes in the currency's value compared to benchmarks.
Calculating Gold Price in Aurangabad
There are two methods by which individuals can determine their gold’s value:
- For purity in percentage: Gold value = (purity x weight x rate) / 24
- For purity in karats: Gold value = (purity x weight x rate) / 100
Use the Rupeek gold loan calculator to know the amount of loan you can be eligible for based on purity.
To know the gold required for a loan
Step 1: Select the 'Choose required Loan Amount' tab.
Step 2: Enter the amount of loan needed, reasonable interest rate, and repayment duration.
The calculator returns the total interest, interest payable monthly, and the amount of gold you require for your preferred loan amount.
To know the eligible loan amount
Step 1: Click on 'Choose Available Gold Weight' on the gold loan calculator.
Step 2: Enter the amount of gold to collateralize, purity, preferred interest rate, and loan tenure.
The calculator then returns the total eligible amount, total interest payable, and monthly interest payments.
Reasons for Differing Gold Rates between Aurangabad and Other Cities
Gold rates in Aurangabad also differ from other cities of India. This is again due to various factors such as:
- Variation in demand
- Different making charges on jewellery
- Changes in taxation rules or rates
- Differing storage and transportation costs
- Alternating seasonal requirements in different regions of the country
It is vital for individuals to be aware of gold prices. Knowing the daily market rates helps determine the appropriate time for gold purchasing or applying for a loan.