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Gold Price in Bangalore today -
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Bangalore

Bangalore, one of the most popular metropolitan cities had been a British colony since 1830 until it came under the ambit of India. This leaves a trace of old forts, monuments and palaces interlaced with new architecture. The glitz, technology and skyscrapers outlining the smart city’s skyline will offer you enthralling experiences. The capital city contributes the highest to Karnataka’s economy by mostly boosting start-ups and housing reputed educational institutions. Known as the IT city Bangalore specializes in electronics, aviation, manufacturing, aerospace, fintech, healthcare, logistics apart from IT. The south Indian city is also fond of buying gold jewellery and are aware of the fluctuating gold rate in Bangalore on all the days. Places like Tipu Sultan's Summer Palace, Lal Bagh Botanical Garden, Cubbon Park, Bangalore Palace and Visvesvaraya Industrial and Technological Museum should not be missed on a trip to Bangalore.

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Gold Prices in Bangalore for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Bangalore for last 7 days

Date Gold price 1 gram Gold price 10 gram

KDM vs Hallmark gold - What's the difference?

The purity and quality of gold is something buyers are always apprehensive of. There are different types of gold that buyers can choose from. Buyers often have a tough time distinguishing between the Hallmark gold and the KDM gold. 

1) Hallmark Gold: Hallmark gold is the type of gold upon which, tests are conducted at assaying centers and is approved for sale by the Bureau of Indian Standards (BIS). Hallmark gold is available in four varieties being 23 Karat, 22 Karat, 21 Karat, and 18 Karat.

2) KDM Gold: KDM gold is a type of gold made combining 8% cadmium with 92% gold. Not only does this tamper with the purity of gold, but it also has certain health risks associated with it because of which the production of this gold has been terminated. 

Difference between 18 Karat, 22 Karat and 24 Karat gold

'Karat' represents the proportion of gold present in an alloy. It indicates the fineness of gold, which implies that the higher the karat, the more the purity of gold.

https://docs.google.com/spreadsheets/d/1eHzF-lCrWDV0KRukdDCeGKq5bSgWjrlfe5oVev7nIec/edit?usp=sharing

Effect of GST on Gold Prices.

The implementation of GST has particularly affected the prices of commodities like gold.

Effect of GST on Gold Prices

As per the new tax structure, the GST on gold is set at 3% for both finished and unfinished products, which will be paid by the end consumer.

Apart from this, the tax regime also levies an additional 5% on making charges of gold jewellery. The additional charges have upshot the price of gold as there were no making charges in the previous taxation system. This rate is, however, a revised version which was initially set at 18%. The initial GST on making charges would have affected the prices of the finished products massively since end-consumers had to bear all the expenses. However, the 3% GST, the 10% import duty, and 5% making charges have made the yellow metal’s price increase by 0.75%.

How is gold rate determined?

The price of gold in India depends on multiple factors. This includes, but is not limited to the following factors:

1) Gold production

2) Inflation

3) Government's gold reserves

4) Demand and supply of gold in the global commodity market

5) Import rates

6) Interest rates

7) Taxes and levies

8) Local demand. 

As a denizen and fellow gold loan borrower, it is imperative for you to stay updated about the latest gold rate in cityname. It is not unusual to find a little variation between the market gold price and the gold valuation offered by the lender. The difference in price primarily occurs because the lender calculates the average gold price of 22-Karat gold based on the rates from the past thirty days and extrapolates the gold gram rate. Hence, the value of the gold you get depends on the average gold price and the lender's loan to value ratio. As per the recent directive of the RBI, lenders can give loans of up to 90% of the gold's market value till March 31, 2021.

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