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Gold Price in Guntur today -
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Guntur

Tagged as one of the most populated cities in coastal Andhra Pradesh, Guntur is situated to the right of the river Krishna. Being part of Andhra Pradesh Capital Region, people here often buy gold, avail gold loans and check for gold rate in Guntur. Bordered by Nalgonda, Mahaboobnagar, Prakasam, and Krishna districts, and the Bay of Bengal, Guntur has a coastline of over 100 kms. Cotton, Groundnut, , Paddy, Jowar, Red gram, Green gram, Maize, Bajra, Sunflower, Chillies, and Coriander are the crops that are produced in majority as agriculture is their major source of income. The vibrant red chilli market yard of Guntur is the biggest such yard in Asia. Parks, temples and forts are seen in Guntur with the most famous being the Jinnah Tower, Kondaveedu Fort and Uppalapadu Bird Sanctuary. Due to the popular sports played in the city like boxing, badminton, volleyball, swimming, cricket, and athletics, the city figures prominently in the sports map of the country.

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Gold Prices in Guntur for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Guntur for last 7 days

Date Gold price 1 gram Gold price 10 gram

Effect of GST on Gold Prices.

Goods and Services Tax has unified the earlier payable taxes like Value Added Tax (VAT), Customs duty, Central Excise duty, etc., and the whole indirect tax structure has been brought under one umbrella.

  • GST on Gold

GST on gold is levied when individuals opt for buying gold jewellery or bars. Individuals need to pay several taxes depending on the various processes involved in gold trading, manufacturing, and purchasing. To be precise, individuals need to pay GST of 5% on making charges, 10% on import duty and 3% on gold. However, the GST on making charges is a product of the new tax regime.

  • Impact of GST on Gold Prices

The new tax structure and implementation of several taxes have made gold expensive by 0.75%. Apart from the impact on gold prices, GST has stretched its effects on gold imports as well as across the organised and unorganised sectors, which are invariably linked with the increasing price of gold. 

How is gold rate determined?

There are many micro and macroeconomic factors that determine the gold rates in India. Some of the factors that influence that gold rates are: gold production, inflation, government’s gold reserves, demand and supply of the gold commodity in the market, import rates, interest rates, taxes, local demand, etc. Since an unprecedented emergency is likely to arise at any moment, being a resident here, it is good to have an eye on the latest gold rates in cityname. The market price of the gold and the gold valuation offered by the lender is likely to vary. The lender calculates the average gold price of 22-Karat gold according to the rates from the past thirty dates. This is how the lender concludes on the gold gram rate. The value of the gold loan that you get is dependent on two factors – the average gold price and the lender’s LTV (loan to value) ratio. The RBI has also directed the lender to disburse up to 90% of the market value of the gold till March 31, 2021.

Difference between 18 Karat, 22 Karat and 24 Karat gold

“Karat” is the internationally recognized term used to denote the purity and weight of gold. Higher the Karat, better the purity of gold. 

1) 24 Karat: 24 Karat gold is the purest and most expensive form of gold found in the market. Owing to it’s pliability 24-Karat gold is not usually used to make jewellery and is instead used for investment purposes, in the form of coins or bars. 

2) 22 Karat: 22 Karat gold is generally used in the jewellery industry. In this type, pure gold is mixed with several alloys like zinc, nickel, or silver to make the gold harder and fit for jewellery. Generally, 22 Karat gold is 91.67% pure. 

3)18 Karat: 18 Karat gold is the gold that is prepared by mixing 75% gold with 25% other alloys. 18 Karat gold is the cheapest type of gold available in the market.

How is Gold’s purity determined?

Gold holds an impeccable value in terms of quantifying one’s wealth as well as for investment. Thus, judging the quality and purity of gold is of utmost importance, both for buyers and for traders.

Primarily, the gold’s purity is determined through the Karat system that measures the same on a scale from 0 to 24. For instance, a 24 karats gold jewellery contains 100% gold. On the other hand, in a 14K gold jewellery, the percentage of gold is 58.33%, and the rest is other metal or alloy.

The gold purity can be measured both by percentage and parts per thousand. However, to convert the Karat into a percentage, one needs to divide the Karat number by 24 and then multiply it by 100.

Another easy way to determine gold’s purity is by checking the hallmark stamp on gold jewellery. This hallmark includes the authorised logo, date of manufacturing, carat weight or fineness of the gold in question. In several countries, including India, it is mandatory to sell gold jewellery with hallmark stamp. 

Lastly, the traders generally use an electronic gold tester to measure the quality and purity of gold. It shows the result accurately within seconds.

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Guntur
Andhra Pradesh
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