Gold Price in Kanpur today - 22 May

last updated on 22 May 2022

India

0(per gram) (16K)

The origin of Kanpur in Uttar Pradesh dates back to 1207 when Raja Kanh Deo of the Kanhpuria tribe had established a settlement called Kanpur. Retaining its historical flavor, Kanpur has blossomed into an industrial state. The new age recreational spots are not any malls or theatres but the historic spiritual monuments which are very much part of the social fabric. Kanpur second largest city in Uttar Pradesh, thriving on the western bank of the river Ganges. It has developed into a hub of leather and textile industries and currently serves as a commercial and trade center in entire North India. Gold is also manufactured and traded to other states due to its high demand. The gold rate in Kanpur depends entirely on the local population’s purposes for purchasing gold; sometimes for weddings, donations, or investments.

Gold Prices in Kanpur for different purity

PurityGold price 1 gramGold price 10 gram

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Gold Prices in Kanpur for last 7 days

DateGold price 1 gramGold price 10 gram
28 April, 2022₹ 5,400₹ 54,000
27 April, 2022₹ 6,000₹ 60,000
26 April, 2022₹ 6,500₹ 65,000
25 April, 2022₹ 7,000₹ 70,000
24 April, 2022₹ 7,500₹ 75,000
23 April, 2022₹ 6,500₹ 65,000
22 April, 2022₹ 7,500₹ 75,000

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.

Why is Gold considered a Precious Metal?

Gold is universally acknowledged as a valuable commodity pertaining to its unique properties, such as:

  • Finite availability Gold is available in limited quantities. The best estimates suggest that about 197,576 tonnes of gold have been mined throughout history. In fact, if every ounce of this gold is arranged in a cube, each side of this cube will only measure about 21 metres.

  • High Demand The price of gold tends to rise over time. This is because its demand is exceedingly high in countries India, but the supply is limited.

  • Idle Asset Gold is a highly liquid, non-consumable asset. Additionally, this metal retains an active market at almost all times. So, individuals can easily convert their gold to cash whenever they want.

  • Economic impact It impacts economies in terms of contribution to foreign exchange and trade balance. Furthermore, gold is used as a reserve to hedge against inflation in most free-market economies globally.

Benefits of investing in gold

In its 3000 year history of trade, the price of gold has never dipped below zero. This is a very compelling fact when you pit gold against cash, whose value keeps is in a constant state of flux. This is only one of several reasons to put your gold to good use! Some of the other benefits of investing in gold are:

  1. High Yield Returns: Gold is the best choice of investment if one is looking to make a low-risk investment for a high yield return.

  2. Demand for Gold: In the wake of gold ETFs and Sovereign Gold bonds, the demand for gold has been constantly increasing.

  3. Hedge Function- Gold functions as a hedging instrument against financial market fluctuations. This makes it a safe bet in the face of recession.

  4. Liquid Asset- Being a liquid asset that can be transported and stored anywhere, gold can easily be sold or pledged against an instant loan.

  5. Authenticity- Gold is a precious metal well known for its purity and value. This makes it easy to recognize high-quality gold which can simply be bought after verifying if the seller is authorized to do so.

How is Gold’s purity determined?

Gold is one of the most precious metals that do not corrode with time. Thus, from time immemorial, gold has been used to make jewellery and as a substitute to currency. Therefore, it is imperative to assess the gold’s purity to derive its actual value.

Following are some of the most commonly used methods to determine gold’s purity.

  • Karat or “K” is considered as one of the gold purity units. There are 0 to 24 grades on this Karat system, and each number denotes the gold purity of varying items. One can also convert this Karat to a percentage by dividing the Karat number by 24 and then multiplying it by 100. Nevertheless, 24K gold is considered to be the purest form of gold.
  • Gold merchants, however, use different techniques to measure gold purity. They either use traditional acid test where the gold of different purity are dipped into nitric acid and then matched with known K-labelled samples. Alternatively, they also use a digital gold tester that shows the most accurate result.
  • The buyers, nevertheless, can refer to the hallmark that is tattooed in the inner portion of any gold article. It rightly shows the purity, Karat weight, etc., of that particular gold article. Individuals need to check gold purity before buying or selling.
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