Gold Price in Kurnool today - 28 May

last updated on 28 May 2022

India

0(per gram) (16K)
Gold Price Calculator in Kurnool

Gold Value :

0
rupeek ad

Standing majestically on the banks of the Tungabhadra river, Kurnool serves as the judicial capital of Andhra Pradesh. Before Amaravati and Hyderabad, Kurnool was the capital of yesteryear Andhra. The city boasts of prestigious educational institutions like Kurnool Medical College, Dr. Abdul Haq Urdu University, Rayalaseema University and the Indian Institute of Information Technology Design and Manufacturing. It is often referred to as the ‘Gateway of Rayalaseema’ due to its reputation as a transportation hub and a centre for trade. The city is also rich in minerals and rakes income by mining and trading dolomite, iron ore, quartz, limestone, silica, and ochre. Kurnool locals trade as well as use gold a lot, as it is part of their culture. Gold is a precious ornament that is considered a prized possession for most women. Depending on the fluctuating gold rate in Kurnool, the locals purchase this yellow metal. Konda Reddy Fort, Anjanaya Statue on Jagannatha Hill, Orvakal Rock Garden, and Kurnool Archaeological Museum are some of the sites worth visiting in the historic city.

Gold Prices in Kurnool for different purity

PurityGold price 1 gramGold price 10 gram

Take a pre-approved gold loan at the comfort of your home in Kurnool

gold loan approved
alternate image
0.49% monthly Interest (5.55% P.A.)*
Save more with low interest rate
alternate image
Highest Per Gram Rate Guaranteed

Get the true value of your Gold

alternate image
Google Play 4.6

Highest Ratings 17,000+ Reviews

Gold Prices in Kurnool for last 7 days

DateGold price 1 gramGold 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

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 meters.

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.

What is QE and how does it affect Gold Prices?

The intention behind applying quantitative easing is to counter the situation created by an economic slump. Typically, during an economic downturn, the demand for credit goes down, and deflation hits. Even though central banks around the world use interest rate manipulation to tackle such situations, QE is usually their last resort.

Points to Know about QE:

  • It is a part of a country’s designated monetary policy
  • Even though it existed for a long time, the recession of 2008 saw its implementation on a broader scale.
  • In QE, central banks print new currency to buy assets and inject more cash into the system.
  • It affects the value of a currency
  • It works effectively to counter deflation and stimulate an economy
  • QE is considered a short-term measure

Quantitative Easing and Gold

The relationship between QE and gold is inversely proportionate. It means when money is injected into the system, the price of gold goes down. Although extra money makes it seem like the gold prices are soaring, that isn’t the case.

With the implementation of this tactic, the gold prices largely remain the same, grow but at a slower pace, or even go down during certain instances.

Here Quantitative Easing Tapering is also vital to know about. It means when a central bank agrees to stop new currency printing, which results in a shortfall in the system. So, the flow of cash goes down, but the amount of gold remains the same. Hence, the price of gold increases steeply.

Effect of GST on Gold Prices.

GST or Goods and Services Tax came into effect on 1st July 2017 by subsuming the repetitive tax structure of the previous regime and bringing transparency and accountability in the taxation system.

The implementation of this new tax regime has left a considerable effect on the prices of several commodities, of which gold accrues enormous importance due to its national and international demand.

Under the new tax regime, the GST on gold was fixed at 3% with an additional 8% tax on the making charges and import duty of 10%. Later, the making charges tax was revised and reduced to 5%. As a whole, the yellow metal has become expensive by 0.75% in the post-GST era.

A primary reason that accounts for the rising gold price is 10% import duty. However, traders have managed to evade that by importing gold from countries like South Korea, with which India shares the Free Trade Agreement.

Apply now for 30 minutes doorstep gold loan service#
Gold Price in major cities
Loan services in Kurnool