Gold Price in Maharashtra today -
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Maharashtra

Maharashtra is the second most populated state in India. The city of dreams known as Mumbai is the home of Bollywood and Bombay stock exchange. Lord Ganesha holds a very important place in Maharashtra, Ganesh Chaturthi is the most prominent festival in the state. People love to buy gold during these festivities and ladies adorn this jewelry with much love, which is why the gold rate in Maharashtra is paid close attention to during these times. Maharashtra is one of the most industrialized state in India while the state capital Mumbai is India’s biggest financial and commercial capital.

Gold Prices in Maharashtra for different purity

Purity
Gold price 1 gram Gold price 10 gram

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Gold Prices in Maharashtra for last 7 days

Date Gold price 1 gram Gold price 10 gram

Gold Price in Major Cities

City Gold Price Change

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.

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.

What is QE and how does it affect Gold Prices?

Quantitative easing, or commonly known as QE, is an economic policy. It comes into action, in case other policies have run out of steam and stopped working.

  • Definition of Quantitative Easing:QE is monetary policy that promotes the idea of injecting money into an economy not by regulations, but instead via printing currency. Typically QE is regarded as a short-term solution to boost the economy after a crisis.
  • Significance of QE:Typically, Central Banks around the world uses interest rate manipulation as the primary technique to control the flow of money in an economy. However, lowering interest rates did not work during the economic downturn of 2008 and countries resorted to this method.
  • The Methodology of QE:As already mentioned, central banks inject money into an economy with this method. In case, the inflation is low, and banks are not lending, central banks then print new money and buy assets. This sudden increase in money drops interest rates and the value of a currency, which prompts banks to lend at a lower rate. Resultantly, economic activities increase.

The connection between QE and Gold is inversely proportional. It means, with the implementation of quantitative easing, the price of gold drops and vice versa. Thus, conservative investors, who believe gold is the future, advises investing more in gold, instead of other modes.

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. 

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