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Gold Price in Nanded today -
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Nanded

One of the historic cities in Maharashtra, Nanded stands proudly on the banks of river Godavari. Big rulers of Nanda dynasty, the Satvahanas, and the Maurya Empire reigned the city at various points of time. According to history the city was taken as a part of Nizam’s Hyderabad in 1725 until it was included into Maharashtra in 1960, the then newly formed state. Nanded holds religious significance as the 10th Sikh Guru, Guru Gobind Singh made this city his permanent home and later transferred the Guruship to the sacred Sikh scripture, Guru Granth Sahib at this place. Owing to this significance Nanded was soon a sought after Sikh pilgrimage site. Local people in Nanded engage in tourism related activities and agriculture for income. They also buy gold and other precious metals for long-term investment purposes for which they keep a close track of the gold rate in Nanded. Some of the noteworthy places to visit in this historic city are Siddheshwar Temple, Kaleshwar Temple, Hazur Sahib, and Nanded Fort

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Gold Prices in Nanded for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Nanded for last 7 days

Date Gold price 1 gram Gold price 10 gram

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.

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. 

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.

How is gold rate determined?

Gold rates in India are determined by an array of factors. It could be the supply of gold in comparison to its demand both locally as well as globally, inflationary rates, the gold reserves present in the possession of the government, ongoing import and interest rates, taxes and levies. These are only some of the several micro and macroeconomic factors that could affect gold rates.

As a rational borrower with a personal stake, you need to be aware of the gold rate in cityname. There is almost always a variation between the gold price in the market as compared to the valuation that the lender offers. This is because lenders follow a unique way of evaluating gold. They arrive at the price by taking the average of 22 Karat gold from the past thirty days. Hence, your gold valuationdepends on this average price as well as the lender's loan-value ratio. Recently, the RBI has ruled that lenders can disburse loans of up to 90% of gold's market value until March 31, 2021.

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Nanded
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