Nellore

Gold Price in Nellore today -
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Nellore

Connecting Chennai and Vijaywada, Nellore is a notable city and a tourist hotspot in Andhra Pradesh, The yesteryear Nellore was under the reigns of mighty empires like Cholas, Pandyas, Pallavas, Maurya Dynasty, Satavahanas, Sultanate of Golconda, the Vijayanagara Empire, and even the Mughal Empire. Today it is dotted with scenic lakes, beaches and temples which remain from the past. Aquaculture and agriculture is the primary occupation here owing to its proximity to the Bay of Bengal and its location on banks of river Penna. The spicy aftertaste of Nellore Reddy cuisine is one that cannot be missed by people visiting this city. The shopping habits of locals here are emphasised with the buying of gold. People in Andhra are known to hoard a lot of gold jewellery for weddings and festivals as they regard it auspicious. The gold rate in Nellore is followed by the common man in the city to make purchases whenever the price is low.

Gold Prices in Nellore for different purity

Purity
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Gold Prices in Nellore for last 7 days

Date Gold price 1 gram Gold price 10 gram

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Difference between 18 Karat, 22 Karat and 24 Karat gold

Karat is the term that is used internationally to indicate the purity of the gold. The karat rate is directly proportional to the purity of the gold. As the karat increases, so does the purity of the gold. The difference between a 24 karat, 22 karat and 18 karat golds are explained below. The 24 karat gold is the purest form of gold that is available. Because of its purity, rather than using it to make jewelry, it is used for investment purposes. The 24 karat gold exists in the form of gold coins or gold bars. The 24 karat gold is followed by the 22 karat gold which is used to make jewelry. The 22 karat gold is a mixture of gold with alloys such as zinc, nickel, or silver. These alloys make the gold harder and fit to be fashioned into jewelry. The purity of the 22 karat gold is 91.67% pure. The 18 karat gold is the cheapest gold that exists. It is a mixture of 75% gold and 25% alloys.

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.

How to calculate old gold jewellery price?

Gold has always been one of the most significant investment options for Indians. The high liquidity of gold and its consistent value makes it a popular option for investment purposes. It also acts as a hedge against fluctuations in the market. Gold can either be pledged in the form of a gold loan or it can be sold to meet urgent financial deficits. It pays to be aware of the value of gold to prevent unscrupulous activities by the lenders or jewelers. It is not very complicated to calculate the value of the gold. The weight and the purity of the gold will have to be tested at an assaying laboratory. There are two methods to calculate the purity of the gold. It can be denoted in percentage or in karat.

  1. Karat method: By multiplying the gold’s weight, purity, and gold rate, and then dividing it by 24, you can arrive at the purity of the gold by the karat method.
  1. Percentage method: By multiplying the gold’s weight, purity, and gold rate, and then by dividing it by 100, you can arrive at the value of the gold in terms of the percentage.

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. 

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Nellore
Andhra Pradesh
city
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