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Gold Price in Solapur today -
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Solapur

Lying close to the border of Karnataka, Solapur is a state in Maharashtra. The city is strategically positioned which is connected by key rail routes and a highway that interlinks Mumbai, Bangalore, Pune, and Hyderabad. It is said that 16 villages were merged to form the Solapur Municipal Corporation. Solapur is the hotbed of hand loom, power loom and its cotton mills. An indigenous towel called ‘Solapuri Chadar’ received the first GI tag in Maharashtra. The city’s economy is majorly throttled by pomegranate farming. Solapur locals and small businesses look for clever investment options constantly and gold is the most popular choice. Be it gold coins, biscuits or jewellery, gold retailers never run out of business here which is why gold rate in Solapur is displayed by all the gold shops in the city. Some places of interest in Solapur are Kambar Talav, Bhui-Kot Fort, and Mahatma Gandhi National Zoo.

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Gold Prices in Solapur for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Solapur for last 7 days

Date Gold price 1 gram Gold price 10 gram

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.

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. 

Why is Gold considered a Precious Metal?

If there was another indicator to measure wealth in the world, barring currency, it would be gold. It is one of the nine noble metals, but gold’s value in the economy surpasses that of its counterparts. But the exploration and extraction of gold is a slow-moving, laborious process.

However, this metal still has a readily available market across the globe, which increases its liquidity, thereby making it an ideal asset. Owners of gold articles have the freedom to convert them into cash with ease.

Moreover, gold is a luxury good, which means that people purchase it in larger quantities when their income rises. Therefore, this yellow metal generally exhibits a steady increase due to high demand and inadequate supply, especially in a country like India. Most free-market economies of the world use gold reserves to hedge against inflation. As a result, this metal possesses an intrinsic value in the global economy as well.

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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