Tirunelveli

Gold Price in Tirunelveli today -
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Tirunelveli

Around 2000 year old Tirunelveli city is just 73kms away from the picturesque coastal town of Kanyakumari. The district was formed in 1790 by the British East India Company. As a present-day testimony the city bears the legacy of Chozhas, the Pandyas, the Cheras, the Vijayanagar, and the British. Known as the city of monuments yesteryear Tirunelveli flourished as an economic hub during the British rule, during which cotton, tobacco, jaggery, chilies, and salt were produced and exported. The district’s economy is throttled by agriculture followed by service-oriented sectors like cement, paper, power loom, spinning, and others. Gold rate in Tirunelveli is followed closely by the people as well businessmen in the city for gold loan purposes. The Special Economic Zones in the city outskirts is dotted with manufacturing facilities of companies like Coca Cola, Indian Oil Corporation Limited, Yokohama Rubber Company, and Bosch Limited. Nellaiappar Temple is the most famous temple in Tirunelveli.

Gold Prices in Tirunelveli for different purity

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Gold Prices in Tirunelveli for last 7 days

Date Gold price 1 gram Gold price 10 gram

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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. 

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. 

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.

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Tirunelveli
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