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Gold Price in Visakhapatnam today -
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Visakhapatnam

The picturesque coastal city Vishakhapatnam, is the largest developed city Andhra Pradesh. It is also referred to as the ’Jewel of the East Coast’ due to its beautiful beaches and natural diversity. Today a smart city, Vizag as it is popularly called was part of the Kalinga kingdom in the reign of Ashoka and was later ruled by Pallavas and Cholas in the past.The oldest shipyard and the only surviving natural harbour on the Indian east coast is found in Visakhapatnam. Tourists flock the Simhachalam Temple, RK Beach museum, Kambalakonda Wildlife Sanctuary, Maha Stupa at Thotlakonda and Bheemli Beach Road.. People in the city look to buy gold and invest in gold at the right time to support their business, for which the gold rate in Visakhapatnam is a key parameter that has to be tracked consistently.

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Gold Prices in Visakhapatnam for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Visakhapatnam for last 7 days

Date Gold price 1 gram Gold price 10 gram

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.

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. 

How is Gold’s purity determined?

Gold is one of the most valuable metals known to humankind, and it can be used for multiple purposes. Besides, making jewellery, gold is also commonly used to avail funds during a financial crunch.

Thus, it is vital to measure the purity of gold to make the most of its equity. Following are some of the ways.

  • Karat System

It constitutes one of the most common ways to determine the quality and purity of gold. Denoted by “K”, this measurement system depends on a scale that ranges from 0 to 24. For instance, a god article of 1 Karat means that that particular gold item consists of 1 part of gold and 23 parts of other metals or alloys. It also means, the closer to 24K, the purer the gold.

  • Hallmarking

Most gold articles, including jewellery, come with an inscription called “hallmark” that carries the symbol of gold purity, its fineness, date of manufacturing, etc. Most countries, including India, have mandated gold jewellers to carry the BIS hallmark.

  • Other Methods

Besides these, most traders use conventional acid test or use an electronic gold tester to determine gold purity accurately.

Irrespective of the method, assessing gold purity is essential for both buyers and traders.

How to calculate old gold jewellery price?

Indians usually attach a lot of sentimental value to their gold. Apart from jewelry, gold s used for several other purposes such as investment, hedging, or for availing an instant loan. If you choose to pledge your gold as collateral security, you must understand how your gold is valued. Here is how you can calculate the price of your gold jewelry.

1) To ascertain the purity and quality of your gold, take it to the nearest assaying center.

2) The assaying center presents the purity of the gold in terms of Karat or as a percentage figure.

3) If you wish to calculate the value of your gold using the 

  1. a) Karat purity method: Multiply the gold’s weight, purity, and gold rate and divide it by 24. 
  2. b) Percentage purity method: Multiply the gold’s weight, purity, and gold rate and divide it by 100.

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Visakhapatnam
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