Today Gold Rate in Pune

Types of Purity Measurement for Gold

Gold purity is measured in terms of Karat (K) or Fineness. The most common types of gold purity are 22K, 18K, and 14K. 24K gold is considered the purest form of gold, while 22K gold is most commonly used for jewellery in India.

Conversely, fineness measures the amount of gold in parts per thousand. For instance, 999 fineness means that there are 999 parts of gold in 1000 parts of the alloy. It is important to note that the purity of gold can affect its price and value.

How to Invest in Gold? 

There are several ways to invest in gold. Here are a few common options people can consider:

• Physical Gold includes buying gold through coins, bars, or jewellery.
• Gold ETFs (Exchange Traded Funds) – This type of investment where you buy units in a fund that invests in gold.
• Gold Mutual Funds – This is a type of investment where you invest in mutual funds that invest in gold-related stocks.
• Sovereign Gold Bonds – This is a government-backed scheme where you invest in gold bonds linked to the market price of gold.
• Digital Gold – This is a new type of investment where you can buy and sell gold online through various platforms.

Things to Know Before Buying Gold

Before you invest in gold, here are a few factors you must keep in mind:

• Understand the purity and weight of the gold you are buying.
• Check the hallmark on the gold to ensure its purity.
• Compare prices from different jewellers before making a purchase.
• Keep an eye on the gold rate and buy when the prices are low.
• Store the gold in a safe place.

Factors Affecting Gold Rate in Pune

Several factors influence the gold rate in Pune. Some of the critical factors that affect the gold rate include:

• International Market – The international market plays a crucial role in determining the gold rate in Pune. If the demand for gold is high in the global market, the gold rate in Pune will also increase.
• Demand and Supply – The demand and supply of gold in Pune can also affect its rate. The gold rate will likely increase if the demand for gold and the supply are low.
  
• Currency Exchange Rates – The gold rate is also affected by currency exchange rates. If the Indian rupee weakens against the dollar, the gold rate in Pune is likely to increase.

What is the Difference between KDM and Hallmarked Gold in Pune? 

KDM gold has been alloyed with other metals such as copper, zinc, nickel, and silver. It is also known as “mixed gold” since different metals are mixed in the alloy. This type of gold is primarily used in jewellery making, as it is more affordable and less prone to tarnishing. On the other hand, hallmarked gold is gold certified by the Bureau of Indian Standards (BIS). Hallmarked gold is considered higher quality than KDM gold, as it is purer and has been tested for its purity and fineness. Hallmarked gold is also more expensive than KDM gold, as it is more sought after due to its higher quality.

Impact of GST on Gold Rate in Pune

Implementing the Goods and Services Tax (GST) in India has significantly impacted the gold rate in Pune. Under the GST, the rate of tax on gold has been increased from 1.2% to 3%. This has caused the gold rate in Pune to increase by nearly 2%. However, this increase is not permanent, and the rate of gold fluctuates due to factors such as international market conditions, demand and supply, etc. In addition, the GST has also led to an increase in transaction costs for buying and selling gold. As a result, the gold rate in Pune is likely to remain volatile in the near future.

How can Interest Rates Affect Gold Prices in Pune?

Interest rates play an important role in influencing the price of gold in Pune. When interest rates are low, investors tend to invest in gold as they can get a higher return on their investments. Additionally, when interest rates are low, people tend to save less money in the bank, which increases the demand for gold. On the other hand, when interest rates are high, people tend to invest more in the bank, reducing the demand for gold and decreasing gold prices.

Latest News on Gold Rate in Pune

Spike In Gold Rate in Pune – 21st March 2023

The month of March saw a significant spike in the price of gold rates due to fluctuations in the share market. The price of 1 gram of 22k gold has increased from Rs. 5,573 to Rs 5,593. The price of 1 gram of 24k gold has also increased from Rs. 5,852 to Rs. 5,873. Gold has been identified as one of the hottest commodities to invest in this year and the price continues to skyrocket. It is forecasted that the gold rates in Pune will continue to rise if the unpredictability of the market sustains.