Some facts about gold in Keonjhar
- Keonjhar has a thriving market for gold jewellery, driven by cultural traditions and festivals.
- Gold prices in Keonjhar are influenced by international trends, currency rates, and local demand.
- Jewellery designs in Keonjhar often reflect traditional Oriya patterns.
- The demand for gold peaks during wedding seasons and festivals.
- Banks and jewellery stores in Keonjhar offer various gold investment options.
- Purity of gold is a crucial factor, with 22-carat being the most preferred for jewellery.
- Keonjhar offers competitive gold prices compared to nearby cities.
How is 22 carat gold different from 24 carat gold in Keonjhar?
In Keonjhar, as in other regions of India, 22-carat and 24-carat gold mainly differ in terms of purity and their intended use. Let's look at some key differences between 22-carat and 24-carat gold:
- Purity: 22-carat gold contains 91.67% gold, while 24-carat gold is 99.9% pure.
- Use: 22-carat gold is often used for jewellery-making due to its durability.
- Value: 24-carat gold is more expensive because of its higher purity.
- Strength: 22-carat gold is stronger, making it suitable for intricate designs.
- Colour: 24-carat gold has a brighter yellow hue than 22-carat gold.
- Investment: People prefer 24-carat gold for investment due to its purity.
- Availability: Both 22-carat and 24-carat gold are easily available in Keonjhar.
- Popularity: 22-carat gold jewellery is more popular in local markets.
22 karats vs 24 karats vs 18 Karats gold purity in Keonjhar
In Keonjhar, gold plays an important role in both cultural and financial contexts, with different gold purities serving distinct purposes.- 24 carat gold: The purest form with 99.9% gold content, used mainly for investment purposes.
- 22 carat gold: Contains 91.6% gold and 8.4% alloy, making it ideal for jewellery in Keonjhar due to its durability.
- 18 carat gold: Contains 75% gold, making it more affordable and ideal for fashion jewellery that’s less prone to damage.
- Visual differences: Higher purity gold has a richer yellow colour, while lower purity tends to look duller due to alloy content.
- Cost variations: The higher the purity, the more expensive the gold, with 24 carat being the most expensive.
- Use: 18-karat is preferred for everyday jewellery, while 22 and 24-karat are reserved for special occasions.
- Availability: All three purity levels are available at jewellers in Keonjhar.
How are gold prices determined in Keonjhar?Gold prices in Keonjhar depend on multiple national and international factors. Here's how they are determined:
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Global market trends
Gold prices in Keonjhar are influenced by international market rates, reflecting changes in demand and supply worldwide.
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Local demand and supply
The local demand for gold, particularly during festivals and weddings, can lead to price fluctuations based on how much gold buyers are willing to purchase.
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Currency exchange rates
The value of the Indian Rupee against the US Dollar affects gold prices. A weaker rupee makes gold more expensive.
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Economic factors
Inflation, interest rates, and overall economic stability play a crucial role in determining gold prices.
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Import duties and taxes
Government policies, including import duties and GST, directly impact gold pricing, making it more or less expensive for consumers.
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Why do gold rates change every day in Keonjhar?
Gold rates in Keonjhar change daily due to various influences. Here's why:- International market fluctuations play a key role in daily price changes.
- The exchange rate between the Indian rupee and the US dollar impacts prices.
- Changes in import duties can affect the cost of gold.
- Local demand during festivals or weddings can also cause daily rate variations.
The impact of GST on gold rates in Keonjhar
GST plays a crucial role in determining gold prices in Keonjhar. Here's how it impacts the rates:
- GST on gold is currently set at 3% on the value of the metal.
- An additional 5% GST applies to making charges for gold jewellery.
- These taxes increase the overall cost of purchasing gold in Keonjhar.
- GST compliance ensures transparency in gold pricing.
What are the different ways to buy/invest in gold in Keonjhar?
Gold investment in Keonjhar can be made through various avenues, offering flexibility to buyers. Here's how you can invest.- Physical gold in the form of jewellery, coins, and bars is popular.
- Digital gold offers a convenient, modern way to invest.
- Gold Exchange-Traded Funds (ETFs) are another alternative.
- Sovereign Gold Bonds (SGBs) provide an interest-bearing investment option.
What are the taxes on gold in Keonjhar?
Understanding taxes on gold is essential before making a purchase in Keonjhar. Here’s a breakdown.- A 3% GST is charged on the value of gold.
- A 5% GST applies to making charges for gold jewellery.
- Import duties impact the overall cost of gold in Keonjhar.
- Additional state-level taxes may also apply, depending on the purchase.
What is making charges on gold jewellery in Keonjhar?
Making charges affect the final cost of gold jewellery. Here's how it works in Keonjhar.- Making charges vary between 5% and 20% of the gold’s value.
- The complexity of the design influences the making charges.
- Jewellers in Keonjhar often offer fixed or percentage-based making charges.
- Negotiation on making charges is common, especially for bulk purchases.
Impact of gold rate on gold loans in Keonjhar
Gold loans in Keonjhar are affected by fluctuating gold rates. Here's how the rates impact these loans.- A higher gold rate increases the loan amount you can borrow.
- A drop in gold rates may reduce the available loan-to-value ratio.
- Gold rate volatility can affect loan repayment conditions.
- Borrowers should monitor gold rates when considering gold loans.
Where to get gold loan in Keonjhar?
With Bajaj Finserv Gold Loan, you can avail of a loan ranging from Rs. 5,000 to Rs. 2 crore, along with competitive interest rates, fast processing, and free insurance for your gold. We provide a high loan-to-value ratio, ensuring you receive the maximum loan amount to manage your expenses with ease. The loan offers a simple application process, minimal documentation, and straightforward eligibility criteria. You also have the flexibility to repay the interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis, depending on your financial situation. With complimentary insurance coverage for your pledged gold jewellery and secure storage, your gold is kept safe. These advantages make Bajaj Finance an excellent choice for gold loans in Keonjhar.Know more about gold rates in Indian states and Union Territories
Know more about gold rate in other cities
Frequently asked questions
What is the current gold rate in Keonjhar?
The current gold rate in Keonjhar can vary daily based on international market trends and local economic conditions. To find the most accurate and up-to-date rate, it's recommended to check with local jewellers or reputable financial news sources.
How does the gold rate affect gold loan amounts in Keonjhar?
In Keonjhar, the amount of money you can borrow against gold is directly influenced by the current gold rates. Higher gold prices mean you can secure more money for the same amount of gold, enhancing the loan value you're eligible for.
Why does the gold rate fluctuate in Keonjhar?
Gold rates in Keonjhar fluctuate due to factors such as changes in international market prices, currency exchange rates, and local demand-supply dynamics. Economic indicators and festive seasons also play significant roles in the variations in gold prices.
What is 916 KDM gold, and how is it priced in Keonjhar?
916 KDM gold refers to 22-carat gold, which consists of 91.6% gold and 8.4% other metals. The pricing in Keonjhar is based on the current market rate for pure gold, plus additional costs like making charges and GST, influenced by local demand and market conditions.
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