Some facts about gold in Khamgaon
Khamgaon, located in Maharashtra’s Buldhana district, has a rich history in trading precious metals, particularly gold and silver. Often referred to as the "Silver City," it is well known for its silver market and skilled artisans. Gold trading also thrives in the city, with many jewellery stores offering traditional and contemporary designs. Here are some key facts about gold in Khamgaon:
- Thriving gold market – The city has a strong presence of jewellers offering high-quality gold ornaments.
- Traditional craftsmanship – Goldsmiths in Khamgaon are known for intricate and detailed jewellery designs.
- Gold rates – The price of gold in Khamgaon fluctuates based on global market trends, local demand, and economic factors.
- Economic significance – Gold trade contributes to the local economy, with many businesses relying on jewellery sales.
- Cultural relevance – Gold is an essential part of weddings and festivals, with residents preferring to invest in gold jewellery.
How is 22 carat gold different from 24 carat gold in Khamgaon?
Gold purity is measured in carats, and the difference between 22-carat and 24-carat gold lies in their composition and usage.
- Purity: 24-carat gold is 99.9% pure and contains no other metals, making it the purest form of gold. In contrast, 22-carat gold consists of 91.6% gold mixed with metals like copper or silver for added durability.
- Appearance: Due to its high purity, 24-carat gold has a rich yellow hue, while 22-carat gold appears slightly less bright due to alloy mixing.
- Durability: 24-carat gold is soft and prone to scratches, making it unsuitable for jewellery. 22-carat gold, being mixed with other metals, is stronger and widely used for ornaments.
- Usage: 24-carat gold is mainly used for investment purposes, such as coins and bars, while 22-carat gold is preferred for making jewellery.
- Gold Loan: In Khamgaon, both types of gold can be pledged for a gold loan, but the loan amount depends on the gold loan eligibility and purity of the pledged gold.
22 carats vs 24 carats vs 18 carats gold purity in Khamgaon
Gold purity is an essential factor when buying or investing in gold in Khamgaon. The three most common purities—24 carats, 22 carats, and 18 carats—differ in composition, usage, and value.- 24-Carat Gold: The purest form of gold, containing 99.9% gold, 24-carat gold is highly valued for investment and trading. However, due to its softness, it is not ideal for jewellery making.
- 22-Carat Gold: Comprising 91.6% gold mixed with other metals like copper and silver, 22-carat gold is widely used for making traditional jewellery in Khamgaon. It retains high purity while being durable.
- 18-Carat Gold: With 75% gold and 25% alloys, 18-carat gold is commonly used in modern jewellery. It offers durability and affordability, making it a preferred choice for intricate designs.
Factors affecting gold price in Khamgaon
-
Global gold rates
Gold prices in Khamgaon are influenced by international trends. Economic conditions, geopolitical tensions, and central bank policies directly impact global gold rates, leading to price fluctuations.
-
Currency exchange rate
Since India relies on gold imports, the exchange rate plays a crucial role. A weaker rupee makes gold more expensive, driving up prices, while a stronger rupee can help stabilise them.
-
Demand and supply
Festive seasons and weddings often lead to higher demand, pushing prices up. Conversely, reduced demand can result in stable or lower gold rates.
-
Policies and taxes
Import duties, GST, and other government regulations impact the final gold price in Khamgaon. Any changes in taxation or policies directly affect market rates.
-
Economic conditions
Inflation and financial uncertainty increase gold’s appeal as a safe-haven asset, boosting demand and prices. Investors turn to gold during uncertain times, influencing its value.
-
How are gold prices determined in Khamgaon
Gold prices in Khamgaon are determined by several key factors, both global and local.- International gold rates: Since India imports gold, global market trends significantly impact local prices. Economic conditions, geopolitical events, and central bank policies influence international gold prices, which, in turn, affect rates in Khamgaon.
- Currency exchange rates: A weaker rupee increases gold import costs, leading to higher prices, while a stronger rupee can help stabilise them.
- Local demand and supply: During festive seasons and weddings, demand for gold rises, pushing prices up. In contrast, lower demand results in stable or reduced rates.
- Government policies and taxes: Import duties, GST, and other levies directly impact gold prices. Any policy changes can lead to price fluctuations.
- Economic conditions: Inflation and financial uncertainty drive higher gold investments, increasing prices. Investors consider gold a safe-haven asset during uncertain times.
Why gold rates change every day in Khamgaon
- Global market trends: International gold prices are affected by economic conditions, geopolitical events, and central bank policies. Since India imports gold, any fluctuations in the global market impact prices in Khamgaon.
- Currency exchange rates: The value of the Indian rupee against the US dollar plays a crucial role. A weaker rupee increases the cost of imported gold, making it more expensive, while a stronger rupee may stabilise prices.
- Demand and supply: Gold prices rise during festivals and weddings due to increased demand. On days with lower demand, rates may stabilise or drop.
- Government policies and taxes: Import duties, GST, and other levies directly affect gold prices. Policy changes can lead to daily fluctuations.
- Inflation and economic conditions: During inflation or economic uncertainty, investors turn to gold as a safe-haven asset, increasing its demand and price.
Techniques to check purity of gold in Khamgaon
Ensuring the purity of gold is essential before making any purchase or investment. In Khamgaon, various techniques help assess gold purity accurately.- BIS Hallmarking: The Bureau of Indian Standards (BIS) certifies gold purity with a hallmark stamp, ensuring authenticity. Look for the BIS logo, caratage, and jeweller’s identification mark.
- Acid Test: Jewellers use nitric acid to check gold purity. A small scratch is made on the gold piece, and acid is applied. The reaction determines the metal’s purity.
- Electronic Testing: This method uses electronic gold testers to determine gold content without damaging the jewellery. It is a quick and reliable technique.
- X-ray Fluorescence (XRF) Test: A non-destructive method used by professional jewellers to identify gold composition accurately.
- Specific Gravity Test: This measures the density of gold to verify its purity. Pure gold has a specific gravity of 19.3.
The impact of GST on gold rates in Khamgaon
The introduction of the Goods and Services Tax (GST) has influenced gold prices in Khamgaon. The GST rate on gold is 3% on the value of gold and 5% on making charges.- Increased overall cost: Earlier, gold was taxed under multiple levies like VAT and excise duty. The GST regime brought uniform taxation but increased the overall cost.
- Transparency in pricing: With GST, the gold market has become more transparent, ensuring fewer hidden charges in transactions.
- Impact on jewellery-making charges: The 5% GST on making charges adds to the final price of gold jewellery, making it slightly expensive for buyers.
- Effect on gold investment: Investors dealing in digital gold, ETFs, or sovereign gold bonds also bear GST on transactions, affecting short-term returns.
What are the different ways to buy/invest in gold in Khamgaon?
Gold remains a popular investment in Khamgaon, offering multiple options for buyers and investors.- Physical Gold: The traditional way to invest in gold is through gold jewellery, coins, and bars. These can be purchased from jewellery stores in Khamgaon.
- Gold ETFs (Exchange-Traded Funds): These are traded on stock exchanges and offer the benefit of investing in gold without physically holding it.
- Sovereign Gold Bonds (SGBs): Issued by the Reserve Bank of India, SGBs provide an alternative investment with fixed interest and capital appreciation.
- Digital Gold: A modern investment option where you can buy gold online through various financial platforms. It is stored securely and can be redeemed as physical gold.
- Gold Mutual Funds: These funds invest in gold mining companies or ETFs, providing indirect exposure to gold prices.
What are taxes on gold in Khamgaon?
Gold purchases in Khamgaon attract different types of taxes, affecting the final cost for buyers.- Goods and Services Tax (GST): A 3% GST on gold value and 5% on making charges is applicable.
- Import Duty: Since India imports gold, an import duty of 15% applies to gold imports, impacting its price.
- Customs Duty: This varies based on government policies and influences gold rates indirectly.
- Capital Gains Tax: If gold is sold after three years, a 20% long-term capital gains tax (LTCG) with indexation benefits applies. Short-term gains are taxed as per the individual's income tax slab.
What is making charges on gold jewellery in Khamgaon?
Making charges refer to the cost of designing and crafting gold jewellery. In Khamgaon, these charges vary based on craftsmanship, jewellery type, and jeweller.- Percentage-based charges: Most jewellers charge 6% to 14% of the gold value as making charges. For intricate designs, this can go higher.
- Fixed making charges: Some jewellers apply a fixed rate per gram, making pricing transparent for buyers.
- Machine-made vs. Handcrafted: Machine-made jewellery has lower making charges, while handcrafted pieces cost more due to labour intensity.
- GST on making charges: A 5% GST is levied on making charges, increasing the overall cost.
Impact of gold rate on gold loans in Khamgaon
Gold loans provide quick access to funds by pledging gold as collateral. However, gold rate fluctuations impact the loan amount and interest rate.- Higher gold rates = Higher loan amount: When gold prices rise, borrowers can avail higher loan amounts as per the Loan-to-Value (LTV) ratio.
- Lower gold rates = Reduced loan eligibility: A decline in gold rates means borrowers get less loan amount for the same jewellery.
- Interest rates impact: Gold loan interest rates remain stable, but lenders adjust loan eligibility based on market gold prices.
- Quick funds during high rates: Borrowing during high gold prices ensures better value against pledged gold.
Where can you get a gold loan in Khamgaon?
Bajaj Finance provides a quick and convenient way to secure a gold loan in Khamgaon. With Bajaj Finserv Gold Loan, borrowers can avail loan amounts ranging from Rs. 5,000 to Rs. 2 crore, along with a competitive rate of interest against gold loan and fast processing.Pledged gold remains fully insured at no extra cost, ensuring complete security. Bajaj Finance offers a high loan-to-value (LTV) ratio, helping borrowers maximise their loan eligibility. The application process is simple, requiring minimal documentation and easy eligibility criteria.
Borrowers also get the flexibility to repay interest at intervals that best suit their financial situation—monthly, bi-monthly, quarterly, half-yearly, or annually. With secure storage and complimentary insurance, Bajaj Finance ensures complete peace of mind throughout the loan tenure.
For those looking for a reliable gold loan provider in Khamgaon, Bajaj Finance offers competitive terms and a seamless borrowing experience. Click here to apply for a gold loan today and get the best value for your gold.Know more about gold rates in Indian states and Union Territories
Know more about gold rate in other cities
Latest 916 gold price updates for major Indian cities
Frequently asked questions
What is the gold price in Khamgaon today?
The gold rate in Khamgaon today varies based on the gold type and its purity. For the latest and most accurate prices, refer to local jewellers, financial news platforms, or our gold rate in India page. These sources offer real-time updates to keep you informed about current market rates.
What is the rate of 18-carat gold in Khamgaon today?
The price of 18-carat gold in Khamgaon is impacted by global market trends, local demand, and economic factors. As it consists of 75% pure gold mixed with alloys, its value is lower than 22-carat or 24-carat gold. Bajaj Finance takes these fluctuations into account when providing gold loans at competitive interest rates. To apply, check your eligibility for gold loan today.
How often does the gold price change in Khamgaon?
Gold prices in Khamgaon fluctuate frequently, sometimes multiple times a day, based on market conditions. Key factors influencing these changes include international gold trends, government regulations, and currency exchange rates. Bajaj Finance keeps its gold loan valuations updated with real-time prices to provide customers with the best possible value.
What factors influence gold rates in Khamgaon?
Multiple factors affect gold rates in Khamgaon, such as global price trends, inflation, interest rates, government policies, and local demand. These aspects also influence the loan-to-value (LTV) ratio for gold loans. Bajaj Finance considers these factors to offer high-value gold loans with competitive terms. Click here to check your gold loan eligibility and avail the best value for your gold.
Show More
Show Less
Bajaj Finserv App for All Your Financial Needs and Goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
You can use the Bajaj Finserv App to:
Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Explore and apply for co-branded credit cards online.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements, and even get quick customer support—all on the app.
