Gold Rate Today in Virudhunagar

• 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 Virudhunagar.
• Popularity: 22-carat gold jewellery is more popular in local markets.

22 karats vs 24 karats vs 18 Karats gold purity in Virudhunagar

• 22 Karat – 91.6% gold, preferred for traditional jewellery.
• 24 Karat – 99.9% pure, ideal for investment but not for jewellery.
• 18 Karat – 75% gold, more affordable and commonly used in western jewellery.
• Price variations – The higher the karat, the more expensive the gold.
• Durability – Lower karat gold is more durable due to the presence of alloys.
• 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 Virudhunagar.

Verifying the purity of gold is crucial for both buyers and sellers in Virudhunagar.

• Hallmarking – The BIS hallmark is the most reliable method.
• Touchstone method – Rubs the gold on a stone to test its purity.
• X-ray fluorescence – Advanced technology used to check the purity.
• Acid test – Involves using acid to test gold’s purity.
• Density check – Gold's density is measured to determine its purity.

The impact of GST on gold rates in Virudhunagar

GST has significantly influenced gold rates in Virudhunagar by adding clarity and uniformity to pricing. A standard GST rate of 3% is applied to gold purchases, making taxation more transparent. Additional GST on jewellery-making charges further increases the overall cost of gold items. While the standardisation introduced by GST has streamlined the market, it has also made gold slightly costlier for buyers. However, the transparency brought by GST has boosted customer confidence in purchasing gold, especially in Virudhunagar, where gold holds both cultural and financial importance.

What are the different ways to buy/invest in gold in Virudhunagar?

Virudhunagar offers various options for buying and investing in gold. Traditional methods include purchasing physical gold in the form of jewellery, coins, or bars. Digital gold has gained popularity, allowing investors to buy small quantities online through trusted platforms. Gold ETFs provide an opportunity to trade gold electronically, while sovereign gold bonds offer government-backed investment options with added interest income. Gold mutual funds allow indirect investment through professional fund management. These options cater to a diverse range of preferences and budgets, ensuring accessibility for all investors in Virudhunagar.

What are the taxes on gold in Virudhunagar?

Gold transactions in Virudhunagar attract various taxes, affecting the overall cost. A 3% GST is levied on gold purchases, along with additional GST on making charges for jewellery. Capital gains tax is applicable when selling gold for a profit, depending on the holding period. Import duties further increase the price of gold, as India relies heavily on imports. For large transactions, TDS may be deducted under specific conditions. Understanding these taxes is essential for buyers and investors to calculate the total expense of acquiring gold in Virudhunagar.

What are the making charges on gold jewellery in Virudhunagar?

Making charges on gold jewellery in Virudhunagar represent the labour cost for crafting ornaments. These charges are typically calculated as a percentage of the gold’s price or as a fixed amount, depending on the jeweller. Intricate designs and handcrafted pieces usually attract higher making charges. Buyers in Virudhunagar often negotiate these charges, as they significantly influence the overall cost of jewellery. Making charges vary widely across jewellers and are an important consideration for those purchasing gold ornaments in the region.

Impact of gold rate on gold loans in Virudhunagar

Gold rates directly impact the value and terms of gold loans in Virudhunagar. When gold prices rise, borrowers can secure higher loan amounts as the value of their pledged gold increases. Conversely, lower gold rates may reduce the loan eligibility. The repayment amount and interest rates may also vary based on fluctuations in gold prices. Residents in Virudhunagar often opt for gold loans during high-rate periods to maximise their loan value, making Bajaj Finance a popular choice for availing quick and secure gold loans.

Where to get gold loan in Virudhunagar?

With Bajaj Finserv Gold Loan, you can avail of loan amounts ranging from Rs. 5,000 to Rs. 2 crore, along with competitive interest rates and quick processing. Additionally, your gold is insured for free. Bajaj Finserv offers a high loan-to-value (LTV) ratio, ensuring you receive the maximum loan amount to comfortably manage your financial needs. The application process is simple, with minimal documentation and easy eligibility requirements. You also have the flexibility to repay the interest at intervals that suit your financial situation—monthly, bi-monthly, quarterly, half-yearly, or annually. With complimentary insurance and secure storage of your pledged gold jewellery, you can be assured that your gold is well-protected. These benefits make Bajaj Finance an ideal choice for securing a gold loan in Virudhanagar.

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