Gold Rate in Maharashtra - 18th October 2024

What is the Current Trend in the Gold Price in Maharashtra?

There is no doubt that Maharashtrians love their gold and this is reflected in a high demand for gold in the state but prices also are on a see-saw frequently. Gold price typically increases amid festivals and weddings which makes it crucial to know the current gold rate trends in Maharashtra especially when buying or selling. As you are investing your hard-fought money to buy gold in the state, it's prudent to compare today’s gold rate in Maharashtra with past data of the state.

Importance of Checking Gold Rates in Maharashtra Before Buying

Since people in Maharashtra have a strong connection with gold, it is essential to check gold rates before buying or selling, and using the market price they can determine the genuine value of gold. You can also use these two genuine methods given below to evaluate the gold price in Maharashtra:

Factors that Affect Gold Prices in Maharashtra

Gold prices in Maharashtra fluctuate depending on numerous external factors, making it necessary to check the gold prices. These factors include:

• Demand and Supply: The demand and supply forces result in fluctuations regularly, creating a rise or fall in the prices of gold in Maharashtra.
• Price of US Dollar: Today’s gold price in Maharashtra for 22 Kar is subject to the current market and the US dollar influences gold’s swing in the market.
• Margin: A higher margin increases the gold price and this margin is imposed by local jewellers over the import price, as a result, the gold price in Maharashtra gets affected overall.
• Interest Rates: Fluctuations in prevalent interest rates influence the gold rate in Maharashtra to a great extent.

How are Maharashtra’s Gold Prices Determined?

The gold-buying spree of Maharashtrians throughout the year adds to the unending demand for gold in the state. The general inclination of gold lovers is to go for the 916 hallmarked gold that is the fundamental trend of Maharashtra today. The popularity of 916 hallmark gold is stamped by the Bureau of Indian Standards as very pure. Here is how you can determine the 916-hallmark in the step-by-step methodology given below:

1. International Gold Price: A margin is set over the international gold price by jewellers in Maharashtra at which gold is imported to the state. The gold price that prevails in the market is the one with the margin.
2. Demand and Supply: The price of gold volume bought and sold in Maharashtra depends a lot on the demand and supply mechanics.
3. Purity: Hallmarked gold as 916 gold will be priced differently as compared to other variants like 18 karat and 22 karat gold.

Evaluate Gold Price in Maharashtra with Purity and Karats Method

For whatever reason you buy or sell gold in Maharashtra, your first duty is to very carefully analyze the gold prices in the state. If you are applying for a gold loan in Maharashtra, be sure to follow the given methods to measure the purity of the gold and do justice to your hard-earned savings.

• Purity Method (Percentage): Gold value = (Gold’s purity before buying or selling gold to get the best value weight x gold rate) / 24

• Karats Method: Gold value = (Gold’s purity x weight x gold rate) / 100

Reasons Why Gold Rates Differ Between Maharashtra and Other Cities

Commonly, each state is different from the other and so are the gold rates in these states and the volume of trading of gold depending on demand and supply forces. Some more reasons that affect the gold rate are:

1. Import Price: Due to the fluctuations in the price of gold internationally, the price of importing gold in Maharashtra varies. Additionally, the jewelers set margins over this base price eventually leading to varying prices.
2. Volume: The volume of gold buying and selling varies across states. An increase in demand is good as a decrease in the gold rate is noted. However, when demand in the market decreases, rates of gold go up.

Techniques to check the purity of gold

The purity of gold is established by some techniques but for more accuracy, a professional jeweller or a gold assayer can be a better choice.

You need to do the following initially:

• Get hold of a magnifying glass to examine closely for any hallmark stamps to authorize the purity of gold.
• Visual inspection will reveal if and damages in the gold piece due to discoloration or tarnishing signs.
• You can try the magnetic test which is a simple and easy way to see if your gold is real or not. Know that real gold is not magnetic.
• Nitric acid test is preferably done by a gold dealer as it involves using chemicals used to confirm the purity of gold.