Gold Rate Today in Manipur

Maniupr is a state in northeastern India. It shares borders with Myanmar to the east and south and Nagaland, Assam, and Mizoram to the north, west, and southwest.

Cultural, economic, and social factors drive the demand for gold in Manipur. Gold is used in weddings, festivals, and other important events to symbolise wealth, status, and prosperity. It also serves as a means of investment and wealth preservation for the people of Manipur. If you also wish to invest in gold here, read on to learn more about gold rates in Manipur.

Gold Investment Options in Manipur

• Gold Mutual Funds: These mutual funds are run by different asset management companies and mostly invest in Gold (AMCs) ETFs.
• Gold Stocks: The major underlying commodities for gold Exchange Traded Funds (ETFs), which are exchanged on stock exchanges like shares, are the shares of gold mining and processing companies and physical gold.  
• Gold ETFs: These are mostly composed of physical gold and are traded at share prices. A Demat (Dematerialized) Account must be opened to begin investing in Gold ETFs. The process is typically finished online.
• Digital Gold: These are available in amounts starting at 1 gramme and above through various apps.
• Government Reserves: The Reserve Bank of India holds both gold and currency reserves. If RBI buys more gold that the amount of gold it sells it will lead to a hike in the gold rates. This is because there is an increase in cash flow but a decrease in the supply of gold.
• Geographical and Political Factors: Any movement in the gold rates in any part of the world will also directly affect the gold rates in India. Since India is the second largest importer of gold, if the import prices change, that will affect gold prices.

Factors Affecting Gold Rates in Manipur

Several factors can affect the price of gold. Some of the key factors are:

Currency fluctuations: Since gold is priced in US dollars, fluctuations in currency exchange rates can affect the price of gold. When the dollar strengthens against other currencies, gold becomes more expensive for buyers in other countries.

Inflation: Gold is often viewed as a hedge against inflation. When inflation rates are high, the purchasing power of currencies decreases, and investors may turn to gold as a store of value.

Supply and demand: Like any commodity, the price of gold is affected by supply and demand dynamics. When the supply of gold is limited or demand for gold is high, the price tends to increase, and vice versa.

Geopolitical tensions: Political instability, conflicts or wars, and other geopolitical tensions can increase gold prices as investors seek safe-haven assets.

Central Bank Policies: If the central bank decides to enhance its gold holdings, then the prices of golds are likely to increase.

Industrial Demand: As the demand for gold increases in the industrial sector, then the gold rates in the market will also increase. 

How is the Purity of Gold Evaluated in Manipur?

The following are the ways to determine the purity of gold:

• The Bureau of Indian Standards (BIS) has a triangular stamp. The jewellery was already Hallmarked and assayed at the BIS-recognized hallmarking and assaying centre indicated by its logo.
• The figure indicates the purity of the gold, from 8 Karats, represented by the number 333, to 24 Karat, represented by the number 999.
• Magnet Test Pure gold is not magnetic, but many other metals are. With the help of a magnet, you can easily identify if the metal is gold. If the magnet attracts the metal, it is not gold; if it does not, it is gold.

Impact of GST on Gold Rate in Manipur

• The Goods and Services Tax (GST) was introduced in 2017, and it has significantly impacted the country's gold rate. The GST rate on gold is currently set at 3%. This rate includes a 2.5% GST tax and a 0.5% making charge.
• The introduction of GST on gold resulted in an increase in the price of gold due to the tax levy. Initially, the price of gold in India increased by around 3% due to the additional tax.

Some Interesting Facts About Gold

• Gold is one of the least reactive chemical elements, making it highly valuable for electronics and other applications.
• Gold has been used as a currency and a symbol of wealth for thousands of years.
• The largest producers of gold are China, Australia, and Russia, while the largest consumers are India and China.
• The purity of gold is measured in karats, with 24-karat gold being pure gold and 14-karat gold being 58.3% pure gold.
• Gold is a great conductor of electricity and is often used in electronics and wiring.

Comparison Between 24K and 22K Gold

When it comes to buying gold jewellery or investing in gold, it is important to know the difference between 24K and 22K gold. Here are some key differences between 24K and 22K gold:

• Purity: 24K gold is considered the purest form of gold as it contains 99.9% gold, while 22K gold contains 91.6% gold and the rest is made up of other metals like copper and silver.
• Appearance: 24K gold has a bright yellow color and a shiny, lustrous finish, while 22K gold has a slightly duller yellow color due to the presence of other metals.
• Durability: Due to the high purity of 24K gold, it is relatively soft and may scratch or dent easily, making it less suitable for everyday wear. 22K gold, on the other hand, is more durable and can withstand daily wear and tear.
• Price: 24K gold is more expensive than 22K gold due to its higher purity.
• Availability: 22K gold is more widely available and popular, especially in countries like India where it is commonly used in traditional jewelry.