Gold Rate Today in Nadiad

Nadiad is a small town in Gujarat located between the lowlands of the Gulf of Khambhat and the Vindhyan Range. Gayakwad royal and Muslim rulers ruled Nadiad earlier. Santram Mandir is a popular tourist attraction in this area. It is known for its carvings.

Nadiad is now regarded as Gujarat's most popular commercial and industrial location. Growing employment and improved connectivity in this area have increased local income, fueling demand for luxurious items, particularly gold.

Things to Consider When Buying Gold in Nadiad

Purity

Gold jewellery is available in 14K to 22K. The rate varies depending on the purity level. It is essential to look for the hallmark to ensure that the jeweller's claim of purity is correct.

Making Charges

It refers to the labour and other expenses incurred by jewel manufacturers in shaping raw gold into an ornament. It can range between 10% and 20% of the total cost of the jewellery. Understanding the price breakdown becomes critical in this case.

Wastage Charge

If you want to give custom shapes to raw gold, it necessitates cutting and melting the yellow metal. It results in the wastage of gold. Even if the jewellery is made with technology, you can reduce waste. You cannot eliminate the waste. Jewellers make up for this waste by including it in the price of the gold.

Weight

Gold prices are calculated in grams. If you are purchasing jewellery that contains other precious metals such as platinum or diamond, you can request a weight breakdown of all components. It will give you a clear picture of how much you are paying for gold.

Buy-back Policy

Jewellers in Nadiad have a buy-back policy that allows you to exchange an old ornament for a new one. When you select this option, the jeweller deducts the making charge after weighing the ornament and multiplying it by the current gold rate. There may be various terms and conditions associated with this policy that you should review and compare.

Alternatives to Physical Gold in Nadiad

Gold ETFs

These are exchange-traded funds that are available on the commodity market. You can invest in gold ETFs through your Demat account. 

Digital Gold

The new-age fintech platforms provide digital gold. You can purchase digital gold with a minimum investment of one rupee. Even the smallest of your holdings is backed by physical gold. Investing in this type of gold is risky because it is unregulated.

Gold Mutual Funds

Gold-related schemes available with the Asset Management Companies (AMCs) include stocks of companies. These companies are involved in gold mining, refining, transportation, and manufacturing. It fluctuates more in response to stock market trends than to gold prices.

Sovereign Gold Bonds

Government securities denominated in gold, issued by the RBI on behalf of the government of India. Holding Sovereign Gold Bonds is a superior alternative to holding physical gold. 

Difference Between 22K and 24K Gold in Nadiad

Purity

If you are looking for pure gold, then 24K is the best option as it has 99.9% pure gold content. While 22K has 91.6% of pure gold.

Durability

Since 24K gold is pure, it is softer than 22K gold and more prone to scratches and dents. 22K gold is more durable as it has a higher content of other metals that make it stronger.

Color

The color of 24K gold is slightly yellow compared to 22K gold.

Cost

24K gold is generally more expensive than 22K gold due to its higher gold content.

Purpose

The purpose of the jewelry is another factor to consider. if it is meant for daily wear,22k may be more suitable due to it's harder and durable nature.

Investment

24k gold is considered as a pure gold, it has a better potential for investment.

Store and maintenance

Jewelries made of 24K gold needs to be stored carefully as it is more prone to scratches and dents. While 22K is more durable and needs less maintenance.

Ultimately, the choice between 22K and 24K gold will depend on your personal preferences and the specific use of the gold item.

Why is the Gold Price in Nadiad Volatile?

Below are a few reasons for the volatility of gold prices in Nadiad:

Central Bank Reserve

The Reserve Bank of India (RBI) keeps gold and cash reserves to ensure liquidity in times of economic crisis. Gold prices rise over time. It makes gold a better alternative to cash reserves. If the RBI raises the gold reserve ratio, there may be a scarcity of physical gold. It will cause price volatility.

Value of USD

Gold across the globe is traded in US Dollars. Any increase in the dollar value against the Indian rupee makes gold imports more expensive. It makes gold purchasing a costly endeavour. On the contrary, gold becomes more affordable as the Indian rupee rises against the US dollar.

Investment Demand

Gold is an exchange-traded commodity that is backed by a physical asset. People in Nadiad turn to gold ETFs, derivatives, and spot trading. It happens when other investment options, such as bank FDs or RDs, become unappealing due to low-interest rates. Gold prices rise as investment demand increases.

Indian Jewellery Market

Demand for gold ornaments is at its peak in Nadiad during the wedding season or festive months. The high demand for gold in the jewellery market during such time drives up its price.

Gold Mining

Countries like Switzerland, Ghana, United Arab Emirates, and Peru are among the largest gold exporters. The gold price rises due to a supply shortage if any reason, such as the recent COVID-19 lockdown, hampers mining activities.