A BIS-hallmarked gold jewelry contains symbols of a BIS hallmark, purity scale grade, and a 6-digit alphanumeric code. Gold price is different across Indian states and cities, and also the value of buying and selling of gold differs as per the investment instrument.
Here’s the gold price of one and 10 grams of 24-Carat and 22-Carat pure gold in Vijayawada, as of 9:34 am.
Gold Rate In Vijayawada (May 10, 2024)
Today 22 Carat Gold Price in Vijayawada (Per Gram)
Today 24 Carat Gold Price in Vijayawada (Per Gram)
Gold Rates in Vijayawada for the Last 10 Days (Per Gram)
Compare 22K & 24K Gold Rate In Vijayawada (Yesterday & May 10, 2024)
Monthly Graph of Gold Rate in Vijayawada (22 Carat gold)
Monthly Graph of Gold Rate in Vijayawada (24 Carat gold)
Gold Rate In India Today: May 10, 2024
Related: Today’s gold price in 10 cities of India.
Where to Buy Gold in Vijayawada?
The Indian state of Vijayawada in Andhra Pradesh offers citizens various ways to buy gold, as follows:
Gold Jewelry
Buying physical gold jewelry is popular across Vijayawada for the love of the precious metal as well as for investment. Gold jewelry and ornaments are bought from dealers at stores and even online. Remember, jewelry retailers are allowed to sell only BIS-hallmarked gold, which have symbols of a BIS hallmark, purity scale grade, and a 6-digit alphanumeric code.
There are also banks who are authorized to sell gold coins, or offer investment in gold schemes.
Gold Saving Schemes
Non banking finance companies, or NBFCs, as well as authorized gold dealers offer gold saving schemes for consumers to invest cash on gold jewelry of their choice, and pay for it in installments for a short-term tenure. Retailers often run such schemes as cash incentives to borrowers, wherein 50% to 75% of the last month’s installment is paid on behalf of the consumer.
Sovereign Gold Bonds (SGBs)
Sovereign Gold Bonds are government securities issued by the Reserve Bank of India (RBI). Investors invest in lumpsum to buy a certain unit of SGBs and earn interest, and can be redeemed only in cash on maturity.
The value of one unit of SGB equals one gram of 24-carat purity gold, and is calculated by taking an average of closing prices of the gold.
Digital gold
The method of buying digital gold is slowly gaining momentum as consumers realize its benefits as it involves investing in small fractions as per the convenience to access the yellow metal. The various forms of investing in digital gold include buying:
- Gold Exchange Traded Funds (ETFs): A Gold ETF is an exchange-traded fund (ETF) and is backed by 99.9% pure gold. The gold ETF price tracks the domestic price of gold, and is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Like in stock trading, gold ETFs can also be bought and sold on stock exchange platforms using demat and trading accounts. However, SGBs are subject to market risk.
- Gold accumulation plan: Online mobile wallets such as Paytm, PhonePe, along with Stock Holding Corporation of India offer gold accumulation plans, which allow investors to buy digital gold on a low investment through systematic investment plan (SIP).
Related: Alternative ways to invest in gold.
Where to Sell Gold for Cash in Vijayawada?
Loan against gold jewelry: Gold loan is a secured loan provided by banks and NBFCs, which is kept as a collateral to obtain loans up to 75% loan-to-value ratio (LTV) of the gold. It is a short-term loan with tenure ranging from 3 to 36 months. It charges an interest rate, and other charges, on the principal amount when the EMI begins after disbursement.
Retailers: Gold owners can also visit the place of purchase, or take the jewels at accredited gold stores of retailers, and sell it to get a loan against a desired amount by presenting the bill of purchase, which has information on gold’s weight, place and date of purchase.
Frequently Asked Questions (FAQs)
What is today’s price of gold in Vijayawada?
Today’s price of gold in the state of Vijayawada is INR 4,574 for one gram of pure 24K gold and INR 4,193 for one gram of pure 22K gold.
What is the current price of gold across major Indian cities?
Below are the links to articles on current price of gold in major Indian cities:
• Gold price in Ahmedabad
• Gold price in Delhi
• Gold price in Bangalore
• Gold price in Hyderabad
• Gold price in Kochi
• Gold price in Chennai
• Gold price in Kolkata
• Gold price in Mumbai
• Gold price in Surat
• Gold price in Coimbatore
• Gold price in Karnataka
• Gold price in TamilNadu
• Gold price in Kerala
• Gold price in West Bengal
• Gold price in Pune
• Gold price in India
How can I invest in gold saving schemes in Vijayawada?
The investment in gold involves buying 24-carat purity gold jewelry or coins, investing in retailer’s gold saving schemes, or RBI’s sovereign gold bonds (SGBs), as well as digital gold such as gold ETF or gold accumulation plan.
How is the interest rate on gold loans calculated?
The interest rate on gold loans is added when the equated monthly installment (EMI) begins like any other retail loans. However, gold loans have lower interest rates than other retail loans because of the latter’s collateral value.
What is the income tax on digital gold in India?
There are taxes applicable when buying digital gold in India. For instance, when purchasing a sovereign gold bond (SGB), a long-term capital gain tax of 20% plus cess at 4% are charged on redemption. Similarly, when buying a gold mutual fund or ETF, short-term capital gains apply. If sold after three years, long-term capital gain tax shall be chargeable at the rate of 20% plus cess at 4%.
