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Hyderabad is the capital of the Indian state of Telangana. The city is well-known for being one of the largest gold consumers in India. Gold has been a major source of investment for people in Hyderabad as it offers stable and long-term returns. Gold in Hyderabad is not just associated with wealth but is also looked upon as a factor for bringing prosperity and luck. The celebration of festivals and weddings in Hyderabad is incomplete without purchasing and gifting gold items. The demand for gold in Hyderabad has considerably increased over the years due to which gold rates change each day and have witnessed a steady rise. Gold rates in Hyderabad are heavily influenced by a number of factors that have a direct impact on the gold rate today. One can check the gold rate today in Hyderabad by doing a simple online search or can check it at a nearby jewellery store.
Today, gold rate in Hyderabad is influenced by the factors listed below: The rate of the US dollar: If the US dollar weakens, the gold rate in India falls down; similarly if the US dollar strengthens, the gold rate increases. This is because gold rates have an inverse relationship with the US currency as India purchases gold from the US. Hence, a strong US dollar means gold is sure to get expensive.
Andhra Pradesh Gold Silver Jewellery and Diamond Merchants Association established in 1955, determines the gold rate in Hyderabad. The association has over 200 members who have a say in the gold rate for the day. Few jewellers in Hyderabad do not follow the rates affixed by the association and calculate their own gold rate otherwise. Gold rate in Hyderabad is also calculated on the basis of the prices by Indian Bullion and Jewellers Association (IBJA). IBJA publishes gold rate twice in a day - once in the morning, known as opening rate and once in the evening, known as closing rate. The gold rates are all different for different gold purity - 24K, 22K and 18K. Taking into account the gold rates decided by the IBJA and other costs such as transportation charges, taxes and more, the gold rate today in Hyderabad is arrived upon.
Gold is one of the preferred options for making an investment in a metal. In order to diversify one's investment portfolio, gold has become one of the less risky investment options. Buying gold in Hyderabad is easy due to a plethora of gold investment options:
In case if you are looking to invest in gold in Hyderabad, then here are a few things that you should know before you proceed with it.
In comparison to other cities, what is the gold rate in Hyderabad?
The gold rate in Hyderabad continues to rise in comparison to other cities of India.
Is there any process to be followed for importing gold in Hyderabad?
Yes, one can import any quantity of gold as you desire, as one has to declare the amount of gold one wants to import. Lady travellers are allowed to import gold jewellery worth up to 1 Lakh Rupees, while male travellers can import gold worth 50,000 Rupees.
What is the impact of GST on the gold rate in Hyderabad?
Yes, the gold rate in Hyderabad is affected by the GST and 3% tax is levied on the purchase of any gold item in the city.
Which are the well-known jewellers in Hyderabad?
Chhaganlal Jewellers, Sri Krishna Jewellers, Kalyan Jewellers, Shree Jewellers are few of the well-known jewellers in Hyderabad.
Does gold rate today in Hyderabad affect the gold rate in Chennai?
No, the gold rate in Hyderabad does not affect the gold rate in Chennai.
Why is gold rate today in Chennai different from other cities of India?
Gold rate today in Chennai is different from other cities in India due to several factors such as taxes prevailing in the city, transportation cost and the rising demand for the yellow metal.