Gold rate in Karnataka

Karnataka is a well-known state in the South-Western region of India. Apart from being famous for housing one of the largest gold mines of the country, Kolar mines, the state is also known for exhibiting deep love towards gold. Karnataka also houses a host of jewellers that are well known for molding the yellow metal into the latest trends of jewellery. For years now, people in Karnataka consider gold as a sacred metal and purchase it in heavy quantities during the time of weddings and festivals. People in Karnataka mainly purchase gold during the time of festivals such as Akshay Tritiya, Dusshera, Diwali and others. Buying gold has become an integral part of Karnataka’s culture due to which the gold rates here change on a daily basis. The heavy demand for gold in Karnataka has upsurged its price, eventually leading to a constant change in gold rates. The changing gold rates do not deter people from purchasing the yellow metal. Gold rates in Karnataka change daily and are determined on per gram basis for the 24K and 22K gold purity.

Gold rate in Karnataka is determined by the Karnataka State Jewellers Federation that consists of members of gold jewellers and dealers. While determining the gold rate today in Karnataka, the members of the association decide as per the ‘buying’ and ‘selling’ done on the earlier day. Other factors such as taxes, import costs, etc. are also taken into consideration. The members of the gold association are watchful of the above factors mentioned and determine the gold rate today accordingly.

To ensure that your gold purchase is not ridden with any discrepancies, here are few things that you need to check before buying gold in Karnataka.

• Cost per gram: Gold rate in Karnataka changes daily which affects the per gram cost of the yellow metal. So before you make a purchase, it is important that you check the cost per gram prevailing on the day. Doing this gives you a fair idea of how much you have to shell out to buy gold in 24K, 22K and other purity levels.

• Gold purity: Checking the gold purity helps you know about the exact gold content in the gold item you are looking to purchase. Here is how gold purity is determined.
  • 24 K = 99.9% Pure
  • 22 K = 91.3% Pure
  • 18 K = 75% Pure
  • 14 K = 58.5% Pure
  • 10 K = 41.7% Pure

• BISmark: You should always avoid buying gold that does not feature a BIS mark. A BIS mark embodied on the clasp or back of the gold item determines that the gold is of pure quality and standards.

• Making charge: Though investing in gold jewellery would look like a good option, but it involves the making charge which lowers its actual value. Making charge is basically the labour charged involved in making of the jewellery. This cost is not given back at the time of selling the jewellery but is included in the final cost while buying.

• Buyback: Check if your jeweller gives you a buyback option as it allows you to buy new jewellery in exchange for the new one at the same cost.