• Purity: 22-carat gold contains 91.67% gold, while 24-carat gold is 99.9% pure.
• Use: 22-carat gold is often used for jewellery-making due to its durability.
• Value: 24-carat gold is more expensive because of its higher purity.
• Strength: 22-carat gold is stronger, making it suitable for intricate designs.
• Colour: 24-carat gold has a brighter yellow hue than 22-carat gold.
• Investment: People prefer 24-carat gold for investment due to its purity.
• Availability: Both 22-carat and 24-carat gold are easily available in Chittorgarh.
• Popularity: 22-carat gold jewellery is more popular in local markets.

How is the purity of gold evaluated in Chittorgarh?

• International gold pricesGold rates in Chittorgarh are heavily influenced by global market trends, including international gold demand and supply, geopolitical events, and global economic conditions. When global gold prices rise, local rates tend to increase correspondingly.
• Currency exchange ratesThe value of the Indian Rupee against the US Dollar significantly impacts gold prices in Chittorgarh. A weaker Rupee makes gold imports more expensive, driving up local rates, while a stronger Rupee can lower them.
• Local demand and supplySeasonal demand during festivals and weddings in Chittorgarh increases gold prices due to heightened buying activity. Conversely, lower demand can lead to price reductions. The availability of gold locally also plays a role in determining rates.
• Government policies and taxesImport duties, GST, and other regulations imposed by the government directly affect the cost of gold in Chittorgarh. Any changes in these policies, such as increases in import taxes, can lead to fluctuations in local gold prices.
• Economic conditionsFactors such as inflation and interest rates influence gold rates. In times of high inflation or economic uncertainty, gold is seen as a safe investment, driving up demand and prices in Chittorgarh.

Things to consider before buying gold in Chittorgarh

• Verify purity through hallmark certificationEnsure the gold you purchase is BIS-hallmarked, as this guarantees its purity and authenticity.
• Compare gold ratesResearch and compare current gold rates across multiple jewellers to find the best deal in Chittorgarh.
• Understand making chargesExamine making charges, which vary depending on the design and jeweller. These charges can significantly impact the overall cost.
• Check detailed invoicesOpt for jewellers who provide invoices specifying the weight, carat, and making charges for transparency.
• Plan purchases during favourable periodsBuying gold during low-demand periods can help you secure better rates.

Why do gold rates change every day in Chittorgarh?

• Global economic factorsInternational trends, including inflation and geopolitical events, influence daily gold rates.
• Currency exchange ratesFluctuations between the Indian rupee and the US dollar directly impact gold prices.
• Local demandFestivals and wedding seasons in Chittorgarh lead to changes in local gold demand, affecting rates.
• Government taxes and dutiesAdjustments to import duties or GST contribute to daily price fluctuations.
• Speculative tradingGlobal trading activities add volatility, influencing gold rates daily.

What factors influence the increasing gold price in Chittorgarh?

• Economic instabilityInvestors turn to gold during inflation or economic uncertainty, driving demand and prices.
• Geopolitical tensionsGlobal events increase gold’s value as a safe-haven asset.
• Local festival demandFestivals and weddings in Chittorgarh significantly boost gold demand, elevating prices.
• Currency depreciationA weak rupee increases the cost of importing gold, raising prices.
• Government policiesImport duties and taxes contribute to higher gold prices.

What are the taxes on gold in Chittorgarh?

• Goods and Services Tax (GST)A 3% GST is applicable on gold purchases, with 5% on making charges for jewellery.
• Import dutiesGovernment-imposed import duties add to gold’s price in Chittorgarh.
• Capital gains taxWhen selling gold for profit, a capital gains tax is applied.
• Other surchargesLocal taxes and additional surcharges may also impact the final cost.
• Transparency in pricingUnderstanding taxes ensures buyers are aware of their total expenses.

What are the making charges on gold jewellery in Chittorgarh?

• Labour and craftsmanship costsMaking charges reflect the effort and skill involved in crafting jewellery.
• Percentage-based or fixed chargesCharges may be a percentage of the gold price or a fixed amount per piece.
• Variation across jewellersDifferent jewellers in Chittorgarh offer varied pricing structures for making charges.
• Impact on overall costThese charges can significantly influence the final price of gold jewellery.
• Transparent dealingsBuyers should confirm making charges beforehand for clarity and comparison.

Impact of gold rates on gold loans in Chittorgarh

• Loan-to-value ratio (LTV)Higher gold rates increase the loan amount borrowers can secure.
• Effect of rate dropsA decrease in gold prices may reduce loan eligibility.
• Real-time valuationsInstitutions like Bajaj Finance offer loans based on current gold prices.
• Financial planningMonitoring rate trends helps borrowers optimise their loan amounts.
• Accessible fundsHigher gold prices allow residents to leverage their gold assets efficiently.

How does the gold rate in Chittorgarh affect your gold loan?

• Loan eligibilityHigher gold rates lead to increased loan amounts, while lower rates decrease borrowing capacity.
• Transparent valuationInstitutions like Bajaj Finance use real-time gold valuations for fair loan processing.
• Interest rate considerationsGold price trends influence the terms and interest rates of loans.
• Informed decisionsStaying updated on gold rates helps residents maximise their borrowing potential.
• Flexible borrowing optionsChoose institutions offering competitive rates and quick approvals for maximum convenience.

Know more about gold rates in Indian states and Union Territories

Know more about gold rates in other cities