Today's Gold Rate in Pune

Gold Rate in Pune change on a daily basis, keeping into account world gold rates and market trends. Pune has transformed itself from an educational hub to a cosmopolitan city in the last few years and is now considered as an excellent destination for safe investments.

Gold, has been the preferred choice of investment in India regardless of the prevailing gold rate today, making it a commodity which is always in demand. Pune boasts of a qualified, professional crowd, one which has the money and wisdom to invest in gold.

With no gold mine in Pune, residents depend on gold supplied from other cities in India and exported gold to cater to their needs. This would mean that the gold here is a bit more expensive compared to places which produce gold.

Pune is considered one of the best destinations in India for safe-haven investments such as gold. Despite the surging gold prices, people's participation in the bullion trade has not been deterred in the city. However, there are a lot of questions left unanswered that are related to the precious metal. So, here is a detailed explanation aimed at covering every possible topic that relates to the bullion and its investment in Pune.

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Gold as an Investment in Pune

Gold is often considered as a safe investment as the risk factor involved in this is very less and there is always a demand for it. There are plenty of ways to invest in gold, depending on the money at hand and the needs.

1. Jewelry - Indians and residents of Pune in particular love their jewelry and while most might not view buying jewelry as an investment it could be a worthy asset in times of need. The drawback of investing in jewelry is that we fail to factor in wastage and making charges, which may lower the actual value of gold. Resale of jewelry might however not fetch market value.
2. Bullion Bars - Gold bullion bars can be an investment option for those with large investment capacities. The bars generally weigh close to 1 kg and have high purity, being about 99.5% pure and are considered a good option for those who can afford them. High net worth individuals in Pune have woken up to gold bars as an investment and the city has seen a slow growth in them.
3. Bullion coins - These coins are much cheaper than bars and can be an investment option for people who are looking to spend less. Pune is home to a vast upper middle class society and gold coins can be a perfect investment option for them. These coins are easy to sell and provide a source for liquid assets.
4. Allocated Gold Accounts - Investing in gold through allocated gold accounts can be a smart option for those who wish to own gold but are not keen to keep it with them. Banks which offer this account would keep the gold with them and it can be accessed by the owner when needed.

Investments in gold act as a safety valve against inflation, as it has good resale value and can be a life-saver in case of emergencies.

What are the means of Investing in Gold in Pune?

Pune, being an excellent destination for safe-haven investments in the country has a lot to offer for gold and gold investment. From the most consumer-centric jewellery, ornaments and gold coins to other investments like gold bullions and gold Exchange Traded Funds also known as gold ETFs.

Things to know before Investing in Gold in Pune

Before investing in the bullion, one must know about a lot of things such the purity level, labour charges and even the time of your purchase. Here's a list of things to consider to give you an in-depth knowledge before making an investment.

1. The purity of gold - Gold is classified into many levels based on its purity. The most common ones are 24 karat, (99.9% and above), 22 karat (92% pure), 18 karat (75% pure and 14 karat (58.33% pure) gold. The 24 karat gold is considered as the purest form of the precious metal. However, the high level of purity limits its level of customizability to jewellers and 24 karat being very brittle is liable to break easily while performing sophisticated works on them. Hence, 22 karat gold is chosen over the 24 karat gold by jewellers to perform personalise designs according to its need.
2. Certification - Once you've zeroed in on the purity, the next thing to know is the certification of gold you're purchasing. Gold is usually certified into two categories - KDM gold and Hallmarked gold. They are categorised based on the metal used for alloying and purity. Before making the investment, it is important to ensure that the gold being purchased has the right certification.
3. Time of purchase - Most people believe that the time of purchase has nothing to do with the price of gold. In Pune, however, gold rates tend to go higher during the festive and wedding seasons due to an increase in consumer demand as opposed to purchases during the off season. Hence, it is also important to keep track of the prices during the time of purchase. Lookout for seasonal offers which major jewellery outlets put up often.
4. Labour charges - Another thing to consider when buying gold is the labour charge. A labour charge is a compensation for the man-hours spent on the type of jewellery you are buying. It also depends on the detailing required for the design. It can either be machine-made or man-made. Man-made jewellery is usually priced higher than the machine-made jewellery. However, at most jewellers, customers can also negotiate for a discount on the jewellery.

Major Gold Dealers in Pune

Most of the gold purchased in Pune is through the established players, with pan India presence. Some of the big names in Pune are KP Gems World, Krishna Jewellers, VS Waikar and Sons, Sagar Jewellers and Tikhe Saraf. Gold can be purchased at the smaller stores across town too, with stores catering to individual needs and demands.

How are Gold Prices determined in Pune?

Gold rate in Pune mainly follow an international trend,i.e., when the gold price rises or loses in the international market, rates move proportionally in Pune simultaneously. Another aspect on which gold prices in Pune are dependent are the exchange rates. If the US dollar rises against the Indian rupee, cost of importing gold will also increase. This will, in turn, increase gold prices in Pune. Other factors that determine gold prices are:

1. The minimal cost charged by banks to import the gold
2. Price of gold on the Multi Commodity Exchange (MCX)
3. Goods and Services Tax (GST) on gold

What Are The Factors Affecting Gold Price in Pune?

One of the most common misconceptions in Pune is that gold rates surge higher during festivals. However, the only reason prices tend to go up is due to the increased consumer demand during the festive season. Hence, it isn't necessary that the arrival of the festive season will result in gold rates going up.

However, gold marketed in the global markets are influenced by various aspects such as interest rates, exchange rates and the movement of the US dollar index. Gold is inversely proportional to the dollar,i.e., when the dollar value rises, gold plunges and vice versa. Similarly, if you're sure that US dollar index will gain against other currencies, please proceed and buy gold as gold rates will definitely decline against a strong dollar index.