Gold Rate Today in Maharashtra – 22 Carat and 24 Karat Gold Price in Maharashtra (30th November 2023)
Gold was traditionally bought for jewellery. It is auspicious and a great choice of investment. Gold also signifies the wealth and prosperity of the person. Most Indians pass their Gold from one generation to another. Though traditionally Gold was bought as jewellery, there are now more options to buy gold. If you are interested in buying gold, especially for investment there are better options than physical gold. But before that let’s look into the gold rates in Maharashtra.
What is Today’s Gold Rate in Maharashtra?
As of 30th November 2023, the 22-carat gold rate in Maharashtra today is ₹5898/gram of 22k gold and the 24-carat gold rate in Maharashtra today is ₹6193/gm of 24K gold. The present gold rate in Maharashtra per gram rate has been fluctuating due to a slew of factors.
Check out the 10-day fluctuation in the 24-carat gold rate in Maharashtra and the 22k gold rate today in Maharashtra.
| Date | 10 Gram (22 K) | 10 Gram (24 K) |
| 30 November 2023 | ₹ 58980 | ₹ 61930 |
| 29 November 2023 | ₹ 58230 | ₹ 61140 |
| 28 November 2023 | ₹ 58230 | ₹ 61140 |
| 27 November 2023 | ₹ 57980 | ₹ 60880 |
| 26 November 2023 | ₹ 57980 | ₹ 60880 |
| 25 November 2023 | ₹ 57730 | ₹ 60620 |
| 24 November 2023 | ₹ 57730 | ₹ 60620 |
| 23 November 2023 | ₹ 57730 | ₹ 60620 |
| 22 November 2023 | ₹ 57730 | ₹ 60620 |
| 21 November 2023 | ₹ 57430 | ₹ 60300 |
| 20 November 2023 | ₹ 57430 | ₹ 60300 |
Historical Prices of Gold Rates in Maharashtra
| Months | Lowest Price 24 Carat Gold Rs. Per 10 Grams | Highest Price 24 Carat Gold Rs. Per 10 Grams |
| March 2023 | 53,850 | 59,230 |
| February 2023 | 54,370 | 57,480 |
| January 2023 | 54,630 | 57,320 |
Thus a study of the prices like the gold rate in Maharashtra today 916 and assessing factors that affect gold prices etc., help when deciding to invest in gold.
Also Read: Steps to Calculate the Gold Price for Jewellery
Final Price of Gold
The final price = Gold Weight (gm) x today’s gold rate in Maharashtra + making and wastage charges and 3% GST on the final price.
Gold Investment vs Fixed Deposit
Let’s compare how Gold fares against FD.
| Factor | Gold | Bank Fixed Deposit |
| Risk Factor | It is vulnerable to being stolen and involves additional costs in insurance, storage etc. | FD is a low-risk option with a fixed term and low-interest rates are often unattractive during the recession. |
| ROI Analysis | If you make an annual buy of gold for 5 years, historical prices indicate a return earning of 18% CAGR. | FD’s interest rates are linked to the term and offer an annual rate of 5-6% with an additional 0.5% for senior citizens. |
| Premature Closure | Gold provides you with both early liquidation and gold loan options. | In contrast, there is a 1% penalty of the interest earned on the premature closure of an FD. |
| Liquidity | Gold is a high liquidity investment that is easy to sell. Digital gold units are exchangeable for physical gold, | Whereas, the liquidity of the FD depends on the bank’s discretion. |
How Gold rate in Maharashtra is determined?
Gold rates are readily available in financial magazines, jewellery stores, newspapers etc. These rates are typically affected by the following rates, which are essential to check before investing.
- Gold rate news and predictions on reputed sites like Khatabook can help predict the gold rate movement and help you maximise profit.
- The Metal Rate for silver, copper, etc is also important. Check these rates as it impacts the prices of gold. They are used as alloy metals with gold to make them more malleable.
- The Rupee Vs US Dollar fluctuates. It has an impact on the exports and imports of our country. India imports gold in USD. When this rate fluctuates, the import duties change and affect today’s gold rate in Maharashtra.
Gold Options Compared
You can buy gold today in a variety of methods in Maharashtra. Take a look at your options.
- Physical Gold: You can buy jewellery or bullion (coins/bars) at the 916 gold rate in Maharashtra at banks, jewellery shops etc.
- Digital Gold: This is gold bought on the digital platform, and platforms like Khatabook allow you to start saving small and accumulating gold in an insured locker till maturity. You can exchange the certificate for physical gold that Khatabook will deliver to your doorstep in tamper-proof packaging.
- SGBs or Gold Sovereign Bonds: These are government-backed bonds and have an 8-year term with 2.5% returns. They are like fixed deposits.
- Derivatives and trading in gold: You can trade in these at the current gold rate in Maharashtra, but it is risky. It involves trading on the stock and commodities markets.
What Documents are Needed When Investing in Gold?
- Physical gold requires no documents, brokerage or Demat account. However, keep the purchase receipt and BIS certification carefully.
- If investing Rs. 2 lakhs or more on jewellery, coins, bars etc., at the 22-carat gold rate in Maharashtra today, you need the PAN Card and identification with name and address Voter ID/ Passport/ Aadhar Card.
- For ETFs, one must open a brokerage account and a Demat account with the ETF seller firm.
- For SGBs, digital gold etc., very little paperwork and no Demat account are involved.
- For mutual fund’s a brokerage and Demat account will be needed.
Also Read: What is Gold Standard and How Does it Work?
What Factors Affect Gold Rates in Maharashtra?
The gold rate in Maharashtra is directly affected by the below factors.
| Government Gold Reserves | RBI holds the government gold reserves. When RBI buys more gold, gold prices rise due to an increase in the flow of cash in the market and a decrease in gold supply. |
| Inflation | As gold is compared to currency and holds significant value, it is used to hedge inflation. When inflation is high, demand for gold increases, and vice versa. |
| Jewellery Market | During festivals like Diwali, Akshaya Tritiya, and wedding seasons, the gold rate rises due to increased demand. As a result, when the demand-supply mismatch occurs, it leads to an increase in gold prices. |
| Global Movement | The rate of yellow metal is affected by any global movement in the gold rate. |
| Interest rate trends | With the increase in the rate of interest, people tend to sell gold to get cash. An increased supply of yellow metal leads to decreased rates. However, lower the interest rates; more money in the pockets of customers. Higher the demand and increase in rates of the metal. |
What to Check When Buying Gold in Maharashtra?
Some essential terms to get familiar with and the things to check always when trading or investing in gold:
- Hallmark and purity levels: Check the hallmark certifying the gold quality, the company logo and BIS mark or the purity of gold. The most popular 916 gold means that every 100gm of gold contains 91.6gm of pure gold.
- The price/gram of gold: Gold rates like the 24-carat gold rate in Maharashtra fluctuate daily and across locations. So you must check the rates daily and type of gold.
- Buy-back terms: Many jewellers in Maharashtra assure customers of exchanging the gold on a gram-to-gram basis less wastage and making charges to ensure one’s gold value does not decrease. Check who offers you the best deal.
Different Gold Types
Pure Gold is 24K, while gold used in jewellery is generally 22K. 18K options of white and rose gold are trendy today in the jewellery segment and closely tied to the18-carat gold rate in Maharashtra today.
22K Vs 24K Gold
| 24K Gold | 22K Gold | 18K Gold |
| 99.94 gms to every 100gms of gold. | 91.67 gms to every 100gms of gold. | 75 gms to every 100gms of gold. |
| Yellow | Yellow | Depends on the alloy. |
| Available as coins/bars. | Available as coins, bars and ornaments. | Available as gold ornaments. |
| Used in making jewellery, for industrial purposes, and in medical measuring devices. | Used in gold ornaments making. | Used in gold ornaments making. |
| Most pure and expensive. | Lower purity and costs compared to 24k gold. | Lower purity and cost compared to 24 or 22K gold. |
Digital Gold
Buying: Digital gold is an electronic form of gold. You can start buying gold at the day’s price with as little as Rs 10. One can sell it from home or even convert it to physical gold at will. Platforms like: Khatabook, offer you digital gold.
Also Read: What are the Smartest Ways to Invest in Digital Gold?
Trading Digital Gold
Digital gold can be bought and sold at the gold rate in Maharashtra with just a mobile phone, a good internet connection on a platform like Khatabook.
The general steps required are:
- Enter the gold, its type and weight in grams.
- Select the payment mode.
- Upload KYC verification documents, and make a payment.
- The digital gold is instantly reflected in your insured digital locker.
- If you need to sell, check today’s gold rate in Maharashtra and then sell it.
- If you need to avail of a loan or sell without further hassles, request the physical gold’s home delivery in tamper-proof packaging.
Availing Gold Loans
Your gold can be pledged as collateral to banks, NBFcs and other gold companies to raise 90% of its value as a secured loan in times of distress. A secured loan is offered with gold as the collateral and repaid with bank interest within a specified time. However, default causes the lender to auction the gold pledged as the collateral.
Where To Buy Gold in Maharashtra
Take your pick of jewellery stores from the easy list provided below.
| Jeweller | Location |
| Manubhai Jewellers | Mumbai |
| Neelkanth Jewellers | Pune |
| Batukbhai Sons Jewellers | Nagpur |
| Ratanlal C Bafna Jewellers | Nashik |
| Mahendra Jewellers | Kohlapur |
| Kalyan Jewellers | Thane |
| Maniratnam Jewellers | Navi Mumbai |