Gold Rate in Ahmedabad

The celebration of festivals and wedding in Ahmedabad is considered dull and boring without gold. Irrespective of gold rate today in Ahmedabad, people prefer buying gold as it offers long-term returns. However, gold rates change on a daily basis depending on various factors that have a direct influence on it.

Here is a list of factors that have a direct influence on the gold rate in Ahmedabad:

• Production costs: If the gold mining companies increase the production costs, the gold rates too witness a rise.

• Inflation: When inflation in Ahmedabad witnesses an upward trend, the demand for gold increases, which eventually affects the gold rate today in Ahmedabad. High demand: Gold in Ahmedabad is supplied in limited quantities due to which the prices are usually high. During the time of festival and weddings, the demand for gold increases, which leads to an increase in the price of gold.

• Rupee and dollar equation: If the value of rupee increases in comparison to the dollar, the gold rates decreases, similarly, if the dollar strengthens against the rupee, the Ahmedabad gold rates go sky high. This fluctuation is caused as gold in Ahmedabad is imported, which affects the import duty. Since gold commodity is purchased in dollars and is sold in rupee in domestic markets, the gold rates oscillate as per the rupee-dollar equation.

• US currency: Gold rates in Ahmedabad highly influenced by the rate of the dollar. Gold rate and dollar share an inverse relationship because of which if the dollar rates go high, the gold rates increase and if the dollar weakens, the gold rates decrease . This is because people look to invest in assets that add value to their financial portfolio. So a weakening dollar increases the demand for gold that ultimately leads to an increase in the gold rate.

• Interest rates: Gold and interest rates are said to have a simple inverse relationship. When the interest rates move up, people resort to selling their gold and using the funds to earn high interest. As the rates drop, they move to buying gold, thus leading to an increase in its demand.

To make sure your gold purchase is a transparent process, here are a few things that you should check while buying gold in Ahmedabad.

• Check if the gold item is BIS hallmarked: To ensure that the gold item you are buying is BIS (Bureau of Indian Standards) hallmarked jeweller, you need to ensure that the jewellery is BIS hallmarked i.e. has BIS logo, states the purity of gold, assay centre mark, has jeweller’s identification mark and also has a year of hallmarking.

• Gold rate per gram: Before making the purchase, know the gold rate today in Ahmedabad. The gold rates usually vary from city to city and are regularly updated online and at jewellery showrooms. You can easily check gold rate today in Ahmedabad by doing a simple search for it online.

• Check for buyback terms: Find out if the jeweller where you are buying gold from in Ahmedabad, is offering you the buyback option. Having this option means you can exchange old jewellery (purchased from the same jeweller) and buy a new one as a replacement.

• Ask for an invoice: To ensure that your jewellery purchase is a transparent process, ask the jeweller to provide you with an invoice. An invoice gives you an exact break up of all the taxes and making charges applicable on your jewellery purchase.

• Check the weight: Besides the per gram rate, check for the weight of the gold jewellery you are buying. Jewellery items embellished with diamonds and gemstones are heavy and are included in the price of the jewellery. So a heavyweight of the jewellery does not mean that you are paying only for the pure gold content.

• Making charges: Another important aspect that affects the price of gold is its making charges. Some jewellers determine making charge at a fixed rate per gram of gold, while others may charge it based on a percentage of the total jewellery weight.

6 Months Gold Rate in Ahmedabad

Trend of Gold Rate in Ahmedabad for August 2019

Source: Good Returns

Trend of Gold Rate in Ahmedabad for July 2019

Source: Good Returns

Trend of Gold Rate in Ahmedabad for June 2019

Source: Good Returns

Trend of Gold Rate in Ahmedabad for May 2019

Source: Good Returns

Trend of Gold Rate in Ahmedabad for Apr 2019

Source: Good Returns

Trend of Gold Rate in Ahmedabad for Mar 2019

Source: Good Returns

Checking the rate of gold is vital because even a small variation in the price can have a huge bearing on the rate. The prices of gold today are quite high when compared with that of a decade ago. Buyers are advised to compare the gold rate of one jeweller with that of the others in the city. The bigger ones are likely to charge higher in making charges for gold. If an individual finds the making charges of gold to be significantly high in one jewellery store, then he or she is recommended to evaluate the rates charged by other goldsmiths or jewellers. In doing so, the buyer might be able to find one whose rate fits his or her pocket.

What is BIS Hallmarked Gold?

Gold jewellery that have been hallmarked by the Bureau of Indian Standards will bear the BIS logo. This is proof that the purity of the precious metal has been verified at one of the licensed laboratories of the bureau. It is however essential to note that BIS hallmarking is not mandatory, and not all jewellers offer hallmarked BIS jewellery. Some provide their in-house hallmarking of jewellery which is not BIS-verified. Before purchasing gold jewellery, it is necessary to check with the jewellers whether or not they offer BIS hallmarked ornaments.