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Gold rate in Ahmedabad

Ahmedabad is the seventh most populous city in India that has emerged as an important economic and industrial hub in the country. The city is the second largest cotton producer in India and is one of the fastest growing cities in the country. The demand for gold has always been ever-growing in Ahmedabad due to which the gold rates keep on fluctuating. Depending on the market conditions and availability of gold and market conditions, the gold rates keep on changing. Gold, being a safe investment option, is one of the heavily invested assets in Ahmedabad. People in Ahmedabad buy gold depending on every-day changing gold rates that change on the basis of various factors that have a direct influence on it. Gold rates in Ahmedabad can be checked online or offline as it gives an individual a fair idea about the money he will have to spend to purchase gold at what rate in what grams.

Factors That Influence 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.

Various Gold Investment Options Available in Ahmedabad

  • Gold bars: Popularly referred to as gold biscuits, gold bars are usually purchased as a savings tool and are in high demand during the time of festivals and wedding ceremonies. Gold bars are available in various weights and in different purity levels. Also, gold bars involve no making charge and one can obtain real value of the gold at the time of selling.
  • Gold jewellery: Gold jewellery is one of the most popular and traditional forms of investment options in Ahmedabad as people buy it as an investment as well as a fashion accessory. Gold ornaments include making charges which have to be borne by the investor and are included in the final cost of the jewellery. However, while selling back the jeweller, the making charges are excluded and the investor can only get the actual price of the gold.
  • Gold coins: Gold coins are always in demand as people in Ahmedabad purchase them for the purpose of gifting or to mark the celebration of a festival. Gold coins are available in different karats and can be purchased from banks or jeweller. It is imperative to note that you cannot sell gold coins back to the bank, but can do so to the jeweller. Gold coins sold by banks come with a certificate that certifies the purity of gold content in the coin.
  • Gold ETFs: Gold ETFs are individual stocks that are traded on the stock exchange just like any other commodities. To invest in Gold ETFs, it is mandatory for an individual to hold a Demat account.
  • Gold mutual funds: Gold mutual funds are just like any other mutual funds that invest in various gold-related funds. To invest in a gold mutual fund, it is not important for an investor to hold a Demat account.

Things to Know Before Buying Gold in Ahmedabad

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.

Who Determines Gold Rate in Ahmedabad?

Gold rate in Ahmedabad is determined by the Indian Bullion and Jewellers Association Ltd. i.e. IBJA. The gold rates change depending on the quotes given by the members of the IBJA. The members of the IBJA take into account the ‘sell’ and ‘buy ‘quotes of gold, and depending on it, an average number is decided which the gold rate becomes for the today. Factors such as international gold rate, import duty, currency rate and others are accounted for deciding the gold rate today in Ahmedabad.

FAQs on Gold Rate in Ahmedabad

What is gold rate today in Ahmedabad?

You can check the gold rate today in Ahmedabad online on a trusted website or at a jewellery store near you.

What is the 22-carat gold price in Ahmedabad today?

You can check 22-carat gold price in Ahmedabad online or at a jewellery store.

Is the gold rate in Ahmedabad the same as the gold price in Vadodara?

No, the gold price in Ahmedabad is not the same as the gold price in Vadodara due to different taxes levied in the cities, transportation cost, etc.

Is the gold rate in Ahmedabad same as the silver rate in the city?

No, the gold rate in Ahmedabad is not the same as the silver rate in the city.

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