Gold is often regarded as a safe haven in times of uncertainty. It helps to protect against inflationary conditions, and acts as a safety measure during political unrest. There are two ways of owning gold - physically i.e. in the form of jewellery, bars and coins, or in paper, as gold ETFs and sovereign gold bonds. The price of gold varies across cities as a result of local market factors like supply and demand, state taxes and transportation charges (of physical gold). This article focuses on how lucrative gold investments are in the city of Bhubaneswar and its rates over the recent months.
It is important for one to stay up-to-date with the latest gold pricing before making a purchase. When compared with a decade ago, gold rates are very high today. Buyers are advised to check and compare the prices set for this precious metal by jewellers in the city. The top ones are likely to charge higher in making charges.
A number of factors have an impact on the gold rate in Bhubaneswar. Here is a look at a few:
To avail gold ETFs, the investor will need to have a Demat account. Sovereign gold bonds are also listed, and individuals can buy them in the same manner as listed shares are bought. For buying physical gold i.e. jewellery or coins, an individual would simply need to go to a jewellery shop and make the purchase. It is often recommended to go for coins as jewellery involves making costs. The buyer will not be able to recover this cost when selling.
A few factors to keep in mind before buying physical gold are as follows:
Trend of Gold Rate in Bhubaneswar for August 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st August rate | Rs. 33,150 | Rs. 36,160 |
| 31st August rate | Rs. 36,910 | Rs. 40,260 |
| Highest Price | Rs. 37,180 on August 26 | Rs. 40,560 on August 26 |
| Lowest Price | Rs. 33,150 on August 1 | Rs. 36,160 on August 1 |
| Overall Performance | Rising | Rising |
| Percentage Change | +11.34% | +11.34% |
Source: Good Returns
Trend of Gold Rate in Bhubaneswar for July 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st July rate | Rs. 32,520 | Rs. 35,470 |
| 31st July rate | Rs. 33,380 | Rs. 36,590 |
| Highest rate | Rs. 33,690 on July 19 | Rs. 36,660 on July 19 |
| Lowest rate | Rs. 32,140 on July 2 | Rs. 35,090 on July 2 |
| Overall performance | Rising | Rising |
| % change | +2.64% | +3.16% |
Source: Good Returns
*Trend of Gold Rate in Bhubaneswar for June 2019**
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st May rate | Rs. 30,790 | Rs. 33,580 |
| 30th June rate | Rs. 32,520 | Rs.35,470 |
| Highest rate | Rs. 33,080 on June 25 | Rs. 36,080 on June 25 |
| Lowest rate | Rs. 30,760 on June 11 | Rs. 33,000 on June 11 |
| Overall performance | Rising | Rising |
| % change | +5.62% | +5.63% |
Source: Good Returns
Trend of Gold Rate in Bhubaneswar for May 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st May rate | Rs. 30,120 | Rs. 32,870 |
| 31st May rate | Rs. 30,540 | Rs. 33,290 |
| Highest rate | Rs. 30,910 on May 14 | Rs. 33,660 on May 14 |
| Lowest rate | Rs. 30,000 on May 2 | Rs. 32,750 on May 2 |
| Overall performance | Rising | Falling |
| % change | +1.39% | +1.28% |
Source: Good Returns
Trend of Gold Rate in Bhubaneswar for April 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st April rate | Rs. 30,370 | Rs. 33,250 |
| 30th April rate | Rs. 30,420 | Rs. 33,170 |
| Highest rate | Rs. 30,550 on April 9 | Rs. 33,320 on April 9 |
| Lowest rate | Rs. 30,100 on April 19 | Rs. 32,780 on April 19 |
| Overall performance | Falling | Falling |
| % change | +0.16% | -0.24% |
Source: Good Returns
Trend of Gold Rate in Bhubaneswar for March 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st March rate | Rs. 31,480 | Rs. 33,700 |
| 31st March rate | Rs. 30,430 | Rs. 33,310 |
| Highest rate | Rs. 31,480 on March 1 | Rs. 33,700 on March 1 |
| Lowest rate | Rs. 30,180 on March 12 | Rs. 32,630 on March 12 |
| Overall performance | Falling | Falling |
| % change | -3.34% | -1.16% |
The GST that is applicable on gold is 3%. Earlier, i.e. prior to the implementation of the new tax regime, the tax levied on gold was - 1% service tax and 1% VAT. Other than GST, an additional 5% tax is levied on making charge.
The BIS hallmark certifies that the gold jewellery conforms to the standards set out by the Bureau of Indian Standards. This hallmark, however, is not compulsory, and some jewellers have their in-house hallmarking of jewellery. Before a person buys any gold jewellery, it is important to check with jewellers in the city whether they offer BIS hallmarked ornaments.
Some of the different ways by which individuals can purchase gold include:
Investing in gold is worthwhile because it acts as a hedge against inflation. Overtime, the returns would be in line with the rate of inflation. The second reason why financial experts recommend this route of investing is due to the fact that gold is negatively correlated to equity investments. From the year 2007, it was observed that the equity markets did not perform too well, whereas gold did. Thus, including gold in one’s portfolio mix can help reduce the overall volatility of the individual’s portfolio.
What is per gram Gold Rate in Bhubaneswar?
According to the Good Returns website, the price for 24 karat gold is Rs. 3,940 per 1 gram.
What is 10 gram Gold Rate in Bhubaneswar?
According to the Good Returns website, the price for 24 karat gold is Rs. 39,400 per 10 grams.
What is 100 grams Gold Rate in Bhubaneswar?
According to the Good Returns website, the price for 24 karat gold is Rs. 3,94,000 per 100 grams.
