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Gold Rate in Goa

Goa is a state in the western part of India. Apart from being known for its white sand beaches, nightlife and world heritage architecture, Goa is also known for its love for gold. Goa has a rich history of gold as Kadambs who ruled over the state in the 12th Century were one of the first rulers to make use of Gold. Goa was also home to Portuguese mint which was set up by Afonso Albuquerque who was responsible for issuing gold, silver and bronze coins during the 16th Century. Even today, people in Goa love gold and are very much involved in gold trading. Goa, being a cosmopolitan city, witnesses a heavy purchase of gold on a regular basis. No matter what the gold rate today in Goa is, people love buying gold as it makes for a great investment. Read the below guide to know everything about the gold rate in Goa.

Factors Determining Gold Rate Today in Goa

The gold rate today in Goa is heavily influenced by a number of factors that have a direct impact on its price. Since gold rates in Goa are quite volatile, it is always a good idea for one to check the price before making a purchase.

Here is a list of factors that have an impact on gold price today in Goa

  • Rupee and Dollar equation: To put it simply, Gold in Goa is an imported commodity. Trading of gold is done as per the rate of the dollar. If the value of dollar increases against Indian rupee, gold rate increases. Similarly, if the value of dollar weakens against Indian rupees, the gold rate in Goa decreases.
  • The rate of the US dollar: If you are thinking about the connection between Goa gold rate and US dollar, then you should know that gold and dollar share an inverse relationship. When US dollar weakens, the gold rate increases in Goa and when US dollar becomes strong, the gold rate in Goa decreases. This is because people tend to not invest in a depreciating asset. Hence, any change in the rate of dollar leads to a change in the price of gold in Goa.
  • The rate of production: If the gold mining companies increase the production cost, the gold rate in Goa too witnesses a change.
  • Time of purchase: Gold rate today in Goa also depends on the time of purchase. This means that during the time of festivals and weddings, gold price in Goa increase.
  • FD rates given by banks: If the interest rates offered by banks on fixed deposits decrease, people tend to invest in gold which further leads to an increase in Goa gold price.
  • Demand and supply ration: Gold rate in Goa is also dependent on the demand VS supply ratio. Even a slight imbalance in the equation leads to an instant change in the gold rate today in Goa.

Who Determines Gold Rate in Goa?

Goa Gold Dealers Association determines the gold rate today in Goa. The above factors along with the gold ‘buy’ and ‘sell’ quotes provided by gold dealers and sellers are taken into consideration. Based on the average ‘sell’ and ‘buy’ quotes, the gold rate today is fixed in Goa. Gold rate in Goa usually witnesses a high during the time of festival and wedding seasons. Also, the average gold rate is adjusted on the basis of local taxes and the Goa gold rate is arrived on accordingly. One can easily check the gold rate today in Goa online or at the nearest jewellery showroom.

Various Gold Investment Options in Goa

Gold is a precious metal that is considered to be one of the best investment options in Goa as if offers steady long-term returns. The Goa gold market offers individuals an array of gold investment options that ensure good returns.

  • Gold coins and bars: Gold coins and bars in Goa are mainly purchased for the purpose of gifting. Coins and bars can be purchased from a jewellery showroom or banks. However, banks do not give you an option to sell the coins and bars back to them. Also, gold coins and bars come in different sizes and carats and can be purchased depending on an individual’s preference.
  • Gold ETFs: Gold can now be purchased in an electronic form with Gold Exchange Traded Funds. Gold ETFs are similar to stocks that are traded on the stock exchange. To purchase a Gold ETF, it is mandatory for an individual to open a Demat account.
  • Gold Fund of Funds: This gold investment option is similar to mutual fund investment. Investment under this type of fund is made in gold-related funds and does not require an individual to hold a Demat account.
  • Gold jewellery: People in Goa love investing in Gold jewellery as it serves both the purpose of being an investment as well as a fashion accessory. An individual can purchase gold jewellery in Goa online or from the nearest jewellery showroom in their area. It is important to note that the purchase of gold jewellery involves making charges which are not considered at the time of selling the gold back. Hence, investing in gold jewellery in Goa is not considered to be a fruitful investment.

Things to Know Before Buying Gold in Goa

Goa as a state is just not known for its exotic beaches and scenic beauty. With gold being a popular investment in the state, there are a few things an individual should know before zeroing down on making a gold purchase.

  • Check for the hallmark: Gold that is hallmarked as per the BIS standards is considered to be of pure quality standards. It is advisable to buy gold that features the BIS hallmark that is embodied on the back of clasp of the gold item.
  • Gold purity: Gold is measured in terms of purity that defines the exact amount of gold content in the gold item you are purchasing. Here is how gold purity is measured in percentage.
    • 24K- 99.9% (999)
    • 22K-91.7% (917)
    • 20K-83.3% (833)
    • 18K-75% (750)
    • 14K-58.3% (583)
    • 10K-41.7% (417)
  • Making charges: While buying gold in Goa, ask your jeweller to offer you a fixed making charge. Always purchase gold from a jeweller who offers you a low making charge as these charges are included in the final cost of jewellery but are excluded at the time of selling the jewellery.

  • Weight: The final charge of the gold jewellery is taken into consideration as per the weight of the jewellery which means that if you purchase a gold item that consists of gemstones and diamonds, then the weight of it is included in it too. Hence, it is always advisable to check the weight of the gold you are buying.

FAQs on Gold Rate in Goa

Which are the well-known gold jewellers in Goa?

Some of the well-known gold jewellers in Goa are Pushpak, Malabar, Tanishq and others.

Are the 24K and 22K gold rates the same in Goa?

No, the 24K and 22K gold rate in Goa is not the same.

Where can I check gold rate today in Goa?

You can check the gold rate today in Goa online or at a nearby jewellery store.

How can I sell gold in Goa?

You can sell gold in Goa to a jeweller from whom you have purchased it or to the jeweller who is offering you a good selling price.

How to store Gold in Goa?

You can store gold in Goa in a jewellery box or in bank lockers. However, banks do not offer you any guarantee against theft or fire.

How much GST is charged on gold in Goa?

The GST charged on gold in Goa is 3%.