Gujarat, India’s westernmost state, has always been known for its successful trade in precious metals and stones. Surat is an internationally recognized diamond hub. Ahmedabad is the largest city while Gandhinagar is the state’s capital.
There multiple reasons why people buy gold. Here’s a list that names a few:
Investment
Ritual and Special Occasions
Gifting
Jewellery
Wedding and Festivities
Security against Inflation
High Resale Value
Also, Gold rates in Gujarat are significantly higher during special occasions such as Diwali, Dussehra, Dhanteras, Akshaya Tritiya, etc.
What is the Importance of checking Gold Rate in Gujarat?
Gold is a precious metal with high resale value. It is very important for an individual to check the prevailing rate so as to ascertain that a fair price is charged while purchasing Gold articles. In addition, you can also compare the prices from different banks, jewellers or retailers.
Factors affecting Gold Rate in Gujarat
Factors affecting the price of Gold in Gujarat are not limited to the state. Since Gold is valued all over the world, change in its price on an international basis affects the Gold rate in India as well. From interest rates to the movement of USD to interest rates, Gold rate is heavily influenced by international markets. This is a major factor which impacts the rate of Gold in Gujarat. Additional factors which influence the rate of Gold in Gujarat include central bank actions, government policies, demand & supply, investment trends, currency changes, international relations, import & customs duty, macroeconomic and political issues.
How to invest in Gold in Gujarat?
There are multiple ways to invest in gold in Gujarat. To begin with, Gold is available in two forms - 22 or 24 Karat. The purity of Gold can be easily determined on the basis of these two parameters. 22 Karat implies that the purity is 92%, while 24 Karat Gold comes with 99.9% purity. A few ways to buy Gold in Gujarat are:
Jewellery: In India, gold jewellery is given to children over generations during weddings and hence, is the most sought after for making jewellery.
Banks - All banks in India provide the facility of buying/selling gold. You can simply walk into a retail bank branch and request the bank executive to let you issue gold coins, bars, ingots, etc. You can also avail a Gold loan facility.
Bullion: Gold in the form of bullion is an excellent investment option for large traders and retailers. Bullion is issued in the form of coins, bars and ingots. Denominations usually range from 1 gram to 1 kilogram.
ETFs:** Gold Exchange Traded Funds are open-funds which are traded in the stock market. You can invest any amount of money anytime (either as a lump sum or via Systematic Investment Plan).
Digital Gold:** Digital Gold is also known as e-Gold, this is the latest type to enter the market. It allows a buyer to invest in Gold at live market prices. A person can trade 24 Karat Gold for an amount as low as Rs. 100. Other options include the feature to sell digital Gold online or convert them into gold coins. You can also subscribe to a monthly plan for purchasing Gold.
Sovereign Gold Bonds: These are government bonds launched in the year 2015. The underlying asset is physical gold which is issued in grams. The price of these bonds is decided on the basis of simple average of the closing rate of 999 pure gold published by the India Bullion and Jewellers Association Limited.
Explore more on Personal Finance - Gold Rate Schemes
Things to Remember Before Purchasing Gold in Gujarat
There are four important things which you need to consider before buying Gold in Gujarat.
Purity Certification: The purity of Gold is marked by BIS. The components of this mark include jewellery includes BIS logo, Purity/fineness Mark, Assaying and Hallmarking Centre’s Mark, Year of Marking and Jewellers Identification Mark. Every Gold article is certified by BIS, and hence, one must ensure that the certificate is authentic before making a purchase.
Making Charges: Making charges refer to the cost of molding a Gold article as per the desired design. It can range from 8% to 25%. Additionally, making charges are also dependent on factors such as the design of the gold jewellery, gold jewellery brand or jeweller from which you are purchasing gold, etc.
Weight: The price of Gold is directly proportional to its weight. Hence, the denomination and price is based in grams and kilograms. If a Gold article has precious gems and stones, the weight as well as price of Gold will increase.
Invoice: Always purchase Gold with a physical invoice. It will serve as evidence of purchase and help at the time of exchanging your gold jewellery.
6 Month's Gold Rate in Gujarat
Source: Goodreturns’s official website
Trend of Gold Rate in Gujarat for August 2019 (rates per kg)
Gold Rates
22 Carat
24 Carat
1st August rate
Rs.34,100
Rs.34,790
31st August rate
Rs.37,990
Rs.38,760
Highest Price
Rs.38,220 on August 29
Rs.39,020 on August 29
Lowest Price
Rs.34,100 on August 1
Rs.34,790 on August 1
Trend
Rising
Rising
Percentage Change
+11.41%
+11.41%
Source: Good Returns
Trend of Gold Rate in Gujarat for July 2019 (rates per kg)
Gold Rates
22 Carat
24 Carat
1st July rate
Rs.33,130
Rs.33,790
31st July rate
Rs.34,100
Rs.34,790
Highest rate in July
Rs.34,450 on July 13
Rs.35,170 on July 13
Lowest rate in July
Rs.32,950 on July 2
Rs.33,610 on July 2
Trend
Rising
Rising
% change
+2.93%
+2.96%
Source: Good Returns
Trend of Gold Rate in Gujarat for June 2019 (rates per kg)
Gold Rates
22 Carat
24 Carat
1st May rate
Rs.31,560
Rs.32,480
30th June rate
Rs.33,320
Rs.33,980
Highest rate in June
Rs.33,520 on June 25
Rs.34,190 on June 25
Lowest rate in June
Rs.31,560 on June 1
Rs.32,480 on June 1
Trend
Rising
Rising
% change
+5.58%
+4.62%
Source: Good Returns
Trend of Gold Rate in Gujarat for May 2019 (rates per kg)
Gold Rates
22 Carat
24 Carat
1st May rate
Rs.31,160
Rs.32,290
31st May rate
Rs.31,460
Rs.32,460
Highest rate in May
Rs.31,800 on May 14
Rs.32,800 on May 14
Lowest rate in May
Rs.30,950 on May 4
Rs.32,010 on April 4
Trend
Rising
Rising
% change
+0.67%
+0.93%
Source: Good Returns
Trend of Gold Rate in Gujarat for April 2019 (rates per kg)
Gold Rates
22 Carat
24 Carat
1st April rate
Rs.31,150
Rs.32,190
30th April rate
Rs.31,360
Rs.32,490
Highest rate in April
Rs.31,410 on April 9
Rs.32,540 on April 9
Lowest rate in April
Rs.30,820 on April 4
Rs.32,010 on April 4
Trend
Rising
Rising
% change
+0.67%
+0.93%
Source: Good Returns
Trend of Gold Rate in Gujarat for March 2019 (rates per kg)
Gold Rates
22 Carat
24 Carat
1st March rate
Rs.32,400
Rs.33,060
31st March rate
Rs.30,970
Rs.32,350
Highest rate in March
Rs.32,400 on March 2
Rs.33,200 on March 2
Lowest rate in March
Rs.30,970 on March 30
Rs.32,350 on March 30
Trend
Falling
Falling
% change
-4.41%
-1.16%
Impact of GST on the Rate of Gold in Gujarat
The following tariffs are applicable on the rate of Gold under Goods and Services Tax.
10% customs duty on Gold imports.
3% on the value of gold in the jewellery.
5% as making charges.
What is BIS Hallmarked Gold Rate in Gujarat?
The Bureau of Indian Standards (BIS) is the primary hallmarking agency. It is the National Standards body of India that authenticates the purity of Gold in India. Hallmarking is the process which records and determines the metal content in Gold/Silver articles. Hallmarked Gold will contain the following information:
BIS Mark
Purity Grade (16 Gold is 22 Karat Gold; 916 Gold means that there is 91.6g of Gold in a 100g alloy. 958 is 23 Karat and 750 is 18 Karat Gold. 18 Karat/22 Karat or 24 Karat).
Hallmarking Centre’s Identification Number
Jeweller’s identification Mark
Year of marking - denoted by a code letter (e.g. ‘R’ for year 2013).
How to Buy Gold after Checking Gold Price in Bhubaneswar?
Some of the different ways by which individuals can purchase gold include:
Buying gold ornaments (from a jewellery shop)
Investing in gold bars and coins
Buying Gold ETFs
Availing Sovereign Gold Bonds issued by RBI (on behalf of the government)
Investing in businesses that are associated with mining, extracting and marketing of gold
Conclusion
Gold is one of the best investment option. It is traded on a national as well as international level. It can be easily molded into a desired design for Jewellery. Bullion too can be broken down into lesser denominations. Investing in Gold is lucrative due to its high resale value and increasing price trend.
FAQ's On Gold Rate in Gujrat
What is the rate of Gold per gram in Gujarat?
The rate of Gold per gram in Gujarat is Rs. 3,768 as on 9th September 2019.
What is the rate of Gold for 10 grams in Gujarat?
The rate of Gold per 10 grams in Gujarat is Rs. 37,680 as on 9th September 2019.
What is the rate of Gold for 100 grams in Gujarat?
The rate of Gold per 100 grams in Gujarat is Rs. 3,76,800 as on 9th September 2019.
What is the rate of Gold for 1 kg in Gujarat?
The rate of 1 kg Gold in Gujarat is Rs. 37,68,000 as on 9th September 2019.
