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Gold rate in Pondicherry

For over hundreds of years now, gold is considered to hold immense religious devotion, especially in the Indian culture. Buying gold is said to bring good fortune to one’s destiny and is considered to be a sign of power and status. The demand for gold is always high all over India including the city of Pondicherry. People in Pondicherry have immense admiration towards buying gold since it is considered to be a safe investment option. The demand for gold in Pondicherry is high during the time of festivals and weddings. Gold rates in Pondicherry change depending on its demand and supply which directly has an impact on its rate. No matter what the gold rate in Pondicherry is, people cannot say no to buy this precious metal. Gold rates in Pondicherry can easily be checked online or at a jewellery shop or showroom.

Factors Determining Gold Rate in Pondicherry

Gold is touted to be an undying passing amongst people in Pondicherry. People in the city are always on the lookout for checking gold rates as it helps them determine the right day to purchase gold at a lower price. However, gold rates fluctuate each day due to a number of factors that directly have an impact on its price. So, here are a few factors that affect gold rate today in Pondicherry.

  • Inflation: Gold is a steady form of investment particularly during the time of inflation. When inflation witnesses an upward trend in Pondicherry, people look to make an investment that is steady and provides benefit in the long run. Inflation reduces the power of purchasing and gold looks like a good option during the times of financial distress. Inflation eventually leads to an increase in the demand for gold which affects its price.
  • Global changes in the price of gold: Price of gold in Pondicherry is affected by the changes in the price of gold globally. This happens because gold in the city is imported from foreign countries. Factors such as a change in demand, currency value and others tend to affect the gold price on an international level. Since gold in Pondicherry is imported, its prices are directly linked to the global gold rates.
  • Bank interest rates: Change in the rate of interest on financial instruments and bank deposits leads to an increase or decrease in the demand for gold which has a direct impact on its price. Lower bank rates offered by the banks translate into more cash in the hands of people and lead to an increase in demand for gold which leads to an increase in its price. This happens because gold offers good returns and is touted to be a safe investment.
  • US dollar and Indian Rupee: If the US dollar strengthens against the Indian rupee, gold rates in Pondicherry witness an increase, similarly, when the US dollar becomes weak against Indian currency, gold rates decline. This happens because Pondicherry buys gold from the other countries in US dollars. So, any fluctuation in the currency leads to a change in Pondicherry gold rate.
  • Fluctuation in US dollar: US dollar and gold share an inverse relationship. If the dollar becomes strong, gold rates in India decline and if the dollar becomes weak, gold rates in India rise high as people look to invest in the precious metal instead of a depreciating currency.

Things to Check Before Investing in Gold in Pondicherry

For people in Pondicherry, gold is not just a beauty enhancer, but also an excellent investment option that holds immense value. Gold, as we know, can withstand any economic volatility and save you in times of distress. However, before buying gold in Pondicherry, here are a few things that one needs to check in order to make a secure gold investment.

  • Cost per gram: Before buying gold in Pondicherry, always check on the cost per gram rate of the day. Gold rates in Pondicherry change on a daily basis due to which the cost per gram varies each day. Also, gold prices in Pondicherry vary at different showrooms. This happens because different showrooms function as per the rate of different associations. To know the cost per gram rate today in Pondicherry, you can check it on trustworthy websites.
  • Level of purity: Gold comes in different purity levels such as 24K, 22K, 18k, 14K and others. The purity of the gold helps you determine the content of pure gold used in the making of jewellery.
  • Certification: Gold that does not carry BIS certificate may not be genuine. Hence, while buying gold in Pondicherry check if the jewellery is hallmarked or not. There are a number of BIS hallmarked jewellery showrooms in Pondicherry that ensure gold is of genuine quality and meets the required standards. Also, always ask your jeweller to give you a purity certificate.
  • Check for the buyback terms: While making a gold purchase in Pondicherry, check if the jeweller offers you a buyback option. Having this offer gives you the freedom to exchange your old jewellery to buy a new one at the current gold rate.
  • Other charges: Your jeweller may not clearly explain you about the other charges applicable. So always check on the charges and other charges that you are paying for. Remember making charges will differ from jeweller to jeweller.

4 Months Gold Rate in Pondicherry

Trend of Gold Rate in Pondicherry for September 2019

TypePeriodRs./10gm
Lowest Gold Price on11 Sep 2019₹38,174
Highest Gold Price on04 Sep 2019₹39,604
Gold Price on01 Sep 2019₹38,827

Trend of Gold Rate in Pondicherry for August 2019

Lowest Gold Price on01 Aug 2019₹34,828
Highest Gold Price on29 Aug 2019₹39,185
Gold Price on01 Aug 2019₹34,856
Gold Price on31 Aug 2019₹38,798

Trend of Gold Rate in Pondicherry for July 2019

TypePeriodRs./10gm
Lowest Gold Price on01 Jul 2019₹33,748
Highest Gold Price on19 Jul 2019₹35,443
Gold Price on01 Jul 2019₹33,782
Gold Price on31 Jul 2019₹35,084

Trend of Gold Rate in Pondicherry for June 2019

TypePeriodRs./10gm
Lowest Gold Price on14 Jun 2019₹32,730
Highest Gold Price on26 Jun 2019₹34,809
Gold Price on01 Jun 2019₹32,189
Gold Price on31 Jun 2019₹34,197

Various Gold Options Available in Pondicherry

While investing in gold jewellery has always been ones favourite option, you can also look to invest in modern-day options that too promise to be a stable investment option.

  • Gold coins and bars: Gold coins and bars in Pondicherry are often purchased during the time of weddings or festivals. Coins and bars also make for good gifting options. One can buy gold coins and bars in Pondicherry from banks or from a jeweller. It is important to note that banks do not accept gold coins and bars back, but jewellers do.
  • Gold ETF: Gold ETF means Gold Exchange Traded Fund that is a type of individual stock that invests in gold as a commodity. This gold investment option is quite popular in Pondicherry and requires an individual to open a Demat account.
  • Gold Funds: Under this form of gold investment, the amount paid is not invested in gold, but in gold mining companies. Gold funds are just like mutual funds and do not require an individual to hold a Demat account.
  • Gold jewellery: Buying gold jewellery tops the list of being an appropriate gold investment option. However, with making charge involved in it, this form of investment doesn’t look to be fruitful in comparison to investing in bars and coins.

Importance of Checking Gold Rate in Pondicherry

It is important to check the price of gold as even a minute variation in its rate can result in a major loss. Today, the prices are quite high when compared to that of a decade ago. Individuals are advised to compare the gold rates charged by jewellers in the city. Those who are well-established are likely to charge more in making charges for gold. If one finds that the making charges of gold is significantly high in one store, it is recommended to evaluate the rates charged by other goldsmiths or jewellers. By doing so, the individual might be able to find one whose rate fits his or her budget.

What is BIS Hallmarked Gold?

Gold jewelleries that are hallmarked by the Bureau of Indian Standards will bear the BIS logo. This is evidence that the gold purity has been verified in one of the licensed laboratories of the bureau. However, it is essential to note that BIS hallmarking is not mandatory - not all jewellers offer hallmarked BIS jewellery. Some offer their in-house hallmarking of jewellery which is not verified by the national standards body of India. Before to buying gold jewellery, it is essential to check with the jeweller whether they offer BIS hallmarked ornaments.

How GST Impacts Gold Rate in Pondicherry

Before GST, the tax charged on gold was - 1% service tax and 1% VAT. Today, the GST levied on gold is 3%. Additionally, there is a 5% making charge on gold. The GST council had initially planned to levy 18% as gold making charges. However, when the new tax regime came into force, the council kept it at 5%.

Who Determines Gold Rate in Pondicherry?

Gold rates in Pondicherry are determined by the Indian Bullion Association Ltd. (IBJA) that consists of prominent jewellers. Gold rates in Pondicherry are fixed twice a day i.e. in the morning known as opening rate and in the evening known as the closing rate. While fixing the gold rate in Pondicherry, ‘buy’ and ‘sell’ quotes given by the gold dealers is considered and an average rate is arrived upon accordingly. The average rate is adjusted for local taxes and the gold rate is arrived on accordingly. Also, the above factors are taken into consideration for determining the gold rate in Pondicherry.

How to Buy Gold after Checking Gold Price in Pondicherry?

The different ways by which a user can buy gold include:

  • Purchasing gold ornaments from a jewellery store
  • Investing in gold coins and bars offered by jewellers, banks, non-banking finance companies and e-commerce websites
  • Buying Gold ETFs from the stock exchange after opening demat and trading accounts
  • Availing Sovereign Gold Bonds issued by the government
  • Investing in companies involved in the mining, extracting and marketing of gold

Conclusion

As seen from the points mentioned above, gold as an investment can help hedge against inflation. Overtime, its returns would be in line with the rate of inflation. Another reason for preferring this investment route is because gold is negatively correlated to equity investments. From 2007, equity markets were not performing very well, whereas gold did. Thus, making gold part of one’s portfolio mix can help reduce the overall volatility of the portfolio.

FAQs on Gold Rate in Pondicherry

What is gold rate today in Pondicherry?

You can check the gold rate today in Pondicherry online or at the nearest jewellery store

Is gold rate and silver rate same in Pondicherry?

No, gold rates and silver rates in Pondicherry are not the same.

What is the gold rate in Pondicherry’s Lalithaa jewellers?

You can check the gold rate in Pondicherry’s Lalithaa jewellery at their store or on their website.

What is the GST on gold in Pondicherry?

GST on gold in Pondicherry is 3%.

What is per gram Gold Rate in Pondicherry?

According to the GoldPriceIndia website, the gold price for 24 karat gold is Rs. 3,818 per 1 gram.

What is 10 gram Gold Rate in Pondicherry?

According to the GoldPriceIndia website, the gold price for 24 karat gold is Rs. 38,183 per 10 grams.

What is 100 grams Gold Rate in Pondicherry?

According to the GoldPriceIndia website, the gold price for 24 karat gold is Rs. 3,81,830 per 100 grams.