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The demand for gold in India has been witnessing a steady increase in recent times. The yellow metal - as an investment - is seen as one of the best hedges against inflation. Gold can be owned physically i.e. as jewellery, gold bars and coins, or in paper, like gold ETFs and sovereign gold bonds. The cost of gold in the country varies across cities on account of local market factors such as its demand and supply, state taxes and transportation charges (of physical gold). This article sheds light on how lucrative gold investments are in the city of Tirunelveli and its rates over the recent months.
A number of factors have an impact on the gold rate in Tirunelveli. Here is a look at a few:
If an individual would like to purchase physical gold, all he or she has to do is go to a jewellery shop and buy gold jewellery and/or gold coins. Gold coins are mostly a preferred option since jewellery involves making costs, which the individual will not be able to recover when selling. Other than physical gold, users can buy gold ETFs. These are funds that mostly invest in gold, and can be purchased and sold on the exchange. For buying gold ETFs, one simply needs to ask the broker to buy after opening a broking and trading account. Sovereign gold bonds are also listed, and individuals can buy them in the same way as listed shares are bought.
A few factors to keep in mind before buying physical gold are as follows:
Trend of Gold Rate in Tirunelveli for September 2019
|Lowest gold price on||15 Sep 2019||Rs. 37,643|
|Highest gold price on||04 Sep 2019||Rs. 39,595|
|Gold price on||01 Sep 2019||Rs. 38,819|
|Lowest Price on August||Rs. 34,020 on August 1||Rs. 35,220 on August 1|
Trend of Gold Rate in Tirunelveli for August 2019
|Lowest gold price on||02 Aug 2019||Rs. 34,821|
|Highest gold price on||30 Aug 2019||Rs. 39,189|
|Gold price on||01 Aug 2019||Rs. 34,850|
|Gold price on||31 Aug 2019||Rs. 38,839|
Trend of Gold Rate in Tirunelveli for July 2019
|Lowest gold price on||02 Jul 2019||Rs. 33,750|
|Highest gold price on||19 Jul 2019||Rs. 35,440|
|Gold price on||01 Jul 2019||Rs. 33,809|
|Gold price on||31 Jul 2019||Rs. 35,093|
Trend of Gold Rate in Tirunelveli for June 2019
|Lowest gold price on||20 Jun 2019||Rs. 33,039|
|Highest gold price on||26 Jun 2019||Rs. 34,805|
|Gold price on||01 Jun 2019||Rs. 32,217|
|Gold price on||30 Jun 2019||Rs. 34,185|
The tax charged on gold prior to the implementation of GST was - 1% service tax and 1% VAT. Today, the GST applicable on gold is 3%. Additionally, gold involves a 5% making charge. The GST council had earlier planned to charge 18% as gold making charges. However, when the new tax regime came into effect, the council kept it at 5%.
The BIS system of hallmarking of gold jewellery started in 2000. Those hallmarked by the Bureau of Indian Standards shall bear the BIS logo. This is proof that the purity of the gold has been verified in one of the bureau’s licensed laboratories. It is to be noted that BIS hallmarking is not mandatory and not all jewellers offer hallmarked BIS jewellery. Some of them offer their in-house hallmarking of jewellery, which is not verified by the national standards body of India. Prior to buying gold jewellery, it is recommended to check with the jewellers whether they offer BIS hallmarked ornaments.
The different ways by which a user can buy gold include:
As seen from the points mentioned above, gold is a worthwhile investment since it acts as a hedge against inflation. Its returns over a period of time would be in line with the rate of inflation. Another reason why investors tend to prefer gold is due to the fact that gold is negatively correlated to equity investments. From the year 2007, it was observed that the equity markets were not performing very well, whereas gold did. Thus, including gold in one’s portfolio mix can help bring down the overall volatility of the portfolio.
What is per gram Gold Rate in Tirunelveli?
According to the GoldPriceIndia website, the gold price for 24 karat gold is Rs. 3,809 per 1 gram.
What is 10 gram Gold Rate in Tirunelveli?
According to the GoldPriceIndia website, the gold price for 24 karat gold is Rs. 38,092 per 10 grams.
What is 100 grams Gold Rate in Tirunelveli?
According to the GoldPriceIndia website, the gold price for 24 karat gold is Rs. 3,80,920 per 100 grams.