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Gold Rate in Vadodara

Vadodara, also known as Baroda, is the third-largest city in the state of Gujarat, India. Apart from being an important industrial, cultural and educational hub, Vadodara is the home of major industries such as petrochemicals, engineering, chemicals, pharmaceuticals, plastics, IT and foreign exchange services. People invest in Gold for many reasons such as investment, ritual, gifting, jewellery, wedding, security against inflation, high resale value, festivities, etc. Gold rates in Vadodara are significantly higher during special occasions such as Diwali, Dussehra, Dhanteras, Akshaya Tritiya, etc.

Factors affecting Gold Rate in Vadodara

Since Gold is valued all over the world, factors affecting the rate of Gold in Vadodara stem internationally. Gold is traded in the international markets, which are influenced by a lot of factors, right from interest rates to the movement of dollar to interest rates. The correlation of Gold and USD is just the opposite, when one of them falls, the other gains and vice versa. This is a major factor which impacts the rate of Gold in Vadodara. Additional factors which influence the rate of Gold in Vadodara include:

  • Central Bank Actions
  • Government Policies
  • Demand and Supply
  • Investment Trends
  • Currency Changes
  • International Relations
  • Import and Customs Duty
  • Macroeconomic and Political issues

How to invest in Gold in Vadodara?

Gold is available in two forms - 22 or 24 Karat. This determines the purity of the metal. 22 Karat implies that the purity is 92%, while 24 Karat Gold comes with 99.9% purity. There are several ways to buy Gold in Vadodara, depending on the amount needed.

  • Jewellery - Gold is the most sought after for making Jewellery in India. It is an asset given to children over generations during weddings.
  • Banks - Banks across India sell/buy Gold in all forms. Also, there are dedicated Banks and NBFCs which offer Gold loans.
  • Bullion - For large traders and retailers, Gold, in the form of bullion, is an excellent option. Bullion comes in the form of coins, bars and ingots. It usually weighs between 1 gram and 10 grams.
  • 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 SIP).
  • Digital Gold - This is the latest type to enter the market. It allows people to invest in Gold at live market prices. A person can trade 24 Karat Gold for an amount as low as Rs. 100. People who want to cash out can either sell their digital gold online or convert them into gold coins.
  • 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.

Things to Remember Before Purchasing Gold in Vadodara

You should look into the following factors before purchasing Gold in Vadodara:

Purity Certification - Ensure that the Gold article is BIS certified. A BIS certified gold jewellery includes BIS logo, Purity/fineness Mark, Assaying and Hallmarking Centre’s Mark, Year of Marking and Jewellers Identification Mark.

Making Charges - This is the cost of molding a Gold article as per the desired design. These expenses 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. It can range from 8% to 25%.

Weight - The price of Gold is directly proportional to its weight. 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 help at the time of exchanging your gold jewellery.

6 Month's Gold Rate in Vadodara

Trend of Gold Rate in Vadodara for August 2019 (rates per kg)

Gold Rates22 Carat24 Carat
1st August rateRs.34,100Rs.34,790
31st August rateRs.37,990Rs.38,760
Highest rateRs.38,220 on August 29Rs.39,020 on August 29
Lowest rateRs.34,100 on August 1Rs.34,790 on August 1
Overall performanceRisingRising
% change+11.41%+11.41%

Trend of Gold Rate in Vadodara for July 2019 (rates per kg)

Gold Rates22 Karat24 Karat
1st July rateRs.33,130Rs.34,200
31st July rateRs.34,050Rs.35,050
Highest rateRs.34,400 on July 19Rs.35,400 on July 19
Lowest rateRs.32,700 on July 2Rs.33,700 on July 2
Overall performanceRisingRising
% change+2.56%+2.49%

Trend of Gold Rate in Vadodara for June 2019 (rates per kg)

Gold Rates22 Carat24 Carat
1st June rateRs.31,560Rs.32,480
30th June rateRs.33,320Rs.33,980
Highest rateRs.33,520 on June 25Rs.34,190 on June 25
Lowest rateRs.31,560 on June 1Rs.32,480 on June
Overall performanceRisingRising
% change+5.58%+4.62%

Trend of Gold Rate in Vadodara for May 2019 (rates per kg)

Gold RatesGold Rates24 Carat
1st May rateRs.31,160Rs.32,290
31st May rateRs.31,460Rs.32,460
Highest rateRs.31,800 on May 14Rs.32,800 on May 14
Lowest rateRs.30,950 on May 4Rs.31,950 on May 4
Overall performanceRisingRising
% change+0.96%+0.53%

Trend of Gold Rate in Vadodara for April 2019 (rates per kg)

Gold Rates22 Carat24 Carat
1st April rateRs.31,150Rs.32,190
30th April rateRs.31,360Rs.32,490
Highest rateRs.31,410 on April 9Rs.32,540 on April 9
Lowest rateRs.30,820 on April 4Rs.32,010 on April 4
Overall performanceRisingRising
% change+0.67%+0.93%

Trend of Gold Rate in Vadodara for March 2019 (rates per kg)

Gold Rates22 Carat24 Carat
1st March rateRs.32,400Rs.33,060
31st March rateRs.30,970Rs.32,350
Highest rateRs.32,400 on March 2Rs.33,200 on March 2
Lowest rateRs.30,970 on March 30Rs.32,350 on March 30
Overall performanceFallingFalling
% change-4.41%-2.15%

Impact of GST on the Rate of Gold in Vadodara

Precious metals such as Silver and Gold are subjected to Goods and Services Tax. A 3% GST is applicable on the final price of Gold.

What is BIS Hallmarked Gold Rate in Vadodara?

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 Vadodara?

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

In conclusion, Gold is a good investment option. However, you must ensure that you purchase Gold from a certified and established jeweller to get a fair price and good quality.

FAQs on Gold Rate in Vadodara

What is the rate of Gold per gram in Vadodara?

The rate of Gold per gram in Vadodara is Rs. 3,739 as on 9th September 2019.

What is the rate of Gold for 10 grams in Vadodara?

The rate of Gold per 10 grams in Vadodara is Rs. 37,390 as on 9th September 2019.

What is the rate of Gold for 100 grams in Vadodara?

The rate of Gold per 100 grams in Vadodara is Rs. 3,73,900 as on 9th September 2019.

What is the rate of Gold for 1 kg in Vadodara?

The rate of 1 kg Gold in Vadodara is Rs. 37,39,000 as on 9th September 2019.