Published: Sep 29, 2023, 9:35am
The price of gold is different across cities and states within the country. Forbes Advisor has put together the gold price of one and 10 grams of 24-Carat and 22-Carat pure gold in Ahmedabad today, as of 9:33 am.
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Related: Today’s gold price in 10 cities of India.
Physical gold
The most traditional way to purchase physical gold in the form of jewelry, gold coin, or gold bar is by physically visiting the jewelry retailer’s shop while some also avail of eCommerce services. Financial institutions, such as banks and NBFCs, also avail of the facility to buy or invest in gold coins from their respective branches.
Gold saving schemes
Retailers offer gold saving schemes which require individuals to deposit a certain amount every month as installments for a specific tenure. Depending upon the scheme’s requirement, upfront can be paid upon agreeing to pay the EMI and obtain the jewelry. Typically, jewelers offer to pay the last installment on the borrower’s behalf as a cash incentive.
Sovereign gold bonds
SGBs are bonds issued by the RBI via banks on behalf of the Government of India. One bond represents 1 gram of gold. RBI notifies the terms and conditions, calendar for subscription, its rate from. An individual can subscribe to a minimum of 1 gram of gold up to 4 kgs. The cost of sovereign gold bonds is calculated by taking an average of closing prices of gold for the latest three working days preceding the subscription period.
Digital gold
The method of buying gold digitally involves investing in small fractions as per convenience to access the yellow metal. The various forms of investing in digital gold include buying:
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Related: Alternative ways to invest in gold.
Retailers: An individual can take their jewelry to retailers and sell it upon a certain amount by presenting the bill of purchase which also has information such as gold’s weight, as well as place and date of purchase, and its value at the time of purchase.
Gold loan: Financial institutions offer individuals to obtain a secured loan against gold as a collateral upon EMI plus interest. The interest rates on gold loans vary among banks on the basis of factors like weight of the jewelry, value (ranging from 18K to 24K), repayment period, to name a few..
A hallmark stamp, certified by the Bureau of Indian Standards (BIS), is the best way to know about the jewelry’s purity. Strong magnets can easily identify any metallic content. Vinegar is also used to see if the drop changes the color. Another way is that acid test to check if it dissolves the ornament as gold is non-reactive to such chemical experiments.
Below are the links to articles on current price of gold in major Indian cities:
• Gold price in Delhi
• Gold price in Bangalore
• Gold price in Hyderabad
• Gold price in Kochi
• Gold price in Chennai
• Gold price in Kolkata
• Gold price in Mumbai
• Gold price in Surat
• Gold price in Coimbatore
• Gold price in Karnataka
• Gold price in TamilNadu
• Gold price in Vijayawada
• Gold price in Kerala
• Gold price in West Bengal
• Gold price in Pune
• Gold price in India
Gold is initially priced in the U.S. dollar. Then the exchange rate, customs duty, agriculture and infrastructure cess as well as transportation cost, cost added by jewelers, discount on bulk purchase, among taxes like GST are levied on it to arrive at the landing cost to the consumer.
Buying physical gold coins or jewelry has been the conventional way to invest in gold. Other types of investment on gold include gold ETF, gold mutual funds, sovereign gold bonds, and digital gold. Here, we discuss the ways to buy gold in India.
• Stock market exchange: Multi commodity exchange (MCX)
• Gold futures contract: London metal exchange (LME), Intercontinental exchange (ICE), Chicago mercantile exchange (CME), Tokyo commodity exchange (TOCOM).
• Physical gold: Gold jewelry, coins and bars.
• Digital gold: Sovereign gold bonds (SGBs), gold ETFs, digital gold wallets.
Demand and supply are predominant factors that determine gold’s price. Also, central gold reserves, strength of the U.S. dollar against Indian rupee, gold production capacity, gold price discovery are key to determining the gold price in India. In addition, inflation, global movement, jewelry market, interest rate trends factor in to decide the landing price of gold to end-consumers.
Dipen Pradhan is a Staff Reporter for Forbes Advisor India. He has more than 10 years of experience in journalism. He covers the personal finance beat. When he is not writing, he enjoys documenting the community's ethnic knowledge, and travels to explore rural hotspots.