Published: Oct 15, 2023, 9:35am
The price of gold differs across cities and states within India. Forbes Advisor has put together the gold price of one and 10 grams of 24-Carat and 22-Carat pure gold in Bangalore today, as of 9:35 am.
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Related: Today’s gold price in 10 cities of India.
Physical gold
Physical gold, including jewelry, gold coins, and gold bars can be bought at jewelers or retailers’ stores while some also operate eCommerce services. Even banks and NBFCs offer individuals to buy or invest in gold coins.
Gold saving schemes
Gold retailers also offer saving schemes for individuals to purchase gold upon agreeing to pay the EMI for a certain tenure, which is usually 12 months. In such a scheme, jewelers pay the last month’s installment on behalf of the borrowers as a cash incentive.
Sovereign gold bonds
RBI issues SGBs through banks on behalf of the Government of India. One bond represents 1 gram of gold. The central bank notifies its terms and conditions, calendar for subscription, its rate. An individual can subscribe to a minimum of 1 gram of gold up to 4 kgs.
Digital gold
Individuals buy digital gold by investing in small fractions to gain access to the physical gold. Some bother easy to invest in digital gold include buying:
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Assets are stored in highly secure non-bank vaults
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Related: Alternative ways to invest in gold.
Retailers: Jewelers allow individuals to sell or keep their gold as collateral upon showing its bill of purchase. Jewelers then evaluate the weight and value of the gold to fix the cost.
Gold loan: Banks offer gold loans against gold as a collateral. Like in any other retail loans, individuals can choose to pay the EMI plus interest for a specific term . Notably, the interest rates on gold loans vary among banks.
Pure gold is considered too soft for making jewelry. So precious metals, like silver and gold, are often mixed to make it durable and resistant. Copper, platinum, palladium and zinc are also used for this purpose—each determining purity of the jewelry. Other metals are not given a hallmark stamp in gold.
Below are the links to articles on current price of gold in major Indian cities:
• Gold price in Ahmedabad
• Gold price in Delhi
• 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
Spot price of 24K gold is an important price indicator set everyday in the U.S. dollar at the London bullion market. Then the role of IBJA, the exchange rate, customs duty, agriculture and infrastructure cess as well as transportation costs, cost added by jewelers, discount on bulk purchases upon taxes like GST factor in to arrive at the landing cost to the consumer.
Gold has offered considerable returns over the years. One can consider buying physical gold from jewelers, invest in gold exchange traded funds on stock exchanges, or buy gold mutual funds, sovereign gold bonds, and here are the steps to invest in gold digitally.
Buying physical gold in the form of jewelry, coins and bars have been conventional. You may consider investing in stocks through market exchanges like MCX, or in gold futures contracts. Also in the offing, investing in digital gold options like sovereign gold bonds (SGBs), gold ETFs, digital gold wallets have all given good returns over the years.
There are various factors that influence gold price, including impact of inflation, interest rates, jewelry market, currency fluctuations, import duties, as well as geopolitical factors, to name a few.
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.