Published: Feb 4, 2024, 9:35am
The price of gold is different across Indian states and cities. Forbes Advisor has put together the gold price of one and 10 grams of 24-Carat and 22-Carat pure gold in Kerela today, as of 9:34 pm.
Related: Today’s gold price in 10 cities of India.
Some of the popular ways to gold in Kerala is as follows:
Gold Jewelry and ornaments
Individuals popularly buy gold jewelry or coins at jewelry stores of local jewelers and companies like Titan, Muthoot Finance. Authorized jewelers only sell BIS Hallmarked gold jewelry of desired purity scales. Remember, only those gold jewelry and coins that are hallmarked can be pledged as collateral to obtain a gold loan.
Gold coins and bars
Banks and authorized NBFCs offer individuals to buy gold coins and bars which have 99.5% or higher purity and come with a BIS hallmark. It is more profitable than gold jewelry and ornaments as gold used in the latter is not more than 22-carat purity, and also involves making charges.
Sovereign Gold Bonds (SGBs)
The Reserve Bank of India (RBI) issues SGBs on behalf of the Government of India through authorized banks. SGBs are securities whose value of one unit of gold bond equals one gram of 24-carat purity gold, and the price is calculated on the basis of the weight of gold.
SGBs can be bought via futures contract brokers to buy a predetermined unit of SGBs at a specified time in the future. Up to 4 kgs worth of gold can be bought via SGBs. The cost of SGBs is calculated by taking an average of closing prices of the gold for the latest three working days preceding the subscription period.
Digital gold
The method of buying digital gold online involves include buying:
Related: Alternative ways to invest in gold.
Loans against gold jewelry: lending institutions, including banks and NBFCs, provide loans against gold jewelry to owners. It is a secured loan, which fetches owners loans up to 75% LTV ratio depending on the purity, weight, and its current value in the market. Such loans have a short-term repayment tenure ranging from 3 to 36 months. It charges an interest rate, and other charges, on the principal amount when the EMI begins.
Retailers: Gold owners can visit the place of purchase, or take the jewels at accredited gold stores of retailers or stores of jewelry companies, and either sell it to get a loan against a desired amount by presenting the bill of purchase, which has information on gold’s weight, place and date of purchase.
Today’s price of gold in the state of Kerala is INR 4,574 for one gram of pure 24K gold and INR 4,193 for one gram of pure 22K 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 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
Lending institutions, including banks as well as NBFCs, provide gold loans and charge interest when the EMI begins for tenure running from 3 to 36 months.
Interest rates on gold loans offered by banks and NBFCs are mostly floating rate of interest, which are directly proportional to the change in RBI’s repo rate. Banks use marginal cost of funds based lending rate (MCLR), then add a mark-up or a spread to calculate the rate of interest on gold loans.
Repayment on a bullet loan against gold has a shorter repayment tenure, starting three to 12 months.
Sovereign Gold Bonds, or SGBs, are issued by authorized banks on behalf of the Reserve Bank of India (RBI). Gold bonds are securities whose value of one unit of gold bond equals one gram of 24 carat purity gold. SGBs can be bought via futures contract brokers to buy a predetermined unit of SGBs at a specified time in the future. Up to 4 kgs worth of gold can be bought via SGBs.
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.