Gold rate in Bhavnagar
gold rate in bhavnagar

24K Gold/ 10gm
57,480.00
0.00(0.00%)
22K Gold/ 10gm
54,740.00
0.00(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Bhavnagar is a prominent city in Gujarat located near the coast of the Gulf of Khambhat. It is home to numerous small and large gem and gold traders and has the world’s largest shipbreaking yard. The city also has good connectivity by rail, road and air to all major cities.

 

Gujarat has launched the country’s first international bullion exchange, i.e. India International Bullion Exchange (IIBX). Setting up of IIBX will increase transparency and could lead to standardised gold pricing in India. This will allow small bullion dealers and jewellers to trade in gold conveniently. With such developments, gold investment is, as always, the most sought-after wealth-creation asset in India.

22K & 24K Gold Rates Per Gram in Bhavnagar

24K
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GramYesterdayToday
1gm
5,748.00
0.00 (0.00%)
5,748.00
0.00 (0.00%)
8gm
45,984.00
0.00 (0.00%)
45,984.00
0.00 (0.00%)
10gm
57,480.00
0.00 (0.00%)
57,480.00
0.00 (0.00%)
100gm
5,74,800.00
0.00 (0.00%)
5,74,800.00
0.00 (0.00%)

How does GST Impact Gold Prices in Bhavnagar?

The Goods and Services Tax (GST) was introduced in 2017. GST has streamlined taxes levied on gold buying and selling. So, GST has a significant role in determining your gold price in Bhavnagar.

You will be charged 3% GST on buying both physical and digital gold.

If you repurpose or design your gold into coins or jewellery, 5% GST will also be applied on the making charges of converting gold into ornaments.

Historical gold rates in Bhavnagar in last 10 days

1 gram
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Day24K Gold22K Gold
04 Feb 2023
5,748.00
0.00 (0.00%)
5,474.00
0.00 (0.00%)
03 Feb 2023
5,748.00
0.00 (0.00%)
5,474.00
0.00 (0.00%)
02 Feb 2023
5,748.00
90.00 (1.60%)
5,474.00
85.00 (1.58%)
01 Feb 2023
5,658.00
26.00 (0.47%)
5,389.00
25.00 (0.47%)
31 Jan 2023
5,632.00
-16.00 (-0.28%)
5,364.00
-15.00 (-0.27%)
30 Jan 2023
5,648.00
0.00 (0.00%)
5,379.00
0.00 (0.00%)
29 Jan 2023
5,648.00
0.00 (0.00%)
5,379.00
0.00 (0.00%)
28 Jan 2023
5,648.00
16.00 (0.29%)
5,379.00
15.00 (0.28%)
27 Jan 2023
5,632.00
-63.00 (-1.10%)
5,364.00
-60.00 (-1.10%)
26 Jan 2023
5,695.00
42.00 (0.75%)
5,424.00
40.00 (0.75%)

Alternative Investment Avenues to Physical Gold

 

Most people prefer buying gold in coins, bars or jewellery. This is the traditional and most common form of gold investment in Bhavnagar. 

  1. Gold Exchange-Traded Funds (ETFs) - Gold ETFs are mutual funds traded on stock exchanges such as National Stock Exchange (NSE). This investment strategy is excellent for broadening your financial portfolio as a passive investment instrument.
  2. Digital Gold - It is a relatively newer concept in India. However, it is effective since it allows you to invest digitally in pure gold.   You don't even require a Demat account for the purchase, making it a simple and easy form of gold investment.
  3. Sovereign Gold Bonds (SGBs) -  SGBs are better investment options than physical gold owing to various benefits. No import duties are levied on SGB purchases, and you receive an assured interest of 2.5% per annum.

Weekly & monthly gold rate in Bhavnagar
1 gram
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7 Days
30 Days
3 Months
6 Months
24K GOLD
22K GOLD

Factors Influencing Gold Rates in Bhavnagar 

 

Gold is liable to market fluctuations. Let us understand why these fluctuations occur.

  • Economic inflation: Supply and demand play an important role in determining price fluctuations since it causes inflationary pressure on the economy. If supply is less, gold prices may take a dip. Even if the supply is plentiful, but the demand is lesser than expected, gold prices tend to decrease. On the other hand, when the demand is high, especially during the festive and wedding seasons, gold prices surge.
  • Import duties: India produces less than 1% of the total gold in the world. Thus, to meet the ever-increasing demands of its citizens, India imports gold from other nations. The cost of importing gold gets added to the price of gold, which the consumers have to bear.
  • Value of Indian Currency: The Indian rupee has a history of being volatile against the American dollar. If the economy is not doing well, the rupee may take a downward hit, and the price of gold may go up.

Trend of Gold rates in Bhavnagar

1 gram
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Day24K Gold22K Gold
01 February 202356585389
05 February 202300
Highest57485474
Lowest56585389

Benefits of Using Alternative Gold Investments

 

  • Purity: Purity is guaranteed since all these alternative gold investments are made digitally. Digital gold is traded in 24-karat form, ensuring the purity of the highest level is maintained. 
  • Safe And Convenient: Digital storage of gold in a Demat account or digital wallet is hassle-free and relatively cheaper than storing gold physically.
  •  Physical gold requires vaults to ensure its safety, while digital gold is insured under the surveillance of the seller.
  •  Moreover, you can easily liquidate digitally acquired gold by selling it on stock exchanges or other platforms.
  • Transparency: Sovereign Gold Bonds and Gold ETFs offer low-risk and utmost transparency since they are traded on government stock exchanges. 

FAQs of Gold price in Bhavnagar

What is Digital Gold Organisations?

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What are the import duties levied on gold purchases?

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