Last updated on: 8th Mar 2023 06:30 AM
Bhuj is renowned as Gujurat's Desert City. It is a one-of-a-kind city with several temples, narrow streets, and traditional handicrafts. The city is home to several historical landmarks, including relics of the Indus Valley Civilization (Harappan) and locations related to the Mahabharata and Alexander the Great's march. The city welcomes a lot of tourists coming to see its culture. Tourists, residents and people coming from nearby places for weekend outings surge the demand for gold in Bhuj.
Gold is considered to be a hedge against market inflation and volatility. gold is a safe investment whether you buy it in paper form or physically.
Physical gold: It is the most sought-after gold. Physical gold consists of jewellery, artefacts, and home goods. You can buy physical gold from a jeweller on the offline market and online from their website or apps. Physical gold comes with hallmarking charges, making charges, GST etc.
Paper gold: Paper gold consists of gold ETF, gold Option & Future and gold stocks. These can be purchased with your demat or trading account. Nowadays, various mutual funds track gold prices. If you want to diversify your investment portfolio, you can consider paper gold.
You can invest in gold ETFs through mutual fund platforms. All you need is your AADHAR, PAN and bank account to get started. Different platforms charge different fees. You should go over all the offerings and sign the paperwork. As per SEBI regulations, a fund manager must invest at least 95% of the fund value in gold and gold-related instruments.
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹554.30 -1.00 (-0.18%) | ₹554.30 0.00 (0.00%) |
8 grams | ₹4,434.40 -8.00 (-0.18%) | ₹4,434.40 0.00 (0.00%) |
10 grams | ₹5,543.00 -10.00 (-0.18%) | ₹5,543.00 0.00 (0.00%) |
100 grams | ₹55,430.00 -100.00 (-0.18%) | ₹55,430.00 0.00 (0.00%) |
As per the Government of India, there is a tax to be paid on every purchase of gold-made products. Paper gold, such as ETFs, options and futures, is exempt from taxation. Effective from 1/7/2017, the Government has revised the tax rate upon implementing GST. However, the customs duty charge of 10% has remained unchanged. Look at the table below to understand the differences:
Gold-Made Products
Before 1/7/2017: 1% VAT + 1% Excise Duty
From 1/7/2017: 3% GST
Gold ETFs, Futures & Options
Before 1/7/2017: No tax
From 1/7/2017: No tax
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹5,543.00 0.00 (0.00%) | ₹5,081.27 0.00 (0.00%) |
08 Mar 2023 | ₹5,543.00 -10.00 (-0.18%) | ₹5,081.27 -9.17 (-0.15%) |
07 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
06 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
05 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
04 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
03 Mar 2023 | ₹5,553.00 15.00 (0.27%) | ₹5,090.44 13.75 (0.23%) |
02 Mar 2023 | ₹5,538.00 16.00 (0.29%) | ₹5,076.68 14.67 (0.24%) |
01 Mar 2023 | ₹5,522.00 11.00 (0.20%) | ₹5,062.02 10.08 (0.17%) |
28 Feb 2023 | ₹5,511.00 -16.00 (-0.29%) | ₹5,051.93 -14.67 (-0.24%) |
There are two kinds of gold present on the market, i.e. hallmarked gold and KDM gold. It is easy to check the purity of gold in hallmarked gold. The hallmark is a symbol that is stamped on gold to indicate that it meets certain standards regarding quality and purity. The Bureau of Indian Standards (BIS) is the national standards body of India and it certifies gold jewellery in India. Look for 3 signs:
There are several factors that can affect the price of gold in India. Some of the main factors are:
International Prices: The price of gold in India is closely linked to the international price of gold. The international price of gold is affected by various factors such as global economic conditions, interest rates, and geopolitical events. These factors can affect the price of gold in India.
Inflation: Inflation can also affect the price of gold in India. High inflation can make gold more attractive to investors as a hedge against inflation.
Rupee-Dollar Exchange Rate: As gold is traded in dollars, fluctuations in the INR-USD exchange rate will affect the price of gold in India. A stronger rupee will make gold cheaper, while a weaker rupee will make gold more expensive.
How to calculate the cost of gold jewellery?
Formula: gold per gram x gold weight x purity of gold. Over this price, the jeweller adds making charges, hallmarking charges and 3% GST.
What is hallmarking?
Why should I buy a gold ETF?
Will gold appreciate in the next ten years?
Where to buy gold-made products in Bhuj?
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.