Last updated on: 3th Feb 2023 10:00 AM
Nestled in the scenic Doon valley, Dehradun is the capital of Uttarakhand. It is also a popular education hub. It serves as a gateway to popular hill stations like Nainital and Mussourie. The business heartland of Uttarakhand, Dehradun, attracts people from all corners of the state.
As in most cities of India, the people of Dehradun buy gold to celebrate festive occasions. They also see it as a holistic approach to wealth creation. Various factors impact gold rates in the city. So, before you make a purchase decision, here's everything you need to know about gold rates in the city.
Gram | Yesterday | Today |
---|---|---|
1gm | ₹5,744.00 0.00 (0.00%) | ₹5,744.00 0.00 (0.00%) |
8gm | ₹45,952.00 0.00 (0.00%) | ₹45,952.00 0.00 (0.00%) |
10gm | ₹57,440.00 0.00 (0.00%) | ₹57,440.00 0.00 (0.00%) |
100gm | ₹5,74,400.00 0.00 (0.00%) | ₹5,74,400.00 0.00 (0.00%) |
The demand and supply of gold can influence its price in Dehradun. Like most products, a high demand but low supply increases the rates and vice versa. For instance, during festivals, the demand for gold is especially high. This leads to a surge in the price of gold in Dehradun.
Gold and the US Dollar (USD) are inversely related. Since gold and bullion trade is carried out in USD, the dollar's value impacts gold rates. When the value of the US dollar falls, gold prices rise, and when the dollar strengthens, the gold rates drop.
Government regulations on taxes and duties impact gold rates. For instance, the implementation of GST (3%) has increased tax rates for gold. In addition, the tax charged by the local government also influences gold rates in Dehradun.
The change in gold price is usually directly proportional to inflation; that is, higher levels of inflation cause gold prices to rise due to falling currency values. Since gold's value remains stable over time, people usually prefer to keep their wealth in gold during inflation, which increases its demand. As a result, gold is also considered a hedging tool against inflation.
The RBI holds gold reserves, and the gold price increases when it holds more gold than it sells. This results from the market experiencing an increase in cash flow and a shortage of gold.
Day | 24K Gold | 22K Gold |
---|---|---|
04 Feb 2023 | ₹5,744.00 0.00 (0.00%) | ₹5,470.00 0.00 (0.00%) |
03 Feb 2023 | ₹5,744.00 0.00 (0.00%) | ₹5,470.00 0.00 (0.00%) |
02 Feb 2023 | ₹5,744.00 90.00 (1.60%) | ₹5,470.00 85.00 (1.58%) |
01 Feb 2023 | ₹5,654.00 26.00 (0.47%) | ₹5,385.00 25.00 (0.47%) |
31 Jan 2023 | ₹5,628.00 -16.00 (-0.28%) | ₹5,360.00 -15.00 (-0.27%) |
30 Jan 2023 | ₹5,644.00 0.00 (0.00%) | ₹5,375.00 0.00 (0.00%) |
29 Jan 2023 | ₹5,644.00 0.00 (0.00%) | ₹5,375.00 0.00 (0.00%) |
28 Jan 2023 | ₹5,644.00 16.00 (0.29%) | ₹5,375.00 15.00 (0.28%) |
27 Jan 2023 | ₹5,628.00 -63.00 (-1.10%) | ₹5,360.00 -60.00 (-1.10%) |
26 Jan 2023 | ₹5,691.00 42.00 (0.75%) | ₹5,420.00 40.00 (0.75%) |
Traditionally, gold was purchased in the form of jewellery, bars, and coins. In recent times, newer avenues have also emerged. So, here's a look at various ways to invest in gold in Dehradun:
Buying gold jewellery during religious festivals and weddings is the most common way to invest in gold in India. However, there are some flipsides to purchasing jewellery. For instance, hefty making charges may weigh heavily on your wallet. In addition, due to constant changes in fashion trends, the design of a jewellery piece might get outdated in a few years.
Hence, jewellery is an excellent investment option when bought for immediate use. But there are several other forms of gold investments that are worth considering.
You can purchase gold bars or coins from jewellers, banks, Non-banking Financial Companies (NBFCs) and e-commerce platforms. These coins come in various finishing, designs and sizes. Moreover, the making charges are significantly lower than for gold jewellery.
Gold ETFs are mutual funds that invest in gold bullion. Each unit here represents physical gold in dematerialised form. One ETF unit is equal to one gram of gold. Moreover, these passive investments are traded on stock exchanges. Hence, to invest, you must have a Demat account. An ETF presents the dual advantage of gold investments and exposure to stock markets.
Here are two reasons why ETFs are getting popular:
Since you can purchase and sell ETFs in cash, there is complete transparency.
ETFs are held in electronic form in Demat accounts and thus do not demand added storage.
A gold mutual fund is another popular way to invest in gold in Dehradun. These funds invest in companies that deal in gold in some form. Managed by professional fund managers, the underlying asset of a gold mutual fund is physical gold. Hence, fluctuations in gold prices in the market impact the Net Asset Value or NAV of the funds.
Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.
On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.
Day | 24K Gold | 22K Gold |
---|---|---|
01 February 2023 | 5654 | 5385 |
07 February 2023 | 0 | 0 |
Highest | 5744 | 5470 |
Lowest | 5654 | 5385 |
Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.
The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.
Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.
Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.
The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.
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