Last updated on: 29th Jan 2023 9:00 AM
Gandhinagar is the capital city of the Indian state of Gujarat. Like any other city in India, Gandhinagar has a vibrant gold market, where the price of gold is influenced by a variety of factors such as supply and demand, economic conditions, and geopolitical events.
In India, gold is seen as a symbol of wealth and prosperity, and it is often bought for both investment and cultural/religious reasons. The demand for gold in Gandhinagar and in Gujarat state is, therefore, typically high, and it can have an impact on the gold rate in the city.
The purity of the gold and the weight of the gold determines the gold rate in Gandhinagar. The gold is sold in units of "tola" and "gram". The prices are determined by the local jewellers association or bullion association, and the rates can vary depending on the purity of the gold.
The gold rate in Gandhinagar is influenced by a variety of factors, such as:
International gold prices: International gold prices significantly impact the gold rate in Gandhinagar as the gold rate in India is usually determined by the international gold price.
Rupee Exchange rate: The gold rate in India is affected by the value of the Indian rupee. If INR is strong, it will decrease the gold rate and vice versa.
Demand and supply: The gold rate in Gandhinagar is also affected by the demand and supply of gold in the local market.
Taxation policies: The rate of gold may also be affected by the state and central government's taxation policies on gold.
Import duties: The gold rate in Gandhinagar is also affected by the import duty on gold imposed by the government.
It is worth noting that the rate may vary from one jeweller to another, so it is always better to check the rate with multiple jewellers before making a purchase.
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|30 Jan 2023|
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The gold rate is the price at which gold is bought and sold. The price of gold is typically measured in units of weight such as ounces, grams, or troy ounces. The price of gold can fluctuate based on various factors, including supply and demand, economic conditions, and geopolitical events.
To calculate the gold rate, you can use the following formula:
Gold Rate = (Gold weight x Current Gold Price per gram) + Making charges + GST
Gold weight: The weight of the gold being purchased, typically measured in grams.
Current Gold Price per gram: The current price of gold per gram, can be found on financial news websites or by contacting local jewellers.
Making charges: These are the charges that jewellers add for the craftsmanship and labour involved in making a particular piece of jewellery. It typically ranges from 5% to 15% of the price of gold.
GST: The GST rate on gold is 3% for gold jewellery and 0.5% for gold bullion.
For Example: If you want to buy a gold chain of weight 20g, the current gold rate is 45,000 per 10g, the making charge is 10%, and GST is 3%. Total Cost = (2045000/10)+ (2045000/1010/100) + (2045000/10*3/100)
It's important to note that the gold rate can fluctuate daily, so it's a good idea to check the current gold price per gram before making a purchase. The cost can also vary based on the gold's quality, purity, and weight, so it's important to ask for these details before buying.
The best time to buy gold can depend on various factors, and it's ultimately up to the individual's financial goals and risk tolerance. That being said, a few general considerations can help guide your decision.
Market conditions: Gold prices can fluctuate based on supply and demand, economic conditions, and geopolitical events. When the economy is doing well, the demand for gold may decrease, causing the price to drop. Conversely, when the economy is in a downturn or political uncertainty, the demand for gold may increase, causing the price to rise.
Long-term investment: Gold has been considered a stable store of value for centuries and a popular way to hedge against inflation and currency devaluation. While gold prices can fluctuate in the short term, over the long term, it tends to maintain their value or even appreciate.
Diversifying your portfolio: Gold can hedge against other investments, such as stocks and bonds. Diversifying your portfolio can help balance the risk and returns on your investments.
Importance of Festivals and cultural events: In India, Gold buying is considered an auspicious occasion and also a part of cultural events such as weddings and festivals like Diwali, Akshaya Tritiya, etc., which usually happens in the latter part of the year. Jewellers typically offer discounts and offers during these events, making it an attractive time to buy gold.
|Day||24K Gold||22K Gold|
|01 January 2023||5433||5174|
|30 January 2023||5648||5379|
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.
What is the current gold rate in Gandhinagar?
How often do gold prices change in Gandhinagar?
Can I check the gold rate in Gandhinagar online?
What are the units used to measure gold in Gandhinagar?
How can I get the best deal on gold in Gandhinagar?
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