Last updated on: 8th Mar 2023 06:30 AM
Kollam is an ancient seaport and one of the finest cities on the Malabar Coast of Kerala. It is renowned for cashew processing and coir manufacturing. Formerly known as Quilon, this city is also a popular tourist destination. Just like other cities in Kerala, the people of Kollam are also fond of gold. It is a tradition in Kerala for the bride to be covered in gold during her wedding. Thus, there is a decent demand for this metal in the city.
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Kollam. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.
Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹542.30 -1.10 (-0.20%) | ₹542.30 0.00 (0.00%) |
8 grams | ₹4,338.40 -8.80 (-0.20%) | ₹4,338.40 0.00 (0.00%) |
10 grams | ₹5,423.00 -11.00 (-0.20%) | ₹5,423.00 0.00 (0.00%) |
100 grams | ₹54,230.00 -110.00 (-0.20%) | ₹54,230.00 0.00 (0.00%) |
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 |
---|---|---|
09 Mar 2023 | ₹5,423.00 0.00 (0.00%) | ₹4,971.26 0.00 (0.00%) |
08 Mar 2023 | ₹5,423.00 -11.00 (-0.20%) | ₹4,971.26 -10.08 (-0.17%) |
07 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
06 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
05 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
04 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
03 Mar 2023 | ₹5,434.00 16.00 (0.29%) | ₹4,981.35 14.67 (0.25%) |
02 Mar 2023 | ₹5,418.00 16.00 (0.30%) | ₹4,966.68 14.67 (0.25%) |
01 Mar 2023 | ₹5,402.00 10.00 (0.19%) | ₹4,952.01 9.17 (0.16%) |
28 Feb 2023 | ₹5,392.00 -16.00 (-0.30%) | ₹4,942.85 -14.67 (-0.25%) |
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.
Karat is the unit used to measure the purity of gold. 24-karat is the purest form of gold. This means that gold isn't mixed with any other metal or alloy.
Below is a list of the different purity levels of gold -
Note: The purity level of gold is not a sign of its strength or durability; it just reflects the ratio of pure gold mixed with other metals (like silver, zinc, copper, etc.). The higher the purity level of the gold item, the more the price.
Physical gold has been considered a reliable investment for several years. Let us look at whether it is better than other asset classes.
The gold rates in Kollam may not remain the same on all days. They may also not match the rates in other cities of the country. There are several reasons for the difference.
Whether you purchase gold bars, coins or jewellery, you must pay a 3% GST charge in Kollam, as is the case in the rest of the country. Under the GST regime, you also need to pay a 5% tax on the making charges of converting raw gold into jewellery.
Even when you sell gold, you need to pay GST. However, this clause is not applicable if you purchase gold jewellery against the gold you have sold.
What should I purchase - gold bars or gold coins?
Investing in gold bars is a good idea as you can accurately derive the live spot price for the same. On the other hand, gold coins demand a premium over the spot price. As a result, they are expensive.
What does one tola mean?
Should I invest in 22K or 24K gold?
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.