Gold Rate Today in Moga

Moga, a city in the northern state of Punjab, India, is known for its rich cultural heritage and bustling local economy. As a growing city, it also offers a range of investment opportunities, including gold. For those looking to invest in this precious metal, Moga offers a variety of options, including purchasing physical gold in the form of coins, bars, or jewelry, or investing in gold-based financial products like exchange-traded funds (ETFs) or mining stocks.

In this blog, we'll take a closer look at the gold investment options available in Moga, exploring the pros and cons of each to help you make an informed decision about the best investment strategy for your financial goals.

GST Impact on Gold Prices in Moga

The Goods and Services Tax (GST) came into effect in 2017. As per the rule, a GST of 3% will be applicable on all types of gold purchases. Furthermore, 5% GST is applicable on the making cost related to shaping the gold into the jewellery designs. There are different factors that affect the import taxes for gold in India. These include:

• Customs Duty: 12.5%
• Social Welfare Surcharge of 10% on customs duty
• Agriculture Infrastructure and Development Cess (AIDC): 2.5%
• Once all these taxes are added to the bill, gold prices can significantly rise up.

Factors Affecting Gold Price in Moga

If you're planning to invest in gold in Moga, you will need to consider the different factors that affect its price. These include:

US Dollar Strength

The strength of the US dollar is inversely proportional to the price of gold in Moga. Hence, if the US dollar is strong, the price of gold will fall. The price will also significantly fall when the demand for gold falls in the market. 

Economic Stability

When the market is economically unstable, the price of gold rises, which is why gold is considered a stable asset for investments. Hence, during economically unstable times, most investors prefer investing in gold rather than other assets. Furthermore, gold also provides higher liquidity and holds more value during unstable situations. 

Inflation

During inflation, gold prices tend to remain higher. Most investors buy gold as a hedge against inflation. Therefore, the trend will increase the gold price. 

Demand and Supply

Currently, Moga contributes around 0.75% to global gold production. Moga has a limited production of gold in the country. Therefore, the supply for the same is less as well. To meet the demand for gold in Moga, metal is imported. Due to crunches in the global supply of gold, the prices also increase. 

International Price

Most of the gold in Moga is imported. The price of gold in Mumbai and Chennai tends to have a lesser fee. This is mostly because these cities are located on the port. On the other hand, places that tend to be far from the port usually have higher prices. This is mostly because when the gold is imported from the ports to the cities, the transportation cost is added and eventually, the price increases.

22 karats vs 24 karats gold - Which to buy?

Generally, people confuse themselves about which form of gold to buy. Moga's two major forms of gold are 22 karats and 24 karats. While making a sound purchase, you must carefully look at the following factors:

• Purity: 22 karat gold is 91% pure gold, with the remaining 9% as other metals such as copper, silver, zinc, etc. While 24 karat gold is 99.9% pure gold.
• Durability: It is known that 22-karat gold is more durable compared to 24-karat gold. It is because 24-karat gold is very soft to resist wear and tear. The presence of other metals in 22-karat gold helps to make the jewellery more durable.
• Price: 24-karat gold is more costly than 22-karat gold owing to the higher content of gold in the former.

Tips to Buy Gold in Moga

If you're planning to buy gold in Moga, make sure that you're familiar with everything. Purchasing gold isn't any big science, but there are various investment options available in the market that might confuse it. Compared to other metals, gold is an expensive investment. Hence, below are some tips that will help you buy gold carefully:

Know the gold rates

The basic tip to buy gold in Moga is to be familiar with its rates. It is advisable to be familiar with the market trends. The fluctuating price will help you understand whether you should buy or sell. 

Check the Certification

Certification is one of the most important factors to consider while buying gold. Check if the gold carries the Assaying and Hallmarking Centres have the purity certification. The BIS (Bureau of Indian Standards) determines the purity. If the gold isn't certified, it is advised not to buy it. 

Know what type to buy

There are different options to buy gold, such as stocks, jewellery, bars and coins. Each of these has its pros and cons to serve. If you plan to sell your gold after some time, it is advisable to invest in gold jewellery rather than others. This is mostly because gold is considered one of the most efficient investment forms. 

Buy it online

You can buy gold online from various sources. However, if you are buying it online, it is advisable to buy it only from a trusted seller. This is mostly because when you buy online, there are chances of being cheated.