Last updated on: 8th Mar 2023 06:30 AM
Porbandar has a thriving tourism industry and is an important industrial and port hub. Several industries drive the economy, including cement, chemicals, metallurgical, port & shipbuilding, and fishing. Some of the population is involved in agriculture as well. When it comes to gold, In Porbandar and throughout India, it is primarily used for making jewellery and as an investment.
According to India Bullion and Jewellers Association, about 400 kg of gold was sold in Gujarat during the last Dhanteras (Oct-2022). The traditional value of gold and its historical significance contribute to its prominence in weddings and auspicious occasions throughout India, including Porbandar.
Gold rates in Porbandar and other parts of India may fluctuate periodically in response to international trends, inflation, and currency rates. Read on to discover Porbandar's gold rates and other crucial aspects of this investment.
Here is a comparative analysis of gold and mutual funds as popular investment options:
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%) |
Here is a comparative analysis of 22K and 24K gold for your perusal:
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%) |
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.
Physical gold is not the only way to invest in gold. When it comes to investing in gold, coins and bars aren't the only option. Physical gold purchases incur costs, including making charges and storage fees, which are avoidable through investing in alternatives.
The following are some alternative ways to invest in gold.
You will need a Demat account to start investing in gold ETFs. Similarly to mutual fund units, gold units are dematerialized. One unit of a gold ETF is typically equivalent to one gram of gold, backed by 99.5% pure gold. Gold ETFs are open-ended funds, which means they do not have a lock-in period.
An SGB is a government security issued by the Reserve Bank of India (RBI). It is offered in multiples of grams with a minimum investment of one gram.
With SGBs, your gold quantity remains protected, given that you will receive the current market price when you redeem them. The SGB offers an annual interest rate of 2.5%, credited twice a year.
Why does the Gold price in Porbandar keep changing?
Almost all of India's gold needs are fulfilled by imports. Therefore, when gold prices rise internationally, they also increase in India. Moreover, gold's price depends on a variety of factors, including inflation, currency exchange rates, and interest rates.
How many grams of gold is one 'tola?'
What are the taxes charges on gold purchases in Porbandar?
What is the most important thing to check when buying gold?
How does each hallmark represent the gold's purity?
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.