Gold Rate Today in Sri Ganganagar

Named after the Maharaja of Bikaner, Maharaja Shri Ganga Singh Bahadur, Ganganagar is today known as the food basket of Rajasthan due to its importance as a food production hub. From wheat to Bajra, the city produces and supplies a range of food crops annually.

Ganganagar is, therefore, home to a vibrant merchant community that loves investing in gold. Most investors buy gold to secure their capital. On the other hand, few people wear gold to enhance their appearance during various festivities.

Gold jewellery and ornaments in Ganganagar are nicely engraved along with stones and other gems, giving them an ethnic Rajasthani look.

Like the rest of India, gold trade and investments are booming in Ganganagar. A mix of local and international factors combine to determine gold rates in India and, consequently, in Ganganagar. These rates are rarely stable and fluctuate frequently.

So, let us now look at the current gold rates in Ganganagar, various ways to invest in gold, and more. So, continue reading!

How is The Purity of Gold Evaluated in Ganganagar?

There is an easy way to determine the purity of any gold before purchasing any gold jewellery or gold coins. A government agency known as the Bureau of Indian Standards (BIS) goes through a process of marking every gold piece with some information in order to certify the purity of gold that you buy from legitimate shops or online platforms.

The Hallmark, which is this information, attests to the purity of the gold. According to BIS, the hallmarking procedure is carried out to safeguard the public from contamination and to compel gold manufacturers to uphold legal standards of fineness and purity. 

To verify the purity of gold, BIS states that there are four things to look for on jewellery made of hallmarked gold:

1. The standard BIS Mark/Logo
2. Fineness and Karat purity
3. The emblem or identification number for The Assaying and Hallmarking Centre
4. The jeweller's personal logo, mark, or number

Impact of GST on Gold Rates in Ganganagar

The implementation of GST has affected several sectors of the economy. The gold market is not an exception either.

The introduction of GST in 2017 has increased gold prices in Ganganagar and the rest of India.

This increase is due to the 3% GST on the 12.5% import duty. In the pre-GST era, consumers paid 1% VAT and 1% service tax. These taxes were replaced by the 3% GST. Further, they now have to pay the jeweller 5% GST on the making charges.

Different Ways to Invest in Gold in Ganganagar

Gone are the days when buying physical gold (gold ornaments or bullion) was the only way to invest in gold. With time, various other modes of investment have emerged. Let us look at how people in Ganganagar prefer to invest in the precious yellow metal:

Physical Gold

This denotes buying gold in its physical form. Below is a list of different physical gold items:

• Jewellery
  Buying gold jewels has been an age-old tradition in Ganganagar. However, it also has several disadvantages. From attracting theft to high costs - owning physical gold comes with many concerns.
• Coins
  You can buy gold coins from jewellers, banks, Non-banking Financial Companies (NBFCs) or e-commerce websites. Gold coins come with tamper-proof packaging and advanced counterfeit features. Moreover, these are made of 24-Karat pure gold.
• Gold Savings Schemes
  Under this scheme, you can deposit a fixed amount every month with a jeweller for a pre-determined tenure. Once the deposit term ends, you can redeem the value of deposits in physical gold form.

Digital Gold

• Gold Exchange Traded Funds (ETFs)
  Gold ETFs are units representing physical gold and are traded on the stock exchange. It tracks the price of gold in its physical form. One gold ETF unit is equivalent to one gram of gold.
• Gold Mutual Funds
  These types of mutual funds invest in gold ETFs or stocks of companies involved in the marketing, mining or production of gold products. The underlying asset for this type of fund is physical gold.
• Sovereign Gold Bond
   The government of India issues these bonds. Governments issue these securities, which have a gold-based value per gramme. In place of having physical gold, they serve as an alternative. The issue price for investors must be paid in cash, and bonds must be redeemed in cash when they mature.
• Gold Jewellery, Coins and Bars

In India, it has been customary for generations to purchase actual gold to celebrate auspicious occasions. During weddings and festivals, a lot of people buy gold coins, bars, bullion, and jewellery.

Investing in digital gold is now a popular option as it enables investors to buy gold online. The storage of gold is also taken care of as the seller stores the gold in a vault on your behalf.