Home  »  Gold Rates

Gold Price in India (23rd January 2017)

Gold has over the years been a perfect hedge against inflation. Investors are increasingly looking at gold as an important investment. Goodreturns (OneIndia Money) is providing gold price in India herewith for our readers informational purposes only. These gold rates are updated today and are sourced from reputed jewellers in the country.

Today 22 Carat Gold Price Per Gram in India (INR)

Gram 22 Carat Gold
Today
22 Carat Gold
Yesterday
Daily Price Change
1 gram ₹ 2,815.80 ₹ 2,815.90 ₹ -0.10
8 gram ₹ 22,526.40 ₹ 22,527.20 ₹ -0.80
10 gram ₹ 28,158 ₹ 28,159 ₹ -1
100 gram ₹ 2,81,580 ₹ 2,81,590 ₹ -10

Today 24 Carat Gold Rate Per Gram in India (INR)

Gram 24 Carat Gold
Today
24 Carat Gold
Yesterday
Daily Price Change
1 gram ₹ 3,001.30 ₹ 3,001.30 ₹ 0
8 gram ₹ 24,010.40 ₹ 24,010.40 ₹ 0
10 gram ₹ 30,013 ₹ 30,013 ₹ 0
100 gram ₹ 3,00,130 ₹ 3,00,130 ₹ 0

Indian Major Cities Gold Rates Today

City 22 Carat Gold
Today
24 Carat Gold
Today
Chennai ₹ 28188.00 ₹ 30042.00
Mumbai ₹ 28158.00 ₹ 30013.00
Delhi ₹ 28178.00 ₹ 30033.00
Kolkata ₹ 28229.00 ₹ 30084.00
Bangalore ₹ 28238.00 ₹ 30093.00
Hyderabad ₹ 28239.00 ₹ 30094.00
Kerala ₹ 28189.00 ₹ 30044.00
Pune ₹ 28188.00 ₹ 30043.00
Vadodara ₹ 28288.00 ₹ 30143.00
Ahmedabad ₹ 28188.00 ₹ 30043.00
Jaipur ₹ 28188.00 ₹ 30041.00
Lucknow ₹ 28179.00 ₹ 30034.00
Coimbatore ₹ 28189.00 ₹ 30044.00
Madurai ₹ 28189.00 ₹ 30042.00
Vijayawada ₹ 28188.00 ₹ 30045.00
Patna ₹ 28228.00 ₹ 30082.00
Nagpur ₹ 28158.00 ₹ 30013.00
Chandigarh ₹ 28288.00 ₹ 30143.00
Surat ₹ 28159.00 ₹ 30014.00
Bhubaneswar ₹ 28228.00 ₹ 30084.00
Mangalore ₹ 28188.00 ₹ 30041.00
Visakhapatnam ₹ 28188.00 ₹ 30045.00
Nashik ₹ 28158.00 ₹ 30013.00
Mysore ₹ 28188.00 ₹ 30042.00

Gold Rate in India for Last 10 Days (10 g)

Date 22 Carat 24 Carat
Jan 22, 2017 ₹ 28,158 ₹ 30,013
Jan 21, 2017 ₹ 28,159 ₹ 30,013
Jan 20, 2017 ₹ 28,158 ₹ 30,013
Jan 19, 2017 ₹ 28,318 ₹ 30,168
Jan 18, 2017 ₹ 28,177 ₹ 30,034
Jan 17, 2017 ₹ 28,176 ₹ 30,033
Jan 16, 2017 ₹ 27,790 ₹ 29,812
Jan 14, 2017 ₹ 27,917 ₹ 29,774
Jan 13, 2017 ₹ 27,946 ₹ 29,803
Jan 12, 2017 ₹ 27,818 ₹ 29,672

Weekly & Monthly Graph of Gold Price in India

Historical Price of Gold Rate

  • Gold Price Movement in December 2016
  • Gold Rates 22 Carat 24 Carat
    1 st December rate Rs.28,366 Rs.30,335
    31st December rate Rs.27,005 Rs.28,888
    Highest rate in December Rs.28,366 on December 1 Rs.30,335 on December 1
    Lowest rate in December Rs.26,439 on December 24 Rs.28,334 on December 24
    Over all performance Falling Falling
    % Change -4.80% -4.77%
  • Gold Price Movement in November 2016
  • Gold Price Movement in October 2016
  • Gold Price Movement in September 2016
  • Gold Price Movement in August 2016
  • Gold Price Movement in July 2016

Gold - A special niche

Gold has created a special niche for itself. Most people consider it very simple to even sell, forget the buying of the precious metal. Let us give an example by comparing it with other asset classes. For example, it is very easy to buy and sell gold, as compared to real estate and even to some extent shares. Many individuals in the smaller towns and cities, may not even know what shares are. But, they do not what gold is and how to sell and buy the same. This is one advantage of buying and selling gold in India. It is east to understand and hence small time investors tend to get swayed by this. In fact, we believe that this is a big niche area for the precious metal.

Method for buying gold coins in India

You can buy gold coins in India in various grams. Interestingly, you get all kinds of weight for buying gold coins. these include 1 grams, 2 grams, 4 grams and upto 10 grams. There are various other ways to also buy the precious metal. You get gold in various designs like images of different godesses as well. Before buying gold you have to ensure the purity. Ideally, you can buy gold at some of the popular centres in India. If you buy gold by credit card there is also a tax that you would end-up paying on the precious metal. So, you need to be slightly careful. Also, if you are looking to buy the coins we suggest that you do so from the popular jeweler shops in the country. Another option is to look at bars, but, these are likely to be pretty expensive. If you are buying gold coins a good option would also be to look at some of the banks, which also tend to supply these coins. Some of them are Swiss gold coins and the packing is pretty much tamper proof. In short, you have the option of buying from several places.

Demand for Gold in India:

According to information from the World Gold Council demand for gold from India was subdued last year. Nonetheless, India managed to once again overtake China in terms of gold consumption. In fact, jewellery demand in India has shot up significantly in the last few years, pushing demand for gold higher.

Despite the fact that there have been good substitutes like e-gold and gold ETFs, as an alternative to buying physical gold, investors continue to buy the precious metal in its present form.

The government has been discouraging gold imports through duties in order to curb the current account deficit. Last year it imposed a series of duty hikes, which are still in place to discourage the import of gold.

In the last few years, gold price movement has been sluggish, and last year the precious metal broke a 12-year winning streak. But, it has given substantial returns ever since the Lehman crisis erupted in 2008, which saw gold price in India rally.

How gold rates in India change?

Gold rates in India, depend on a host of factors, including international gold prices, currency rate movements and also the local tariffs. But, the singlemost important reason for gold prices to go higher, is international prices. When international prices of gold move higher, gold rates in India see a change.

The gold price today, would always be different then what you see yesterday. Gold prices in India, however, do not change on a Sunday, as there is no trading that is done. If you are looking at todays India gold rate, do not forget to visit our portal and check the updated rates.

Now let us understand each of the factors separately. When inflation goes higher, gold prices tend to fall. This is because there are worries that interest rates would rise when inflation gains momentum in the economy.

Why we need to invest in Gold in India?

There are plenty of reasons to invest in gold in India. The first and the foremost is that it is a hedge against any fall in asset classes like real estate and equities. This means that it is one of the investments that provides you an excellent opportunity for diversification. There is no better instrument then gold, when it comes to diversification of assets. So, if you are an investor, who does not wish to put all his eggs in one basket, this has to be the investment that you need to consider. If you have not invested in gold, you are probably committing a mistake. It also provides some respite against bad times. The other advantage of gold is that it is very liquid, making it among the better asset classes, then something like real estate, which is much difficult to sell in times of neccessity. So, there are very few choices. Of coures, in India you tend to pay taxes, which thus reduces your overall returns from the precious metal.

Has gold investment in India delivered returns?

Gold as an investment has given decent returns in the last one decade. In fact, gold prices in India have almost grown three times in the last 8 years, which is a superb set of returns. In fact, according to statistics available gold has given higher returns even in the United States. For example, the returns from this asset class has been better than US Government treasuries for alost 2 decades now. 

Going ahead analysts do not expect that trend to break anytime soon. In fact, the precious metal has delivered higheer returns than even Eurobonds or Japanese debt. the metal is being preferred as a measure of diversification in case other asset classes remain risky. It is also very liquid, including Gold Exchange Traded Funds, which are the most riskiest. Therefore, it makes sense to stay invest in gold in India at the prices today for a long term.

Production of gold

India gold prices today, tend to fluctuate also based on the production of the precious metal. Once the largest producer of gold in the world was South Africa. In fact, there are reports that 60 to 70 per cent of the gold in circulation today has come from the mines of South Africa. However, the trend has very much changed now.

Today, the world's largest producer of gold is China. The country mines significant amounts of gold which has made it by far the largest producer. The trend of increase in production of the precious metal from China is likely to cotinue. If production of gold falls, it is highly likely that we may see a drop in the rates of gold in India today. Interestingly, demand has matched-uop with production, which is why the prices of the metal has not declined.

How is gold brought into India?

India as we all know does not mine gold. In fact, we never were the big players in mining the precious metal, unlike China, which is now the biggest miner of gold. So, how does India get all the gold. The government has appointed a certain number of banks that get this gold into India. So, in short they have been allowed to import gold. Now, after they import this gold, they are given to the distributors, who in turn supply the same to the large retailers or jewelers in the country. This is used by them as bars and coins to make the gold jewelery that we wear. However, there is an element of metal that is added as gold will break if used in the purest form. It is this mixture thay determines, how pure or impure gold is. This is why gold is sometimes brought into India from abroad.

Why checking gold prices today is important?

Checking gold prices today is extremely important for the simple reason that gold is no longer the commodity that it used to once be. In fact, gold prices today are nowhere, where they were about 10 years ago. So, even a small variation in prices can lead to a big loss. It is therefore important to check the prices of the precious metal before buying into the same. It is also important to compare prices with each jeweller. Remember, that gold prices in certain cities are determined by the gold jewelers association and the prices annnounced accordingly. However, it is unlikely that between the local goldsmith the prices would defer. However, the larger and the more reputed jewelers may tend to charge more for making charges.

So, you need to be a little weary on that count. If you believe that the making charges of gold and jewelery is significantly high, we suggest that you look at other goldsmith, where you would get a decent price. Hence, it is always a good idea to compare, rather then paying huge amounts.

How much is one tola gold?

Gold being weighed in tolas was one of the most popular ways to describe gold buying in India. Investors or consumers often spoke of 1 tolas gold rate is today Rs 25,000. However, these days tola has been replaced by grams, which has been largely accepted by most for buying and selling the precious metal. This brings us to the question: How much is one tola gold? The answer is simple: One tola gold is today 11.6 grams. So, if you are purchasing 1 kg of the precious metal, you would find approximately Rs 85.7 tolas gold. So, if you want to know what would be the cost of the precious metal for 1 tola, then you need to simply multiply the per gram cost of Rs 26,000 by 11.6 to arrive at the final cost. This of course changes everyday in line with the todays daily gold rates in India.

Hassles with melting your old gold jewellery

If you are considering melting your old gold ornaments and making news ones, just examine, if the same is necessary. Do it only if it is necessary or else you would be wasting a lot of money. If you are asking us why? then we have plenty of reasons to tell you why. First of all what do you do with the precious stones that were in the ornaments. Who will value them? Secondly, there is a lot of wastage charges that are involved. For example, you could lose as much as 5 to 10 of the value of your gold on making charges that you paid and also the wastage charges. This is by no means small losses and the amounts are really significant. So, it is advisable to make sure that you do not melt gold. If you are doing so, it makes sense to melt the same at a reputed shop.

How gold buying is sinking in India?

Physical demand for gold is sinking fast in India and there is little doubt about it. Demand trends from the World Gold Council show that the trend is unlikely to reverse. Over the years there has been on assault from gold on all fronts. The government of India to reduce gold consumption has increased duties and taxes. This is more to reduce the country's current account deficit. Demonetization some say has only increased the demand for gold. One cannot be sure of that. There are reports of huge investments taking place in Gold from Hyderabad, but, one cannot be sure of that. Then came the various ways to discourage physical gold consumption, including the sovereign gold schemes. We may soon have

Tracing gold prices in India in the last 5 decades

Gold imports into India accounts for almost 10 to 15 per cent of all imports into the country and is next only to imports of crude oil. Gold rates in Indie have over the years gained significantly in the past 5 decades. In 1966 for example, gold was traded at Rs 83. This moved up significantly higher to Rs 432 per 10 gram. This was a decade in which gold prices simply gave almost 5 times returns to investors. By 1986 gold prices have moved up even further to cross the Rs 2,000 mark and was at Rs 2,200. As there was an Asiam emerging market crises gold moved even further to Rs 5,600 by 1996 and by 2006 and it was at Rs 8,400. But, the steepest gains for gold came thereafter, at the heart of the Lehman Brothers crisis, where gold rallied from levels to almost Rs 32,000. The gold rates in India are now closer to the Rs 27,000 mark.

How gold prices move in India?

Gold prices in India today tend to move based on international prices. They in turn move on currency fluctuations and a host of other factors like decision on interest rates and inflation. However, physical demand also plays a big role in the movement of gold. If there is excess liquidity in the system gold could move higher, as Gold Exchange Traded Funds tend to mop-up gold.

Another important factor is how central banks make their purchases. Today, as we all know, the United States has the highest gold reserves in the country. When many central banks start buying gold it tends to affect gold prices across the globe including India. However, they rarely sell in tandem, to avoid disrupting prices of the precious metal. So, all these factors influence gold rates in India today.

Rural gold demand in India remains soft

Gold demand in India in the rural areas continued to be soft this year. This was largely due to the income hit in the farming sector. Also, the government has been making every effort and has plans to double farmer income in the next 5 years. This should see good demand for gold coming in from the rural areas of India. In fact, it is important to point out that bulk of the demand for gold jewellery in the country comes from the rural areas. Though the size of each transaction may not be too high, the fact remains that on account of the gold volumes, this makes the rural areas of great significance for overall gold demand in the country. While there is no definite statistics some estimates put the demand as high as 60 per cent from these areas vis a vis the urban areas.

How to sell gold in India?

There are many places where you can sell gold in India. There are specialized companies that purchase your gold. However, you need to ensure that you have your PAN card or identity proof in place. You may also have to produce a receipt from where the jewelry was purchased in case you want to sell jewelry. It is always a good idea to check the line gold rates in India today, before you sell gold. Companies that buy the precious metal have machines that can check the purity of the metal through a karat meter. This is extremely important as it would prevent you from getting duped. It also bring about greater transparency in determining the rates of the precious metal. Also, ask for the receipt with all the details of the gold you have purchased for your future use.

Historical Gold rates in India

Gold has given superb returns to investors over the years. 22 karats gold price in India has jumped from Rs 63 in 1964 to near Rs 27,500 per 10 grams in the last 50 years. Just take an example of what has happened to gold in the last 10 years. gold prices have moved from Rs 10,500 gram before the Lehman Brothers crisis to the current rates of Rs 27,500.

Live gold rates in India depends on a host of factors including the likes of global development. In fact, these developments is only what has pushed the precious metal to such dizzying heights. In fact, even if you see gold rates in India 222 karats was trading at Rs 5,600, exactly 20 years ago in 1996 and has since grown almost five times. Hence, we can with some certainty say that the precious metal has given tremendous returns in the last so many years.

Purity of gold

The gold we see or purchase in the market is mixed or alloyed with some other metals such as copper, nickel, silver, palladium and zinc. Considering with the least or cheapest gold alloyed with silver & copper is called pink gold or rose gold mixed with silver or copper sometimes is called the green gold and then comes white gold which is mixed with palladium, nickel & zinc which is white gold and the costlier one is the yellow gold alloyed or mixed with silver copper and zinc. The carats defines the purity of gold how much of gold exactly alloyed.

24 carats -99.9%
23 carats -95.6%
22 carats -91.6%
21 carats -87.5%
18 carats -75.0%
17 carats -70.8%
14 carats -58.5%
10 carats -41.7%
  9 carats -37.5%
  8 carats -33.3%

An important point to be noted is that the less carats the stronger the gold would be.

What is in store for gold prices in 2017?

Anybody trying to accurately predict gold prices is trying to pull a fast one. The fact is that nobody can predict the prices of gold in 2017. What we do know that the metal is going to see tremendous amount of volatility going ahead. This is because of various factors, including economic policies that are likely of new US President Donald Trump, as also geo-political tensions from across the globe. If you are looking to buy gold in India, it is best to check the gold rates today in India before buying. If you are comfortable with a certain level, go ahead and buy. If you are not, just wait for the prices of the precious metal to fall. This is the only way you are likely to make any decent money from the prices of the precious metal. In fact, gold in the international market last year gave returns of 9 per cent, which is not bad given the poor returns that we have seen in the last few years in the precious metal. If you are a long term investor, these things should not concern you and you could keep buying into the metal.

916 hallmarked gold rate in India

Before discussing 916 hallmarked gold rate, it is important to understand what this 916 hallmarked gold in India means. This is the finesse of gold defined. So you take 91.6 grams of pure gold in 100 grams of gold that includes alloy and arrive at 916, as simple as that. In simple terms 916 gold means 22 karats gold. Most gold rates for 916 hallmarked can be easily be got from your local jeweller. The other important aspect to understand is hallmarked gold and KDM, which are a must to check before buying gold in India. We have provided all the gold rates in India for 916 hallmarked gold.

Do not forget to look for things like the date of manufacture of the gold, the stamp of the jeweler etc., before you buy hallmarked gold in India. This way you are certain of the purity of the gold that you are buying. It is important to do that, so the chances of you getting duped when buying gold is minimal.

Advantages of investing in gold

There are many advantages of investing in gold. The first and the foremost is that it is easy liquidity. For example, you can sell the precious metal any time you want. Of course, if it is the physical form you would barely get the actual cost of the gold, as there would be numerous charges that you would lose on, including the making charges. the other advantage is that it is a perfect hedge against inflation, as also against political turmoil. Hence, if you have not invested in gold, you are making a big mistake. At least an individual should have partial amounts in gold as investment. And yes, you can get instant loan against gold, which is not possible in other asset classes like real estate, which will under go valuation and stuff. So, gold loans will also serve your purpose in times of distress.

How gold rates in India will move in 2017?

Gold rates in India would depend on a number of factors, including international gold rates, local tariffs and also the currency movement against the dollar. One of the singlemost important factors for changes in gold prices is international gold rates. These depend on a number of factors like interest rates in the US. When interest rates in the US go up, gold prices fall and vice versa. What has happened in the last few weeks is that there are worries that Donald Trump's election could lead to inflationary pressures in the economy. This in turn could lead to higher inflation and lower gold prices. The belief is that Donald Trump's policies could lead to fiscal expansion and hence a pressure on interest rates and a sharp drop in the price of gold.

Taxes on gold in India

Do you know that you are liable to pay taxes on gold in India. If you buy and sell gold at a profit, there is a capital gains tax that would need to be paid. On the other hand, if your gold value crosses Rs 30 lakhs, you need to pay wealth tax on the same. However, most individuals are ignorant of the same. But, if comes in the purview of the tax authorities you would need to pay significantly higher amounts by way of taxes. There have also been reports that large amounts of gold deposited under the gold monetization scheme will attract income tax, unless the sources of acquiring such gold is clearly told to the income tax authorities. So, remember the tax liability on gold in India.

The US Fed Interest rates and gold price movement in India

Interest rates and gold prices never go hand in hand. In fact, when interest rates rise, gold prices fall and vice versa. However, gold prices do not move with interest rates rise across the globe, but, really depends on interest rates in the US. For example, when interest rates in the US rise, gold prices fall. This is because investors move money from gold into fixed interest bearing government bonds. They use the opportunity of high interest rates, along with zero risk, as a major advantage. One thing looks certain at the moment is that we could see a couple of interest rate rise in the next few weeks. When that happens be rest assured that gold prices would dip. If gold prices dip below the Rs 25,000 mark in India, it could be worth buying into the precious metal. However, to make some money it would be advisable to buy gold ETFs.

The one important question you should ask when buying gold in India?

The one important question that you must always ask yourself before buying gold in India is: How much gold would I actually get? The question arises because there are so many charges on the gold, including taxes and levies, making charges etc. If you buy a gold coin there is a tax element of 10 to 15 per cent, which pushes the cost price higher. Let us explain this with an example. Say you buy 8 grams of gold for Rs 27,000, you have actually paid Rs 3375 per grams, while when you sell you would get only the rate of Rs 2800 per gram. So, you have actually paid extra because of the making charges, taxes etc., on the gold, which has inflated the cost of the precious metal. So, the most important thing to ask yourself is the cost associated with the total cost of buying gold in India.

What are the various gold options that we have ?

Today, we have various gold saving options, including the sovereign gold bond, gold ETFs, gold investment through gold coins and gold bars. If you are looking at investing, buy gold ETFs, which are the best according to us. Apart from physical gold, today there are many options to buy gold in India, including the popular sovereign gold bonds. If you wish to invest in the gold bonds, they also offer you interest rates. Also, here is no worries of these being stolen like physical gold.

Currency movement and gold rates in India

Gold rates today also depend on currency movement. If the rupee falls against the dollar, gold prices in India move-up, assuming that international gold prices are steady. Other factor that affects gold prices are the various duties and levies, which change over a period of time. The government changes the duties and levies on gold, depending on how gold prices move.

Showing a declining trend

What is worrisome for gold now is that demand is slowly beginning to decline. Investors are looking at various options to invest in gold, including the not so traditional ETFs. India is the second largest consumer of gold after China. The demand in the country tends to impact rates as well. In a country, which has a liking for the precious metal, it is hard to believe that demand has slumped by a whopping 29 percent in the first three quarters of 2016, as compared to te same period last year. In fact, for the current year gold demand from India may not be more than 750 tonnes, which would be way lower than the 858 tonnes that the contry did in 2015. How far demand for the precious metal would continue to slump is difficult to say. Remember, that live gold prices in India today depend on demand for the metal.

 3 reasons to be buying gold

The first is that when there is political turmoil or economic chaos, the first thing to rally would be gold prices. Sadly, if you have not invested in the same you would be a sad person. So, if you need to spread your investment gold is an obvious choice. The second reason to be buying gold is that it has been an excellent hedge against inflation. For example, in the last 8-10 years gold prices in India have tripled. So, they have given you better returns than even fixed interest bearing securities. So there is no reason why you should not be buying into the precious metal.

The last and the final reason is that it can be pledged and it is very liquid. For example, you can even take loans by pledging this precious metal. Today there are plenty of people who are willing to buy hypothecated gold. So, its is not a bad idea to stay invested. It has stood the test of times and that cannot be denied at all.

There is a drop in demand for gold

Demand for gold in India is gradually declining, if the trend of the first half is another to go by. In fact, according to statistics available with the World Gold Council demand for gold in India fell by a huge 42 per cent. This is not very encouraging to say the least. In fact, the government has also been trying to curb gold consumtion for various reasons, including poor demand for gold from the rural areas. However, in 2017 we might see much better demand owing to the increase in government salaries.

The recent move by the government of withdrawal of Rs 500 and Rs 1,000 notes, may also adversely affect the consumption of gold. The near term outlook for gold prices in India also looks a little grim as interest rates across the globe are likely to rise. All in all it may be slightly tough going for gold.

Why gold is a good investment bet in India?

Gold investments have always stoood the test of time. In fact, prices have tripled in the last eight years or so. This makes gold investment always very attractive. It is also very liquid and can be sold easily. There are gold loan companies, where you can also pledge gold and get a loan. It is therefore always a good proposition to buy gold. Remember, before doing so, it is always a good idea to check the gold rates.  We are providing daily gold rates in India. It is also imporant to remember that gold rates are updated twice everyday. Do take a look at the prices of te precious metal in case you want to buy gold.

 Checking purity of gold in India

These days one need not focus too much on the gold purity like before, as most of the gold in the country is hallmarked. It is always better to buy hallmarked gold in India as one can be ensured of purity. These days most of the gold that we see is hallmarked, which is why one can see some comfort level before buying gold from the large jewelry shops in the country.

However, if you have some suspicion on the purity of the gold in India, you can do an inspection. By and large, we find that the precious metal is of the purest form in India.

Talking of today's gold rates in India, we believe that prices would remain static, unless we have some definite cues from across the globe. There are various factors that influence gold prices in India, including local tariffs and duties,  international prices of gold, which largely depend on interest rates. Apart from this, the movement of the rupee against the dollar, would also impact local prices in India.

In any case, before checking gold rates in India, you could go through the latest gold prices in India, which we have provided.

Why it is important to restrain yourself when buying gold?

It is always a good idea not to buy tto much of gold as investment. One is that you need to pay wealth tax on it beyond a certain sum. On the other hand, it adds to the imports and puts a burden on the country's foreign exchange reserves. Remember, that we do not mine gold and hence India has to import gold. When we import such gold, we have to pay the same in foreign exchange and hence there is a forex outflow that happens.

Therefore you can buy the recently introduced sovereign  gold bonds, which will also add to your portfolio. You also get an interest on these bonds, and there is no need to worry about storage facilities. The gold bonds are now made easily available through the length and breath of the country. So, go ahead and buy the same.

Worth investing in Jewelers gold schemes

It is worth investing in gold schemes of various jewelers in India. This is because it helps you follow a systematic investment plan, whereby you can accumulate gold for marriage or a special ocassion. Earlier, jewelers in the city expected you to pay 10 installments and they would pay one and you could buy precious jewelry. However, these days with interest rates falling, jewelers in the city have altered their schemes. The schemes are not as lucrative as they used to be. However, for the purpose of accumulation of gold for important ocassions this could be a good bet. Some jewelers offer discount on making of gold charges, if you invest in the scheme. However, these schemes are good for those that want to make gold ornaments for marriage or wedding anniversary etc.

 

When to buy gold in India?

You can purchase gold anytime in India, depending on the need. However, if you are an investor, it is best to exercise caution. Gold over the last few years has not given any phenomenal returns. So, it is best to buy only as a measure of diversification. If any other asset class like equities or real estate drops, gold would rally. This is because it is considered as a safe haven asset. However, you should not put all your eggs in one basket and spread the risk wth different asset classes.

In any case, you can buy gold in India in a very systematic and planned way.

How bond yields rise in US is affecting gold prices in India today?

Recently, the bonds yields in the US rose, after Donald Trump was elected as the US President. This has pushed gold prices lower to $1222 an ounce from $1282 an ounce.

India gold rates today have also fallen in line with the international gold rates. Gold for 22 karats in India has now dippped to Rs 29,800 per 10 grams from Rs 30,300 per 10 grams until about 1-week ago. It is highly likely that we may continue to see a slight downward pressure on gold prices in the coming months.

Already, gold prices in India in 2016, have seen a good rally, as compared to the last few years. Those who have invested in gold this year, have ended-up making good money. In fact, you can also do some profit booking in gold, as there has been an upsurge in prices.

How to know 22 karats and 24 karats gold difference?

Karats is used to measure the purity of gold. 24 karats gold, means all the 24 karats of the precious metal comprises of gold. This is the purest form of gold and it cannot get purer then that. In fact, we can consider it as 99.9 per cent pure. On the other hand, 22 karats means that only 22 karats is pure, which also means that 91.67 per cent purity. one also has 18 karats gold, which is only 75 per cent pure, while the rest comprises of other metals. The one method of also mentioning purity is the fineness in the gold, which is a concept used abroad.

Another way of examining the metal is also to look at its colour. 24 karats gold will generally be very bright and alive. 22 karats on the other hand could be slightly less bright and a little more darkish. When other metals are added to gold the colour would also change. For example, white gold has more of nickle as a combination in it.

Physical gold vs gold ETFs vs sovereign gold bonds

There are various options when it comes to investing in gold. You can invest in physical gold, as well as sovereign gold bonds and gold ETFS. The latter has its own difficulties. For example, in physical gold, one would have issues pertaining to storage, while there are no such worries, when you buy gold ETFs.

Physical gold also requires storage. The sovereign gold bonds, has its own advantage. For example, you need not worry about theft, while you can also earn an interest rate. All of these instruments track gold prices, which is another big positive. However, the best instrument that we like is Gold ETFs. This is because of a number of reasons. The first and the foremost is that they are very liquid and can be sold with ease. The other reason is that they track gold prices, which is anoether big advantage. There are also no making charges, which is a very big positive for the Gold ETFS. It is thus better than buying gold and gold jewelery.

Hallmarking of gold in India

In India, the Bureau of Indian Standards or BIS as it is popularly known is assigned the task of hallmarking gold and gold jewelery in India. There are various BIS centres in the country, where hallmarking is undertaken. Jewelers in the country can approach some of these hallmarking centres. What we need to mention is that it is nnot compulsory to get all the jewelery hallmarked by the jewelers. However, if they do so, it can increase their own credibility, which is also good for them. Also, it is more easy to sell the gold, as individuals are looking at hallmarked gold ornaments in India. for individuals who are buying look for the logo of the BIS Hallmark and essaying centre, apart from the code letter and the jewellers code.

There are problem in hallmarking though. For example, the World Gold Council says that only about 30 per cent of the gold jewelery in the country is hallmarked. This can clearly give rise to fake and imitation ornaments. Those who are hence looking to buy should look at centres that are approved by the BIS. The problem with this is that there are not too many and the government must do its utmost to spread the BIS approved eassying centres. It is only then that we would be able to see lesser and lesser worries with regards to hallmarked gold and jewelry. Most of the centres are now concentrated in the cities, given that bulk of the demand is now coming from the cities. It is hence imperative to have a graet concentration of the centres in the rural areas,, so as to ensure that Indians have access to hallmarked gold. This is easier said then done, as it would require greater investment fromthe government.

International factors that affect gold rates in India today

There are various factors that affect gold prices today in India. The singlemost important of these is geo-political tensions. Gold prices thrive when there is any adverse news. If there are acts of war or internal strive, major terrorist attacks, gold prices would rally. Also, if it would depend on the economic enviornment. When economic growth is robust, equity share prices tend to move higher, while gold moves lower. On the other hand, when the world economy is in the doldrums, gold prices defintely gain ground. Another important factors apart from demand for gold is the interest rate movement. When interest rates edge higher, gold tends to lose ground and vice versa. So, keep an eye on all these things before you go out and buy gold. Timing the markets could always be a little tricky.

Understanding fineness of gold

Purity is also measured in fineness and different countries have different standards. for example 0.375 is equal to 9 karats in places like England and Canada. Gold can be mixed with various metals like copper, zinc and also nickle. the other fineness if 0.417 , which equals to 10 carats. 0.833 fineness, which is 22 karats is quite prevalent in different plans in Asia, which in India 0.916, which is 2 karats is often used to make jewelery. the highest form of purity is the fineness of 0.999, which is also called 24 karats. In places like China pure gold is the most preferred option and only  1 per cent impurity is tolerated. Different countries may thus have different levels of tolerance levels for pure gold. If you buy hallmarked gold, you can see the purity stamp on the same.

Gold and global policies

 It is very important to understand the policies surrounding gold. One of the most important of these is the stance of many governments on interest rates. When interest rates in the economy go higher, gold prices tend to fall. For example =, at the moment, we are seeing an increase in interest rates in the US, which is leading to a selling pressure in the prices of gold across the world. In fact, the US Fed raised interest rates in December, which has led to a drop in gold prices across the world. Similarly, there is a high possibility of prices gaining when interest rates across the world fall. However, the chances of that happening this year, looks very remote given the state of the global economy. So, if you are a buyer in the precious metal, you need to predict the direction of interest rate movements in the country. What we mean is not in India, but, across the world. We suggest that as soon as gold prices drop it becomes an interesting opportunity to buy into the precious metal. So, if you are a buyer at lower levels, the chances are bright that you could make profits when the gold prices recover. However, you should not be selling the metal in desperation.

Some stability likely in 2017

Investors trying to predict prices of Gold in India, are at best just trying to hazard a guess. It is always so difficult to predict prices and nobody is able to make an exact guess. It therefore becomes imperative to understand that you should invest in it only for the long term. In the short term prices tend to fluctuate and you may be at the receiving end. So, a systematic investment plan, wherein you invest in small amounts periodically may help average volatile prices. However, you need to be patient and avoid predicting gold prices, which are very volatile from time to time. If you are looking to buy do not buy gold in India at one short. This is because if prices fall, you may not have the ability to average the costs. The best thing to do would be to buy in small quantities at regular intervals. Remember, that you can also average your prices with buying at lower rates.

The recent gold rates trend in India

Recent trend of the last three years has shown that there has been some movement in gold prices in 2016, while gold prices in 2015, were almost flat. The year 2017, has begun more or less on a flat note for gold in India, though we are seeing some movement and volumes in the last few days. If you are looking to buy gold, the best way would be to hang on and see if prices really diminish. The precious metal has not moved in either direction of late and this has been slightly worrisome. We believe that it is highly likely that gold prices would move in a range, before there is a sharp rally in the prices. Gold as an asset class has always delivered and there is no reason, why it would not do so, this time as well.

 

 

 

Latest Updates on Gold Price in India

Gold prices in India on January 23, 2017 to open higher

Gold prices in India on January 23, 2017 are set to open higher, following the inauguration of US President Donald Trump as the next President of the United States. Gold for 22 karats and 24 karats are slated to open higher in India. Gold rates today in India, may remain volatile. US Gold Futures and spot gold, both pointed to higher openings. Chances are that we might see a further uptrend in prices given that there maybe short covering in the precious metal. This could take gold prices in India very close to the Rs 28,500 levels in the coming days. However, many investors advocate a wait and watch approach towards the precious metal, given the good rally that we have seen in the early part of January, 2017. The 24 karats gold price in India today might also undergo a change to largely reflect the prices of 22 karats gold. The strength in the dollar, could also weigh on prices.

22 January 2017
Gold prices continue their uptrend on Jan 20

Gold prices in India continued their uptrend in the last few days. There are hopes that we might see a greater traction in the coming days for the precious metal. In India gold for 22 karats was trading at Rs 28,300 per 10 grams, while gold for 24 karats also moved higher. It is likely that we may see a greater traction for the precious metal in the coming days.

20 January 2017
A healthy trend in the last few days

Gold rates in January 2017, have seen healthy gains in the last few days. Gold for 22 karats and 24 karats were seeing good buying interest in the last few days. In fact, for the whole of the month of Jan, 2017, we have been seeing good buying interest in the precious metal. Gold for 22 karats was trading higher at Rs 27,350 to Rs 27,550 in most cities in India. If the firm trend continues we may see increased demand for the precious metal in India. Investors are also dumping shares and are getting increasingly attracted to gold, as share prices have already rallied a bit. Gold in India today is not very expensive as compared to the past year, where the precious metal had rallied to as much as Rs 32,000 per 10 grams. Given the fact that we are seeing a healthy demand for the precious metal, there are possibilities that in January 2017 gold prices may inch even higher.

19 January 2017
Gold prices In India higher on Jan 17

Gold prices in India were trading higher on Jan 17, 2017, as globally there was a rally in the metal. This was based on uncertainty over the likely policies of incoming US President Donald Trump. Gold in the international markets jumped to $1206 an ounce. This is for spot gold in the international markets. Donald Trump is likely to be inaugurated as the US President later this week and his policy decisions would remain crucial for the movement of gold. Both, gold for 22 karats and 24 karats rallied in trade, as jewelers in India say that there maybe ore upside for the precious metal in the coming days. So, you can wait for the news surrounding gold to die down, before buying into the precious metal. Maybe you will get the precious metal at a lower rate. That would be an opportunity to buy.

17 January 2017
Gold prices in India to end week higher

Gold rates in India on Jan 16 are expected to end the week higher as investors buy into the precious metal on declines. It is a second successive week of gains for the precious metal in India. This is good news for individuals who are investing in gold, after prices saw a solid decline in the month of December.

16 January 2017
Gold prices in India marginally higher on Jan 12

Gold rates were a wee bit higher in India, after the US dollar continued to fall. On Wednesday, the price of the precious metal gained ground and was trading at Rs 27,335 per 10 grams. Gold for 99.9 purity was also higher based on international prices. Gold and silver prices have been seeing an ongoing rally, as prices have gained momentum in the last few days. The precious metal has been on a solid decline since the election of Donald Trump as the US President. The rupee has also lent some support to prices after falling against the US dollar. The month of December in fact saw a sharp drop in the price of gold and Jan has so far been good for the precious metal. Traders say that there has been some buying from international gold ETFs, which has also prompted a rally in gold rates in India. So, the momentum this year has been very good.

12 January 2017
Gold prices in India higher on Jan 11, 2017

Gold prices in India gained, as international gold prices surged to a new 5 week high, as the US dollar lost ground against a basket of currencies. Both 22 karats and 24 karats were now comfortable above the 27,000 mark and analysts say that the precious metal should find support at these levels. The dollar has been losing ground against a basket of currencies and this has put some pressure on gold. The Indian rupee which is another major determinant in the prices of gold, also managed to hold ground. In normal cases when the rupee gains against the US dollar, gold prices in India tend to recede and so on. The opposite is true when the dollar gains in strength against the rupee.

11 January 2017
Gold prices expected too stay flat

It is largely expected that gold prices in India would stay flat during the course of the week. Gold rates in India could move higher when trade opens on Tuesday. However, thereafter we may see a decline, which could take place. If the decline is sharp, there maybe an opportunity to buy into the precious metal. So, keep your eyes open for any accelerated decline. It maybe an opportunity to look to buy into the precious metal. Already prices have declined for the precious metal in the international market.

9 January 2017
Gold prices in India

Gold prices in India were expected to stay higher, as was the case with most of the weeks. Gold for 22 karats was trading at Rs 27,200 per 10 grams, while gold for 24 karats was last seen trading at Rs 29,100 per 10 grams. Gold prices have been on the move through the week, as dollar price has fallen against a a basket of currencies. This has led gold prices to rally in the last few days. It is likely that we may see gold prices rallying even next week, as investors keep buying into the precious metal on decline. Many hedge funds have also been accumulating gold on declines across the world. The demand for gold in India has also been pretty decent to say the least and the uptrend may continue.

6 January 2017
Gold prices slightly higher in India

Gold rates in India were trading slightly higher, as investors bought into the precious metal on declines. Globally, the price of gold also went higher after the dollar lost ground against a basket of currencies. Gold for 22 karats in India was trading at Rs 27,700 per 10 grams, while gold for 24 karats was also trading higher. Jewellers in the city expect gold prices to trade steady in the days to come.

5 January 2017

Disclaimer: The gold rates are sourced from local jewellers in the city. There maybe variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious gold. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on gold information provided.

 
Subscribe now to get personal finance updates in your inbox!