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Gold Rate in Salem (4th February 2023)

Feb 4, 2023
5,415 /Gram(22ct) -90

Gold prices in Salem at the current levels provide a good opportunity for investors to buy on declines. Gold rates for 22 karats have been in the range of Rs 46,000 to Rs 48,000 for 22 karats, which largely reflects the trend that we are seeing in other cities of Tamil Nadu. Internationally, gold rates have not been moving in any definite direction, which is ensuring that gold rates in most Indian cities remain more or less stable.

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

Gram 22K Today 22K Yesterday Price Change
1 gram 5,415 5,505 -90
8 gram 43,320 44,040 -720
10 gram 54,150 55,050 -900
100 gram 5,41,500 5,50,500 -9,000

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

Gram 24K Today 24K Yesterday Price Change
1 gram 5,907 6,005 -98
8 gram 47,256 48,040 -784
10 gram 59,070 60,050 -980
100 gram 5,90,700 6,00,500 -9,800

* The above gold rates are indicative and do not include GST, TCS and other levies. For the exact rates contact your local jeweller.

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

Date 22K 24K
Feb 3, 2023 54,150 -900 59,070 -980
Feb 2, 2023 55,050 900 60,050 980
Feb 1, 2023 54,150 770 59,070 840
Jan 31, 2023 53,380 -120 58,230 -140
Jan 30, 2023 53,500 0 58,370 0
Jan 29, 2023 53,500 0 58,370 0
Jan 28, 2023 53,500 50 58,370 60
Jan 27, 2023 53,450 -350 58,310 -380
Jan 26, 2023 53,800 350 58,690 380
Jan 25, 2023 53,450 -100 58,310 -110

Compare Average Gold Rate in Salem for 22K & 24K (10gm)

Term 22K 24K
10 Days 53,793 58,684
20 Days 53,472 58,332
30 Days 53,104 57,931
60 Days 51,978 56,701
90 Days 51,072 55,714
180 Days 49,274 53,742
1 Year 48,609 53,023
2 Years 46,646 50,882
3 Years 46,357 50,542
4 Years 43,634 47,564
5 Years 41,106 44,673
6 Years 39,078 42,472
7 Years 37,790 41,011

Weekly & Monthly Graph of Gold Price in Salem

Historical Price of Gold Rate in Salem

  • Gold Price Movement in Salem, January 2023
  • Gold Rates 22K 24K
    1 st January rate 51,300 55,960
    31st January rate 53,380 58,230
    Highest rate in January 53,800 on January 26 58,690 on January 26
    Lowest rate in January 51,300 on January 1 55,960 on January 1
    Over all performance Rising Rising
    % Change +4.05% +4.06%
  • Gold Price Movement in Salem, December 2022
  • Gold Price Movement in Salem, November 2022
  • Gold Price Movement in Salem, October 2022
  • Gold Price Movement in Salem, September 2022
  • Gold Price Movement in Salem, August 2022
  • Gold Price Movement in Salem, July 2022

Where to check prices of gold in Salem?

There are a number of jewellers in Salem, including the likes of KJS Jewellers, GRT Jewellers and also at AVR Swarna Mahal Jewellers. Most of these and the various small jewellers can provide you with gold rates in Salem. Apart from these, we at good returns also provide you with updated prices. There is no definite timing when gold rates are updated, but, mostly gold prices are updated at least twice every day. Largely, gold prices are determined from the various associations, where prices are fixed daily. Generally, there maybe some variance in the prices from jeweller to jeweller and also from city to city in the state of Tamil Nadu. Investors or rather buyers of the precious metal should hence check before buying into the precious metal. Apart from this, there are many apps these days that give you updated prices, so you can look at the same. Overall, it is important to check rates before buying.

Important indicators of Gold rates in Salem?

Gold prices take cues from various factors. In Salem, gold rates are derived from international prices, following which there are local taxes and levies. Apart from this, when the rupee depreciates against the dollar, we would see gold prices going higher, subject to all other things remaining constant.  For example, if gold prices are trading at Rs 48,500 per 10 grams for 22 karats and the rupee falls from 82 to 83 to the dollar, gold prices in Salem would turn expensive. Nonetheless, it is important to buy into the precious metal, only when prices have fallen. Our take is that investors can even sell when prices are higher and buy on declines. Apart from this, people in the city can also look to buy into e-gold, which is a cheaper and safer way to buy gold.

Why buyers and investors should check 22 karats gold prices in Salem?

One of the most important things when buying gold is to check prices. Gold rates in Salem for 22 karats are currently prices around that 48,550 per 10 grams mark to around that Rs 53,000 mark for 24 karats. The rate for 1 gram gold in Salem today for 916 purity is Rs 4850. It is of utmost importance ton check the price of 22 karats gold, as this is the purity that is used to make jewellery. Therefore, when buying jewellery 22 karats price of gold must be checked or else consumers could lose money. For example, it is good for investors to call the local jewellers and check gold rates in Salem. Some goldsmith can quote different rates on account of various factors. In fact, within the same vicinity we could see different prices. Sometimes one can check online gold rates as well, but, these can be only indicative and not specific.

Why it is important to buy hallmarked 916 purity gold rate in Salem?

Hallmarked gold jewellery has now been a consumer favorite. Investors in Salem and even more so consumers are looking for hallmarked 916 karats purity gold jewellery in the city. This is because when you buy hallmarked gold, you are assured of the quality. This means the purity levels are guaranteed and every gram of gold purity is assured. However, there are essaying centres where you can check for purity. So, when buying gold for 22 karats and 24 karats in Salem visit one of the centres and get it checked for purity. This is even true when you sell gold, as often we ignore selling part. Suppose you want to sell as well, you can check the purity to be assured that you are getting the correct price when you sell the precious metal. These days, however, unlike before hallmarked jewellery is found in a number of goldsmith shops.

What is the Difference in 22k, 18k and 24 karats gold rates in Salem?

Gold rates in Salem are determined based on the purity of the precious metal. For example, 22 karats godl rates in Salem is more expensive than 18k gold prices in Salem and 24 k is more expensive than 22k. Gold for 22k is also called 916 gold because 91.6% is pure gold and rest is a mixture, including that of copper. On the other hand 18k gold consists of 75% pure gold and the other a mixture, mostly with copper. Over the years, the demand for 22k has been more than that of 24k, because jewellery is generally made of 22k gold. In the city of Salem in Tamil Nadu, investors have a wide range of choices choosing from a variety of gold that they want to buy. However, one should always be cautious and buy good quality gold, and check for the making charges on them.

What is the difference between white gold, rose gold and regular gold?

Whether you buy white gold, rose gold or regular gold in Salem the rates are likely to be the same for 22k jewellery. We wish to emphasize the point that the rate does not change simply because you buy white gold or rose gold. Since the purity is the same for all the three variants, the price remains the same. The difference comes only in the colour and not in the rates. Jewellers combine raw gold with titanium and nickel to create white gold. On the other hand for rose gold, copper and silver alloys are used. In fact, the latter is once again gaining popularity. In Salem, the traditional colour of gold continues to see good demand, though white gold is also popular. The problem with white gold is that many users believe that others might not think of it as gold and may think of it as fake jewellery.

What are the tax rates on sale of gold jewellery?

If you are a buyer of gold in Salem, one of the important things to note is that, you should know the taxation rates. This is not only applicable, when buying gold jewellery, but, also when selling gold or silver in Salem. Capital gains tax on all forms of gold is applicable, when you sell gold at a profit. Let's us assume that you bought gold in Salem for Rs 1 lakhs around 10 years back and you sell the same now for Rs 1.75 lakhs, then you need to pay capital gains tax on the profits that you have made for Rs 75,000. Since, 10-year period qualifies as long-term, the tax rates would be 20%, before taking into account indexation. Once indexation is accounted for the chances of capital gains falling is certain. So, buyers and sellers of gold should note the capital gains tax, and the GST rates on gold.

Why gold ETFs are a better option for gold buyers in Salem?

Investors and buyers of gold and gold jewellery should look at buying gold ETFs in Salem. If you need to buy gold jewellery for an important function, than there are not many options. But, if you are an investor it makes sense to buy Gold ETFs. These godl ETFs track gold rates and hence you get the near price of Gold. Apart from this, they are safe in the sense, there is no question of theft as they are in the electronic form. In fact, when you sell, you receive the same price as that of gold. Apart from this, you can avoid things like GST charges, locker expenses etc, which reduces the cost of acquisition. We have been telling our readers that they should look for gold ETFs and not gold jewellery or biscuits as investment options. So, if you are an investor of Gold in Salem, the obvious choice should be Gold ETFs.

Why do investors talk of karats, or carats or simply “K” when talking of gold?

Whenever you are in Salem or any other city in Tamil Nadu and you visit a jewellery shop, the first thing that they would ask you is: do you wants 22k or 24k gold or 18k gold?

The term used is karats, which actually defines the purity of gold. This means that 24 karats gold purchased in Salem would means pure gold, 18k gold would mean gold with 75% purity and 12 karats gold would mean 50% purity. The remaining per cent, constitutes some metal including copper, nickel or zinc. Investors who want to buy pure gold would have to for gold coins, gold biscuits or gold bars as jewellery is not possibly to be made of pure gold. If the gold is not pure, when selling you would not get the same rates, as the price would depend on the purity of gold.

Should you gold ETFs and digital gold in Salem?

People in Salem, like other places in India love physical gold. It is hard to imagine the trend changing. Gold ETFs come with their own advantages like no storage cost, no theft and superb prices that track physical gold. However, gold is one thing that investors and consumers like to touch and feel, which is one reason gold etfs have to still gain popularity. In Salem gold etfs per 10 grams would be much cheaper than physical gold of 10 grams in Salem. This also hold through for 1 gram of 916 in Salem. In fact, over the last few years, we have seen several Gold Etfs being launched in India, but, they yet have to catch the fancy. If you are buying gold as a consumer, it makes sense to buy physical gold or else as an investor one can make that shift to physical gold.

How gold prices in Salem are likely to trend in 2023?

It's always hard to predict, which was gold for 22k and 24k in Salem would move. This all depends on how global interest rates pan out. Should gold rates across the globe rally on the back of falling interest rates, be rest assured that gold prices in Salem for 1 gram gold too would rally. One of the other factors is a strong dollar would make gold more costlier and a strong dollar is also a factor in interest rates. In fact, gold today is a complex factor of a host of things including inflation, interest rates, dollar index, which are inter woven. In fact, global gold rates have been on an upward trend rising to dollar 1800 an ounce. The price of the precious metal had in fact dropped to a low of $1650 an ounce before seeing a sharp recovery in prices.

What are the alternative investment options for gold?

Investments in gold have now evolved. Even those investors in Salem have evolved and no longer look to the traditional means of investments that their ancestors followed in gold. Today, they look to investment options like Gold etfs, digital gold and e-gold. Apart from this, there is the sovereign gold bond scheme that the government offers, where there is also an interest rate that is offered. All of these are increasingly gaining popularity among gold investors in Salem. By far the most popular of these should be gold exchange traded funds, which can be bought through the various stock exchanges in the country. So, this is one of popular alternative investment options that investors of gold have in the country. The sovereign gold bond scheme is not launched regularly but from time to time, which is another investment option for investors in Salem.

Best gold rates in Salem to buy Gold Jewellery

There is nothing called the best and cheapest gold rates in  Salem.

There are many reasons why we do not have uniform gold rates in Salem or any other city in Tamil Nadu. What we have observed is that some of the top jewellers may offer you slightly higher prices and some of they charge uniform rates across all the cities of India, which may lead to some disparity in rates. Having said that one of the other reasons for the difference could be the delay in updating rates. While one jeweller may update the rate at around 11.00 am, another might take time to update the prices, which could lead to some disparity in getting the right rates. This leaves the onus on finding the best possible prices with the buyer. He or she may have to do their own bit of research and arrive at a place where they find the most competitive rates for jewellery, whether it is Salem or any other city of India.

Buying gold jewellery in Salem? Look for these things

Here are a few things that you should look for when buying gold jewellery in salem.

1) Gold rates in Salem of Today

2) Making charges that the jeweller would charge on jewellery

3) Wastage charges

4) Other local taxes, including GST.

To arrive at the final price of gold jewellery for 916 in Salem, the above things would have to be considered. Particularly, you can bargain a little with the jeweller on the making charges. If he is able to reduce the same, it would reduce the cost of the gold much. At times, it is also important to keep in mind, that if you like a piece of jewellery, then you should go for it and not worry of the making charges. However, as far as gold prices in Salem are concerned, you should check with the jeweller on the final rates, before deciding on anything.

 Will things look up for gold rates in Salem?

The precious metal has seen a slight uptick in prices in 2022. As we head into 2023, there are worries that gold rates in Salem, may not be as buoyant as in 2022. That could be partially true and one of the biggest reasons for the same is the global interest rates. As global inflation edges higher, most central banks in order to curb inflation have raised their interest rates. For example the Bank of England, the ECB and the US Federal Reserve have all hikes interest rates. The problem right now is that as interest rates move higher, gold prices being inversely related are likely to trend lower. This is a trend that we have noticed for many months now. Ultimately, will there be a massive break-out in gold prices for 916 hallmarked gold in Salem is hard to say.

Are Sovereign Gold Bonds worthy buying in Salem?

Among the variety of options that investors can choose from when buying gold in Salem is Gold ETFs, E Gold, Physical gold and Sovereign Gold Bonds. We recommend these bonds for several reasons and the biggest of these are that it is guaranteed in the sense it is issued on behalf of the Government of India. It is very safe to invest in these bonds also popularly called SGBs. The good thing is that they follow gold prices and also give you some interest rates, making them a good deal. Having said that one must not forget that these bonds can be bought and sold easily the government also redeems them. The big hassle when buying physical gold is the storage that is needed, but, in this case there are no worries given that these are in the electronic form and all you need to do is open a demat account.

What are the various digital solutions for hallmarking gold in Salem?

The Bureau of India Standards has initiated digital solutions as far as hallmarking for gold in Salem is concerned. Accordingly, the entire workflow at the assaying and hallmarking centre is automated and made online. The jeweller needs to submit a request for hallmarking online at the centres available in Salem and the data for all the processes undertaken in the centre from inward receipt and weighment, XRF, Sampling, Fireassay and laser marking is maintained online and can be monitored on real time basis. Things have now been made simpler for jewellers and it is now much more convenient than before. At the end of the testing, a unique six digit alpha numerical code is generated from the Bureau of India Standards server for each jewellery article and is laser marked by the assaying and hallmarking centre on the jewellery along with Bureau of India Standards logo and purity mark.

What are the common gold purity levels?

Gold as an ornamental metal has found its usage widely in India for almost all weddings, important rituals and so on. The yellow metal and its alloys are measured by the percentage of pure gold per other elements.

24 Karat Gold

The 24-karat gold or the 999 gold is the purest form of gold. The 24-karat gold price is very expensive. It will be very soft and malleable. It is difficult to draw jewellery using 24-karat gold. Hence the metal will be alloyed with other metals like copper, zinc, silver, and nickel making it more durable, affordable and suitable for crafting jewellery pieces.

The appearance of the 999 gold is extremely bright yellow and is extremely valuable. Due to its softness, it can bend easily and hence is not used in making jewellery pieces.

22 Karat Gold

The 22 Karat gold or the 916 gold is the most commonly used for making jewellery.

Here 22 Karat refers to the 22 parts of the metal amount of gold added with two parts of other metals to harden the texture of the metal, thus making it more durable. The 22-karat finds its usage in almost all forms of jewellery in Salem.

91.67 per cent of the metal is pure gold and the remaining 8.33 per cent is a mixture of alloys like zinc, nickel, silver or other metals. The 22-karat gold is not helpful to craft heavy studded gold jewellery, as the weight of the diamonds and other precious stones are heavier and the 22-karat gold will be incapable to hold these gemstones firmly through the daily use of the ornamental pieces. 

18 Karat Gold

18 Karat gold is one of the most popular forms of gold types used in India. Its budget-friendly nature compared with the 22 Karat gold makes it appealing for those buyers who do not want to make a big hole in their pockets. The 18-karat gold is made up of a mixture of 75 per cent pure gold and 25 per cent alloy mixture.

The metal is slightly brighter than the 14-karat gold in appearance. Its rich yellow colour contrasts beautifully when set with diamonds. The buyer can check for the hallmark marked as 18k inside the jewellery piece to confirm that the metal is indeed made up of 18-karat gold.

Another method to find out if the 18k gold is real or fake is by checking its weight. Gold being a heavy metal will sink in water. If you drop the jewellery piece in a glass of water, the real 18k gold ornament will drop straight down. The lighter karats of gold like 10k, 12k, and 14k will not sink quickly when dropped in a glass of water.

14 Karat Gold

The 14-karat gold is a mixture of gold blended with metals like zinc, nickel and copper along with rhodium plating. Gold as a metal is usually soft and hence the addition of alloys will become necessary to strengthen the composition of the metal. The 14-karat metal specifically refers to the mixture of metal that has 58.3 per cent gold compared with 18 karat which comprises 75 per cent of gold. The common alloys used here are silver or palladium and sometimes rhodium is also used to make it even stronger and give the white gold ornament a brighter appearance.  

The 14-karat gold is used in crafting engagement rings, pendants, earrings, eternity bands and other forms of fine jewellery pieces. The ornament pieces made using 14-karat gold are beautiful and are also durable for everyday wear.

FAQs

1. What is the limit to which one can own gold jewellery in India?

Ans: In India, as per the instructions of the Central Board of Direct Taxes (CBDT), a married woman can keep up to 500 grams of gold ornaments and jewellery without keeping any proof. For unmarried women, a maximum of 250 grams of gold can be kept. In the case of men, only up to 100 grams of gold can be kept at home irrespective of their marital status.

Anything kept above the above-mentioned limits without required proof and documents will be subject to investigation and possible seizure by concerned officials.  

2. Is it safe to keep gold jewellery at home?

Ans: As per the investment experts, it is advised not to keep the physical gold at home owing to safety concerns and the risk of theft of the jewellery. Hence it is better to keep the bare minimum jewellery (daily ware or regularly used ones) at home and the remaining should be safeguarded in Bank Lockers.

3. What is the natural colour of gold?

Ans: Usually, pure gold is yellow.

The higher the karat of gold jewellery, the higher will be the yellowish hue of the metal.  

4. Is gold a precious metal?  

Ans: Gold is a precious metal due to its rare availability and high economic value. In the earlier days, gold was used as money. Its useful properties added to its beauty and expensive affair makes gold – a precious metal. 

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.

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