Gold is a very popular commodity that holds a special place in Indian households. It is both auspicious and a great investment portfolio. Over the years, gold has managed to provide many rich benefits, including ease of liquidity & growth in value above the inflation rate,  making it a sound investment. The gold rates of Chhattisgarh are affected by both domestic demand and international factors.

What is Today’s Gold Rate in Chhattisgarh?

The current gold rate in Chhattisgarh makes a huge difference when buying gold. As of 20th April 2024, the 22-carat gold rate in Chhattisgarh today is ₹6903/gm, and the 24-carat gold rate in Chhattisgarh is ₹7248/gm of 24K gold.

Tip: The gold rates in Chhattisgarh rise during the festival and wedding seasons. 

The 10-Day Price Chart in Chhattisgarh

Here’s a quick look at the 22k gold rate today in Chhattisgarh and the 24-carat gold rate in Chhattisgarh over the last 10-days.

Historical Gold Rate in Chhattisgarh

One of the important trends in gold rates to check is the historical rate over the last 3 months. Here’s your chart.

Final Gold Rates in Chhattisgarh:

You can calculate the final price of your gold ornaments using this simple formula.

Final price = [weight of gold x rate/gm] plus [wastage and making charges (10 to 20% approximately)] plus [GST @ 3% of invoice price].

Analysis of Gold returns:

People in Chhattisgarh prefer gold purchases to other forms of investments like fixed deposits with low-interest rates ( 5 to 6% presently). 

Here’s why gold investments are better in terms of risk factors, liquidity and ROI-return on investment.

• As compared to fixed deposits like investments with banks or the 8-year SGB with 2.5% fixed returns, gold is easy to liquidate/sell.
•  It is a great hedge against inflation and rising prices as over long periods of time gold prices appreciate better. For Example prices for 10 gms of 24K gold around 2000 was just Rs 4,000/-. Today it fetches Rs 46,620.
• The premature closing facility of FDs and other bonds which are low-risk investments is a deterrent when you need urgent cash on liquidation. Loans are offered from 60 to 75% of the value invested by some banks.
• Gold loans available against the collateral are simple and give you the flexibility of up to 90% of the value at interest rates varying between 11 to 13%.
• Gold rates have shown a steady increase as compared to stock market investments which no doubt provide great returns but are high-risk.
• The gold purchase has several modern options like Digital gold, ETFs, SIPs, Mutual Gold Funds etc which provide better returns and leverage the daily gold prices.
• Physical Gold has the big disadvantage of making and wastage charges being substantial and being vulnerable to theft and safekeeping charges. 

Tip: Modern options like Digital gold and ETFs convert even small savings into physical gold that is easy to sell or get a loan against. Learn how at the reputed platform Khatabook.

Also Read: Steps to Calculate the Gold Price for Jewellery

Modern Investment Methods

Technological changes in the gold industry means you can buy gold today in a variety of methods. Take a look at your options.

• Futures/ Spot Contracts at a fixed strike rate and contract conditions.
• Bullion and jewellery. 
• SGBs- Gold Sovereign Bonds. 
• Gold ETFs, Digital or E-Gold.
• Gold stocks/shares in gold production/mining companies.
• Mutual Gold Funds dealing in gold.
• Gold derivatives and trading in gold as a commodity. 

Tip: SGBs and FDs are low-risk deposits with fixed interest while digital gold, ETFs and gold funds are digitally procured and provide better returns.

Comparison Chart of Investment Options:

Take a look at the easy-to-compare chart below for a more detailed examination of gold versus other popular investments and modern options for buying gold electronically.

Factors Affecting Chhattisgarh’s Gold Rates:

The global pandemic of March 2020 has created chaos in all economies. Several factors mentioned below affect the surging gold prices which have seen a steady rise all over India and in Chhattisgarh too.

• A global slowdown of economies due to the pandemic situation and lockdowns.
• High demand and low supply position of gold globally.
• Low-interest rates on deposits and high inflation rates.
• International gold procurement prices are rising steadily.
• Market conditions and economic slowdown pushes the gold prices up.
• High liquidity with investors who aren’t risking the stock/equity markets.
• Rupee devaluation against the fluctuating USD.
• Increased export duties push gold prices up.

Also Read: What are Gold Exchange Traded Funds or Gold ETFs?

Tip: Keep track of the alloy metal rates, the IBJA or Indian Bullion Jewellers Association daily rates when planning to make a purchase of gold ornaments.

Checklist When Buying Gold

Here’s what to check before you invest in gold.

• Making and wastage charges: This value is 7 to 25% of the gold weight when prices are quoted as today’s gold rate in Chhattisgarh per gram. Also, note that intricate designs have higher making charges and that the alloy or stones used have no value when selling gold.
• The daily gold rates: Check not just today’s gold rate in Chhattisgarh, but also the IBJA rates that vary from jeweller to jeweller. Generally, the IBJA rate is slightly higher than the 22-carat gold rate in Chhattisgarh. Use live rates if transacting on the stock market.
• BIS Certification: The Bureau of Indian standards certifies gold purity as BIS 916 meaning 22K gold used in ornaments having 91.6gm/100 gms of pure gold. This mark can also be found in the Hallmark certification which jewellers use to determine the logo, quality and purity of gold when you sell it back to them at the 916 gold rate in Chhattisgarh today.
• Buy-back terms: Buy-back terms and rates should be checked when you make the purchase since your selling price decides the returns on your investment. Most jewellers will buy back hallmarked jewellery or exchange the gold item on a gram-to-gram basis. Note that the prevalent today’s gold rate in Chhattisgarh 916 never provides for the making charges and tax paid which are lost when selling.

Tip: 22k and 18K gold jewellery have the best resale value for ornaments. However, any colour of gold has the same gold content specified by its purity.

Gold Comparison:

Tip: When selling gold, the alloy is worthless. White, Rose or Green Gold used in modern jewellery is an alloy of gold, zinc, copper, palladium, nickel, etc. and has higher processing costs. 

Also Read: Here are the 8 Most Famous Types of Gold

What is Digital Gold? 

The investment is made digitally and gold is sold as units of pure gold where 1unit =1 gm of physical gold. This means you can accumulate money in your account starting as low as Rs 1/- and buy a unit of gold at the gold rate in Chhattisgarh today 916. The seller firm will help you open a Demat account with simple paperwork when investing, and the charges include fees on brokerage, asset management charges, etc. Digital gold/ ETF has ZERO risks of burglary/theft as your gold is stored in insured online vaults till the time of delivery. Buy digital gold on the reputed platform of Khatabook. All you need is a mobile phone, a good internet connection and a platform like Khatabook to buy digital gold. 

Buying Digital Gold in Chhattisgarh:

The steps required when buying digital gold online are

• Enter the gold, its type and weight in grams.
• Select the payment mode and upload KYC verification documents.
• Make a payment, and the digital gold is instantly reflected in your insured locker.

Tip: You can also buy, sell or trade the digital gold units online. For urgent liquidity choose to convert the units into gold ornaments delivered to your doorstep.

Selling or Trading of Digital Gold:

One can sell digital gold from home or even convert it to physical gold at will. For Ex: Khatabook guarantees 24k gold on the digital platform and even delivers it at your address in tamper-proof packaging. The simple steps required are

• If you need to sell, check today’s gold rate in GRT Chhattisgarh and sell your gold without further hassles. 
• When you need to take possession of your gold, ask for home delivery of the physical gold.
• You will have to convert digital gold to physical gold to avail a gold loan.

Availing Gold loans

If you need urgent money, use your physical gold, jewellery etc., to raise a short term loan rather than sell it. You offer it as collateral to the secured gold loan. Several banks , NBFCs, jewellery gold company chains etc in Chhattisgarh offer gold loans which take 2 days or less to disburse.

The key features of the Chhattisgarh Rajya Gramin Bank are as follows.

• You must be Indian and at least 18 years old.
• 75 to 90 % of the today’s gold rate in Chhattisgarh will be the maximum loan amount offered,  on a case to case basis.
• Interest rate is 7% pa.
• The maximum loan amount available is Rs 20 lakhs.
• Gold must be 18K to 22K purity to pledge it
• Gold valuation is done by the bank and charges apply.
• Stone weight is not accepted for loaning amounts.
• The gold is treated as collateral and a default in repayment causes the bank to auction the gold.
• For non-agricultural uses the tenure is 12 months. In rural areas, it may go up to 36 months.
• Income proof has to be submitted.
• Processing, prepayment penalty and late payment penalties are applicable.

 Where to Buy Gold in Chhattisgarh

Chhattisgarh has many jewellery stores of repute that sell gold at the BIS gold rates. 

Conclusion:

Gold is a long term investment. The gold rate today in Chhattisgarh is steadily rising. While no one can predict the rise or fall in gold prices, one must make an informed decision.