Gold Rate In Major Cities

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Gold is a sign of wealth and status in Meghalaya. Traditionally gold was used for jewellery rather than for investing. However, now there is a focus on investing in gold. To earn better returns on gold investment, you have several options like digital gold, OTC (over the counter), Gold Funds etc. Trading and investing in gold is rewarding and is an excellent way of keeping one’s investment portfolio hedged against risks in the equity market. 

What is Today’s Gold Rate in Meghalaya?

The current gold rate in Meghalaya as of 18th October 2021, or the 22-carat gold rate in Meghalaya today, is Rs 4,595/gm and the 24-carat gold rate in Meghalaya is Rs 4,825/gm of 24K gold. 

Gold Rates in Meghalaya For the Last 10 Days

The prices below indicate the last 10-days prices of the 22k gold rate today in Meghalaya and the 24k gold rate today in Meghalaya. 

Date

10 Gram (22 K)

10 Gram (24 K)

17 October 2021

 

Rs. 45950

 

Rs. 48250

16 October 2021

 

Rs. 45950

 

Rs. 48250

15 October 2021

 

Rs. 46450

 

Rs. 48770

14 October 2021

 

Rs. 46450

 

Rs. 48770

13 October 2021

 

Rs. 45900

 

Rs. 48200

12 October 2021

 

Rs. 45900

 

Rs. 48200

11 October 2021

 

Rs. 45650

 

Rs. 47930

10 October 2021

 

Rs. 45650

 

Rs. 47930

9 October 2021

 

Rs. 45650

 

Rs. 47930

8 October 2021

 

Rs. 45650

 

Rs. 47930

 

Historical Prices of Gold Rate in Meghalaya 

Months

Lowest Price 24 Carat Gold Rs. Per 10 Grams

Highest Price 24 Carat Gold Rs. Per 10 Grams

September 2021

47,040

48,560

August 2021

47,360

48,980

July 2021

47,920

52,650

 Tip: Gold rate in Meghalaya has shown daily fluctuations and an increasing price over the last 90-days.

Final Gold Rates in Meghalaya:

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

Fixed Deposits and Gold comparison

People in Meghalaya prefer to hold their investments in gold. The reason is how it compares to an FD. Take a look for yourself at our Gold Vs Fixed Deposits comparative table.

Factor

Gold

Bank Fixed Deposit

Risk Factor

It is vulnerable to being stolen and involves additional costs in insurance, storage etc.

FD is a low-risk option with a fixed term and low-interest rates are often unattractive during the recession.

 

ROI Analysis

If you make an annual buy of gold for 5 years, historical prices indicate a return earning of 18% CAGR.

FD’s interest rates are linked to the term and offer an annual rate of 5-6% with an additional 0.5% for senior citizens.

 

Premature Closure

Gold provides you with both early liquidation and gold loan options.

In contrast, there is a 1% penalty of the interest earned on the premature closure of an FD.

Liquidity

Gold is a high liquidity investment that is easy to sell. Digital gold units are exchangeable for physical gold,

Whereas, the liquidity of the FD depends on the bank’s discretion.

 

 

Modern Concepts in Gold Options

You can buy gold today in a variety of methods. Take a look at your options.

  • Futures contracts
  • Bullion Coins and bars 
  • Gold Sovereign Bonds (SGBs)
  • Gold ETFs
  • Gold stocks/shares in gold production/mining companies
  • Mutual Funds dealing in gold
  • Jewellery
  • Digital gold or E-Gold
  • Gold derivatives
  • Trading in gold as a commodity. 

Tip: SGBs and FDs are alike, while digital gold, ETFs and gold funds provide better returns.

Gold Vs Gold Funds and Digital Gold:

Here’s a comparison chart of physical gold with the modern gold investment options. 

Physical Gold

Gold Funds

Digital Gold

This investment is made in physical gold like bullion/jewellery at the gold rate today 22k in Gujarat

The charges levied are the equivalent of the price, making charges and GST. 

The rate of physical gold is quoted as gold rate today in Gujarat 22k and it carries the risk of burglary and insurance charges. 

It has no paperwork hassles, though its BIS certification and purchase receipt are essential when selling.

 

The investment is in the exclusive fund from companies in gold mining. 

Gold funds add a nominal charge as fund management charges to the gold rate today in Gujarat.

The paper gold suffers no risk of theft. These require paperwork when investing, and the fund certificate is needed when trading it in at the maturity value. 

Gold funds are dependent on the profits made by the gold mining company and not the gold rate today in Gujarat live.  

The investment is made digitally and can be of any value accumulating units of gold, where 1 unit=1 gm of physical gold. 

It includes brokerage fees, asset management charges, and physical gold cost at 916 gold rate in Gujarat

It has no risk of theft since it is paper- gold till the time of delivery. 

The paperwork is simple, and gold is kept in insured vaults until it is delivered. 

The gold rate in Gujarat 916 affects the price directly. 

Buy units of digital gold on the reputed platform of Khatabook.

 

Factors that Affect Gold Rates in Meghalaya

Why do gold rates fluctuate? Several factors affect the surging gold prices. The most important ones are:
 

Government Gold Reserves  

RBI holds the government gold reserves. When RBI buys more gold, gold prices rise due to an increase in the flow of cash in the market and a decrease in gold supply. 

Inflation 

As gold is compared to currency and holds significant value, it is used to hedge inflation. When inflation is high, demand for gold increases, and vice versa. 

Jewellery Market  

During festivals like Diwali, Akshaya Tritiya, and wedding seasons, the gold rate rises due to increased demand. As a result, when the demand-supply mismatch occurs, it leads to an increase in gold prices. 

Global Movement 

The rate of yellow metal is affected by any global movement in the gold rate. 

Interest rate trends  

With the increase in the rate of interest, people tend to sell gold to get cash. An increased supply of yellow metal leads to decreased rates. However, lower the interest rates; more money in the pockets of customers. Higher the demand and increase in rates of the metal. 

Tip: Gold is a limited supply and value-guaranteed commodity.

Checklist for Buying Gold in Meghalaya

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

  • BIS Certification: Checking the BIS or Bureau of Indian standards mark is important as it certifies the purity of gold. Jewellers also use the Hallmark with their logo, BIS rating etc to assure customers of the gold’s quality normally sold at the 916 gold rate in Meghalaya. 
  • The daily gold rates: Gold rates vary daily, across jewellers and locations and though today’s gold rate in Meghalaya is the norm, the IBJA ( Indian Bullion Jewellers Association) rates used by jewellers can vary slightly. 
  • Buy-back terms: Buy-back rates are significant especially when you sell gold. Note that most jewellery stores have buy-back facilities at the prevalent gold rate in Meghalaya. But, even the exchange of jewellery on a gram-to-gram basis is always less the wastage and making charges which vary from 7 to 25% of today’s gold rate in Meghalaya per gram.

24K, 22K and 18K Gold:

Here’s a quick comparison of the popular gold varieties. 

    24K Gold

22K Gold

18K Gold

99.94 gms to every 100gms of gold.

91.67 gms to every 100gms of gold.

75 gms to every 100gms of gold.

Yellow 

Yellow 

Depends on the alloy.  

Available as coins/bars. 

Available as coins, bars and ornaments.

Available as gold ornaments.

Used in making jewellery, for industrial purposes, and in medical measuring devices.

Used in gold ornaments making.

Used in gold ornaments making.

Most pure and expensive.

Lower purity and costs compared to 24k gold.

Lower purity and cost compared to 24 or 22K gold.

 

Top Reasons to Invest in Gold

Let us explore the reasons why gold has and will always remain an excellent investment choice by comparing it against bonds or fixed deposits.                                                        

Risk Factor

Premature Closure

ROI Analysis

Liquidity

Gold is an asset effective against inflation and a fall in currency rates when included in the portfolio. However, it can be stolen and is hard to store safely. The added costs of making/ wastage charges, insurance etc are substantial.

Gold provides you with both early liquidation and gold loan options.

If you buy gold regularly annually for 5 years, you can get 18% CAGR in returns. Digital gold allows you to buy fractions of a gram of pure gold and leverage both your savings and the day’s gold rates.

Gold both digital and physical is a high liquidity investment that is easy to sell. Digital gold units are exchangeable for physical gold.

The FD on the other hand has no risks attached to it except the falling interest rates and a fixed tenure.

In contrast, the FD sudden closure is penalized with 1% of the interest earned. However, the FDs can also be used as collateral in times of financial distress.

FD’s interest rates are linked to the term and offer an annual rate of 5-6% with an additional 0.5% for senior citizens.

Whereas, the liquidity of the FD is dependent on the bank’s policy.

Digital Gold

Digital gold introduced in 2017 is an electronic form of buying pure gold. It also allows you to buy fractions of a unit of gold, which means you can leverage your savings and convert it into units of gold held in your account and in an insured vault. In India, the pandemic has caused lockdowns and digital gold offers you the perfect safe instrument to buy gold with just a few clicks on an app like the Khatabook. The gold is purchased at the gold rate in Meghalaya today 916 and one can sell it from home or even convert it to gold ornaments at will. 

Selling/Buying Digital Gold:

The general steps required on a platform like Khatabook to trade digital gold are simple and the paperwork is minimal.

  • Just log in and enter the buy gold option, its type and weight in grams.
  • Choose the payment mode and upload KYC verification documents.
  • Make your payment, and check the digital pure gold in your insured locker.
  • If you need to sell, check today’s gold rate in Meghalaya and sell your gold without further hassles by choosing the sell option. 
  • If you need to convert it into physical gold, just ask for home delivery in the form of ornaments, bars or coins.

Availing Gold loans

The best feature of gold is that it is easy to pledge in times of financial distress. Physical gold ornaments can fetch 90% of the gold value as a short-term secured loan without the need to sell your gold. Just avail of a gold loan. Banks, NBFCs etc., offer these loans at interest rates between 10 to 13%. Pay off the loan in the specified time and release your gold collateral. Many reputed gold companies also step in to buy such pledged gold when you cannot reclaim it on time. Just sell it to them and get the day’s rate on your gold.

Where to Buy Gold in Meghalaya

Meghalaya has many jewellery stores of repute, and its people also know about exploiting the gold rates. 

Jewellers

Location

Sham Jewellers

Shillong

Sangita Jewellers

Tura

Gold Fashion Jewellers

Cherrapunji

Jewellers

Jowai

Tanishq Jewellers

Guwahati

Conclusion:

Note that the rates quoted are indicative and not investment advice. Rupee prices and interest rates make money deposits a poor investment when the inflation rates creep upwards. It is a good idea for gold investors both large and small to have a part of the portfolio in gold since it is a good hedge instrument and pays off in the long run. 

FAQs:

What is meant by making and wastage charges?

Making and wastage charges are leviable on jewellery. This value ranges between 10-20% of the gold weight when prices are quoted as today’s gold rate in Meghalaya per gram and are included in the final price of the item.

What alloys are used in making gold?

The use of Cadmium was banned by the BIS in 2017. Alloy metals may be Copper, Tin, Bronze, Nickel, Palladium, Rhodium, Silver etc.

What are digital gold advantages?

You can seek tamper-proof physical gold delivery at your home. Investments can start with even Rs 1 and the gold provided is 24K gold which is insured and stored in safe vaults till exchanged for physical gold.

What is the current gold rate in Meghalaya?

As of 18th October 2021, the 22-carat gold rate in Meghalaya today is Rs 4,595/gm and the 24-carat gold rate in Meghalaya is Rs 4,825/gm.

Is Digital Gold safe?

Yes, it is in digital format and stored in an insured locker.

What are the different varieties of gold?

The different varieties of gold according to their purity are 24K, 22K, 18K, 14K and 10K.

Will the gold rate in my state increase or decrease?

Gold rates depend on a number of factors like Inflation, Demand and Supply, Interest rates, etc.  Any changes in these factors would affect the gold rates. 

Can I get a gold loan against my fixed deposit? 

Gold loans hold the pledged gold as collateral. Similarly, you can pledge your FD and raise 75% of its value as a short term loan though it is not a gold loan as FDs do not have any gold underlying them.

What is the least amount of digital gold I can buy?

Gold can be bought in units and fractions as small as 0.10 units of digital gold thereby making small investments that fetch better returns.