People have turned to gold investments when other assets and investments do not offer value returns or stability. Hence, gold in Sikkim sees a steep rise in gold demand and price hikes during festival times, wedding seasons, and when the stocks or equity markets fail to perform well. Many other factors affect the price surges like political tensions, debt-ridden governments, the Rupee devaluation, fluctuating US Dollar prices, and so on that affect today’s gold rate in Sikkim.

What is Today’s Gold Rate in Sikkim?

As of the 17th November 2024, the 22k gold rate today in Sikkim is ₹ 0/gm of 22K gold. The 24-carat gold rate in Sikkim today is ₹ 0/gm. 

Gold Rates in Sikkim For The Last 10 Days

Here is a quick reference chart for the 22K gold rate in Sikkim today and the 24K present gold rate in Sikkim variations over the last 10-days.

Historical Prices of Gold Rates in Sikkim

Final gold rates in Sikkim

Final price = weight of gold x gold rate/gm + making charges (10% approximately) + GST @5% on making charges + GST @ 3% of purchase price. 

Gold Vs Fixed Deposits

People in Sikkim prefer to hold their investments in gold. The reasons primarily bring how gold investments compare. Take a look for yourself at our Gold Vs Fixed Deposits comparative table.

Modern Gold Options Compared

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

• Futures contracts
• Bullion Coins and bars 
• Sovereign Gold 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. 

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

Factors that Affect Rates in Sikkim

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

Checklist for Buying Gold in Sikkim

Just to keep your investment safe, here’s what to check before you invest in gold.

• Purity levels: Make sure you are paying for the right kind of purity. It should not so happen that you pay the 24K gold rate in Sikkim for 22K gold jewellery. You must check the hallmark to determine the purity level. This has a direct bearing on the price you pay. Indian jewellery is mostly made in the purity variations of 22K, 18K, 10K, and 14K gold.
• BIS Authentication Certification: The BIS or Bureau of Indian Standards certifies the purity of gold. It is an important document for reselling gold. Though gold purchases are made judiciously in India. However, if you ever need to sell any gold jewellery, this proof of authentication is a must to make a legal sale. Each 100gm of gold contains 91.6gm of pure gold or 916 gold. It is the benchmark for gold jewellery quoted at the 22-carat gold rate in Sikkim today.
• Gold Price Trends: Gold rates vary daily, across locations and even by the moment on the commodities market. Each day IBJA starts the trading day by announcing the gold price for the day. Local gold associations take that into account to determine gold rates in Sikkim. Before investing, look at today's gold rate in Sikkim live. If possible study the gold rates in Sikkim for the previous months and take expert opinion. Rates for jewellery reflect the gold rate in Sikkim 916. 
• Sales – Gold prices increase when gold purchases peak during the festival or wedding seasons. A good time to buy gold jewellery is off-season when it's cheaper and there are more discounts.
• Buy-back terms: The buy-back terms are significant. Many over-the-counter jewellery shops assure customers of buyback facilities at the prevailing gold rate today 22K in Sikkim. You should try to sell your jewellery to the same jeweller you bought it from. Jewellers mostly will give you 100% of the gold value, however, you’ll have to let go of any taxes or making or wastage charges paid at the time of purchase at the prevailing gold rate today (22K) in Sikkim.
• Know your gold: Gold jewellery is generally 22K. Note that white and rose gold prices may be higher than the daily gold rates due to processing and making charges. Always check the hallmarking to make sure you are paying the correct rate for a particular purity level.  
• Wastage and Making Charges: Machine-made gold jewellery tends to be cheaper since there is less labour involved. Making charges depend on the amount of man-hours spent behind a piece of jewellery. Machine-made jewellery or jewellery without much artistic design will generally carry a lower making charge and range between 6% and 14% of the gold price. Jewellery with intricate designs may incur higher charges, going up to 25% over and above today’s gold rate in Sikkim 916. 

24K Vs 22K Gold:

Documents Needed When Investing in Gold

All investments in physical gold are recorded. So keep your purchase receipt safe.  

• If investing Rs. 2 lakhs or more on physical gold purchases, the PAN Card’s documents and identification like Voter ID/ Passport/ Aadhar card reflect the identity and address. 
• For ETFs, one must open a brokerage account and a Demat account with the ETF seller firm. 
• For SGBs investments, KYC documents are required to buy the maturity sum of physical gold.

Reasons for a Gold Investment:

Let us explore the reasons why gold has and will always remain a great investment. It is an anti-inflation asset and should be in your portfolio to reduce portfolio risks. Gold helps you save for the future and is very useful as it can be easily sold, bought or liquidated. You just need to make a few checks for purity and so on, requiring no knowledge of trading and very little gold maintenance. 

There is absolutely no chance of the gold value ever being zero or negative in terms of its returns and its prices have gone up 300 times over the last two decades. No wonder gold in India is considered a super metal and shows a steady price year after year. And now, gold is available in a variety of technologically modern options like digital gold, gold funds, futures, derivatives and gold commodity trading online.

Digital Gold

Investing in gold in any form comes with a promise of good returns in the long run. However, for most investors it is not possible to spend a big amount every month to buy gold coins or gold jewellery. Digital gold gives you the option to own real gold without taking the hit of a huge monthly or quarterly expenditure. Digital gold can be purchased in fractions of a gram and you can start saving as little as Rs 10. It might not seem much when you start. However, say over a period of 10 - 20 years, you can accumulate a substantial amount of actual gold, safely kept in an insured vault until you are ready to get it delivered to you. Platforms like Khatabook offer units of digital gold. 

Trading of Digital Gold

Gold investments do not require deep financial expertise and can be easily bought or sold in electronic format. All you need is to open your account using a mobile phone, a good internet connection and a platform like Khatabook to buy digital gold. The general steps required 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 locker.
• If you need to sell, check today’s gold rate in Sikkim and sell your gold without further hassles. 
• When you need to take possession of your gold, just ask for home delivery of the physical gold.

Availing Gold Loans

Many nationalized banks, NBFCs and gold companies help you tide over a financial crisis using a secured short term gold loan. The gold loan is released within 2 to 3 days and involves checking the purity of your gold from 18 to 24K gold. 

The loan offers 75 to 90% of the gold rate today in Sikkim. Just pledge gold in jewellery, coins, gold bars etc.. to a bank or other financial institutions and obtain a gold loan for a period of 6 to 24 months at today's gold rate in Sikkim and repay it to release your gold and its ownership. Digital gold units can also be converted to physical gold and used for loan purposes. You stand to forfeit the gold if you do not repay the loan.

Where to Buy Gold in Sikkim?

Sikkim has many jewellery stores of reputation, and its people also know about exploiting the gold rates. Some of the reputed jewellers in Sikkim’s Gangtok area are:

•  RK Jewellers, Gangtok, 
• Ramchandra Pradeep Kumar Jewellers, Gangtok, 
• Shakya Jewellers, Gangtok 
• MC Jewellers, Gangtok. 
• Z & C Jewellers, Gangtok

Conclusion

Gold appreciates over time and is an effective long-term investment. Other than the traditional way of investing in gold in the form of coins, jewellery or bars, there are online investments that pose less risk to your money. Gold always increases in value in the long term as its total quantity is limited. The gold rate today in Sikkim, prices are linked to international prices and gold in its many forms is easy to buy. Learn all about gold investments at Khatabook.