Gold Rate Today in Coimbatore - 22 Carat and 24 Karat Gold Price in Coimbatore (17th November 2024)

Coimbatore is in Tamil Nadu and is its 3^rd largest city, called the South Indian Textile Capital, because of its abundant textile industries. The city lies on the banks of the Noyyal River and is among the most industrialised cities in South India. People here wear and invest heavily in gold from as early as the 2^nd/3^rd century. 

Tip: Today gold rate in Coimbatore tends to be higher in the densely populated Coimbatore city, which also has lots of investors with liquid funds.

What Is Today’s Gold Rate In Coimbatore?

As of 17th November 2024, the 24 Carat gold rate in Coimbatore today is ₹0/gm and the 22 carat gold rate in Coimbatore is ₹0/gm.

Tip: The harvest festival of Pongal and the Mariamman festival in Coimbatore, see the today’s gold rate in Coimbatore 916 jump due to the people buying gold ornaments on these festive days.

Fluctuations Over 10-days In Today’s Gold Rate In Coimbatore:

Here’s how gold in Coimbatore has behaved over the last 10-days.

Historical Prices of Gold Rate In Coimbatore

Factors Affecting The Gold Rate In Coimbatore

 The COVID pandemic since March 2020 has left its effects on the industries of Coimbatore. Yet, the gold rate per gram in Coimbatore has shown a steady rise over the 10-day and 90-day period due to several factors affecting it. Here’s what happens to today’s gold rate in Coimbatore per gram due to these factors.

•  Internationally the gold prices are rising steadily.
•  Limited gold supplies coupled with high demand drives the 916 gold rate in Coimbatore today up. 
•  The slowing of the global economies also drives the gold prices upwards.
•  Poor stock market returns push investors to buy at the 22-carat gold rate in Coimbatore today, which pushes gold rates further up.
• The fluctuating USD increases import prices which push the gold rate in Coimbatore today 916 up.
• A marked rise in the US-China tensions, pandemic woes and lockdowns, slow economies, among others, affects the gold rate today in Coimbatore 22k, causing it to rise. 
• Inflation rates are high and deposit rates low, causing investors in Coimbatore to have high investment liquidity and making them seek out gold investments.
• The Rupee versus the USD shows devaluation and causes a gold demand that pushes today gold rate in Coimbatore 916 further up.     

Tip: Gold is obviously a long term investment asset. But if you wish to have better investment returns, try digital gold investment options.

Also Read: Steps to Calculate the Gold Price for Jewellery

The Final Cost Of Jewellery: 

Gold rates differ from the daily rates and from jeweller to jeweller. The final price of gold jewellery can be calculated as follows. For the popular 22k gold rate today in Coimbatore and the 18-carat gold rate in Coimbatore today used in jewellery, see the method below -

The final price equals the Gold Weight in grams multiplied by the 22K or 18K gold rate + Wastage and Making charges + 3% GST on the final price]. 

Tip: The gold value of 10gms of 24K gold is a whopping Rs 49900/10 gm of 24K gold and was just Rs 4400/10 grams of gold in 2000!

Gold Investment Options:

Today you can buy gold in a variety of methods. Take a look at your options.

• Physical Gold: You can buy jewellery or bullion (coins/bars) at the gold rate in Coimbatore 916 at banks, jewellery shops etc.
• Digital Gold: This is gold bought on the digital platform and platforms like Khatabook, which allow you to start saving small and accumulating gold in an insured locker till maturity. You can then ask for physical gold that will be delivered to your doorstep in tamper-proof packaging. 
• ETFs, Mutual Funds help you invest at low risk and are traded on the stock market. 1 ETF=1 gm of gold and can be traded in or exchanged for physical gold.
• Gold stocks/shares in gold production/mining companies depend on the company's profits and not on the gold rate.
• Derivatives and commodity trading are riskier and involve trading on the stock market.
• Futures are contracts that specify that a certain fixed quantity of gold will be traded at a specified future date. Spot contracts offer a time period for the investor looking at investing in the futures segment and lock in the strike rate at today’s gold rate in Coimbatore live.
• SGBs or Gold Sovereign Bonds are government-guaranteed bonds like fixed deposits with an 8-year term and 2.5% returns.

Tip: A healthy portfolio has a portion of it in gold investments to spread risk due to hedging against inflation.

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

Is Gold Investment A Smart Choice?

Indians in Coimbatore and Tamil Nadu wear and invest a lot in gold ornaments. The modern concepts of digital gold, ETFs, Gold Funds etc., are catching up fast. Let's quickly understand how gold investments compare with digital gold and the mutual funds investing in gold. 

Physical Gold:

• The investment is made in physical gold like bullion/jewellery.
• Physical gold carries the risk of burglary and theft and involves insurance charges to protect the physical gold.
• The charges levied are the equivalent of the price, making charges and GST. 
• Physical gold has no paperwork hassles when investing.
• To sell your gold, the BIS certification and purchase receipt are important.

Gold Funds:

• The investment is in physical gold form but through the exclusive fund from companies in gold mining. It involves the delivery of physical gold on maturity.
• Gold funds are paper gold and suffer no risk from burglary/theft linked with the physical gold rate or its delivery.
• Gold funds require paperwork when investing and add a nominal charge as fund management charges to the total price.
• Whether online/offline, the fund certificate will be needed when trading it in at the maturity value.
• Gold funds are dependent on the profits made by the gold mining company and not on the day’s gold rate.  

Digital Gold:

• The investment is made digitally and can be of any value, accumulating units of gold, where 1 unit=1 gm of physical gold.
• Digital gold typically includes brokerage fees, asset management charges and the cost of physical gold.
• Digital Gold/ETFs require simple paperwork when investing.
• The digital gold has no risk of burglary/theft since there is paper- gold till the time of delivery of the physical gold.
• Whether online/offline, the certificate will be needed when trading it in for the jewellery/ bullion.
• The gold rate for the day affects the digital gold price directly. Buy units of digital gold on the reputed platform of Khatabook.

Tip: Digital Gold investments require a Demat account to be opened, unlike FDs or SGBs.

Comparative Analysis Of Gold Versus FD Investment Options:

Here’s the performance comparison of gold investments versus FDs.

Here’s what to check when buying jewellery or gold ornaments, coins etc.

• Wastage and Making Charges can be in the range of 10 to 20% plus the GST applicable at 3% of the purchase price.
• Verify the rates like the daily gold rate, alloy metal rates and USD prices which affect the gold prices.
• Ensure BIS Certification or the Bureau of Indian standards hallmark like BIS-916 for 22K gold, meaning that every 100gm of gold contains 91.6gm of pure 24k gold. 
• Check the purchase bill and buy-back terms which ensure easy selling/liquidity, buyback facilities and exchange of gold on a gram-to-gram basis less the making and wastage charges.
• Check the purity level since 24K gold is 99.94% pure. However, it is not malleable and needs the addition of Copper, Silver etc. The alloyed gold has less pure gold in it, and you have a choice of gold such as 22K, 18K, 14K, 10K etc. 

Tip: Buy 22K or 916 jewellery since alloy weight fetches zero returns. Lower the purity less the resale value.

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

Types of Gold

Pure Gold is 24K, while gold in jewellery is generally 22K/ 18K. 18K options of white and rose gold are top-rated today in the jewellery segment and are closely tied to the 18-carat gold rate in Coimbatore today.

Comparative Chart For 22K, 24K and 18K Gold:

Buying Digital Gold in Coimbatore

Digital gold is a preferred investment today because you can start buying gold at the day’s price with as little as Rs 1. For Ex: Khatabook promises guaranteed units of gold on the digital platform. Further, the digital gold is stored in insured digital lockers till encashment. 

Selling/Trading Digital Gold:

You can sell digital gold from home or even convert it to physical gold at will. All you need to do is enter the weight of the gold and choose the sell option using your mobile phone. You can convert it to physical gold by ordering gold jewellery with just a few clicks on the phone. 

Tip: The Khatabook digital platform delivers your accumulated gold at your address in tamper-proof packaging.

What is a Gold loan?

Physical gold and jewellery can raise 90% of its value at the day’s gold rate in Coimbatore as a secured loan in times of distress.  Most banks, NBFCs etc., offer a secured loan with gold as the collateral and fetches up to 90% of the gold value as a loan to be repaid with bank interest within the specified time. A default causes the lender to auction the gold collateral. Digital gold can be converted to physical gold and used for loan purposes.

Tip: Availing of a gold loan ensures you can redeem your gold. Interest charged is generally 9.5 to 11% on the LTV or loan to value amount.

Locations to buy Gold in Coimbatore:

Gold jewellery can be bought easily across major cities like Coimbatore, which have a list of reputed jewellery stores. It can also be bought digitally, at the banks etc.

Tip: Ensure your gold is BIS certified and check the day’s rate before buying.

Conclusion

Who doesn’t love to own gold? However, it would help if you did not rush into gold investments. Gold is definitely a great hedge against rising prices and inflation when held long enough and should be a part of your investment portfolio. Be smart, maximise your investment and invest safely in digital gold using a trusted platform like Khatabook. Begin today!