Gold is a sign of wealth and is the healthy part of a portfolio. To earn the best returns on gold investment, there are several options like direct gold purchases, OTC purchases of jewellery, bullion, coins, futures, ETFs etc. Trading and investing in gold is rewarding. It is an excellent way to keep your investment portfolio hedged against risks in the equity market.
What is Today’s Gold Rate in Gujarat?
Gujarat in Western India has a population of close to 61 million. The city is known for its dynamic nature and is also a diamond and gold trading centre of repute. The current gold rate in Gujarat as of 19th April 2024, or the 22-carat gold rate in Gujarat today, is ₹ 6869/gm and the 24-carat gold rate in Gujarat is ₹ 7212 /gm of 24K gold.
Gold Rate in Gujarat For the Last 10 Days
|
Date |
10 Gram (22 K) |
10 Gram (24 K) |
|
19 April 2024 |
₹ 68690 |
₹ 72120 |
|
18 April 2024 |
₹ 68990 |
₹ 72440 |
|
17 April 2024 |
₹ 68990 |
₹ 72440 |
|
16 April 2024 |
₹ 68090 |
₹ 71490 |
|
15 April 2024 |
₹ 67540 |
₹ 70920 |
|
14 April 2024 |
₹ 67540 |
₹ 70920 |
|
13 April 2024 |
₹ 68240 |
₹ 71650 |
|
12 April 2024 |
₹ 67240 |
₹ 70600 |
|
11 April 2024 |
₹ 67140 |
₹ 70500 |
|
10 April 2024 |
₹ 66790 |
₹ 70130 |
|
09 April 2024 |
₹ 66690 |
₹ 70020 |
Historical Prices of Gold Rate in Gujarat:
Here’s how gold has behaved over the last 3 months.
|
Months |
Lowest Price 24 Carat Gold Rs. Per 10 Grams |
Highest Price 24 Carat Gold Rs. Per 10 Grams |
|
July 2023 |
56,290 |
58,300 |
|
June 2023 |
57,000 |
59,350 |
|
May 2023 |
58,490 |
61,090 |
Final Gold Rates in Gujarat:
When buying ornaments in Gujarat, you can calculate the final price using the simple formula below.
Final price= weight of gold x rate/gm plus wastage and making charges (10 to 20% approximately) plus GST @ 3% of the purchase price.
Gold vs Fixed Deposits
Please take a look at the Gold vs Fixed Deposits comparative table.
|
Key Factor |
Gold Investment |
Fixed Deposit |
|
Risk factor involved |
It is an excellent hedge against inflation and fall in currency rates like the USD, Indian Rupee etc. Gold has been an appreciating asset class investment when held for long periods. |
Low-risk option for a fixed term earning a fixed interest over a fixed term. |
|
Premature Closure |
Premature sale, gold loan options available |
Premature closure is penalised |
|
ROI Analysis |
If you bought gold every Akshaya Tritiya over the last 5 years, an ET Wealth report says you’ve earned 18% CAGR in returns. |
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. |
|
Liquidity |
Modern gold investments convert even small savings in SIPs, ETFs, Mutual funds etc., into physical gold that is easy to sell or get a loan against. |
Liquidity depends on the bank and is generally penalised. |
Also Read: Steps to Calculate the Gold Price for Jewellery
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.
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.
|
Also Read: What is Gold Standard and How Does it Work?
Factors that Affect Gold Rates in Gujarat
Despite the chaos caused by the pandemic strike in March 2020, gold prices have seen a steady rise all over India and Gujarat. Why do gold rates fluctuate? Several factors affect the surging gold prices. The most important ones are
- Bank deposits fetch just 5 to 6% interest rates.
- Gold demand is surging while the supply of gold globally is limited.
- International gold prices are rising steadily.
- The economic slowdown and market conditions push the gold prices up.
- Investors aren’t risking the stock/equity markets resulting in high liquidity with investors.
- The pandemic has caused a global recession of economies driving gold prices up.
- The Rupee is presently at Rs 74 to 76 against the USD pushing the export duties and final gold prices calculated in USD up.
Checklist for Buying Gold in Gujarat
Here's a checklist for buying gold in Gujarat:
- BIS Certification: The BIS or Bureau of Indian standards certifies the purity of gold. The most popular 916 gold means that every 100gm of gold contains 91.6gm of pure 24k gold. This rate is called the 916 gold rate in Gujarat today.
- Purity levels: 24K gold is the purest form of gold available though it is only 99.94% pure. It is not malleable and is mixed with small amounts of copper or other metals. The decrease in purity makes your buying choices 22K, 18K, 10K, 14K gold sold at the respective rates like the 18-carat gold rate in Gujarat today, the 22K rate at today gold rate in Gujarat 916, 24-carat gold rate in Gujarat etc.
- The daily gold rates: Gold rates vary daily, across locations and by the minute on the stock market’s live prices. This live rate may from the jewellery rate or the 22-carat gold rate in Gujarat and is used for stock trading and online transactions.
- Buy-back terms: Buy-back rates are vital to ensure one’s gold reserves do not dwindle. Reputed jewellers and shops permit customers buyback facilities at the prevalent today’s gold rate in Gujarat 916 and exchange jewellery in gold on a gram-to-gram basis conditionally.
- Making and wastage charges: This value is 10-20% of the gold weight when prices are quoted as today’s gold rate in Gujarat per gram.
Also Read: What are the Smartest Ways to Invest in Digital Gold?
24K, 22K and 18K Gold
|
24K Gold |
22K Gold |
18K Gold |
|
Its purity is 99.9%, and the colour yellow. 24K gold is used in the making of gold bars, gold coins, jewellery, gold articles, industrial purposes, and medical devices. It is more expensive than 22K gold. |
Its purity is 91.6% and the colour is yellow and has copper added in to make it more malleable. 22K gold is available as coins, bars and jewellery, and is popular in jewellery making. It is less expensive than 24k gold and more costly than 18K gold. |
It is popular in the jewellery business since it is considered by many to be the best gold for jewellery in terms of malleability, hardness, the value of gold etc. 18K gold has 75% pure gold and 25% Copper. |
Best Reasons to Invest in Gold
Let us explore the reasons why gold has and will always remain an investment par excellence.
- It is an anti-inflation asset.
- Gold helps you save for the future.
- Easy to sell, buy and liquidate.
- Gold requires little or no maintenance.
- You can easily pass on gold for generations.
- You can avail gold loans.
- It makes a supple investment in the portfolio.
- Least risk option.
- No value depreciation or deterioration with time.
Digital Gold
Digital gold is a good option because you can start buying gold at the gold rate in Gujarat today 916 with as little as Rs 10 onwards. You can continue saving to buy the gold and store it in a digital locker till encashment. One can sell it from home or even convert it to physical gold at will.
Trading of Digital Gold
Gold investments can be bought or sold in electronic format. All you need is a mobile phone, a good internet connection and a platform like Khatabook to know gold rates.
The 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 GRT Gujarat and sell your gold without further hassles.
- When you need to take possession of your gold, ask for home delivery of the physical gold.
Availing Gold loans
The best part is that physical gold, jewellery etc., can raise 90% of its value as a secured loan in times of distress. Banks, NBFCs etc., offer these loans at a reasonable interest rate (10 to 13%). In hard times, you needn’t sell your gold. Just take a gold loan. A secured gold loan treats the gold as the collateral security and the loan to be repaid within a specified time. The biggest risk of not repaying it on time is that it leads the lender to auction the gold collateral.
Where to Buy Gold in Gujarat
Gujarat has many jewellery stores of repute, and its people leverage the gold rates well. Try these jewellers at various locations across Gujarat.
Dealer Name |
Location |
Kanchan Jewellers |
Ahmedabad |
Tanishq |
Surat |
Gandevikar Jewellers |
Vadodra |
Dhanraj Jewellers |
Rajkot |
Swarna Jewellers |
Gandhinagar |
Conclusion:
Gold appreciates over time and is an effective long term investment. You can predict the rise or fall in the prices of gold which depends on several factors by following the trend charts over the last 10-days, 3 months etc. You can also leverage better returns on gold investments using several modern-day options like digital gold, gold company stocks, mutual funds and more. Learn all about gold investments at Khatabook.
