Located off the coast of the Bay of Bengal in the eastern side of India, Odisha is a culturally rich state. Adding to its credit is the oldest Indian learning institution, the Nalanda University. Like in the rest of India, gold is a popular jewellery choice for auspicious events such as weddings and festivals in Odisha as well.

Therefore, it is important to keep in mind different factors related to buying gold before making a purchase. Some of the vital things to look for are gold rates in Odisha, the factors affecting the gold rates, what are the different types of gold, etc.

What is the Gold Rate Today in Odisha?

The current gold rate in Odisha as of 16th April 2024 is ₹ 6865/gm. The 24-carat gold rate in Odisha recorded on the same day is ₹ 7208/gm. Gold rates change almost every day depending upon various factors. 

Gold Rate in Odisha For The Last 10 Days

Let’s look at both the 22 Carat Gold Rate Today in Odisha and 24 Carat Gold Rate In Odisha over the last 10 days:

Historical Prices of Gold Rate in Odisha :

The table below gives you a better understanding of how gold rates in Odisha have been changing for the past three months.

Factors Affecting the Gold Rate in Odisha:

Like any other commodity, the present gold rate in Odisha is affected by the basic principles of demand and supply. However, there are a few driving factors affecting the supply chain and in turn the gold rates in Odisha. These are:

Final Gold Price

Though there is no standard way of deciding the final price, we need to understand what MCX and IBJA are, before we can understand gold rates in Odisha today. 

MCX stands for Multi Commodity Exchange. It is a trading centre for commodities, futures, contracts and works more or less like stock exchanges such as BSE. Trading activities by big traders like bullion makers and banks at MCX affect the gold price every day. Factors like international gold prices, rupee to dollar exchange rates, supply and demand at MCX trading contribute to final gold prices. 

So, while the Indian Bullion Jewellers Association (IBJA) determines daily prices by consulting India’s top 10 gold dealers, MCX provides the market with a future trend of gold prices. Small jewellers determine their prices individually. After 12.5% customs duty and 3% GST is added to the gold prices per 10 grams, the jewellers in Odisha add a making charge to their ornaments. This is the final gold price that you pay when you purchase gold jewellery.

The final jewellery price = gold weight in grams x gold rate in Odisha today (22K or 18K gold) + Making charges (inclusive of 5% GST) + 3% GST  (the price of jewellery + making charges).

Modern Investment Options

In November 2020, despite high gold prices, Odisha did a business of Rs 110 crores in gold retail on the occasion of Dhanteras. Notwithstanding its cultural importance, gold is a sound, long-term investment that can keep you covered during market fluctuations and currency fall. There are various modern ways of investing in gold that can give you better returns.

• Gold ETFs: Gold Exchange Traded Funds are almost like shares. They are paper representations of physical gold. You can trade with them on major stock exchanges and there is no upper limit on these funds. You can buy them online and keep them in your Demat trading account. These are cost-efficient investment options as there are no overheads like making charges and you can buy these at International gold rates, which are lower than physical gold prices. Each ETF here is equal to 1 gm of gold. 
• Digital or E-Gold: This is gold in electronic form. Platforms like Khatabook, allow you to start saving small amounts and keep accumulating gold in an insured locker till maturity. You can exchange the certificate for physical gold at the end of the maturity date that Khatabook will deliver to your doorstep in tamper-proof packaging. 
• Gold Stocks/Shares in Gold Production/Mining Companies: This is an investment in a fund that invests in gold mining companies. Hence the return depends on the company’s profits and not on the gold rate.
• Futures: These are contracts that specify that a certain fixed quantity of gold will be traded at a specified future date at a predetermined strike/gold rate. 
• Gold Sovereign Bonds: The SGBs are government-backed bonds released by The Reserve Bank of India which you can buy from private/public sector banks. The bond prices are linked to the gold rate in Odisha. It does offer a 2.5% return and is typically issued for 8 years with a lock-in of 5 years but has no physical gold delivery involved at maturity.

Comparative Analysis of Gold Investment Options

Below is a table to help you understand the benefits and flaws of various gold investments:

Comparative Analysis of Gold Versus other Investment Options:

Here’s the performance comparison of gold investments versus other investments like Fixed Deposits.

Checklist For Buying Gold Jewellery

Are you planning to buy jewellery at today’s gold rate in Odisha 916? Here are a few points that you need to check before your purchase.

• Hallmark and purity Levels: Make sure you are paying for the right kind of purity. It should not happen that you pay the 24K gold rate in Odisha for 22K gold jewellery. It is important to check the hallmark to check the gold purity level and gold quality. This has a direct bearing on the price you pay. For example, the famous 916 gold is nothing but 22K gold, which contains 91.6% gold and 8.4% other metals. 24K, which is the purest form of gold available, contains 99.9% pure gold. However, Indian jewellery is mostly made in the purity variations of 22K, 18K, 10K, and 14K gold.
• BIS Certification: BIS stands for Bureau of Indian Standards, which certify the purity of gold. 916 gold is the most popular gold for jewellery with every 100 grams containing 91.6 g of pure gold when the rate is quoted as the 22-carat gold rate in Odisha.
• Daily Gold Rates: Jewellers use the IBJA rates which differ slightly from the day’s gold rate. Gold prices also fluctuate daily, by location, or even by the moment on the commodities market. You might hence want to check out today's gold rate in Odisha before investing. 
• Buy-Back Terms: Many jewellery shops offer their customers a buyback service at the current gold rate in Odisha.
• Wastage and Making Charges: Manufacturers charge a wastage charge depending on the amount of gold wasted during the making of ornaments. These can be within the range of 7% to 25% plus there is 3% GST charged on the additional designing or making changes. 

Types of Gold

Pure gold is 24K, while gold used in jewellery is generally 22K/ 18K.

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

Digital Gold

A digital gold investment instrument lets you invest in 24 Karat pure gold, which you own, and have stored in your own secure vault. You can exchange digital gold for 24 Karat gold coins and ingots that are the purest form while purchasing them online. You can start buying digital gold at the day’s price with as little as Rs 10 on platforms like Khatabook digital gold which even sells fractions of gold units.  

Trading Digital Gold

Several mobile e-wallets allow you to buy digital gold. At present, digital gold is offered in India by Khatabook and some other platforms as well.

You can then perform the following steps for buying digital gold:

1. Select the amount of gold you want to buy in INR or grams - You can buy gold by weight at the current gold rate in Odisha or buy gold at a fixed price.

2. Choose a payment option - After completing KYC, you will be provided with multiple payment options including accounts, cards, and e-wallets.

3. Safe deposit of your gold - You can access your gold account at any time and it will be updated instantly.

4. Sell at any time – These platforms give you the option to sell your gold digitally at any time.

5. Physical Delivery of the Gold – If you are not planning to sell the gold, you can request to have the gold delivered to your home as coins or bars. Note: Delivery fees are applicable.

What is a Gold Loan?

Many reputed nationalized banks, banks like HDFC, ICICI, reputed gold companies like Mannapuram, Popular Finance etc offer a gold loan (also known as a loan against gold). The loan is a short-term loan secured by pledging the gold (within a range of 18-24 carats) as collateral. The loan amount which was before 75% was recently enhanced to 90% of the gold pledged. The procedure involves checks on the gold quality and typically takes 2-3 days. The loan interest rates vary from 10 to 13%. A default in repaying the loan in time may cause the forfeit of the gold collateral.

Locations to Buy Gold in Odisha:

Gold jewellery can be bought at today’s gold rate in Odisha across major cities at reputed jewellery stores like:

Conclusion

Financial experts agree that an investment portfolio is healthy when at least a portion of it is held in gold investments. Gold prices do not depend solely on market demand but on a number of factors. Investors also have plenty of options when it comes to investing in gold. The risk tolerance levels and the gold rate in Odisha generally determine the choice of buying options. Invest safely in digital gold using a trusted platform like Khatabook.