Gold Rate (in Rs/10 gm)

 

Last Updated: 19 Jun 2019, 17:52:50 PM

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Gold (in Rs/10 gm)

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The Indian Bullion and Jewellers Association (IBJA) that's almost 100 years old and based out of Mumbai puts out daily rates, twice a day - once in the morning and once in the evening - for gold of 999, 995 and 916 purity. These are the rates that even the Indian government follows to arrive at the price of the Sovereign Gold Bonds that they issue.

GST at 3% is then added to the calculation (an additional 5% GST has to be paid on making charges).

Additional costs incurred like transportation charges, the cost of security (guards) needed during this transportation and the cost of insurance are also then totted up.

On this gold rate, the jewellers decide whether or not to give a discount based on demand and the headroom they have. If demand is high, usually they won't offer discounts on the base price unless they feel it could stoke further demand. But when demand is muted and when the gold in their books has piled up, they decide on a discount they feel won't impact their bottomline.

Although the Gold standard is not used anymore, the yellow metal has always had an impact on the Indian rupee. Gold is used as a hedge against inflation and plays an important role in foreign exchange.

In India, gold is popular not just for buying jewellery but also for making investments, thus the fluctuating daily gold rates makes a lot of difference for people's investment plans in general. People who are interested in making gold investments must be aware of these five points:

1) Different Forms of Buying Gold like Physical Gold (Jewellery or Coins and bars), Gold Exchange Traded Funds, Gold Fund of Funds, Sovereign Gold bonds and E-Gold.

2) Capital Appreciation

3) Risks

4) Liquidity

5) Tax treatment

Read more on Gold as an Investment in India

Purity of gold is measured in terms of karat. Karat can vary from 10k to 12,14, 18, 22 and 24 k. The more the karat number, the greater is the gold purity. If you are looking out for pure gold then you should opt for 24 K gold.

Rest of the karats have one or the other metal mixed like 18 K gold jewellery ensures 18 segments of gold and 10 parts include some other metal type. 12 K is semi gold as in just 50% of gold.

Any time you go about shopping for gold jewellery, ensure to check up the trademark on the karat number. It also mentions about its origin place. Pure gold is expensive and not very practical to wear owing to its extra softness. Therefore, it is mixed with other metals mainly copper and silver. To be called solid gold it has to be a minimum of 10 Karat.

Gold is mixed with other metals to change the natural colour of the gold, which is yellow gold. For example if you mix copper, the resultant is pinkish in colour while silver blending leads to a nice greenish shade. Twenty-Four-Karat Gold is not pure gold since there is a small amount of copper in it. Absolutely pure gold is so soft that it can be moulded with the hands. Keep this information on gold in mind and don't let anyone fool you around by presenting you gold plated jewellery in the name of gold.

 

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