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Gold is one of the few investment options that offer inflation-proof returns. In fact, the yellow metal has a very good track record of consistently beating inflation. It’s no wonder then that Indians, especially, love to purchase the precious metal. That said, inflation-beating returns isn’t the only reason why we purchase gold though.

Traditionally, gold has always been viewed as something that’s very auspicious and therefore has been included in weddings and other traditional ceremonies in some form or the other. If this yellow metal is something that you’d be interested in, then it is important for you to keep tabs on the current gold rate. Here’s something that can help you out.

Gold Rate In Assam

If you’re currently residing in the state of Assam and looking to invest in gold for the long-term, then you’re in luck. This article can help shed some light on the gold price today in Assam. Let’s take a quick look.

 

  • 24 carat gold: 10 grams for Rs. 48,830

  • 22 carat gold: 10 grams for Rs. 46,500

Today 24 Carat Gold Price per gram in Assam

Currently, 24 carat gold is the purest form of the precious metal that money can buy. However, it is usually not preferred by jewelers for making ornaments. Instead, 24 carat gold is used to make gold bars and coins, which are usually bought and held for investment purposes. If this is something that you’re looking to do, then here’s what the 24 carat gold price in Assam today is.

 

  • 24 carat gold: 1 gram for Rs. 4,904

  • 24 carat gold: 8 grams for Rs. 39,232

Today 22 Carat Gold Price per gram in Assam

Jewelers mostly prefer working with 22 carat gold due to its properties that are well suited for making ornaments. So, if you’re looking to buy jewellery for a wedding or any other auspicious occasion, then check out the 22 carat gold price today in Assam.

 

  • 22 carat gold: 1 gram for Rs. 4,670

  • 22 carat gold: 8 grams for Rs. 37,360

GST on Gold in Assam

Introduced in the year 2017, the Goods and Services Tax (GST) has finally set right the fragmented indirect taxation system in India. Taking the perpetual high demand for gold in India, the lawmakers decided to also include the yellow metal into the ambit of GST.

The result of this inclusion is the 3% GST rate on gold jewelry and 5% GST rate on gold jewelry making charges that are currently being levied on top of the gold rate in Assam. Therefore, when you’re looking for what the gold price in Assam today is, remember to factor in GST as well.

Gold and its investment in Assam

Although it is a well known fact that most of the gold that Indians purchase are in the form of jewelry, there is a significant section of the Indian populace who purchase gold with the intention of holding it for wealth creation.

However, people who purchase gold for investment purposes generally tend to invest in alternate forms  such as gold ETFs, and Sovereign Gold Bonds (SGBs) instead. This is primarily due to the increased risk associated with safety and securely holding physical gold. That said, no matter the form of gold that you’re looking to invest in, you should always know the Assam gold price no matter what.

How to Invest in Gold ETFs in Assam

Gold ETFs are essentially mutual funds that are traded freely on stock exchanges like the Bombay Stock Exchange and the National Stock Exchange. A gold ETF derives its value from the current price of gold. Therefore, the price of a gold ETF also fluctuates in accordance with any changes in the gold price.

One of the major advantages of purchasing a gold ETF is that it is dematerialized and can be held electronically. This eliminates the need to safely and securely store it. Also, buying and selling gold ETFs are significantly more cost effective than physical gold. Wondering how to invest in them? Here’s a quick overview of the process that you have to follow.

 

  1. Firstly, you would have to open a demat and trading account with a stock broker. Without it, you cannot invest in a gold ETF.

  2. Upon successfully opening the said accounts, proceed to log into the trading portal of your stockbroker.

  3. Look for gold ETF options and take a look at the entire list.

  4. Select the gold ETF that you wish to invest in.

  5. Make a purchase by placing a buy order for the number of units that you want to acquire.

  6. Your order will be sent to the exchange for matching with a corresponding sell order.

  7. Once your order gets matched, it will get executed and the number of gold ETF units that you bought will be automatically credited to your demat account.

How to Invest in Sovereign Gold Bonds in Assam

The government of India, in a bid to provide Indians with a safe and secure investment option, came up with the Sovereign Gold Bond (SGB) scheme. SGB is a government bond that promises an interest of around 2.5% per annum on the investment amount along with the ability to take part in the price appreciation of gold. For instance, if the price of gold rises, the value of the SGB also goes up. Keen on investing in the Sovereign Gold Bond scheme? Let’s quickly take a look at how you can do it.

The SGBs can be purchased through your bank’s internet banking platform. Alternatively, you can also physically visit branches of the Stock Holding Corporation of India (SHCIL), designated banks, or post offices. There you will have to manually fill up and submit the application form along with the investment amount. Also, you can purchase them through your stockbroker’s trading portal as well.

One of the advantages of SGBs is that you can choose to hold them electronically in your demat account. If you don’t have a demat account or prefer to hold it physically, you can also opt for physical delivery of the bond certificates as well. If SGBs are something that you might be interested in, then it is absolutely essential for you to keep a close track of the gold rate in Assam.

How to Check the Purity of Gold in Assam?

When looking to purchase gold, you shouldn’t just stop with determining today’s gold rate in Assam. You should also check the purity of the gold that you wish to purchase. Only by doing this can you make sure that you buy gold of the highest quality. Here’s a quick guide on how to check the purity levels of gold.

  • Acid Test

In this test, a drop of nitric acid is placed on a scratched out gold surface. If the surface turns milky white, then the gold is just plated silver. If it turns green, the gold is fake. And if there isn’t any change in the colour of the nitric acid, then the gold is considered to be pure.

  • Purity Testing Machine

A purity testing machine can easily find out if the gold is pure and original. Plenty of jewelers possess this machine these days. So, before you purchase a piece of gold jewelry, ask the seller to prove its purity.

  • BIS Hallmark Symbol

The BIS Hallmark stamp is provided by the Bureau of Indian Standards and serves as proof of the gold’s purity. Therefore, look for this symbol when you’re out purchasing gold jewelry.

What is the demand for Gold in Assam?

As you already know, India is one of the top countries in terms of consumption of gold. This is primarily due to the Indians’ well known affinity to gold. The same can be said about the state of Assam as well. Of late, individuals residing in Assam are branching out in terms of the kinds of gold investments.

Nowadays, they’re not just restricting themselves to the purchase of gold jewelry and ornaments, but are also investing in SGBs, and gold ETFs. Taking all of this into account, we can say with certainty that the demand for gold in Assam is high and is likely to remain that way for the foreseeable future.

How is the gold rate in Assam determined?

The major determining factor of the current gold rate in Assam are the demand and supply forces. Now, the supply of gold is usually consistent with minor fluctuations. The demand, however, tends to vary wildly. So, when the demand for gold increases, the price of gold appreciates. And conversely, when the demand for gold decreases the price of gold goes down. That said, these two aren’t the only factors that determine the present gold rate in Assam. We’ll see more about them in the forthcoming sections.

What is the mandatory checklist for buying Gold in Assam?

Before you head out to buy gold in Assam, it is always a good idea to come up with a checklist of things that you should account for. This can help you make an informed decision and ensure that you make the right choice.

 

  • Firstly, make yourself aware of the current rate of gold in Assam.

  • Factor in the impact of GST on your gold purchase.

  • If you’re purchasing gold jewels or ornaments, always account for the making charges.

  • Make sure to check every piece of gold for the BIS Hallmark stamp.

  • Insist on a proper GST invoice for every gold purchase that you make.

Things to Consider before buying Gold in Assam

While adhering to the checklist is important, it is also equally crucial to keep certain things in mind when purchasing gold in Assam. Let’s take a quick look at a few things.

 

  • Certification Stamp

Gold with the BIS Hallmark certification signifies purity and quality. Make sure to purchase gold with this certification stamp.

  • Purity Level

24 carat gold is generally only used to make bars and coins, whereas 22 carat gold is used for making ornaments and jewelry.

  • Terms and Conditions

Read through the terms and conditions of purchase thoroughly before committing to a gold purchase.

What are the factors that influence Gold Rate in Assam?

As you’ve already seen above, demand and supply aren’t the only factors that influence the gold price in Assam. Here’s a quick look at a few of the others.

 

  • Interest Rates

When the government raises the interest rates, the demand for gold drops, leading to a fall in its price. And when the government lowers the interest rates, gold appears more attractive, leading to an increase in its price.

  • Government Reserves

The government of India holds gold reserves to maintain and stabilize the price of the precious metal. Now, when the government buys gold to add to their reserves, the price of gold increases. And the converse happens, when the government sells gold from its reserves.

  • Inflation

Inflation and the price of gold enjoy a positive relationship. Which means that whenever inflation goes up, the gold price goes up due to increased demand. The opposite is also true.

What are the different places where one can buy gold in Assam?

In a large state like Assam, there are a plethora of different sellers that offer a wide range of gold jewelry and ornaments for sale. In addition to plenty of traditional, well-established jewelers, there are also many family-run shops that craft and sell unique gold jewels.

FAQs

  • ✔️What are gold ETFs?

    Gold ETFs are exchange-traded funds that track the price of physical gold. They can be bought and sold easily on an exchange. 

  • ✔️What is the rate of interest on Sovereign Gold Bonds?

    Currently, SGBs offer interest at the rate of 2.5% per annum. The interest is paid semi-annually.  

  • ✔️What is the rate of GST on making charges for gold jewellery?

    The GST rate applicable on the making charges for gold jewellery is 5%.

  • ✔️Do I need a demat account for investing in gold ETFs?

    Yes, you need to open a demat account through a stock broker to buy units of gold ETFs. 

  • ✔️Does the price of gold in Assam change everyday?

    Yes, the price of gold in Assam generally tends to fluctuate on a daily basis owing to a number of factors like demand and supply, interest rates, inflation, and the government’s gold reserves.

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