Gold Rate in Goa

Gold Rate Today in Goa

The Goa gold rate today has seen an upswing from the previous week, and prices of the metal have been fairly stable for a number of days in a row. With sudden spurts like this, it is absolutely crucial that you make yourself savvy with the current gold rate in Goa. Here’s some information to keep you abreast of present rates:

22 & 24 Carat Gold Rate in Goa for Last 10 Days

The main benefit you get with gold is that it offers a range of investment options. Previously, one had to only look towards gold investment in the purchase of jewellery. However, nowadays, you can leverage the value of this sparkling metal not just by purchasing physical gold, but making the most of digital gold, ETFs of gold, buying derivative gold contracts, etc, in the market of commodities. Whatever route you select, you should know the price of gold and how it has behaved in the recent past and today. Gold price in Goa with fluctuations in the last few days, is shown below: 

How is the Purity of Gold Determined?

When gold has to be purchased, it's one thing to know the gold rate today. Goa gold rates remain fairly steady, but you should also educate yourself on the purity of the metal you buy. The most common grades of purity are 22 carat and 24 carat. These two are sold in the Indian market mainly. The Bureau of Indian Standards or BIS is the main determiner of gold's purity grade and certifies each piece of metal with a BIS Hallmark or stamp. As a consequence, the hallmark gold rate in Goa should be known to you, as gold that is validated by BIS may cost you more.

Different Types of Purity Measures of Gold in Goa

You cannot evaluate how pure gold is just by looking at it. If you are planning a purchase today, gold price Goa-wise, you will need to check how pure the metal you are buying is. You can find out how purity is evaluated below:

• Testing Machines - Most jewellers today have digital purity machines to test the purity of any metal, be it gold or silver. By placing the gold into the machine, you can automatically get an idea about its grade of purity as well as caratage.
• Acid Test - Some jewellers scratch out a bit of metal and place a few drops of nitric acid on this. In case the acid turns white, this indicates that the metal is just plated with gold and maybe silver underneath. In case, the acid turns green, the gold is fake, and when the colour remains the same, the gold is authentic.
• Hallmark/Stamp - Genuine gold you purchase today should ideally have a hallmark or stamp that certifies it to be real. This is done by the BIS, and you will discover its presence. While shopping for jewellery today, gold rate Goa-state wise may be more with a hallmark, but it's worth spending more to get a certified stamp.
• Magnet Test - As gold is not a metal that has qualities of attraction (it is not ferrous), it should not get attracted to a magnet. If it does, it is fake or contains some impurities.

Points to Remember when Buying Gold in Goa

Whether you are looking at the gold rate today in Goa, Margao or anywhere else in the state, you need to consider some factors before you make purchases, like the following:

• Check the Purity Grade - It doesn’t matter if you are checking the gold rate in Goa for 10 gram or 50, you still need to be sure of the purity when you buy.
• Get a Valid Invoice - In the event you buy any gold form, coins or jewellery, you must insist on an adequate invoice from the seller. This invoice should include details about purity, hallmark, price and rate, details of the seller like GST number and contact, and most importantly, the weight of metal and making charges. This should be kept securely with you in case you want to resell the gold.
• Be Aware of Making Charges - Sellers always add making charges to any gold they sell, and this includes costs of manufacture, etc. These labour costs are not standardized and sellers can charge what they please. This increases the final cost of the metal.

Gold as an Investment in Goa

Gold is a very popular metal in Goa. In whichever area you want to shop for gold in Goa, whether it is viewing the gold rate today in Goa, Panaji or any other city holds gold in high esteem. As Goa is an international tourist destination, there is an influx of Indian and foreign investors who buy gold here. Several foreigners have set up lives and businesses in Goa and see gold as a lucrative investment channel. Indians, too, prefer to invest in the metal as it gives high returns.

How You Can Make Gold Investments in Goa

Investing in gold in the Indian state of Goa is not a challenge and you can find several means of investment. Just look at the Goa gold rate today, and get on the investment bandwagon with the following:

1. Gold Derivatives and Mutual Funds - Derivative contracts like futures and options are a good way to invest in gold as this is a commodity that sees superb returns. You make the most of short-term movements in the market and earn. With gold as the asset, you can also invest in gold-based mutual funds, without physical gold.
2. Physical Gold - The clearest option for Indians to invest in gold is the purchase of gold in any physical form, like jewellery, coins, bars, etc.
3. Gold in Digital Form - A safe way to invest in this metal, digital gold offers the prevention of theft/loss and it can be held digitally till you decide to transact with it.

Importing Gold into Goa

Although the demand is high, for gold in India, India doesn’t produce as much to meet the growing demand. As a result, gold has to be imported. For the purpose of importing gold into the state of Goa, entities have to have a certification from the Directorate General of Foreign Trade. Apart from this, only bars of gold can be imported from abroad.

Why Gold Rates in Goa Fluctuate

The rate of gold in Goa has not seen much in the way of changing rates and you may find that the gold price in Goa is quite steady. Nonetheless, when the rates happen to display changes from one day to the next, the reason for this is simple. When there is high supply, the rate falls and with low supply, it rises.

The Factors that Affect Gold Prices in Goa

The current gold rate in Goa is not merely affected by demand and supply factors, but also others as you can see below:

• Inflation - Inflation by itself doesn’t take the price of gold up. However, when there is a state of inflation in the country, the purchase of gold is extremely high as it offers a security tool. This creates a high demand for it and takes the rate of the metal up.
• Rates of Interest - When rates of interest go up, the price of gold goes down. This would be the best time to purchase gold.
• Reserves of the Government - In order that the gold rate in Goa remains fairly stable, the Government of India makes it a practice to keep aside gold in reserves. When the Indian Government buys more, the price shoots up.

The GST Impact on Gold Rate in Goa

Predominantly, taxes affect the gold rate today. Goa isn’t exempt from these, as the most important, GST, is charged at 3% on jewellery. Additionally, a 5% GST tax is charged on making charges (labour costs) associated with the jewellery you wish to own. This has resulted in the cost of gold rising significantly.

The Difference between KDM and Hallmarked Gold in Goa

Visiting a jewellery store in Goa can give you an insight into many aspects of the metal that is much sought-after, namely gold. You may encounter a few types of the metal, like KDM gold or Hallmarked gold. Here is a lowdown on what they are and how they are different:

●      KDM - This form of gold constitutes 92% of pure gold and 8% of cadmium. Now banned by the Bureau of Indian Standards for the toxic effect that cadmium has on the human body, you won’t see this much. Nowadays, jewellery stores will have gold mixed with safe metals like zinc or copper.

●      Hallmarked - A hallmark is a stamp of certification that is solely administered by the Bureau of Indian Standards to ensure the authenticity of gold. Effectively, if you see a BIS hallmark on any jewellery or form of gold you purchase, you can be rest-assured that this is pure.

Gold Rate in Other Locations

Gold ETF vs Sovereign Gold Bonds

In the event you have taken a decision to make a gold investment after close scrutiny of the gold rates, like the 10 gram gold price in Goa, but do not wish to purchase 10 grams of physical gold, there are many options for you. Very easily, you can invest in Gold ETFs and Sovereign Gold Bonds. Here are details about these:

●      ETFs in Gold - Mutual funds that are Exchange Traded Funds are traded on the stock markets similar to the way in which securities are traded. Only here, gold is the asset traded, not a stock. All you need is a demat account like you do for stocks. You can see some features of ETFs below:

1. The minimum investment you can make is 1 gram/1 unit
2. There is no fixed tenure or lock-in period
3. There is no maximum limit to what you wish to invest

●      Sovereign Gold Bonds - These are a guaranteed investment backed by the Indian government, offered in gram multiples. Take a look at key features here:

1. A lock-in period of 5 years exists
2. The tenure of investment is fixed at 8 years
3. The minimum amount of investment you are required to make is 1 gram
4. There is a cap on the maximum investment you can make at 4 kilogrammes

Final Words on Gold

By knowing about the gold rate in Goa, you should be able to invest in the metal quite easily, with guaranteed returns on a stable form of investment. At Finserv MARKETS, you can begin your journey of saving while creating wealth and getting the best investment options with gold.