Gold investments have always offered rewarding results. This yellow metal is available in the form of different commodities enabling a smooth and stress-free environment in gold trading. People invest in gold for various purposes. However, it is imperative to keep track of the gold rate in mind. The gold rate in Gujarat has been witnessing fluctuations every day, affecting the market scenario.

Gold Rate in Gujarat

The gold rate in Gujarat fluctuates daily. Therefore, it is advisable to be aware of the current gold rate in Gujarat before purchasing or selling gold in Gujarat.

 

  • 24 Carat pure gold rate for 10 grams = Rs 48,030/-

  • 22 Carat standard gold rate for 10 grams = Rs 45,740/-

10 grams gold = 1 tola gold

24 Carat Gold price per gram in Gujarat today

The 24 Carat gold price in Gujarat today –

 

  • 1 gram gold rate in Gujarat = Rs 4,803/-

  • 8 grams gold rate in Gujarat = Rs 38,424/-

22 Carat Gold price per gram in Gujarat today

The 22 Carat gold price in Gujarat today –

 

  • 1 gram gold rate in Gujarat = Rs 4,574/-

  • 8 grams gold rate in Gujarat = Rs 36,592/-

Read this table below to understand the gold rate fluctuations in Gujarat –

 

Today gold rate in Gujarat

Yesterday gold rate in Gujarat

Rate change

24 Carat gold (1 gram)

Rs 4,803/-

Rs 4,803/-

 Rs 0

24 Carat gold (8 grams)

Rs 38,424/-

Rs 338,424/-

Rs 0

22 Carat (1 gram)

Rs 4,574/-

Rs 4,574/-

Rs 0

22 Carat (8 grams)

Rs 36,592/-

Rs 36,592/-

Rs 0

Check out the 18 Carat gold rate in Gujarat today –

 

  • 18 Carat gold rate for 1 gram = Rs 3,857/-

  • 18 Carat gold rate for 8 grams = Rs 30,856/-

GST on gold in Gujarat

GST is referred to as the Goods and Service Tax that the Indian government introduced in 2017. The GST tax is a consolidated version of indirect taxes of the country. Read this table mentioned below to understand the impact of GST on the gold price in Gujarat –

 

The prescribed tax rate on the value of gold – Before GST, the tax rate on the value of gold was 2% which included 1% VAT and 1% Sales Tax. After the introduction of GST, the tax rate on the value of gold increased to 3%.

 

The prescribed tax rate on the making charges – Initially, there weren’t any making charges on the gold. However, with the introduction of GST, the making charges on gold are now taxed at 5%.

Tax

Before GST

After GST

VAT on the value of gold

1%

Nil

Sales tax on the value of gold

1%

Nil

GST on the value of gold

Nil

3%

GST on making charges

Nil

 

5%

Gold Investments in Gujarat

There is a variety of options available in the Gujarat market for making gold investments –

 

  • Traditional / Physical gold – You can invest in the traditional form of gold like jewelry, gold coins, and gold bars.

  • Digital gold – Digital gold is e-gold that is becoming a popular investment option among people. A specific amount of gold is purchased by an individual via an online platform in an electronic format. Digital gold eliminates the responsibility of keeping the gold secured, as the gold is stored in a vault.

  • Mutual Funds – An individual can also invest in gold derivatives by investing their funds into mutual funds. Gold derivatives investment requires a trading account.

  • Other Gold investments – Individuals can also choose from gold investments, such as Sovereign Gold Bond, ETFs, etc.

How to Invest in Gold ETFs in Gujarat

An individual can invest in Gold ETFs (Gold Exchange- Traded – Funds), by opening a Demat and a trading account.One ETF is equivalent to one gram of gold. It is advisable to invest in Gold ETFs because it eliminates the risks of storage, security, and liquidity.

How to Invest in Sovereign Gold Bonds in Gujarat

Authorised commercial banks, listed post offices, stock exchanges, and SEBI-approved intermediaries are some of the platforms for buying government gold bonds. The minimum amount you can invest is worth a gram of gold, and the maximum is up to the worth of 4 kg gold. One person can hold sovereign Gold Bond for 8 years. But you get an option of withdrawal after five years. After the due date, one will receive the market value of gold with interest.

How to check the purity of gold in Gujarat?

Gold purchased from a reliable platform may not require purity testing, but the most basic and essential parameter is the BIS trademark of gold. The Bureau of Indian Standards, commonly known as BIS, is a coined symbol of gold products. The BIS seal consists of four elements: the BIS symbol, the Hallmark center mark, the jeweler ID mark, and the carat purity mark. It is not advisable to buy gold products that are not approved by BIS. There are other ways to check the purity of gold -

 

  • Magnet – If you mix gold with some other metal, it will be instantly attracted to a magnet when placed next to it. Pure gold will not be attracted by the magnet.

  • Home Experiment – There is a home test kit available in the market that the customer can buy to test the purity of gold. The kit offers nitric acid in different concentrations to test different carats of gold. Nitric acid changes its color when it comes in contact with adulterated gold.

  • Carat Checker – To know about the purity of gold, an individual can visit a jeweller who owns a Carat- checker machine. The machine checks the gold commodity and provides results regarding gold purity.

What is the Demand for Gold in Gujarat?

The demand for gold in India is growing every day, especially during festive and wedding seasons. After the lockdown, the demand for gold has been increasing gradually. Gold has been voted as the most reliable and stable investment. While the older generations are investing in gold coins and bars, the millennials prefer to invest in the alternatives of physical gold like digital gold, ETF’s, SGBs, etc.

How is the gold rate in Gujarat determined?

Various factors influence the gold rate in Gujarat. The price of a commodity is generally determined by the basic rule of demand and supply. However, various other factors play a significant role in influencing the gold price in Gujarat. These factors are not only affecting the native gold market but also make an impact on the international gold market.

 

  • Market Scenario – The gold rate in Gujarat will experience fluctuations especially a hike in prices if there is a huge demand in the market or there is a lack of supply. In either of the cases, there will be fluctuations in the gold rate in Gujarat.

  • International gold market – The international market is the global bullion that opens the gold rate every day in the industry. The Indian Bullion Jewellers Association then further decides the benchmark gold price for the country. The procedure is conducted in periodic intervals throughout the day, resulting in a constant update of gold prices. COMEX, TOCOM, etc are those international exchanges that determine the gold rate in the international market

  • Taxes & Charges – The import duty charges and taxes levied on the gold affect its price. These prices are added after the daily update of the global gold rate.

What is the mandatory Checklist for buying gold in Gujarat?

Before buying physical gold, there are some constraints that one should keep in mind. Here is a checklist of certain things that every customer must remember –

 

  • Hallmark symbol – To ensure the purity of gold in a glance, an individual should always look for the BIS hallmark symbol ( The four elements of the BIS trademark symbol)

  • Certified Jeweller – Visit a certified and trusted jeweler. It is imperative to note that jewelers should have a trade license and membership in a gold association. You can also check the jeweler’s certificate on the BIS website.

  • Receipt of purchase – The receipt of purchase will help the customer during the exchange and sale of gold. Therefore, it is advisable to always purchase gold under a bill and ask the jeweler to issue a receipt of the purchase.

  • Gold rate – It is important to study and analyze the gold price before investing. Make sure the gold commodity is billed at the live rate of gold in Gujarat.

  • Making charges – The customer should also carefully analyze and discuss the making changes that will be added to the final bill apart from the live rate of gold in Gujarat. These making charges differ from jeweler to jeweler.

Things to consider before buying gold in Gujarat

There are some things, which should also be considered as a part of mandatory check by an individual and kept in mind before purchasing gold in Gujarat –

 

  • Purity & Fineness of gold – A BIS symbol is the mark of genuine gold. However, the consumer must be well-versed in terms of the gold market. Gold is generally expressed in terms of Carats like 18 Carat gold, 22 Carat gold, etc. 24 Carat gold is the pure form of gold with 999 fineness. Whereas 18 and 22 Carat gold have 750 and 916 fineness.

  • Weight – The bill should specifically mention the weight of the gold in the jewelry purchased as well as the weight of precious stones and diamonds separately in a detailed manner.

  • Market Scenario – The gold rate in Gujarat will be high during festive and wedding seasons. But during off-seasons, the gold rate will be comparatively lower.

What are the factors that influence the gold rate in Gujarat?

Various factors influence the gold rate in Gujarat –

 

  • Inflation-Inflation is an economic factor that affects the demand for gold and the price of gold. If a customer's demand for gold is high during an inflationary period, the price of gold will rise.

  • Global Crisis- Every instance at the national or international level lead to increased demand for gold to ensure stability and security. In such a scenario, the price of gold will rise.

  • Government Policy-Fuel Prices, Interest Rates, Tax Rates, etc., any change in the values of these government-regulated policies affect Gujarat's gold interest rates.

  • Gold Reserve of India -When the Government of India plans to add or expand gold reserves, there is a sudden demand for gold in the market, resulting in higher gold prices.

  • Currency Fluctuations- The price of gold in the Indian market is directly proportional to the strength of the Indian rupee in the international market against the US dollar. When the value of the Indian rupee declines internationally, the price of gold rises and vice versa.

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

Different places in Gujarat offer different forms of gold according to the demand of the customer. Read this to know more –

 

  • Jewelry – To buy pure gold jewelry in Gujarat, an individual will have to visit reputed jeweler shops or showrooms personally. Remember the making charges will be different in every shop.

  • Gold Bars – Individuals can purchase gold bars and coins from e-retailers or bullion traders. Bullion traders will sell gold at a lower price in comparison to e-retailers and jewelers. The gold coins are generally available in the denominations of 1 gram, 5 grams, 10 grams, etc.

  • Electronic gold – To invest in electronic gold like ETFs, digital gold, etc, an individual can directly invest on a trading platform or contact a stockbroker.

FAQs

  • ✔️Which is better, physical gold or gold-related investments?

    Gold investment is based upon the investment objective and risk-taking capacity of an individual. Both forms of gold investment are formulated with a specific objective with a set of pros and cons.

  • ✔️Can I buy 24 Carat gold in Gujarat?

    Yes, 24 Carat gold per gram is available in Gujarat for Rs. 4,803/-

  • ✔️What is rose gold in Gujarat?

    Rose gold is gold with elements of copper, silver, and pure gold. 

  • ✔️What is one ounce of gold?

    Ounce as an international unit of measurement can imply both imperial ounce and troy ounce. While one troy ounce is equal to 31.1 grams of gold, 1 imperial ounce is the same as 28.35 grams of gold. 

  • ✔️What is one ounce of gold?

    Ounce as an international unit of measurement can imply both imperial ounce and troy ounce. While 1 troy ounce is equal to 31.1 grams of gold, 1 imperial ounce is the same as 28.35 grams of gold. 

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