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Historically, gold has been an intrinsic part of the Indian culture. The yellow metal is associated with auspiciousness, regality, wealth and status. Along with the cultural connotations, this precious metal is widely regarded as a means for safe and reliable investments. It has the unique capacity to beat inflation and provide stable returns. As a resident of Indore, you can also benefit by adding gold to your investment portfolio. Here’s everything you wanted to know about making gold investments in Indore.

Gold Rate in Indore

Before buying or selling gold, you should remember that its price fluctuates daily. Here’s a look at the today gold rate in Indore sarafa:

 

  • 24 Carat pure gold: 10 grams for Rs. 48,010

  • 22 Carat standard gold: 10 grams for Rs. 45,720

Today 24 Carat Gold Price Per Gram in Indore

The 24 Carat gold price in Indore today is:

 

  • Pure Gold (1 gram) is Rs. Rs. 4,801

  • Pure Gold (8 grams) is Rs. 38,408

Today 22 Carat Gold Price Per Gram in Indore

The 22 Carat gold price in Indore today is:

 

  • Standard gold (1 gram) is Rs. 4,572

  • Standard gold (8 grams) is Rs. 36,576

Here’s a look at the price fluctuations of the gold price in Indore:

 

Today Indore gold rate

Yesterday gold price in Indore

Rate change

24 Carat gold (1 gram)

₹ 5,206

₹ 5,185

₹ 21

24 Carat gold (8 grams)

₹ 41,648

₹ 41,480

₹ 168

22 Carat (1 gram)

₹ 4,958

₹ 4,938

₹ 20

22 Carat (8 grams)

₹ 39,664

₹ 39,504

₹ 160

Here’s a look at the 18 Carat gold rate in Indore today:

 

  • 18 Carat gold (1 gram) is Rs. 3,741

  • 18 Carat gold (8 grams) is Rs. 29,928

GST on Gold in Indore

Introduced in 2017, the Goods and Service Tax (GST) consolidated the important indirect taxes in the country. It provided four different tax slabs for various categories of goods. Also, for the first time, the GST taxed the service sector and prescribed different tax rates. Here’s how GST impacted the gold price in Indore:

 

  • GST prescribed tax rate of 3% on the value of gold: Instead of the earlier 2% tax on the value of gold (1% as VAT and 1% as sales tax), GST prescribed a flat 3% tax on gold’s value.
  • GST prescribed a 5% rate on making charges: With the introduction of GST, the making charges on gold was 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 and its Investments in Indore

If you are looking to make gold investments in Indore, you have the following options:

 

  • Investments in physical gold: You can choose to invest in gold jewellery, gold coins and gold bars.

  • Investment in gold mutual funds: Instead of directly investing in physical gold, gold mutual funds invest indirectly in gold derivatives. You can make SIP investments in these funds.

  • Other gold investments: You can choose other gold investments, such as gold ETFs and Sovereign Gold Bonds.

How to Invest in Gold ETFs in Indore

To invest in Gold Exchange-Traded-Funds (ETFs), you need to open a Demat and trading account with a depository participant. These investments are just like equity investments. As a viable alternative to holding physical gold, Gold ETFs eliminate storage, purity and liquidity risks. One ETF is equal to one gram of gold, and there is no cap on the maximum investment.

How to Invest in Sovereign Gold Bonds in Indore

To invest in Sovereign Gold Bonds (SGBs), you can directly make a purchase from the scheduled commercial banks, listed post offices and stock exchanges. You can also purchase SGBs from SEBI-recognised intermediaries. SGBs are denominated in grams of gold and have a tenure of 8 years. You can choose to redeem these government-backed bonds after five years. Along with regular interest, you also receive the market value of gold on maturity.

How to Check the Purity of Gold in Indore?

You can easily check the purity of gold in Indore by looking at BIS hallmarking components and carrying out a few simple tests. Here’s a look:

 

  1. BIS hallmarking: As a guarantee for gold purity, the Bureau of Indian Standards (BIS) has mandated embossing any gold item with four different marks. These include the BIS mark, the hallmarking centre’s mark, jeweller’s identification mark and carat/fineness purity mark. A gold item, certified at a BIS-recognised lab, will carry all four marks.

  2. Check gold purity using a magnet: You can simply place a magnet near your gold item. Pure gold will not be drawn to a magnet.

  3. Do a home test: You can purchase a home testing kit to test the gold purity. Typically, the kit has varying concentrations of nitric acid to test different carats of gold. This test is based on the premise that nitric acid changes its colour when applied to impure gold.

  4. Use a carat checking machine: To cross-check the gold’s carat purity, you can take it to a recognised jeweller, having a carat testing machine. Upon testing the gold item, the machine provides accurate results about its carat purity.

What is the Demand for Gold in Indore?

Indore is among the Indian cities showing a huge demand for gold. Generally, people buy gold jewellery during the wedding season and amidst festivities. Recently, the demand for 24 Carat pure gold coins and bars has also increased. People regard gold as a safe and reliable means of investment and a viable asset class for portfolio diversification. During the last few years, several alternatives for investing in physical gold have emerged. These include gold ETFs, Sovereign Gold Bonds, and so on.

How is the Gold Rate in Indore Determined?

The gold rate today in Indore is determined based on several factors. Typically, demand and supply factors along with consumer behaviour play a crucial role. Also, both the spot and futures price of gold across global markets and commodity exchanges respectively shape the gold price in Indore.

 

  • Demand, supply and consumer behaviour: Demand and supply variables, along with consumer behaviour, help to determine the gold price in Indore. Fluctuations in demand and supply cause corresponding variations in the gold rate. Gold price increases with rising demand and vice versa. Similarly, gold prices can rise with a low supply and vice versa. An upbeat consumer behaviour showing increased purchase of gold can cause high demand and a hike in prices.

  • Global price of gold: Industry authorities, such as the Indian Bullion Jewellers Association, fix the daily benchmark price of gold after considering the international gold rates. The global gold rates, in turn, are determined by global bullion traders/banks and at the OTC market of the London Bullion Market. The futures price of gold is determined by international commodity exchanges, such as COMEX and TOCOM.

  • Import duty: Gold is the second-largest import in the country, and any changes in import duty will directly impact the gold price across India.

What is the Mandatory Checklist for Buying Gold in Indore?

To help you purchase gold in Indore, here’s a checklist:

 

  • Check for hallmark: Before purchasing a gold item, check for the four components of BIS hallmarking. Hallmarking ensures that the gold item is genuine.

  • Check for gold seller’s certification: Make sure that you are purchasing a gold item from a reliable jeweller or retailer. You can check for trade licenses and membership of national/local gold associations. The BIS has a list of certified jewellers on its website.

  • Check for physical receipt: A receipt is proof of your purchase. You will require a receipt for sale, exchange and repairs of your gold ornament.

  • Check for today’s gold rate: Ensure that the gold rate being charged is the same as the live gold price in Indore.

  • Check for making and wastage charges: Apart from tracking today's gold price in Indore, ask the jeweller beforehand about making and wastage charges. These charges constitute a significant part of the gold jewellery’s final price.

Things to Consider Before Buying Gold in Indore

Once you have a checklist in place, consider some other factors as well:

 

  • Know the purity measures of gold: You must know about the purity measures of gold before making the final purchase. The purity of gold is expressed in Carats and fineness. Pure gold is 24 carats, having a fineness of 999. Similarly, 22 carats and 18 carats of gold have a fineness of 916 and 750, respectively. The BIS has mandated embossing gold items with their respective carat and fineness purity marks.

  • Weigh the gold: The price of any gold item is calculated based on its weight. So, ensure that the gold item is weighed correctly. For instance, if you are buying a gold ornament studded with precious stones, make sure that it is not weighed in its entirety.

  • Consider market seasonality: This is because the current gold rate in Indore can see a sharp increase during the wedding season and festivities. Conversely, during the off-season, you can get a gold item at comparatively lower prices.

What are the Factors that Influence Gold Rate in Indore?

A wide range of variables, from economic trends to international issues, influence the gold price in Indore. Here’s a look:

 

  1. Economic trends: The trends in a country’s economy, such as inflation, affect the demand for gold. In case of inflation, consumers can purchase more gold. This can cause an increase in the gold rates.

  2. International events: In the event of a global crisis, consumers can choose to repose faith in gold. This will cause the demand to increase, and thus a hike in gold rates.

  3. Government regulatory measures: Several regulatory measures, including interest rate changes, increase in fuel prices, and imposition of local taxes, can influence the gold price in Indore.

  4. Government reserves of gold: Governments across the globe maintain a reserve of gold. If the country’s government decides to augment its gold reserves, the gold rates can rise because of the sharp increase in demand.

  5. Currency exchange fluctuations: A weakened India Rupee against the US Dollar can cause the gold rates to increase. Conversely, if the Indian Rupee strengthens against US Dollar, the gold rates can decrease.

What are the Different Places where One can Buy Gold in Indore?

Depending upon the type of gold item being purchased, you can visit different places. Here’s a look:

 

  • For gold jewellery: You can make a physical visit to a reputed and licensed jewellery store.Remember, you also need to pay making charges for gold ornaments.

  • For gold bars: You can visit a bullion trader for purchasing gold bars and coins. As compared to jewellers, bullion traders have a lower price spread and transparent buy-back terms.

  • For gold coins: If you want to invest in pure gold 24 Carat gold coins, consider going to a bank. You can get a gold coin of various denominations, such as 5 grams, 10 grams, and more.

  • For gold-related investments: You can contact a registered stockbroker. 

Gold Rate in Other Locations

FAQs

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

    Any form of gold investment depends on your investment objectives, risk-taking capacity and financial goals. Both physical gold and gold-related investments have their pros and cons.

  • ✔️Can I buy 24 Carat gold in Indore?

    Yes, the price for 24 Carat gold per gram in Indore is Rs. 4,821.

  • ✔️What is 958 gold in Indore?

    958 gold is the same as 23 Carat gold. 

  • ✔️What is rose gold in Indore?

    Rose gold is an alloy comprising 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 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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