✓ No Limit on Loan Amounts ✓ Interest Rate Starting @0.74% p.m. ✓ Minimal Documentation Apply Now

Gold is a unique metal which has the capacity to beat inflation and provide stable returns. As a resident of Indore, you can also benefit by adding gold to your investment portfolio. The Union Budget released recently has affected the price of gold all across India. Here’s everything you need to know before investing in gold in Indore.

Gold Price Per Gram in Indore

Check out the gold price today in Indore for different weights below.

Gram

24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday

Daily Price Change

1 Gram

₹ 7,080

₹ 7,070

 ₹ 10

10 Grams

₹ 70,800

₹ 70,700

 ₹ 100

100 Grams

₹ 7,08,000

₹ 7,07,000

 ₹ 1,000

Disclaimer: The gold rate in Indore is subject to change due to fluctuating market prices. Please check the actual rates with vendors at the time of purchase.

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

Before you choose to invest in gold, you should know there are several options available for such an investment. You can choose to invest in the following:

  • Physical Gold

  • ETFs of gold

  • Derivative gold contract

 

Here is an index of gold rate in Indore during a ten-day period which will help you understand the daily fluctuations in its price and guide you in the course of your investment.

Date

STANDARD GOLD 22K

PURE GOLD 24K

1 Gram

10 Gram

1 Gram

10 Gram

Apr 30,2024

₹ 6,743.00 

 ₹ 67,430.00 

₹ 7,080.00 

 ₹ 70,800.00 

Apr 29,2024

₹ 6,733.00 

 ₹ 67,330.00 

₹ 7,070.00 

 ₹ 70,700.00 

Apr 28,2024

₹ 6,773.00 

 ₹ 67,730.00 

₹ 7,112.00 

 ₹ 71,120.00 

Apr 27,2024

₹ 6,773.00 

 ₹ 67,730.00 

₹ 7,112.00 

 ₹ 71,120.00 

Apr 26,2024

₹ 6,743.00 

 ₹ 67,430.00 

₹ 7,080.00 

 ₹ 70,800.00 

Apr 25,2024

₹ 6,713.00 

 ₹ 67,130.00 

₹ 7,049.00 

 ₹ 70,490.00 

Apr 24,2024

₹ 6,738.00 

 ₹ 67,380.00 

₹ 7,075.00 

 ₹ 70,750.00 

Apr 23,2024

₹ 6,703.00 

 ₹ 67,030.00 

₹ 7,038.00 

 ₹ 70,380.00 

Apr 22,2024

₹ 6,843.00 

 ₹ 68,430.00 

₹ 7,185.00 

 ₹ 71,850.00 

Apr 21,2024

₹ 6,903.00 

 ₹ 69,030.00 

₹ 7,248.00 

 ₹ 72,480.00 

Gold Rate Calculator

The gold rate calculator is an instrument that computes the value of gold based on its weight and the latest market price. The weight of the gold in grams is required to calculate the gold rate, and the calculator will provide an approximation of its value in the current market. This estimate is dependent on the current gold price, which can change daily due to various economic and market influences.

Gold Investment 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, you can invest in gold mutual funds which 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.

Points to Remember When 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 Bureau of Indian Standards (BIS) has mandated embossing gold items with their respective carat and fineness purity marks.

  • Weight of 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:

It is important to consider market seasonality 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.

Factors that Affect Gold Prices in Indore

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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 the US Dollar, the gold rates can decrease.

Read More

How is the Purity of Gold Evaluated 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:

  • 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.

  • 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.

  • 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.

  • 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.

GST Impact on Gold Rate 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 on gold 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%

FAQs on Gold Rate in Indore

How is today's gold rate in Indore determined?

Today’s gold rate in Indore is influenced by various factors, including:

 

  • Demand, Supply, and Consumer Behavior: The gold price in Indore is determined by the interplay of demand, supply, and consumer behaviour. Changes in demand and supply can cause fluctuations in the gold rate. For example, an increase in demand leads to an increase in the gold price, while a decrease in supply results in a higher gold rate. 

 

  • International Gold Prices: The benchmark price of gold for the day is established by organisations such as the Indian Bullion Jewellers Association, considering the global gold prices. These global prices are determined by bullion traders and banks in the over-the-counter market of the London Bullion Market. The future price of gold is fixed by international commodity exchanges like COMEX and TOCOM.

 

  • Import Duty: As gold is one of the largest imports in India, any changes in import duty will have a direct impact on the gold price across the country.

Where can you buy gold in Indore?

When buying gold, the type of item you want to purchase will determine the best place to go. Here is a breakdown:

 

  • Gold Jewellery: To purchase gold jewellery, visit a reputable and licensed jewellery store. Keep in mind that you will also need to pay a making charge for the ornaments.

 

  • Gold Bars: If you're interested in purchasing gold bars or coins, visit a bullion trader. Bullion traders generally have a smaller price spread and clearer buy-back policies compared to jewellery stores.

 

  • Gold Coins: For investment in 24 Carat pure gold coins, consider going to a bank. You can obtain gold coins in various denominations, such as 5 grams, 10 grams, and more.


Gold-based Investments: If you want to invest in gold, reach out to a registered stockbroker.

What is the best time to buy gold in Indore?

There’s no specific time to buy gold in Indore. You can make a purchase as per your requirements. However, keeping an eye on the daily gold rates can help you understand the fluctuations in gold price and determine the best time to make the purchase. 

 

Will the prices of gold in Indore be the same when compared to the other cities?

No, gold prices in Indore may vary compared to other cities due to transportation costs and local taxes.

Home
active_tab
Loan Offer
active_tab
Download App
active_tab
Credit Score
active_tab