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Gold has maintained its relevance throughout history as a symbol of wealth, prosperity, happiness, and fortune. Be it religious symbolism or artwork; gold had shaped and influenced the cultural contours of India profoundly. In the present age of the digital revolution, gold is among the most popular investments. This is because gold investments can not only act as a hedge against inflation but also provide stable returns. As a resident of Odisha, you also can zero in on this yellow metal to diversify your investment portfolio. Read on to know the multiple aspects of making gold investments in Odisha.

Gold Rate in Odisha

Here’s a look at the gold rate today in Odisha:

 

  • 24 Carat pure gold: 10 grams for Rs. 49,190

  • 22 Carat standard gold: 10 grams for Rs. 46,850

Here’s a look at the recent gold price in Odisha:

Date

Per gram 24 Carat gold price in Odisha

Per gram 22 Carat gold price in Odisha

December 2, 2021

Rs. 4,867

Rs. 4,635

December 1, 2021

Rs. 4,867

Rs. 4,635

November 30, 2021

Rs. 4,893

Rs. 4,660

November 29, 2021

Rs. 4,904

Rs. 4,670

November 28, 2021

Rs. 4,914

Rs. 4,680

Today 24 Carat Gold Price Per Gram in Odisha

The 24 Carat gold price in Odisha today is:

 

  • Pure Gold (1 gram) is Rs. Rs. 4,919

  • Pure Gold (8 grams) is Rs. 39,352

Today 22 Carat Gold Price Per Gram in Indore

The 22 Carat gold price in Odisha today is:

 

  • Standard gold (1 gram) is Rs. 4,685

  • Standard gold (8 grams) is Rs. 37,480

Before making gold investments, you should also understand its price fluctuations. Here’s a comparative table for the gold rates: 

 

Today gold rate in Odisha

Gold price in Odisha yesterday

Rate change

24 Carat gold (1 gram)

Rs. 4,867

Rs. 4,867

Increase of Rs. 42

24 Carat gold (8 grams)

Rs. 38,936

Rs. 38,936

Increase of Rs. 336

22 Carat (1 gram)

Rs. 4,635

Rs. 4,635

Increase of Rs. 40

22 Carat (8 grams)

Rs. 37,080

Rs. 37,080

Decrease of Rs. 320

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

 

  • 18 Carat gold (1 gram) is Rs. 3,833

  • 18 Carat gold (8 grams) is Rs. 30,664

  • 18 Carat gold (10 grams) is Rs. 38,330

GST on Gold in Odisha

The implementation of the Goods and Service Tax (GST) in 2017 revised the tax on gold in the country. It levied a 3% GST on the value of gold along with 5% GST on the making charges. Before GST, consumers had to pay 1% VAT on gold’s value and 1% sales tax. In the absence of a mechanism to tax the service sector, there were no making charges on gold jewellery.

You can understand the impact of GST on the gold rates with an example. Suppose the gold price today in Odisha is Rs. 4,000 per gram along with 10% making charges. Here’s how the GST would impact the price of gold:

 

Gold price in Odisha before GST in Rs.

Gold price in Odisha after GST in Rs.

 

Gold price in Odisha for 25 gram

1 Lakhs

1 Lakhs

Sales tax @ 1%

1,000

Nil

Vat @1%

1,000

Nil

GST on the value of gold @ 3%

Nil

3,000

Making charges @ 10%

10,000

10,000

GST on the making charges @ 5%

Nil

500

Final price of gold

1,12,000

1,13,500

Gold and its Investments in Odisha

As a resident of Odisha, you have multiple options to invest in gold. Here’s a look:

 

  • Investment in the physical metal: You can choose to invest in gold ornaments, coins or bars. At the time of making an investment in physical gold, do remember to consider its purity and the making charges. Also, ensure you keep physical gold in a safe place.

  • Investment in alternatives to physical gold: As alternatives to investing in physical gold, gold mutual funds, gold derivatives and Sovereign Gold Bonds. These products can be selected on the basis of your investment horizon and financial goals. Also, do remember to consider the associated risks and the market risks of gold derivatives.

How to Invest in Gold ETFs in Odisha?

If you want to invest in Gold Exchange-Traded-Funds in Odisha, then you have to first open a Demat account. Also known as gold derivatives, Gold ETFs are traded across major stock exchanges, such as the NSE and the BSE. Gold ETFs have the price of physical gold or the stocks of gold mining companies as their underlying asset. These electronic investments in gold combine the simplicity of gold investment with the flexibility of stock market investments. However, gold ETF investments carry market risks because of volatility in gold prices.

How to Invest in Sovereign Gold Bonds in Odisha?

To invest in Sovereign Gold Bonds (SGBs) in Odisha, you must first understand its features. SGBs are government bonds issued by the RBI. These have a tenure of 8 years and a lock-in period of 5 years.

You can purchase SGBs directly from the listed banks, designated post offices and stock exchanges. Alternatively, you can purchase them from a licensed intermediary. SGBs are denominated in multiples of grams of gold, and you can start investing with 1 gram of gold. You will also receive periodic interest payments on SGBs.

How to Check the Purity of Gold in Odisha?

Before purchasing gold in Odisha, you must ensure its purity. To identify a genuine gold item, you can look for BIS stamps and conduct a few simple tests. Here’s a look:

  • Look for hallmarking: The easiest way to check the purity of gold is to look at the BIS hallmarks. According to government rules, hallmarking is compulsory for gold items. A genuine gold item will have four mandated BIS stamps, including the BIS logo, the fineness or carat purity mark, the assaying or hallmarking centre’s mark and the jeweller’s unique mark. Remember, hallmarking guarantees the purity of your gold item.

  • Use a purity checking machine: Another way to cross-check the purity of gold in Odisha is to take your gold item to a BIS-certified jeweller. Most licensed jewellery stores keep a carat and fineness testing machine, which provides accurate test results within minutes.

  • Do a magnet test: Gold as a metal is not attracted to a magnet. Fake gold, however, is attracted to magnets because of its impurities. You can simply use a magnet to check the purity of gold.

  • Do a colour reaction test: You can purchase an acid test kit to cross-check the purity of your gold items. The home testing kit contains a mixture of nitric acid and hydrochloric acid, also known as Aqua Regia. To test the gold item, make a small notch and apply a drop of Aqua Regia. The solution will change its colour on an impure gold item while showing no colour change on pure gold.

What is the Demand for Gold in Odisha?

Over the years, the state of Odisha has shown a strong demand for gold. Consumers purchase gold during festivals such as the Rath Yatra, Dussehra, Dhanteras and Akshay Tritiya. The demand for gold also increases during the wedding season. Generally, people buy physical gold as ornaments, coins and bars. But gold-related investments, including gold derivatives and gold SGBs, are also becoming popular.

The mineral-rich state of Odisha has several gold mines, such as those at Mayurbhanj and Malkangiri. So the gold rate in Odisha is comparatively lower.

How is the Gold Rate in Odisha Determined?

The present gold rate in Odisha is determined informally by a multitude of factors. These range from demand and supply factors to the price of gold in international markets. Also, government regulatory measures, such as import duty and local taxes, directly influence the gold rates. Finally, the existing state of the jewellery market in Odisha plays a crucial role in determining gold prices. Here’s a look at these factors:

 

  • Demand and supply factors: These are basic economic factors impacting the gold rates. Gold prices rise with an increase in demand and vice versa. A robust supply could lower the gold rates, while dwindling supplies can cause a price rise. Here, you must remember that India doesn’t have sufficient mineral reserves to fulfil the high demand for gold. So a majority of its demand is fulfilled through imports.

  • The international price of gold: Because of the high gold imports from foreign countries, the global gold rates play a key role in determining the country’s gold rates. At international markets, the spot price of gold is fixed daily at the Over-the-Counter (OTC) market of the London Bullion Market Association. The futures prices are sourced across international exchanges, such as COMEX in New York, DGCX in Dubai and MCX in Mumbai.

  • Import duty: To determine the gold rate in the country, you also have to consider the import duty. If the government decides to increase the import duty, it will result in higher gold rates and vice versa.

  • Local taxes: The imposition of local taxes, including those on transportation, fuel and jewellery stores, can help you determine the gold price today in Odisha. With the increase in local taxes, the gold price would rise.

  • Jewellery Market: The jewellery market is buoyant during festivities and wedding season, showing upbeat consumer behaviour. Conversely, during the off-season, the market is sluggish with sporadic purchases. The state of the jewellery market as characterised by consumer behaviour plays an important role in determining the current gold rate in Odisha.

What is the Mandatory Checklist for Buying Gold in Odisha?

Before you purchase gold in Odisha, ask yourself a few questions:

  • Have I checked the hallmark?

As the BIS hallmarking guarantees the purity of a gold item, check for all the BIS stamps, including the BIS logo, the assaying centre’s mark, the carat purity mark and the jeweller’s unique mark.

  • Have I checked the gold price today in Odisha?

Make sure that the price of gold is the same as the prevailing market rate.

  • Have I checked the making charges?

The making charges on gold jewellery can vary between jewellers. So check for the making charges. Remember, intricate gold jewellery designs have higher making charges.

  • Have I checked the terms and conditions for buy-back?

There can be a scenario where you want to sell your jewellery. Typically, while the original seller can buy back your gold item at reasonable rates, other gold dealers might offer you arbitrary prices. So ensure that the buy-back terms are favourable.

  • Have I received a physical receipt?

To have valid proof of your purchase, always insist on a physical receipt.

Things to Consider Before Buying Gold in Mysore

Once you go through the checklist, consider a few more variables as well:

 

  • Consider the gold purity measure: You must know the carat and fineness purity of gold before buying gold. Pure gold has a Carat purity of 24. It has a fineness, or purity of gold in parts per thousand, of 999. The BIS has specified the following carat and fineness purity measures: 

     

BIS purity mark

Carats

Fineness

22K916

22 Carats

916

18K750

8 Carats

750

14K585

14 Carats

585

  • Consider the purpose of purchasing gold: Before buying gold, identify the purpose of making the purchase. If you are buying for festivals or a wedding, you can purchase gold jewellery - of the requisite Carat and purity fineness level - from a trusted seller. But if your purchase is for investment, consider buying 24 Carat gold coins or bars. Gold-related investments, such as gold SGBs and more, are viable alternatives to purchasing physical gold.

What are the Factors that Influence Gold Rate in Odisha?

Several factors, such as inflation, global trends, currency rate fluctuations, government gold reserves, and so on, influence the current gold rate in Odisha. Here’s a look at why and how:

 

  • Inflation: People across the world and in the country purchase gold to protect themselves from inflationary risks. So when the economy shows a rise in inflation, people tend to purchase more gold. This will increase the demand as well as the price for gold.

  • Global trends: Economists call gold a crisis commodity. During times of global crises, such as the collapse of financial markets, wars, government change, and more, people buy more gold to hedge themselves from the risks. The increase in demand can then cause a resultant increase in gold prices.

  • Interest rates: Suppose the RBI announces its decision to hike the existing interest rate. How will it impact the present gold rate in Odisha? Well, a hike in interest rate will lower the gold rates as people will hold on to cash instead of making gold investments.

  • US Dollar vs INR: The majority of global trade in gold occurs in the US Dollar. So a strong US Dollar vis-a-vis the Indian Rupee (INR) will cause the gold rate in the country to increase.

  • Government reserves of gold: Governments across the globe and in India maintain a reserve of gold. If there is a decision to increase the gold reserves, it would directly impact the price of gold. This is because the demand for gold will increase, causing a corresponding hike in gold rates.

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

Depending upon the type of gold item, you can make a purchase from various places. Here’s a look:

 

  • Jewellery stores: You can visit a jewellery store if you want to purchase designer jewellery or ornaments for weddings and festivals. However, ensure that the jeweller has the requisite certification and trade license. You can ask whether the store is a member of a national or regional jewellery association. You can also go through the list of BIS-certified jewellers on the BIS’ website. Along with checking the jeweller’s credentials, you must also ensure that the making charges are reasonable.

  • Bullion traders: To purchase pure gold bars and coins, you can visit a registered bullion trader. Buying coins and bars from bullion traders can provide you with advantages, such as standard mark-up charges and a better buy-back policy.

  • Banks: You can buy the highest quality gold coins of various denominations from banks, either by making a physical visit or online. For making a purchase at banks, you are required to complete the KYC process. Besides, for purchases above Rs. 50,000, you are required to furnish PAN details. However, the rates of gold coins sold by banks can be slightly higher.

  • Gold-related investments: For gold-related investments, including Gold ETFs and Gold SGBs, you can contact a SEBI-licensed stockbroker. 

FAQs

  • ✔️What is the price of 24 Carat gold in Odisha?

    The 24 Carat gold price in Odisha is Rs. 4,919.

  • ✔️What is 585 gold in Odisha?

    14 Carat gold is also known as 585 gold.

  • ✔️Can genuine gold jewellery show discolouration?

    No, a genuine gold ornament will not fade or discolour. 

  • ✔️Do I have to pay GST for exchanging my gold item?

    If the gold item is of the same value, no GST is applicable. 

  • ✔️I don’t know about stock market investments? Can I still invest in Gold ETFs?

    It is advisable to have a basic understanding of stock markets before investing in gold derivatives. You can contact a registered stockbroking company to know about stock market investments. 

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