Gold Rate in Vellore

Gold is not only a part of cultural celebrations but also an excellent investment option, helping generations financially. If you are planning to buy gold, know that gold prices in Vellore and other cities can change due to factors like economic conditions and geopolitical situations. 

 

Understanding the current gold price can help you make a well-versed decision about buying gold or getting a gold loan.

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

Gram	22 Carat Gold Rate Today	22 Carat Gold Rate Yesterday	Daily Price Change
1 Gram	₹7,450	₹7,450	₹0
10 Gram	₹74,500	₹74,500	₹0
100 Gram	₹745,000	₹745,000	₹0

Gold price in Vellore with fluctuations in the last few days, is shown below:

Gold price in Vellore with fluctuations in the last few days, is shown below:

Investing in physical gold in the form of jewellery or ornaments is the most popular and used method. On the other hand, modern advancements have allowed investing in gold in other forms as well. Some of these are listed below:

• Digital Gold

You can now buy digital gold through online fintech apps online based on the current gold rates. You can invest in gold in smaller amounts in this way. 

• Gold ETFs 

To invest in Gold Exchange Trade Funds, you do not have to buy physical gold. These funds aim to mirror gold price trends and are traded on stock exchanges. They offer high liquidity, allowing you to sell whenever required.

• Sovereign Gold Bonds 

The Reserve Bank of India (RBI) offers SGBs. With this investment option, you get a fixed interest, which is distributed semi-annually.

• Gold Schemes

Many jewellers offer their own gold deposit schemes, allowing you to make monthly deposits. With the accumulated amount, you can purchase gold from the same jeweller.

Before making the final decision to buy gold for specified purposes, there are some points you need to consider. Here are some key points:

• Seller’s Reputation

There are numerous sellers in Vellore city, making it essential to choose the right one. Reputable jewellers uphold high standards and have positive customer reviews, assuring quality and peace of mind.

• Hallmark Certification

It is an authenticated stamp issued for the purity of gold by the Bureau of Indian Standards (BIS). While buying gold, remember to check the 6-digit Hallmark Unique Identification (HUID) and other markings.

• Current Gold Rates

You must be aware of the gold price in Vellore today so that you can make informed decisions. As the prices keep shifting due to global economic conditions, purchasing gold when the prices are lower can be beneficial.

• Additional Charges 

Sellers may apply some extra charges, such as making charges or additional taxes at the time of gold purchase. Making charges generally comes with gold jewellery, not coins or bullion.

• Proper Documentation 

While purchasing gold, it is important that you take all the important transaction receipts and bills. You can use them further when you are getting a gold loan or claiming insurance. 

If you are buying gold in Vellore, take a look at some factors that impact the gold rates:

• Festival and Cultural Demand

During festivals and special events, the demand for gold goes up, leading to temporary price hikes. Knowing when these times are can help you avoid paying higher prices.

• Supply Limitations

Gold prices are also affected by supply levels. When less gold is available due to factors like low mining output or transport issues, local prices can go up. Staying updated on supply trends can alert you about potential price increases.

• Global Market Instability

Gold prices often rise when global markets are unstable as investors seek safer options, like gold. Things like political tensions or inflation can also push gold prices up. Keeping an eye on these global shifts can help you prepare for price changes.

• Government Policy Changes

Changes in government policies, such as import taxes or duties, can directly affect the price of gold. Keeping track of these policy changes helps you predict price movements.

You should be sure that the gold you are purchasing is pure and fair to its estimated value. For this assessment, you can consider the following methods:

• Hallmark Check 

It is an authentication stamp issued by the Bureau of Indian Standards (BIS). It is a triangular stamp with some key elements ensuring that the gold is authenticated and pure.

• Magnet Test

To make sure that no other metal impurities are involved with the gold you are buying, you can simply bring a magnet closer to the gold item. If the gold item is attracted towards the magnet, that means it has more impurities since gold is not magnetic in nature.

• Nitric Acid Test

In this test, a significant part of the gold item is scratched with a stone, and a few drops of nitric acid are poured over. If the colour of the gold item changes to green, blue, or black, it means the gold is not pure.

• Visual Check

By visually checking the gold item to see if it is tarnished or discoloured, you can examine if the gold item is pure or not. Usually, gold items made of pure gold do not tarnish or leave colour residuals.

As per current Goods and Services Tax (GST) regulations, you need to pay tax on gold purchases. A 3% GST is levied on the value of gold. Additionally, making charges for jewellery are subject to a 5% GST.

 

Additional read: GST applies to gold jewellery

For example, if the price of a gold coin is ₹1 Lakh, the GST payable would be ₹3,000. Fluctuations in gold prices can influence GST rates. So, monitoring these changes helps you make informed decisions when buying or selling gold.

Other than using gold for personal and cultural uses, gold is often preferred as capital in terms of financial crises. You can buy gold and exchange it for a gold loan at times of financial requirements through various modes.

 

The gold rate is directly proportional to the value of gold loans one can receive. As the gold rate increases, the amount you can get against your pledged gold asset also goes up. Hence, you can receive more funds against the same gold. 

In addition to keeping an eye on the gold rates, choosing lenders that offer lower interest rates can also help. At Bajaj Markets, you can easily compare and apply for gold loans from multiple lenders with minimal formalities.