Gold Rate Today in Gujarat _{Last Updated : 27 Nov 2022}

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Today's Gold Price in Gujarat

Gujarat, the westernmost state of India has been India’s gateway to the world for centuries, with a rich history of trade and culture. This trade resulted in a huge influx of currency, particularly in the form of gold, leading to the start of a love affair with the golden metal. Current gold rates in Gujarat are a reflection of international gold rates, given the fact that a majority of India’s gold needs are met through import. Gujarat, with a long coastline and excellent ports is often the preferred mode for gold imports to enter India, ensuring it plays a significant role in the journey of this precious metal. Gold is an intrinsic part of Gujarat’s culture, with residents purchasing gold to celebrate festivals and other auspicious events.

Trend of Gold Rate in Gujarat for October 2022

September 2022 Gold Rate in Gujarat

Trend of Monthly Gold Rate in Gujarat for September 2022

• Gold prices in Gujarat started off standing at the rate of Rs.4,983 per gram of 24 karat gold in the month of September. Over the month, the precious yellow metal witnessed some fluctuations in its price and displayed a stable performance.
• The highest price for the month was Rs.5,010 per gram on 6 September. Gold prices in Gujarat recorded their lowest price point for the month on 27 September when a gram of 24 karat gold was being traded for Rs.4,930. Thus, the overall performance of the yellow metal witnessed a stable trend.
• The price of gold for the month of September closed at Rs.4,983 per gram in Gujarat.

August 2022 Gold Rate in Gujarat

Trend of Monthly Gold Rate in Gujarat for August 2022

• The price of gold opened at Rs.5,044 per gram of 24 karat gold in Gujarat for the month of August. However, over the next few days, the prices jumped by 0.15% and displayed an overall incline in their performance.
• The precious metal reached its highest price point of Rs.5,144 per gram of 24 karat gold on 14 and 15 August in Gujarat. The lowest price of gold was recorded on 23 August wherein one gram of 24 karat gold was being sold at Rs.5,023.
• Thus, an inclining trend was recorded in gold prices with a percentage change of 0.15% in Gujarat. Gold prices closed the month of August at Rs.5,052 per gram.

Gold investment avenues in Gujarat

Gold is viewed as an excellent investment tool in Gujarat, with residents purchasing it in a bid to diversify their investment portfolios.

Over-the-counter - Jewellery accounts for a major portion of gold investments in Gujarat, with a majority of residents in small towns choosing jewellery over other forms of the precious metal. Jewellery stores across Gujarat cater to different budgetary needs, offering competitive rates to customers. Gold bars and coins are generally purchased by serious investors looking for long term solutions and are available at major jewellery stores and banks. Coins and bars sold by banks are generally a bit more expensive due to their comprehensive quality checks and assurances.

Market trade - Exchange Traded Funds (ETFs), E-gold and futures contracts are some of the popular trading options for gold investors in Gujarat. Tech savvy and young investors are opening up to the idea of market trade, with ETFs growing fast, thanks to their ease of trading and ability to offer good returns on investment. E-gold can be traded through the National Spot Exchange Limited, offering flexibility to traders. Futures contracts are designed to protect investors against market fluctuations, providing them with an opportunity to take delivery of gold on a predetermined date at an agreed upon rate.

How is 22 Carat Gold Different from 24 Carat Gold?

The differences between 22 carat gold and 24 carat gold are mentioned below:

• The purity of 24 carat gold is 99.9%, while the purity of 22 carat gold is 91.6%.
• When compared to 24 carat gold, 22 carat gold is cheaper.
• 24 carat gold is not used for making jewellery, only 22 carat gold is used.

Factors that Affect Gold Rates in Gujarat

The main factors that affect gold rates in Gujarat are mentioned below:

• Local Factors: Several local factors such as government duties and government tariffs affect gold rates. It is important that you check the prices of gold before purchasing.
• Policies: In case any unfavoucrable policies are introduced, gold prices increase in Gujarat.
• Demand for Gold: In case the demand for the yellow metal is low, the prices fall. If the demand for gold is high, the prices increase.
• Interest Rates: In case interest rates are increased, gold is sold by investors.

Investment of Gold in Gujarat

The different ways by which you can invest in gold are mentioned below:

• Commodity Exchange
• Coins
• Bullion
• Jewellery

Things to Consider when Purchasing Gold in Gujarat

Some of the things that must be considered when you purchase gold in Gujarat are mentioned below:

• It is important to purchase gold that is hallmarked. The hallmark symbol will ensure that you are purchasing pure gold.
• It is vital that you check the mark movement before you purchase gold. Picking up gold at low prices will help in the long run. Checking the market movement will help in picking up gold at a lower rate.

Also check Silver price in Gujarat

FAQs on Gold rate in Gujarat

1. Which gold is best to invest in Gujarat?

   If you are looking forward to long term investment in Bhubaneshwar then 24 karat gold is the best option. If you are looking forward to making jewellery, then investing in 22 karat or 18 karat gold would be a better option.

2. What precautions should be taken while purchasing gold jewellery in Gujarat?

   While purchasing gold jewellery in Gujarat, you need to make sure to check for purity, negotiate making charges, and cross check the price of the yellow metal. You must know that the price varies based on the purity of gold.

3. Which factors affect the gold price in Gujarat?

   The gold prices in Gujarat are affected by various external factors such as the rate of Indian currency with respect to US dollar, price of oil, important political events, etc. The internal factors such as the policies introduced by the government, interest rate, the demand for gold, etc., also have an impact on gold prices in India.

4. What is the significance of Gujarat gold in Indian weddings?

   As gold is considered as the symbol of Goddess Lakshmi and signifies fortune, prosperity and wealth, it features prominently in Indian marriages.

5. What is the difference between 22 karat gold and 24 karat Gujarat gold?

   The difference between 22 karat gold and 24 karat gold is the amount of pure gold that is present in it. 24 karat gold is 100% pure gold, that is, it is composed of 100% pure gold. 22 karat gold, on the other hand, is composed of 91.67% pure gold. The 22 karat gold has impurities mixed with it in the form of alloy of metals like silver and copper.

6. How can I check whether the Gujarat gold that I have purchased is authentic?

   One of the easiest ways to check the authenticity of your gold is to conduct the float test. Take your gold ornament and put it in a bowl of cold water. If the gold item sinks to the bottom of the bowl, then it is real gold since the precious metal’s density is high, otherwise it fake or a plated gold ornament.

7. Why is 24 karat gold not used for making jewellery in Gujarat?

   The 24-karat gold is of the highest purity and is very soft. This softness allows the yellow metal to be easily drawn into wires and beaten into sheets. Because of this exceptional softness, it is difficult for a jeweller to craft intricate jewellery pieces with 24 karat gold.