The gold rates in Mysore have reflected the demand of gold all over India which has also been the top consumer of gold in the world this year. The 15% increase in customer demand to almost 192 tonnes of gold this year has profoundly affected the gold rate in India. The expanding and consolidating southern region of the country, it has impacted to be the largest customer of gold in the world.
They account for over 40% of India's total demand. There persist a rich culture and history that requires a broad use of the precious stone. Golden Throne is the royal seat of rulers which is present in the kingdom of Mysore. Unlike the rest of the country, gold is available in different grams and carats. The rates differ depending on how many carats is it, 22 carats or a 24-carat stone.
The jewellery is one of the popular types of investments made by the people of Mysore. They get the golden jewellery made as a part of custom and tradition followed during festive occasions or marriages. As per the World Gold Council, the current jewellery demand in Indian is 151 tonnes which show an increase of 22% from last year. The demand was 842.7 tonnes last year.
Coins are another way of investment in golf which the World Gold Council says there is a drop in demand by 10% compared to previous year. The investors are seen diverting their investments into equity seeing the robust performance in the stock market. In order to avoid risks of losses and risk of getting an impure piece of gold, it is always advised to buy one from a known and certified jeweller. Banks also sell gold coins but do not buy back.
Gold ETFs: each unit of ETF is 1 gram of gold. The ETF, expanded as Exchange Traded Funds have gained the prominence in the country. It has achieved so because of number of factors like massive liquidity, easy investments and a lot more. Further, there is no wealth tax which solely makes it an attractive investment option.
There are a number of showrooms and dealers certified by the BIS or hallmarked who offer a broad range of patterns and designs of gold. Some of them to mention are Mysore Trade Centre, K T Street, Shankara Chetty and Sons, Akshay Jewels, Ashish Jewellers, Arihant Jewels, Abhushan Gold Palace, Salam and Sons, BKL Sons and Bharat Jewellery halls, etc.