Gold Price Today in India
The gold prices in India vary every day due to a number of changing factors. Several international trends affect gold rates, and recently we saw a rise of about 16% in the past 4 months. The purity of gold again plays a crucial role to determine the gold rates. So, a 24-karat gold will cost you most than what an 18 karat or 22 karats would do.
How many grams = One tola
The gold is always bought and sold in terms of weight. People in different regions of India use different names to call these units. Tola is a familiar name of the unit where 1 tola means 11.6 grams and 1 kg being 85.7 tolas approximately.
How to buy gold coins in India?
The gold coins in India are available in different weights letting individuals purchase the quantity fitting their budget. One can buy gold coins from banks, jewellers, online stores, post offices, etc. weighing between 1 gram to 10 grams. The artists and online stores might imprint the signs of gods and goddesses which makes the gold expensive than its standard rate because of the religious value attached to this precious metal.
If you buy gold exceeding an amount of Rs. 50,000, then you might have to submit your PAN card along. Further, ask the jeweller or the bank for purity certificate along with the coin. This helps you hike the coin cost. The purity may be 22 karats or 24 karats.
Why price of gold is increasing in India
- Demand and supply: when demand is more than the supply, the gold price increases. Gold being a natural resource is limited in stock making it precious and expensive.
- International relations: This may be due to the imports that India makes to fulfil local demand. Changing international relations in precious metal trading, brings change in the gold rates.
- US dollar: Stronger the US dollar, the poor will be the performance or in other words, higher the gold would cost. Thus, whenever the dollar underperforms, gold becomes costly.
- Market conditions: there is an inverted relationship amid the gold and market performance. Due to pressure on the metal trading markets, the price of gold goes up and vice versa.
- Government tax and duty: The government in India imposes taxes and obligations on each commodity including gold. Thus, these tax rates are responsible for increasing the price of gold ultimately pinching the pockets of purchasers.
