As an investment, gold is seen as one of the best hedges against inflation. It can be owned physically i.e. in the form of jewellery, gold bars and coins, or in paper, like gold exchange traded funds and sovereign gold bonds. The price of gold in India varies across cities on account of local market factors such as its demand and supply, state government taxes and transportation charges (of physical gold). This article sheds light on how lucrative gold investments are in Surat and its rates over the recent months.
A number of factors have an impact on the gold rate in Surat. Here is a look at a few:
If an individual wants to buy physical gold, all he or she has to do is go to the nearest jewellery shop and purchase gold jewellery and/or gold coins. It is advisable to opt for coins since jewellery has making costs, which the individual will not be able to recover when selling. Other than physical gold, one has the option of buying gold ETFs. They are funds that mainly invest in gold, and can be purchased and sold on the exchange. To buy gold ETFs, one simply needs to ask the broker to buy after opening a broking and trading account. Sovereign gold bonds are also listed, and individuals can buy them in the same manner as listed shares are bought.
A few factors to keep in mind before buying physical gold are as follows:
Level of purity - Gold is available in different purity levels, and this can be measured on the basis of Karat and fineness. The level of purity has a bearing on the price of gold.
Hallmarking - When one is buying physical gold, it is important to check for hallmarking. Hallmarking is mandatory on gold ornaments and coins. The Bureau of Indian Standards has been set up by the government to ensure that individuals do not get cheated when buying gold.
Making charges - Another important element that impacts the price of gold is its making charge. Some jewellers determine making charge at a fixed rate per gram of gold, while others may charge it on the basis of a certain percentage of the total jewellery weight.
Trend of Gold Rate in Surat for August 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st August 2019 | Rs. 34,100 | Rs.34,790 |
| 31st August 2019 | Rs. 37,990 | Rs. 38,760 |
| Highest Price on July | Rs. 38,220 on August 29 | Rs. 39,020 on August 29 |
| Lowest Price on July | Rs. 34,100 on August 1 | Rs. 34,790 on August 1 |
| Overall Performance | Rising | Rising |
| Percentage Change | +11.41% | +11.41% |
Source: Good Returns
Trend of Gold Rate in Surat for July 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st July rate | Rs. 33,130 | Rs. 33,790 |
| 30th July rate | Rs. 34,100 | Rs. 34,790 |
| Highest rate | Rs. 34,450 on July 13 | Rs. 35,170 on July 13 |
| Lowest rate | Rs. 32,950 on July 2 | Rs. 33,610 on July 2 |
| Overall performance | Rising | Rising |
| % change | +2.93% | +2.96% |
Trend of Gold Rate in Surat for June 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st June rate | Rs. 31,560 | Rs. 32,480 |
| 30st June rate | Rs. 33,320 | Rs. 33,980 |
| Highest rate | Rs. 33,520 on June 25 | Rs. 34,190 on June 25 |
| Lowest rate | Rs. 31,560 on June 1 | Rs. 32,480 on June 1 |
| Overall performance | Rising | Rising |
| % change | +5.58% | +4.62% |
Trend of Gold Rate in Surat for May 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st May rate | Rs. 31,160 | Rs. 32,290 |
| 31st May rate | Rs. 31,460 | Rs. 32,460 |
| Highest rate | Rs. 31,800 on May 14 | Rs. 32,800 on May 14 |
| Lowest rate | Rs. 30,950 on May 4 | Rs. 31,950 on May 4 |
| Overall performance | Rising | Rising |
| % change | +0.96% | +0.53% |
Trend of Gold Rate in Surat for April 2019
| Gold Rates | 22 Carat | 24 Carat |
|---|---|---|
| 1st April rate | Rs. 31,150 | Rs. 32,190 |
| 30th April rate | Rs. 31,100 | Rs. 32,490 |
| Highest rate | Rs. 31,410 on April 9 | Rs. 32,540 on April 9 |
| Lowest rate | Rs. 30,820 on April 4 | Rs. 32,010 on April 4 |
| Overall performance | Rising | Rising |
| % change | +0.67% | +0.93% |
Trend of Gold Rate in Surat for March 2019
| 31st March rate | 22 Carat | 24 Carat |
|---|---|---|
| 1st March rate | Rs. 32,400 | Rs. 33,060 |
| 28th February rate | Rs. 30,970 | Rs. 32,350 |
| Highest rate | Rs. 32,400 on March 2 | Rs. 33,200 on March 2 |
| Lowest rate | Rs. 30,970 on March 30 | Rs. 32,350 on March 30 |
| Overall performance | Rising | Falling |
| % change | -4.41% | -2.15% |
Checking the price of gold is vital because even a minute variation in gold rate can result in a major loss. The prices of gold today are very high as compared to that of a decade ago. Individuals are advised to compare the current gold rate of one jeweller with that of the others in the city. The bigger and well-established jewellers are likely to charge higher in making charges for gold purchase. If one finds that the making charges of gold is significantly high in one jewellery store, it is recommended to evaluate the rate charged by goldsmiths or jewellers. In doing so, the individual might be able to find one whose rate fits his or her pocket.
Gold jewelleries hallmarked by the Bureau of Indian Standards shall bear the BIS logo. This serves as evidence that the purity of the gold has been verified in one of the bureau’s licensed laboratories. It is however important to note that BIS hallmarking is not mandatory - not all jewellers offer hallmarked BIS jewellery. Some offer their in-house hallmarking of jewellery which is not verified by the national standards body of India. Prior to buying gold jewellery, it is essential to check with the jewellers whether or not they offer BIS hallmarked ornaments.
The different ways by which a user can buy gold include:
Investing in gold is worthwhile because it acts as a hedge against inflation. Overtime, the returns would be in line with the rate of inflation. The second reason why financial experts recommend this route of investing is due to the fact that gold is negatively correlated to equity investments. From the year 2007, it was observed that the equity markets did not perform too well, whereas gold did. Thus, including gold in one’s portfolio mix can help reduce the overall volatility of the individual’s portfolio.
What is per gram Gold Rate in Surat?
According to the Good Returns website, the gold price for 24 karat gold is Rs. 3,840 per 1 gram.
What is 10 gram Gold Rate in Surat?
According to the Good Returns website, the gold price for 24 karat gold is Rs. 38,400 per 10 grams
What is 100 grams Gold Rate in Surat?
According to the Good Returns website, the gold price for 24 karat gold is Rs. 3,84,000 per 100 grams.
