Today’s Gold Rate in Goa

With the introduction of the GST in July 2017, customers have to pay 3% tax on the total value of gold including making charges. 

Here are the Gold investment options in Goa:

Physical gold: There are a number of ways to invest in physical gold such as through gold jewellery, coins, bars, etc. It fulfils dual purpose-gold prices will appreciate in the long term which will help you to cash in at that time and one can use the jewellery as ornament. However, owning physical gold comes with certain risks such as safety and storage which one should know of. Moreover, at the time of selling your gold jewellery, the buyer will deduct the making charges as well as wastage charges before quoting the final value to you. If one is choosing physical gold for investment, it is suggested to go for gold coins/bars as one can sell them anytime and no other charges will be deducted.

Gold Accumulation Plan (also known as Digital gold): One can invest in gold through Paytm and GoldRush which allow customers to accumulate gold in digital form.  Customers can start investing through these platforms from as little as Rs 1. However, the minimum limit for investment varies from platform to platform, as the minimum amount on GoldRush is Rs.1,000. Moreover, it doesn’t impose any obligation to make fixed or periodic payment on the customer. Depending on the amount, corresponding gram of gold will be added to your wallet. When gold prices appreciate, you can either sell the accumulated gold and the value of gold prevailing at that time will be credited to your account.

Sovereign Gold Bonds: Offered by the RBI and issued by the government of India, these bonds are another way to own gold in paper form. They are not available on tap basis but are notified by the government from time to time. It comes with a tenor of eight years with the exit option available after 5 years. Moreover, the investor will earn a fixed interest of 2.50% on the investment. In this, the investor won’t get physical gold at the time of maturity or redemption rather s/he is participating in the growth or fall of gold price.

BIS is a government body which certifies the purity of metal used in the gold jewellery and the process of certifying is called hallmarking. As this specifies the exact quality of gold used in the jewellery, it will help the customer in getting the right value at the time of selling. Here are the components, one must check while buying physical gold:

BIS Mark: It indicates that its purity is verified is one of its laboratories

Purity in Karat and fineness

Assaying and hallmarking center’s Identification mark/number: Indicates in which laboratory the gold jewellery have been assessed at to check its purity.

Jeweller’s Identification mark/number: The jewellery shop from where you are buying your gold jewellery will also put its identification mark.

Note: Currently hallmarking in India is optional but from 15th January 2021, any jeweller/ retailer selling gold jewellery to the consumer can only sell gold jewellery and artefacts made of 14, 18, 22 karat if it is hallmarked.

In case of financial emergency, you can use your gold as collateral to avail gold loan in Goa. There are a number of financial institutions which offer gold loan facilities. All one needs to do is visit the nearest branch office of bank/NBFCs such as Muthoot or Manappuram with their pledged gold. The bank or NBFCs will evaluate the gold on the basis of net weight, purity and required amount and after taking these factors into consideration will sanction a gold loan to you. In return, the customer needs to pay EMI or interest on the gold loan, depending upon the repayment mode s/he chose at the time of availing gold loan.