Today’s Gold Rate in Odisha

Following are a wide range of factors which causes the gold prices in Odisha and across India to fluctuate:

• Interest rate: Interest rates have a big influence on gold prices. Low interest rates yield nominal returns that are less than the national inflation rate. It is seen that gold typically attracts buyers in a low interest rate climate which will push the gold prices as well as demand for gold.
• Demand-supply angle: Simple demand and supply economics can influence physical gold prices. According to the World Gold Council, gold demand during the first half of 2016 grew 15% but gold supply only increased by 1% during the same period. Growing demand and constrained supply had been a reason gold prices headed high that year.
• Inflation: Higher level of inflation tends to push gold prices higher. It is because gold acts as a tool to hedge against financial and economic crises. This increases the demand for gold which ultimately results in a gold price surge.
• US dollar-Rupee equation: Performance of the US dollar highly influences the gold prices since the price of gold is dollar-denominated. A falling dollar will cause the value of rupee amongst other currencies to increase. US dollar shares an inverse relationship with gold prices.

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After the roll out of GST (Goods & Services Tax) in July 2017, consumers will be charged at 3% of GST on the value of gold including making charges.

Here the number of gold investment options in Odisha and their comparison in respect to each other:

Investing in physical gold is one of the traditional ways of investment while digital gold is a relatively new concept where one can invest in physical gold via online. Here is the comparison on the basis of common parameters so that one can make an informed choice:

Investment size: Digital gold allows investors to buy and accumulate gold with as little as Re.1 in case whereas, it is not possible in case of physical gold. Due to the small investment size of digital gold, anyone with a limited income can get started.

Storage: Physical gold comes with certain limitations with its storage, safety and maintenance. Even if you put your gold in a locker, you will be required to pay registration cost, annual charges and service charges. Digital gold gives you the freedom from such long-term expenses as it is stored in their virtual (the medium you make the transaction from) wallet.

Liquidity: It is true that gold is the most liquid asset if compared with other asset classes. However, in case of physical gold, you need to have an invoice with you while giving to the dealer. What’s more you won’t even get complete resale value because GST and making charges will be first deducted. This is where digital gold offers quick liquidity as you can sell the accumulated gold anytime and anywhere online and for that day’s price.

Before you buy physical gold, it is important to check the following components to ensure the purity of the gold. Hallmarking is done by the BIS, the governing body which certifies the purity of the gold being used.

For gold Jewellery:

1. BIS Mark
2. Purity in Karat and fineness corresponding to different purity level
   • 958-23 Carat
   • 916-22 Carat
   • 750-18 Carat
   • 585-14 Carat
3. Jeweller’s Identification mark/number
4. Assaying and Hallmarking Centre’s Identification mark/number

For Gold Coins:

• BIS Mark
• Karat
• Fineness

Loan against gold (jewellery and coins) allows you to meet your short term credit needs and there are a number of financial institutions in Odisha which offer gold loan facilities. The borrower needs to take their gold which they are ready to pledge to the bank. After evaluating the value of the gold through its purity and net weight, loan amount will be sanctioned to you. You can repay the loan either through EMIs or an entire lump sum along with accrued interest at the end of the tenure.