
Today Gold Rate in Odisha is Rs. 0.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
Today Gold Rate in Odisha is Rs. 0.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
Located in south-east India, Odisha has over the years become a preferred destination for investors. Primarily, it is because of the abundant presence of mineral deposits across the state. However, considering last year’s returns on gold and gold rate in Odisha appreciated, investors are also looking to diversify their portfolio by investing in gold. Although gold jewellery has always been a preferred investment for people, there are other ways through which one can invest in gold and get returns.
One should know that returns on gold are dependent on gold prices in Odisha which are influenced by a number of international factors, geo-political crises, US-dollar equation, etc. More about factors affecting gold rate in Odisha and investment options are discussed below.
Gold Rate Today : Hyderabad | Kerala | Mumbai | Delhi | Bangalore | Pune | Kolkata | Chennai
Silver Rate Today : Bangalore | Hyderabad | Delhi | Chennai | Mumbai | Ahmedabad | Jaipur
Following are a wide range of factors which causes the gold prices in Odisha and across India to fluctuate:
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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:
Parameters | Physical Gold | Gold ETF | Sovereign Gold Bond |
Invest Via | Gold jewellery/ gold coin/ bars can be bought from the nearest jeweller shop or from e-commerce websites. It is preferable to buy specially minted coins as banks offer buy-back facility on it | Demat account is perquisite before purchasing and selling units | Can either buy from banks or through designated post offices |
Investment Limit | No limit as such | 1 gram-No limit | 1 gram-4 kg for an individual. |
Availability | Can be bought from anywhere | Available on stock exchange | Available in batches around the year |
Safety | Higher risk of theft, burglary | Backed by equivalent physical gold in e-form | Sovereign guarantee |
Purity of gold | Purity check is a big concern. Hence, one should always go for hallmarked jewellery | High as gold ETF invests in 99.5 % purity sourced directly from the RBI | High as it is backed by 24K gold prices |
Collateral for loan | Yes | No | Yes |
Lock in period | No | No | 8 years with an exit option available after 5th year |
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:
For Gold Coins:
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.
Gold prices in Odisha and across India are increasing due to the recent Coronavirus outbreak. Usually it is seen gold outperforming during such circumstances or amid the recent market volatility which generally have a negative impact on other asset classes and have a positive impact on gold prices. It is because gold is considered a safe haven; therefore, people prefer to park their funds to gold. This in return increases the demand for gold.
It is advisable that consumers shouldn’t completely trust the price quoted by the jeweller as there are many factors that affect the final amount. Here is the given formula through which one can calculate the final price of the jewellery:
Final price of the jewellery = Price of the gold (22/18/14 Karat)* Weight in grams + Making charges + GST at 3% on the price of (Jewellery + making charges)
Gold is an effective portfolio diversifier; it acts as a hedge against inflation and performs well in geo-political crisis. As an investor, it is suggested to allocate a small portion of your entire investment portfolio (between 5% to 10% and not more) to gold either through gold mutual funds or Gold ETF and Sovereign gold bonds.