
Today Gold Rate in Surat is Rs. 0.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
Today Gold Rate in Surat is Rs. 0.00 per 10 grams for 24 Karat
(10 grams = 1 tola gold)
India’s love for gold is no secret, especially when it comes to ornaments. In Surat, just like any other city in India, demand for gold is driven by festivals and other related functions. The yellow metal has caught the attention of investors too-gold investment has delivered 21% in the last one year. Especially during this time, when demand for gold is increasing due to the outbreak of Coronavirus, when the equity market is not performing well. More about the gold rate is discussed below.
Gold Rate Today : Hyderabad | Kerala | Mumbai | Delhi | Bangalore | Pune | Kolkata | Chennai
Silver Rate Today : Bangalore | Hyderabad | Delhi | Chennai | Mumbai | Ahmedabad | Jaipur
With the introduction of the GST in July 2017, other taxes which used to be added to the total cost of gold had been replaced by 3% goods and services tax on gold.
Gold price in Surat is influenced by international factors. London Bullion Market Association manages the London Good Delivery List which sets the gold price by taking various factors into consideration. IBA (ICE Benchmark Administration) publishes the LBMA gold price in US dollars twice daily at 10:30 AM and 3:00 PM UK Time which serves as a benchmark price for gold producers, investors and central banks worldwide.
In India, the Indian Bullion Jewellers Association (IBJA) takes the international price of the gold as a base and adds applicable taxes as per the state. Afterwards, an organization of bullion dealers in Gujarat decides at which rate the gold will be given to the retailers.
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Here are the gold investment options in Surat that one can choose:
Sovereign Gold Bonds: Backed by the government and notified by the RBI, these bonds are linked to 24K gold rate in Surat. An Indian resident can invest in these bonds from as low as 1 gram with maximum up to 4 kg. Their price is based on the average of the closing gold price of 999 purity published by the Indian bullion and Jewellers Association (IBJA) for the preceding 3 working days
Gold ETFs (Exchange traded funds): Traded on exchanges, you receive units (One gold ETF unit represents 1 gram of gold) which represents physical gold but minus the hassle that comes with keeping the latter. Their prices are linked to prevailing gold rate as it invests in physical gold of 99.5% purity.
Digital Gold: Also known as gold accumulation plan where you don’t invest in gold but rather accumulate it in e-form. You can do the transaction through various platforms such as Paytm, Freecharge, gold rush with an amount as low as Rs.1. Moreover, here one is not obligated to make any fixed or periodic payments, rather can invest anytime as per their budget.
Investment options | Sovereign Gold Bonds | Gold ETFs | Physical gold | Digital gold |
Parameters | ||||
Where to buy | Online through bank’s website or from the stock exchange & post office | Buy/Sell on NSE or BSE. Need to have a demat account | One can physical gold either from a jeweller or from their website | Paytm, Freecharge, etc. |
Cost | No cost | Since it is held in demat form, it does come with nominal expenses | It costs more to own physical gold due to the addition of making charges and GST | No cost |
Returns | Returns are based on price of gold + assured 2.50% interest p.a which is paid out once every six months | – | Returns are based on the prevailing gold rate at the time of selling. GST and making charges will be deducted before he quotes final selling price | Returns are based on the prevailing gold rate, customer participates in the appreciation of gold price |
Liquidity | Limited as it comes with the tenure of 8 years with exit option available after 5 years | Tradeable on exchange at the same price pan-India through the broker via a demat account | Can be sold anywhere provided you have copy of your bill | If one wishes to redeem the deposited gold, they can do so in either cash or through coins. |
Taxation | Exempted, if you sell on maturity. Else, capital gains taxation will be similar to gold funds or physical gold | If you sell after 3 years of holding, capital gains are taxed at 20 % after providing indexation benefit. If you sell before that, capital gains will be taxed at the applicable slab rate | If you sell your gold after 3 years of holding, long-term capital gains will be applicable and are taxed at 20 % after providing indexation benefit. If you sell them before that period, capital gain will be taxed at the applicable slab rate. | The taxation is also the same as that of physical gold, dependent on the holding period. |
Before you go ahead with any of the investment options mentioned above, there are certain aspects which you should know and are briefly given in the table below
Sovereign Gold Bonds | Gold ETF | Physical Gold | Digital Gold |
They are not available on-tap basis but are notified by the government periodically If one is looking to purchase SGBs anytime in between the only way out is to buy earlier issues (at market value) which are listed in the secondary market. If you buy these bonds online, Rs.50/gram discount will be given to you | It is not possible to start a SIP in a gold ETF. Although there are no entry and exit charges in Gold ETF but there are other charges which one should be aware of such as expense ratio and broker expenses. An investor can redeem gold ETF into physical gold only it reaches 1 KG or as mentioned on your contract | If you are investing in physical gold, it is recommended to invest in gold coins and ensure you buy only hallmarked ones as it certifies the purity of the gold being used If you sell your physical gold after 3 years of holding, long-term capital gains will be applicable and are taxed at 20 % after providing indexation benefit. If you sell before that period, capital gain will be taxed at the applicable slab rate. Resale value of physical gold is comparatively lower if compared with other forms of gold investment due to the addition of making charges | Digital gold is a gold accumulation plan. It won’t earn you any interest but an alternative to help you invest in gold systematically or when you wish to Once you place your order to buy digital gold, cancellation won’t be entertained. |
Gold is considered an effective portfolio diversifier. Although there is no direct answer to this question but as per experts, it is recommended to allocate a small portion of your savings to gold-between 5%-10% of your entire investment portfolio, through gold mutual funds, gold ETF or Sovereign gold bonds.
It is important to check the purity of the gold articles you buy to ensure you get the right value if you are to sell it in the future. To do the same, one needs to check the following components on their gold jewellery or gold coin:
For Gold coins
Note:
In case of a financial emergency or you are looking for funds to meet short term credit needs, you can use gold to avail gold loan in Surat. There are a number of banks and NBFCs (such as Muthoot, Manappuram, etc) in Surat which offer gold loan facilities. To avail gold loan, you need to walk into any of their branch offices with the gold you are ready to pledge and fill the KYC form and complete required formality. The gold loan amount will be sanctioned based on the purity of the gold in your gold ornaments.
If everything is in order, the loan amount will be disbursed and in turn the borrower needs to pay gold loan EMI/entire principal amount with interest (if s/he has chosen a bullet repayment option) at the end of the gold loan tenor. Until the loan amount is repaid, the bank will keep the deposited gold in a secured vault.
This primarily depends on whether you are investing for a long period of time or looking to cash in 2-3 years. If you are in for the long run, buy a sovereign gold bond issued by the government every 6-7 months. Moreover, there is no additional cost involved in buying these bonds which is not the case with gold ETF-some expenses will be deducted. Besides this, you will have an assured interest at an annual rate of 2.5 per cent and you will be able to redeem the money after eight years at the prevailing gold rate.
Yes, one can be assured about the safety of their gold with Paytm as they are in association with MMTC-PAMP.
Final price of the jewellery is calculated by taking in account the price of the gold as per the purity along with net weight of the gold, making charges and GST. Here is the given formula:
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)