Traditionally, it is considered auspicious to buy gold on Dhanteras. Just ahead of the festive gold buying on the occasion of Dhanteras, gold prices in India reached a new high to touch Rs 39,620 per 10 gram , while silver prices too have increased to RS. 48772 per kg on Thursday, October 24. Traditionally, Indians still buy gold and silver on Dhanteras, irrespective of the prices, as it is considered auspicious.
Gold price for today:39,620.00 Indian Rupee per gram
Silver price for today: 48,772.00 Indian Rupee per kg
Gold as an investment option has delivered over 20% returns since the beginning of this year. Price of spot gold (24 karat) stood at Rs 39,620 per per 10 gm today compared to Rs 32,300 on 29 December 2018, which makes gold among the best investments this year.
This Dhanteras you can even buy gold bonds. The series VI of Sovereign Gold Bond Scheme 2019-20 opened for subscription on Monday, ahead of Dhanteras and Diwali, with the RBI fixing the price at Rs. 3,835 per gram of gold. It will close on October 25, 2019. The maximum limit of subscription is 4 kg for individual and Hindu undivided family (HUF) and 20 kg for trusts and similar entities.
The Reserve Bank of India, on behalf of the government, will issue the bonds on October 30. Investors who want to apply online and make the payment against the application through digital mode get a discount of 50 per gram. For such investors, the issue price will be Rs. 3,785 per gram of gold. The minimum permissible investment is 1 gram, said a Finance Ministry statement.
However while buying gold keep a few points in mind like : -
Check hall-mark and purity
The purity of the yellow metal is measured in carats. Gold jewellery is made up of 22-carat of gold while gold biscuits and coins are made up of 24 carats. Apart from this, jewellery made up of precious stones are made with 18 carat of gold. Make sure you check the hall-mark before buying Gold. If a piece of jewellery has a BIS mark on it, then you can comfortably take it home.
Know Hidden charges
A special charge is levied separately on gold jewelleries. Make up your mind for expenses as you have to pay designing charge of the jewellery. Also, 3 per cent GST is charged on the price of gold as well as extra 5 per cent is added to its making charges.
Terms and Conditions
If you buy gold from a local jeweller, stock holding corporation, NBFCs or even online, check the buyback options with the seller. As per guidelines of the Reserve Bank of India (RBI), gold coins purchased from a bank cannot be sold back.
On the other hand, If you are selling your gold (in any form) to a jeweller, you are unlikely to get the right valuation for it, as the jeweler will not pay the making charges and GST.
Investment in gold
Gold is considered the best mode of investment to tackle inflation. You can invest it under sovereign gold bond in which you do not have to keep it in physical form. Under this scheme, investors get the opportunity to invest in gold per unit. You need to invest at least 1 gram of pure gold. Besides this, you can invest in Gold Mutual Fund and Digital Gold.
