Is It Safe To Buy Gold Through Paytm
Recently, paytm has partnered with gold refiner MMTC-PAMP to launch âDigital Goldâ offer. Using this offer customers to buy and sell gold with few clicks through the paytm application. This option is called as Gold Accumulation Plan.
Currently one can buy gold in Paytm wallet ranging from Rs 1 to as much as they want to invest. One of the key features for investing money in the paytm wallet is you can buy and sell gold anytime. Though it is a bank holiday or a public holiday or anytime. One can buy and sell gold on paytm Instantly.
Even Paytm delivers gold at your doorstep. If you want physical gold,they will be delivering gold to your like they deliver their other products. But it is highly recommended to check gold rates in Kolkata before buying.
Gold Rates Fall Sharply In The Global Markets On 19 August 2021
On 18 August 2021, gold futures prices on MCX in India fell by 0.29% and were at Rs.47,141 for 10 grams. Due to the prospect of a reduced Federal Reserve stimulus, gold prices fell sharply in the international markets on 19 August 2021. Gold prices fell by 0.7% and were at $1,774.41 for an ounce. Futures trading on MCX in India were closed on 19 August due to a public holiday. However, the markets will reopen in the second half of the day.
23 August 2021
Factors Affecting Gold Price In Tamil Nadu
Below are some of the key factors that contribute to the price of gold in Tamil nadu.
Strength of the US Dollar:
A strong US Dollar means falling gold prices in Tamil nadu as investors invest in the currency rather than in the metal. On the other hand, if the dollar weakens, banks tend to invest in gold instead of the depreciating dollar. This move is taken in order to hedge against any uncertainties. This increased demand leads to an increase in the price of gold. Similarly, when the US dollar strengthens, investors shift their investments from gold to the US dollar. This fall in the demand of gold leads to a consequent fall in the price.
Import costs:
Tamil nadu meets a huge chunk of its gold needs through imports, which means that import rates affect the gold price within the country. Since trading takes place in US dollars, a stronger dollar makes buying gold more expensive.
Fixed Deposit interest rates:
A fixed deposit is the most popular investment option for many millions of Indians. Gold comes a close second. When the FD rates fall, investors prefer investing in gold as an alternative investment option. When the demand for gold rises due to increased demand, the price increases too.
Economic stability:
Seasonal price:
In Tamil nadu, demand for gold tends to rise during auspicious festivals, marriage seasons and other occasions, leading to increased prices.
Inflation:
Demand-supply:
Mining/production costs:
International prices:
Transportation cost:
State taxes:
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What Are The Different Avenues To Invest In Gold
Gone are the days when you had to purchase Gold to invest in it physically. Today, there are multiple avenues to buy Gold & keep a tab on live Gold price in India with the popular ones mentioned below.
Gold mutual funds Gold mutual funds are offered by several organizations, offering ease of investment through SIPs.
Gold ETFs Gold Exchange Traded Funds permit trading of Gold in units , with the investment viewed as debt mutual funds by tax authorities.
Gold futures Gold futures are popular among certain investors, with the MCX and NCDEX offering avenues to invest in Gold through derivatives.
Digital Gold Digital Gold is a new option to invest in Gold, offering ease and flexibility to investors. You can now invest in Gold safely through Finserv MARKETS. We, at Finserv MARKETS, have partnered with Safegold to provide you with the option to buy and sell certified quality gold from the comfort of your home.
Physical Gold – Physical purchase of Gold in the form of coins, jewellery, bars, etc. continues to comprise a major portion of the total investment, with the new modes expected to gain more acceptance with time.
What Are The Taxes You Pay When Selling Gold In India
For those who are not aware, you need to pay tax when you buy and sell gold in India. Let us say that you purchased gold in Kolkata at a price of Rs 10 lakhs a few years ago. Today, if that value has crossed more than Rs 30 lakhs, there is a wealth tax that you have to pay every year. Remember, it does not matter, how, why and when?
If the value of gold exceeds Rs 30 lakhs, you have to pay wealth tax. On the other hand there is also a capital gains tax that is applicable if you sell gold at a profit. There are two types of taxes that are applicable. One is the short term capital gains tax, where you will have to pay as per your tax slab. The other is a long term capital gains tax on gold, which is at 20 per cent, plus indexation. Long term is defined as more than 3 years and short term id defined as less than three years.
There is also a capital gains tax that is applicable on Gold ETFs as well. The tax rate is the same as physical gold. Remember wealth tax on gold, as many individuals may not know when their gold value crossed Rs 30 lakhs. If you have gold value that is less that that you are exempted from the said tax.
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Why Investors Should Be Chasing Gold In Kolkata
There are many reasons why you should be buying gold in Kolkata. One of the most important of these is that the precious metal has proven to be a perfect hedge against inflation. In fact, since 2008 gold prices in Kolkata have tripled in value, while inflation has not maintained the same momentum. Also, there is an increased demand for gold and gold ornaments, while genuine supply constraints for gold has pushed prices higher. In fact, despite all measures to deter investors from buying gold, many individuals continue to chase gold. This has led to some shortfall, which has clearly pushed gold prices in Kolkata and India higher. At the moment, we are not seeing political tensions. But, when that does happen, you could see gold prices dip, which is when you would realize that the value of your gold has really gone higher. In any case, do not invest all your money in gold, but, just a part of it.
How Is Hallmarked Today Gold Rate Determined In India
Hallmarked Gold is a term given to a type of Gold certified by the BIS . Hallmark refers to Gold of high quality.
There is no difference between hallmarked gold rate today and the standard gold rate. No gold seller/jeweller charges you extra money if you buy hallmarked Gold. The price at which the hallmarked Gold and normal Gold are sold is the same. The sole and most crucial difference is that you are ensured of purity when you buy hallmarked Gold.
Again, the important thing to remember is that hallmarked Gold in India does not differ from that of normal Gold when it comes to the pricing of the two. The main difference lies in the quality of the metal that is used. When you buy Gold, buy certified quality gold and possibly hallmarked Gold as it ensures quality.
Many investors in India have raised their opinions on the less number of hallmarking centres available in our country. This is an important issue that needs to be addressed by our government so that number of hallmarking centres can be increased as it will be of great help to consumers across India.
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What Are The Biggest Factors That Influences Gold Price In Delhi
One of the biggest factors that influence gold rates in Delhi today is the behaviour of central banks across the globe. In the last few years, when central banks across the globe were seen easing, gold prices saw a stupendous rally. However, that is not the case anymore. We have seen that the United States has completely wound-up quantitative easing and there is no easing any longer. However, there are many countries that still follow easing, including Japan and the European Union. In Japan we are seeing the Japanese Central Bank engaging in easing, while the European Central Bank is doing the same through its bond buying programme. This would continue to influence gold prices across the world and hence in India. When there is excess money supply in the economy it leads to investors buying into precious metal like gold, which fuels a rally in the prices in Delhi. Hence, what the central banks do, is a big factors in determining how gold rates would move in the near to medium term. However, since these are all temporary aberrations, one can always hold for the long term where you can afterall make money from buying and selling gold. Prices in Delhi are thus influenced by many factors and there is no single one that has a telling impact on the price of the precious metal. It is almost impossible to predict the definite trend of Gold in Delhi and hence maybe it is a better idea to seek exert help when needed.
A Plethora Of Buying Options
If you are looking to buy the precious metal, it is important to check the live 22 karats gold price in Kolkata today, along with the live 24 karats price. As far as buying into the metal is concerned you can look for myriad options. For example, you might want to consider a retailer, which is your goldsmith for buying small quantities. In case you are a jeweler yourself, then you need to visit the wholesale market where the precious metal is bought and sold. Today, there are many options, including that of buying online. However, you should be sure of the same. For example, you might want to check like gold rates at Tanishq before you wish to buy into the metal. Another problem that you might face with online shops is that you are not sure of the quality. So, the buyer has to be careful.
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Supply And Demand Of Gold On Prices
It may come as a surprise that gold, like many other markets, has controlled supply and demand. This was once a well-kept secret, though, in recent years, more of us have come to learn that not all mined and refined gold is released to the open market.
In 1999, many European central banks signed the Central Bank Gold Agreement , one that limits the amount of gold that can be sold each year. More such agreements have been signed since.
In terms of gold sitting in vaults, nations like the US, Germany, Switzerland, and India have some of the largest gold reserves in the world.
There are two main drivers of commercial market influence on gold prices:
- Fashion: Gold is primarily a fashion emblem and has been for a long time. The metals use in various fashion, jewellery and other consumer industries obviously impact gold prices.
- Practicality: As it happens, gold is a great electric conductor and is used in computing hardware. You will probably find tiny bits of gold on exceptionally high-quality computers. Gold is also used to apply a thin coating to spacesuit visors to protect astronauts from excessive solar exposure. The same is done for satellites, so theres certainly increasing practical demand for gold on this front.
How To Buy Gold
Buying Gold has been made extremely convenient, given the multiple avenues available, but there are still a few key points one should keep in mind before spending their hard-earned money.
Research Gold rates change daily, and one must research before buying Gold. Observing trends and staying abreast of changes can ensure that you get a good deal on the investment, reducing the chances of being cheated.
Certification There are numerous occasions wherein people have been duped into buying Gold of inferior purity, purely on account of blind faith. Ensure that the jeweller or source you intend to buy from has a good record, and insist on purity certification.
Online purchase Individuals who wish to purchase gold online need to ensure that the source they choose is trusted, for some sellers on the internet can be fake.
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Highest Price For Gold: Investor Takeaway
While we have the answer to the question, What was the highest price for gold? it remains to be seen if the yellow metal can reach as high as US$5,000, US$8,000 or even US$10,000 per ounce. Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
Is Gold A Dead Investment
Many analysts believe that gold is a dead investment, because it fails to yield any returns like say dividends that shares give and interest income that fixed deposits give. However, the fact remains that investors still lean towards the precious metal, simply because when the chips are down, it has provided an excellent hedge. We all recall what happened during the Lehman Brothers crisis and how shares came crashing down. It was at this time that gold prices rallied and served as a perfect hedge. If you think that you can stay away without some exposure to gold, you are making a mistake. Gold must be a part of your portfolio. Gold is not a dead investment and it perfectly is a vibrant one. Look to buy into the metal whenever you have the money. The only problem that we see with gold prices right now is the fact that the difference in buying and selling leaves one with very little money to make.
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Some Interesting Facts On Gold For Bangaloreans
Here are some interesting facts on gold that could be of some use to people buying gold in Bangalore. Gold is extremely soft and just as you knead dough, so you can knead pure gold with your hands. It becomes very hard when you alloy it with certain metals. The astronauts helmet is made of gold and one might ask the reason for the same. This is because it will protect the harmful infrared rays while at the same time allowing sunlight in. It is believed that it would also help to keep the head cool.
Gold prices have been in a range in Bangalore for the last few weeks, since the start of the month and the trend is unlikely to change.
It is highly likely that we might see gold prices in Bangalore remaining steady more than anything else. So, forget the interest facts of Bangalore, just go ahead and buy into the precious metal.
Bangalore’s love for gold is as old as the city itself. So, if you are looking to invest, buy on every opportunity.
How To Invest In Gold
In Tamil nadu, gold is bought primarily as a relatively safe investment which has seen significant appreciation in the past. Even though Indians participate in other investment channels, like real estate, on a large scale, investing in gold still forms a significant part of the investment portfolio.
Conventionally, gold is invested in the form of coins, bars, and jewelry in Tamil nadu. But in recent times, new avenues of investment in gold have opened up providing investors new opportunities to trade in gold. Investors can now invest in gold-related stocks and mutual funds. For instance, ETFs are simple financial instruments that combine the flexibility of a stock investment and the simplicity of gold investments. The following are some of the more popular ways of investing in gold in Tamil nadu:
The most popular way of investing in gold in Tamil nadu is still buying gold jewelry. It is common for people across all economic classes to buy gold on festive and auspicious occasions as it is traditionally seen as a safe and simple investment. The one disadvantage to buying gold jewelry is that you need to pay for the making charges, which could add up to another 10% to the price. Moreover, the popularity of designs and fashion change and you might not receive the same price for your jewelry when you want to sell it. There could be additional costs if you sell the jewelry to a different jeweler than the one you bought it from.
Gold coins, biscuits and gold bars
Gold ETFs
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Is Gold Consumption In Mumbai Declining
There has been some serious declining trend in gold consumption across India, which means that gold consumption in Mumbai is also fast declining. Of course, there are plenty of reasons for the same. The government of India has itself been discouraging gold consumption considering the huge amounts that are already in the country. When gold consumption rises, it paves the way for a lot of US dollars to leave the country and this puts pressure on the rupee against the UD dollar. Remember, gold accounts for the second highest imports after crude oil and we have to pay for gold imports through our valuable foreign exchange reserves and mostly in dollars. So, the government’s measures to reduce consumption of the precious metal has also led to a declining trend of demand being noticed in India.
