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Gold Price in Bhubaneswar today -
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Bhubaneswar

Did you know that the capital city of Odisha, Bhubaneswar gets its name from the Lord of three worlds – Tribhubaneswara? The inception of Bhubaneswar is said to be traced back to 7th century and its rich heritage is living proof for it. Puri, Konark and Bhubaneswar form the Golden Triangle of the east. Though several ancient mutts and monuments are prevalent, the present day Bhubaneswar was designed and built by a German architect Otto Königsberger in 1946, just a year before independence. With the foray of IT biggies like TCS, IBM, Ericsson, Wipro and Genpact the economy in Bhubaneswar got a major boost. The locals there speak Odiya, a classical language. Wearing and saving gold jewellery is a common practice here among the people which is used marrying off the daughters. For this purpose, people buy gold in hundreds of sovereigns whenever the gold rate in Bhubaneswar is favourable. Structures that speak of ancient architecture like Lingaraj Temple, Parasurameswara Temple, Rajarani Temple, Mukteshwar Temple, and Ananta Vasudeva Temple are some of the finest wonders to explore in Bhubaneswar.

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Gold Prices in Bhubaneswar for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Bhubaneswar for last 7 days

Date Gold price 1 gram Gold price 10 gram

How is gold rate determined?

Gold rates in India are determined by an array of factors. It could be the supply of gold in comparison to its demand both locally as well as globally, inflationary rates, the gold reserves present in the possession of the government, ongoing import and interest rates, taxes and levies. These are only some of the several micro and macroeconomic factors that could affect gold rates.

As a rational borrower with a personal stake, you need to be aware of the gold rate in cityname. There is almost always a variation between the gold price in the market as compared to the valuation that the lender offers. This is because lenders follow a unique way of evaluating gold. They arrive at the price by taking the average of 22 Karat gold from the past thirty days. Hence, your gold valuationdepends on this average price as well as the lender's loan-value ratio. Recently, the RBI has ruled that lenders can disburse loans of up to 90% of gold's market value until March 31, 2021.

Effect of GST on Gold Prices.

Goods and Services Tax has unified the earlier payable taxes like Value Added Tax (VAT), Customs duty, Central Excise duty, etc., and the whole indirect tax structure has been brought under one umbrella.

  • GST on Gold

GST on gold is levied when individuals opt for buying gold jewellery or bars. Individuals need to pay several taxes depending on the various processes involved in gold trading, manufacturing, and purchasing. To be precise, individuals need to pay GST of 5% on making charges, 10% on import duty and 3% on gold. However, the GST on making charges is a product of the new tax regime.

  • Impact of GST on Gold Prices

The new tax structure and implementation of several taxes have made gold expensive by 0.75%. Apart from the impact on gold prices, GST has stretched its effects on gold imports as well as across the organised and unorganised sectors, which are invariably linked with the increasing price of gold. 

KDM vs Hallmark gold - What's the difference?

The purity and quality of gold is something buyers are always apprehensive of. There are different types of gold that buyers can choose from. Buyers often have a tough time distinguishing between the Hallmark gold and the KDM gold. 

1) Hallmark Gold: Hallmark gold is the type of gold upon which, tests are conducted at assaying centers and is approved for sale by the Bureau of Indian Standards (BIS). Hallmark gold is available in four varieties being 23 Karat, 22 Karat, 21 Karat, and 18 Karat.

2) KDM Gold: KDM gold is a type of gold made combining 8% cadmium with 92% gold. Not only does this tamper with the purity of gold, but it also has certain health risks associated with it because of which the production of this gold has been terminated. 

Benefits of investing in gold

There are several reasons to put your gold to good use. For starters, people are always looking for the best way to generate high returns. On that note, gold has forever been the conservative investor's best avenue for yielding high returns. With the introduction of Gold ETFs and Sovereign Gold Bonds, the demand for gold has been steadily increasing. The top advantage of gold against cash is that the gold gram rate has never dipped below zero in it’s more than 3000-years' history. Gold also functions as a hedge against financial market fluctuations. Hence, whenever there is a recession, people move towards gold. Additionally, gold is a liquid asset, which means you can either sell it or pledge it in exchange for instant cash loan. Unlike physical money, gold is portable and can be stored anywhere. Lastly, identifying high-quality gold does not require expert understanding. Anyone can buy gold according to its purity while the seller's certificate acts as the proof of its purity. 

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Bhubaneswar
Odisha
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