Gold Price in Odisha today -
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Odisha

Gold Prices in Odisha for different purity

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Gold Prices in Odisha for last 7 days

Date Gold price 1 gram Gold price 10 gram

Gold Price in Major Cities

City Gold Price Change

Why is Gold considered a Precious Metal?

Gold derives this value from several factors, some of which are listed below:

  • Rarity

Gold, in its elemental form, is a relatively hefty atom. Although it is not the rarest of metals, it isn’t easy to find and extract gold in large quantities. This contributes to its high perceived value.

  • Demand-Supply Disparity

Gold is a highly coveted metal in a county like India. So, it generally enjoys a high demand all year round, but its supply falls short to meet that. As a result, gold prices tend to increase with time.

  • Liquidity

One of gold’s many attractive aspects is its liquidity. Gold has an active, reliable and a ready market of buyers at almost all times. As a result, it can be readily converted to cash, which makes it a highly liquid asset.

  • Standard of Exchange

It is universally accepted as a commodity of value, especially under a free market system. Gold reserves ensure the strength and stability of the currency and eliminate the pitfalls of fiat money.

Difference between 18 Karat, 22 Karat and 24 Karat gold

“Karat” is the internationally recognized term used to denote the purity and weight of gold. Higher the Karat, better the purity of gold.

1) 24 Karat: 24 Karat gold is the purest and most expensive form of gold found in the market. Owing to it’s pliability 24-Karat gold is not usually used to make jewellery and is instead used for investment purposes, in the form of coins or bars.

2) 22 Karat: 22 Karat gold is generally used in the jewellery industry. In this type, pure gold is mixed with several alloys like zinc, nickel, or silver to make the gold harder and fit for jewellery. Generally, 22 Karat gold is 91.67% pure.

3)18 Karat: 18 Karat gold is the gold that is prepared by mixing 75% gold with 25% other alloys. 18 Karat gold is the cheapest type of gold available in the market.

Benefits of investing in gold

In its history of more than 3000 years, never has the value of gold dipped below zero. It has always remained a valuable commodity in the face of the Earth. Gold is a nice option to invest your funds in. Its value not only has remained relatively consistent throughout history, but the demand for it has also been steadily rising. If you are looking to get high returns on your investments, gold is the answer. People also move towards gold whenever recessions occur. In that case, it functions as a hedge against the fluctuations in the market. It is one of the most liquid assets in the world. It can be sold or placed as collateral to obtain funds in return. It is also very storage-friendly. Unlike dealing in the stock market, dealing in gold or identifying its value or quality doesn’t require much skill or expertise as the purity of the gold is also always certified by the seller.

Effect of GST on Gold Prices.

GST or Goods and Services Tax came into effect on 1st July 2017 by subsuming the repetitive tax structure of the previous regime and bringing transparency and accountability in the taxation system.

The implementation of this new tax regime has left a considerable effect on the prices of several commodities, of which gold accrues enormous importance due to its national and international demand.

Under the new tax regime, the GST on gold was fixed at 3% with an additional 8% tax on the making charges and import duty of 10%. Later, the making charges tax was revised and reduced to 5%. As a whole, the yellow metal has become expensive by 0.75% in the post-GST era.

A primary reason that accounts for the rising gold price is 10% import duty. However, traders have managed to evade that by importing gold from countries like South Korea, with which India shares the Free Trade Agreement. 

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Odisha
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