Gujarat, an integral part of the western region of India, is famous for its vibrant culture, entrepreneurial spirit, and thriving economy. It holds a strategic position on the Arabian Sea and has been considered as a significant trade hub for centuries. The state’s rich cultural heritage is deeply intertwined with gold. Precisely why the precious metal holds immense significance in Gujarati traditions, especially during weddings and festivals. Wearing gold jewellery is considered a symbol of prosperity and beauty. Moreover, the state's strong economic standing has contributed to a robust demand for gold, making it a vital component of the local economy. If you are making any plans to visit this state to buy or sell gold, then you might want to check the gold rates in Gujarat so as to get the best value for your prized possession.
Gold Price in Gujarat for 22K and 24K Gold Purities
22 Carat Gold Price Per Gram in Gujarat - (Today & Yesterday)
Highly popular for its durability and malleability, 22-carat gold has been the preferred choice for generations of Gujarati artisans. This preference is deeply rooted in the state's cultural fabric, evident in the exquisite gold jewellery adorning women during festivities. As an investment, gold has also held allure. So, in order to make an informed decision, comparing today's 22-carat gold rate in Gujarat to yesterday's is crucial. The table below will certainly help you.
| Gram | Today | Yesterday | Price Change |
|---|---|---|---|
| Gold rate for 1 gram | ₹ 6,755 | ₹ 6,894 | ₹ -139 |
| Gold rate for 10 gram | ₹ 67,545 | ₹ 68,938 | ₹ -1,393 |
| Gold rate for 12 gram | ₹ 81,054 | ₹ 82,726 | ₹ -1,672 |
Today 24 Carat Gold Price Per Gram in Gujarat - (Today & Yesterday)
Before you put your hard-earned money, it is a wise move to compare the 24K gold rate per gram in Gujarat. The following table gives a snapshot of the price fluctuations between yesterday and today.
| Gram | Today | Yesterday | Price change |
|---|---|---|---|
| Gold rate for 1 gram | ₹ 7,374 | ₹ 7,526 | ₹ -152 |
| Gold rate for 10 gram | ₹ 73,739 | ₹ 75,260 | ₹ -1,521 |
| Gold rate for 12 gram | ₹ 88,487 | ₹ 90,312 | ₹ -1,825 |
Disclaimer: IIFL Finance Limited (including its associates & affiliates) ("IIFL") makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change and are provided on an as-is basis with no guarantees of completeness, accuracy, usefulness or timeliness and is without any warranties of any kind, express or implied. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. IIFL accepts no liability or responsibility for any errors or omissions in the content stated herein and under no circumstances shall IIFL be liable for any damage, loss, injury or disappointment suffered by any reader.
Historical Gold Rate in Gujarat For The Last 10 Days
| Day | 22K Pure Gold | 24K Pure Gold |
|---|---|---|
| 14 Nov, 2024 | ₹ 6,754 | ₹ 7,373 |
| 13 Nov, 2024 | ₹ 6,893 | ₹ 7,526 |
| 12 Nov, 2024 | ₹ 6,860 | ₹ 7,490 |
| 11 Nov, 2024 | ₹ 7,038 | ₹ 7,684 |
| 08 Nov, 2024 | ₹ 7,088 | ₹ 7,738 |
| 07 Nov, 2024 | ₹ 7,033 | ₹ 7,678 |
| 06 Nov, 2024 | ₹ 7,157 | ₹ 7,813 |
| 05 Nov, 2024 | ₹ 7,196 | ₹ 7,856 |
| 04 Nov, 2024 | ₹ 7,192 | ₹ 7,851 |
| 02 Nov, 2024 | ₹ 7,183 | ₹ 7,842 |
Monthly and Weekly Trends of Gold Rate in Gujarat
Similar to the daily fluctuations observed in the stock market, even the commodity market, particularly with gold, also rises and falls. To understand this better, let's examine the monthly and weekly trends of gold prices in Gujarat.
Gold Price Calculator in Gujarat
Gold value: ₹ 6,754.50
What is the Current Trend in the Gold Price in Gujarat?
.Gold holds a special place in Gujarat, with demand remaining high throughout the year. This demand spikes notably during the wedding season. To make well-informed decisions when buying or selling gold in Gujarat, staying updated on current market trends is essential. Analyzing recent gold prices in Gujarat alongside historical data can yield valuable insights for both investors and buyers.
Importance of Checking Gold Rates in Gujarat Before Buying
Checking and comparing gold rates in Gujarat before making a purchase is vital. The primary reason is that gold prices are highly dynamic, often changing hourly.
Factors that Affect Gold Prices in Gujarat
Gold prices in Gujarat are influenced by several factors:
- Demand and Supply: The primary drivers of gold price changes in Gujarat are the constant fluctuations in demand and supply.
- US Dollar: The value of the US Dollar significantly affects the current gold price for 22 Karat gold in Gujarat. The value of the dollar is influenced by geopolitical events and economic shifts.
- Margin:Local jewellers of Gujarat usually add a certain margin over the import price of gold, which impacts the final price. A higher margin leads to a higher gold price.
- Interest Rates:Existing interest rates also play a crucial role in fixing gold prices in Gujarat. Changes in interest rates can lead to increased buying or selling of gold.
How are Gujarat’s Gold Prices Determined?
Gujarat's residents prefer 916 hallmark-certified gold over any other kind. The city's demand for this standard is significant. So in order to ensure the authenticity and purity of a gold purchase, it’s in your best interest to look for the BIS hallmark, which guarantees the gold's quality. To determine the current price of 916 gold in Gujarat, you'll need to check the latest rates.
- International Gold Price:Whenever the local jeweller imports gold to Gujarat, they ensure to apply a markup price on the international gold price. Based on this markup price to the import price, one arrives at the current gold price in Gujarat.
- Demand and Supply: The market price of gold in Gujarat is directly impacted by the buying and selling volume.
- Purity: Gold marked as 916, certified for its purity, comes with a different price tag in comparison to other variants of 18 karat, 22 karat or 24 karat gold.
Evaluate Gold Price in Gujarat with Purity and Karats Method
Gold evaluation should be on top of your mind when figuring out the gold’s genuine value based on the current market price. Here are two formulae that can help you evaluate the gold price in Gujarat:
- Purity Method (Percentage): Gold value = (Gold’s purity x weight x gold rate) / 24
- Karats Method: Gold value = (Gold’s purity x weight x gold rate) / 100
This method is also helpful while applying for a gold loan in Gujarat.
Reasons Why Gold Rates Differ Between Gujarat and Other Cities
Just as no two cities are alike, gold prices also vary between Gujarat and other cities. Multiple factors influence the fluctuations in gold prices in Gujarat, and the most common ones among them are:
- Import Price:Global gold rate fluctuations affect import prices, and local jewellers' markups add additional charges, resulting in varying gold rates.
- Volume: Gujarat's specific demand for gold, compared to other cities, can impact local prices. Higher demand in Gujarat may lead to slightly higher prices than in cities with lower demand.
Techniques to check the purity of gold
For accurate results, it's best to seek advice from a jeweller or gold assayer who has the necessary expertise and specialized tools. However, if you prefer a DIY approach, consider the following methods:
- Visual Inspection:Look for hallmark stamps on the gold item that indicate its purity.
- Physical Characteristics:Inspect for any discoloration or tarnishing, which might suggest impurities.
- Magnetic Test:Genuine gold is non-magnetic, so using a magnet can help distinguish real gold from fake.
- Chemical Test (Nitric Acid Test):Though effective, this test involves chemicals and is recommended to be performed by a professional.
For more advanced testing, consider the nitric acid test. Due to the chemicals involved, it's recommended that a certified gold dealer perform this test.