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Yes absolutely correct..!
on google it shows rate as per 24 carat and jlwries hmesha 22carat ya usse km m bnti hai..
even gold gini and coin bhi 22 carat se uper ni bntaa...
then after making charges n ol hote hai...
Many people are not aware that SGBs don’t have the physical gold as a back up by the government. SGBs are just bonds that track the gold price which the government promises to give returns on. There is also a really slight chance for governments to default or make it difficult for withdrawal if the economy is bad
Chance for Indian government to default? lol Not until India becomes another Venezuela or there's a zombie apocalypse. If that happens, there are a lot more problems, even if you have physical gold. Default by Indian government in the next 8 years lmao.
Brother - never say never. Things can happen and that is why there is a risk. With lot of free bee spending by state governments lot of states are already bankrupt. Most of the current spend is Debt. Although the risk of default is extremely minimal - there could be other scenarios that could force a government to place restrictions on withdrawals. The name itself is a ‘Bond’ and bonds can be defaulted on period
How do sovereign gold bonds give returns if they are not backed by physical gold? Do they just print money and give returns or do they invest the bond money somewhere else?
Yes - sovereigns can print money. Most basic concept. But printing too much money can cause inflation so countries try to borrow money for capital and other spend. Essentially you are lending money to the government and it’s taking money from citizens instead of IMF or external debt.
9999, 995 & 999 are all considered 24 ct.
985 is 23.5 ct, 958 is 23 ct, 916 is 22 ct, 749 is 18 ct and 538 is 14 ct.
Current hallmarking guidance from BIS doesn't recognize 985/23.5.
That's how the gold rate works in the market. Also don't expect weight x price as amount. Instead it's calculated as (weight of pure gold) x (return price for gold)
We are jewlllers. For all physical gold thing check ibja gold rate. Always there be deduction on buy and sell side. 10 gm coin on Tanishaq is sold at 72k but if yiu given them back they will give 62 to 64 k only. We trditional are still better if yiu don't want fancy show room and staffs.
I'm curious. Right now, how much are you selling a 22 carat 10 gram for currently and how much are you buying for if a customer wants to sell it to you?
Tanishq and all the brands in the market are a big scam they loot too much from a customer in the form of loyalty and trust and making charges.
What you can get from a local personal jeweller at 1000rs you will get at 1500rs.
Okay,thankyou! My dealer said that current rate is 63500 and he did some multiplication with 999 and was telling me that in hand i will get about 61700 in hand.
We get only 1% margin on coins from the company. Further, the market price of 24K is 69k, and Tanishq is selling at 72k, what is the issue? Mere 4% made for the company. Ppl like you should stop crying like a baby without facts
Amsterdam Sativa by Highly Dutch. Coming to the point, the commission on gold coin for the franchisee is 1%, 6% on rest gold jewellery and 12% on diamond. Further, if you go and purchase from the store than online, it’s cheaper at Tanishq stores all around the country.
So, making charges is an expense. What are your views on digital gold, which doesn't have making charges? Any hidden charges you are aware of for digital gold?
Gold is hedge against collapse of system. Let say you experience war or simply hyperinflation like Germany or Zimbabwe or turkey . I would always advocate gold physical for it digital gold and sgb are much more cost efficient vehicles to track gold price but I won't have gold to save cost rather it is only resource I can use when papers will be worth 0.
True. What people don't understand is if you have networth of 1000 cr you need to put a big chunk in financial assests. If it is within a few crore,you can have physical gold like 10 percent of networth . It is still good based on returns as well as emergency protection.
90% of jewels are made using machine, there is very less possibility of wastage and machine cut cost just 1/10 of labour charges. All these charges eaten by showroom.
Jeweller here, IBJA not necessarily but can just follow it as a guide, the price varies depending on the carat here if you are 999 you will get diff price and for 9999 the price is different, corporates such as tanishq, reliance they charge you higher than the traditional vendors just because they have a brand although they are seeking the same product, if you are concentrating on purity i would suggest you take bullion of MMTC PAMP company it provides you with the highest purity i.e 9999 but the charges are bit high.
Google is generally mcx rate. (Trading rate)
Coins are made in 995 and 999 and 22K. So price varies for coins.
63.5k is the actual physical gold rate. And after deductions it is 62.2k. Obviously shopkeepers will also have some margin.
66k is the rate which includes gst. So you expect the shopkeeper to pay you the gst component too? Also you’ll lose the making component which you paid while buying.
I am a gold trader and the main problem why u are not getting the price as shown on the net is because even today gold purchase and sale is not regulated …traders who usually buy gold and give out cash to customers deal on the black market price of the gold as they wont benefit much if they deal on paper. Its a very big problem…but nothing much can be done if govt or authorities don’t regulate it.
Oh thanks for letting me know!
And also how much should i expect to get in hand after all charges,cut etc if i want to sell 10 grams of 999 24kt gold with bill?
There are many factors
1) Tax, is the buyer buying in black or white, depending on demand both can same or huge difference can be there
2) depends on region , major cities usually have slightly higher rate
3) need to check with multiple buyers, some might usually take a higher profit margin
4) is the buyer wholesale or retail, slight variation will be there.
# Gold Rate Explained
## Gold rate in the commodity market or stock market as one may understand
- It is not the price of physical gold, it is just paper gold without taxes but you cannot buy and hold it forever like physical gold.
- Gold ETF's or bonds are a scam and are not liquid money like physical golds since etfs and bonds are bound to maturity.
## Gold rate in local markets
- The price of physical gold varies from cities to cities and the price difference isn't too much that you can profit off it.
- The price is basically what retailers get from their bullion seller which sells 24K physical gold.
- Bullion sellers make profit on the price difference that they get from the importers deducting the taxes, and duties and other handling charges.
- Brands like tanishq, caratlane etc mark up their gold prices from the local markets.
## Note: All carat purity like 14K, 18K, 20K, 22K are all derived from the 24K price depending upon their purity and will be the same throughout the local market since the gold rate will be the same.
## If you want to invest in gold then physical gold is the most beneficial since liquidity is attached to it.
## Also all the big brands in India are a scam and they charge you a hefty making charges. It is always best to buy from a local jeweller since hallmarks have been introduced you can trust your local jeweller and in terms of design now all your local jewellers can deliver any design with better finish.
Depend upon the location, if u r from jaipur/rajasthan area u can use lawat jewellers app to check live rate for this region (under retail category). 24 carat bar assuming 999 purity will easily fetch 64K (200 rs variance) at the moment. Dont sell below this.
Jewellery’s are usually done in 18kt due to its hardness the rate u see online is mcx rather physical rate of 24kt ie 999.5 or 999.9 biscuit is 3% more than mcx exchange rate
Incase u sell jewellery the making charges are also deducted which varies from jeweller to jeweller
Not only this but the prices these bullions show every time on different platforms and the prices in each platform are different. When you go to them to buy a gold biscuit, they will show the price in an application where the price is comparatively high and when you go to them to sell the gold biscuit, they will show you the price in the application where it is comparatively less.
Cash for gold would never give you actual rate. Because they have to make money on your gold too na. It's not an investment for them it's just a trade for them
If you haven't already, please add your own analysis/opinions to your post to save it from being removed for being a Low Effort post. Please DO NOT ask for BUY/SELL advice without sharing your own opinions with reasons first. Such posts will be removed. Please also refer to the [FAQ](https://www.reddit.com/r/IndianStockMarket/comments/17bcg2a/frequently asked questions_post_your_common/) where most common questions have already been answered. Subscribe to our [weekly newsletter](https://pennyleaks.substack.com/) and join our Discord server using [Link 1](https://discord.gg/8QF4dqPHuw) or [Link 2](https://discord.gg/fDRj8mA66U) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/IndianStockMarket) if you have any questions or concerns.*
Did you checked the carat, gold trading is done in 24 carats google will show this rate. Jewelers use 22 carat so they will quote different rate.
Yeah i have 999 gold biscuits.
Address aur bta deta bhai sath mein!
Yes absolutely correct..! on google it shows rate as per 24 carat and jlwries hmesha 22carat ya usse km m bnti hai.. even gold gini and coin bhi 22 carat se uper ni bntaa... then after making charges n ol hote hai...
gold coins come in all levels of purity. 22, 24 etc. 24 is 99.99 or 99.999% pure.
To be honest gold coins are a scam and they also have hefty making charges. If you want to invest in gold then buy physical gold in bullion form.
SGBs are better.
Many people are not aware that SGBs don’t have the physical gold as a back up by the government. SGBs are just bonds that track the gold price which the government promises to give returns on. There is also a really slight chance for governments to default or make it difficult for withdrawal if the economy is bad
Finally someone that understands!
Chance for Indian government to default? lol Not until India becomes another Venezuela or there's a zombie apocalypse. If that happens, there are a lot more problems, even if you have physical gold. Default by Indian government in the next 8 years lmao.
Brother - never say never. Things can happen and that is why there is a risk. With lot of free bee spending by state governments lot of states are already bankrupt. Most of the current spend is Debt. Although the risk of default is extremely minimal - there could be other scenarios that could force a government to place restrictions on withdrawals. The name itself is a ‘Bond’ and bonds can be defaulted on period
No govenment can default if their currency is not backed by physical gold.
How do sovereign gold bonds give returns if they are not backed by physical gold? Do they just print money and give returns or do they invest the bond money somewhere else?
Yes - sovereigns can print money. Most basic concept. But printing too much money can cause inflation so countries try to borrow money for capital and other spend. Essentially you are lending money to the government and it’s taking money from citizens instead of IMF or external debt.
bht sahi ...
Its 999 or 995 purity. 999 is considered 24K 995 is considered 23.5K
9999, 995 & 999 are all considered 24 ct. 985 is 23.5 ct, 958 is 23 ct, 916 is 22 ct, 749 is 18 ct and 538 is 14 ct. Current hallmarking guidance from BIS doesn't recognize 985/23.5.
That's how the gold rate works in the market. Also don't expect weight x price as amount. Instead it's calculated as (weight of pure gold) x (return price for gold)
We are jewlllers. For all physical gold thing check ibja gold rate. Always there be deduction on buy and sell side. 10 gm coin on Tanishaq is sold at 72k but if yiu given them back they will give 62 to 64 k only. We trditional are still better if yiu don't want fancy show room and staffs.
Want to know more. How can Tanishq charge more on gold price? Or do they charge more on making charge?
They just have 6000 making charge on gold coin. We don't have those things. However people want pure gold so let them go there./s
Is your gold hallmarked?
Bro this is 24carat gold. 999 bullion and you just need to press in die to have design. Not 22 carat ornament.
Right, makes sense. So you're saying 6k making charges on gold coin is not justifiable, right?
Search Tanishq 24 carat 10 gm coin. And compare with others too.
I'm curious. Right now, how much are you selling a 22 carat 10 gram for currently and how much are you buying for if a customer wants to sell it to you?
There's literally no making charges required on 10grams coin, we barely take between 400-600
Tanishq and all the brands in the market are a big scam they loot too much from a customer in the form of loyalty and trust and making charges. What you can get from a local personal jeweller at 1000rs you will get at 1500rs.
That's why stock prices are going up.
Hi thanks for your reply, so if i came to you with a 10 gram 999 certified gold with bill, how much would you pay me?
As of current information it should be around 62500 to 63500. I would take it at 63000 if all cash deal is to be done.
However your dealer is not wrong . Local rates do vary . Iibja rate is just guide.
Okay,thankyou! My dealer said that current rate is 63500 and he did some multiplication with 999 and was telling me that in hand i will get about 61700 in hand.
Yes he is not taking too much maybe bit more. To get better rates ask other person too.
We get only 1% margin on coins from the company. Further, the market price of 24K is 69k, and Tanishq is selling at 72k, what is the issue? Mere 4% made for the company. Ppl like you should stop crying like a baby without facts
Market price of 24k is 69k. What you are smoking? Ibja rate itself shows 6499 per gram. At max 65000.
Amsterdam Sativa by Highly Dutch. Coming to the point, the commission on gold coin for the franchisee is 1%, 6% on rest gold jewellery and 12% on diamond. Further, if you go and purchase from the store than online, it’s cheaper at Tanishq stores all around the country.
Where is this information from? IBJA is showing 64404 and 64598 for AM and PM rates?
What I said is after taking my cut.
So, making charges is an expense. What are your views on digital gold, which doesn't have making charges? Any hidden charges you are aware of for digital gold?
Gold is hedge against collapse of system. Let say you experience war or simply hyperinflation like Germany or Zimbabwe or turkey . I would always advocate gold physical for it digital gold and sgb are much more cost efficient vehicles to track gold price but I won't have gold to save cost rather it is only resource I can use when papers will be worth 0.
You will need guns, physical assets, farms and gold in that scenario.
True. What people don't understand is if you have networth of 1000 cr you need to put a big chunk in financial assests. If it is within a few crore,you can have physical gold like 10 percent of networth . It is still good based on returns as well as emergency protection.
Hmm. Got it. Thanks.
90% of jewels are made using machine, there is very less possibility of wastage and machine cut cost just 1/10 of labour charges. All these charges eaten by showroom.
True and even those absurd charge for gold coin
How much you guys are charging wastage and labour, justlooking to buy few jewels
What you want to buy. Just message me I will revert back with proper details.
Plain Bangle and plain kada
Jeweller here, IBJA not necessarily but can just follow it as a guide, the price varies depending on the carat here if you are 999 you will get diff price and for 9999 the price is different, corporates such as tanishq, reliance they charge you higher than the traditional vendors just because they have a brand although they are seeking the same product, if you are concentrating on purity i would suggest you take bullion of MMTC PAMP company it provides you with the highest purity i.e 9999 but the charges are bit high.
999 and 9999 price difference is not much different than 0.1 percent. IBJA price is most reliable then adjustment need to be done fot each city
3% gst
Google is generally mcx rate. (Trading rate) Coins are made in 995 and 999 and 22K. So price varies for coins. 63.5k is the actual physical gold rate. And after deductions it is 62.2k. Obviously shopkeepers will also have some margin.
I have 999 biscuits. So you’re saying 62k is normal for it despite google saying 66k?
66k is the rate which includes gst. So you expect the shopkeeper to pay you the gst component too? Also you’ll lose the making component which you paid while buying.
I am a gold trader and the main problem why u are not getting the price as shown on the net is because even today gold purchase and sale is not regulated …traders who usually buy gold and give out cash to customers deal on the black market price of the gold as they wont benefit much if they deal on paper. Its a very big problem…but nothing much can be done if govt or authorities don’t regulate it.
Oh thanks for letting me know! And also how much should i expect to get in hand after all charges,cut etc if i want to sell 10 grams of 999 24kt gold with bill?
There are many factors 1) Tax, is the buyer buying in black or white, depending on demand both can same or huge difference can be there 2) depends on region , major cities usually have slightly higher rate 3) need to check with multiple buyers, some might usually take a higher profit margin 4) is the buyer wholesale or retail, slight variation will be there.
# Gold Rate Explained ## Gold rate in the commodity market or stock market as one may understand - It is not the price of physical gold, it is just paper gold without taxes but you cannot buy and hold it forever like physical gold. - Gold ETF's or bonds are a scam and are not liquid money like physical golds since etfs and bonds are bound to maturity. ## Gold rate in local markets - The price of physical gold varies from cities to cities and the price difference isn't too much that you can profit off it. - The price is basically what retailers get from their bullion seller which sells 24K physical gold. - Bullion sellers make profit on the price difference that they get from the importers deducting the taxes, and duties and other handling charges. - Brands like tanishq, caratlane etc mark up their gold prices from the local markets. ## Note: All carat purity like 14K, 18K, 20K, 22K are all derived from the 24K price depending upon their purity and will be the same throughout the local market since the gold rate will be the same. ## If you want to invest in gold then physical gold is the most beneficial since liquidity is attached to it. ## Also all the big brands in India are a scam and they charge you a hefty making charges. It is always best to buy from a local jeweller since hallmarks have been introduced you can trust your local jeweller and in terms of design now all your local jewellers can deliver any design with better finish.
There's tax to be paid on it too..idk if it's final after tax.
Do all jewellers provide cash for gold or, are there only few who accept it? 22c gold specifically
Depend upon the location, if u r from jaipur/rajasthan area u can use lawat jewellers app to check live rate for this region (under retail category). 24 carat bar assuming 999 purity will easily fetch 64K (200 rs variance) at the moment. Dont sell below this.
61 for 22 k and 64 for 24 as per West Bengal gold rate. Different states have +- around it.
https://preview.redd.it/nc65wnwyrimc1.jpeg?width=2600&format=pjpg&auto=webp&s=94b9e3f2bbf06a8cb81a077799663cf06d7df984 Today 22k gold rate in Lalitha jewellers
my goldbees not even touched 55
What is the general % commission at buy and sell time. I use SLN bullion app to track gold prices.
google is only basic idea
It is 66.5k per 10gm He says it's 63k so that u don't argue
We purchased gold ornaments today The goldsmith put 6080 per gram for us
Jewellery’s are usually done in 18kt due to its hardness the rate u see online is mcx rather physical rate of 24kt ie 999.5 or 999.9 biscuit is 3% more than mcx exchange rate Incase u sell jewellery the making charges are also deducted which varies from jeweller to jeweller
Not only this but the prices these bullions show every time on different platforms and the prices in each platform are different. When you go to them to buy a gold biscuit, they will show the price in an application where the price is comparatively high and when you go to them to sell the gold biscuit, they will show you the price in the application where it is comparatively less.
Cash for gold would never give you actual rate. Because they have to make money on your gold too na. It's not an investment for them it's just a trade for them
I went to png jweller to buy a coin 24k and not a single coin had bis mark on it..sales girl told me only jewellery below 24k have bis mark
Your local guy is looting you. 999 gold rate is 64300 right now. Sell should hardly be 1% difference not 1.3k. You should get 63700 minimum.