Today Gold Rate in India (September 28, 2023)
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Today Gold Rate in India (September 28, 2023)
Gold is a precious metal that has been prized for centuries for its beauty, durability, and value. It is also a popular investment, as it is seen as a safe haven in times of economic uncertainty.
The price of gold fluctuates on a daily basis, depending on a number of factors, including global supply and demand, interest rates, and the strength of the US dollar. In India, the price of gold is also affected by import duties and taxes.
As of September 28, 2023, the price of gold in India is as follows:
24 carat gold: ₹59,450 per 10 grams
22 carat gold: ₹53,540 per 10 grams
24 carat gold is the purest form of gold, and it is typically used for investment purposes. 22 carat gold is a more common alloy that is used for making jewelry.
If you are considering buying or selling gold, it is important to be aware of the current price. You can check the latest gold rates on websites such as Goodreturns and India Infoline.
Factors that affect the price of gold
Global supply and demand: The price of gold is determined by the balance of supply and demand. If there is more demand for gold than there is supply, the price will go up. Conversely, if there is more supply of gold than there is demand, the price will go down.
Interest rates: Interest rates have a negative impact on the price of gold. When interest rates go up, the opportunity cost of holding gold increases, as investors can earn a higher return on their money by investing in other assets, such as bonds.
Strength of the US dollar: The US dollar is the world’s reserve currency, and it is used to price gold. When the US dollar is strong, the price of gold in other currencies will be lower.
Import duties and taxes: In India, the import duty on gold is 10%. Additionally, there is a value-added tax (VAT) of 3% on gold purchases. These taxes add to the cost of gold in India.
How to buy and sell gold
Gold can be bought and sold in a variety of forms, including coins, bars, and jewelry. The most convenient way to buy gold is from a reputable jeweler. You can also buy gold from banks and other financial institutions.
To sell gold, you can take it to a jeweler, bank, or other financial institution. The buyer will weigh the gold and test its purity before offering you a price.
Tips for buying and selling gold
Before buying gold, do your research and compare prices from different sellers.
Make sure to buy gold from a reputable seller.
Be aware of the factors that affect the price of gold.
When selling gold, get quotes from multiple buyers to get the best price.