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As an investment, gold is seen as one of the best hedges against inflation. It can be owned physically i.e. in the form of jewellery, gold bars and coins, or in paper, like gold exchange traded funds and sovereign gold bonds. The price of gold in India varies across cities on account of local market factors such as its demand and supply, state government taxes and transportation charges (of physical gold). This article sheds light on how lucrative gold investments are in Salem and its rates over the recent months.

Factors Affecting Gold Rate in Salem

A number of factors have an impact on the gold rate in Salem. Here is a look at a few:

Inflation: During times of inflation, the value of currency falls. This prompts more people to hold money in the form of gold. When inflation remains high over a longer duration, gold serves as a tool to hedge against inflationary conditions. This results in gold prices moving up during inflationary period.
Rupee-dollar equation: Although the rupee-dollar equation does not affect global gold prices, it plays a role in Indian gold rate . Given that gold is largely imported, if the rupee weakens against the dollar, gold prices will likely appreciate in rupee terms. A depreciating rupee may hurt the demand of gold in the nation. It must, however, be noted that a change in rupee-dollar rates does not affect gold rates denominated in dollars.
Gold and interest rates: Under normal circumstances, gold and interest rates have a negative relationship, some industry experts have suggested. Rising yield denotes an expectation of strong economy. This situation gives rise to inflation, and gold is used as a hedge against inflation. When rates increase, investors move to fixed-income investments that yield a fixed return, unlike gold, which does not fetch any such returns. Demand therefore takes a back seat, with prices staying flat.

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How to Invest in Gold in Salem?

If an individual wants to buy physical gold, all he or she has to do is go to the nearest jewellery shop and purchase gold jewellery and/or gold coins. It is advisable to opt for coins since jewellery has making costs, which the individual will not be able to recover when selling. Other than physical gold, one has the option of buying gold ETFs. They are funds that mainly invest in gold, and can be purchased and sold on the exchange. To buy gold ETFs, one simply needs to ask the broker to buy after opening a broking and trading account. Sovereign gold bonds are also listed, and individuals can buy them in the same manner as listed shares are bought.

Things to Remember Before Purchasing Gold in Salem

A few factors to keep in mind before buying physical gold are as follows:

Level of purity - Gold is available in different purity levels, and this can be measured on the basis of Karat and fineness. The level of purity has a bearing on the price of gold.
Hallmarking - When one is buying physical gold, it is important to check for hallmarking. Hallmarking is mandatory on gold ornaments and coins. The Bureau of Indian Standards has been set up by the government to ensure that individuals do not get cheated when buying gold.
Making charges - Another important element that impacts the price of gold is its making charges. Some jewellers determine making charge at a fixed rate per gram of gold, while others may charge it on the basis of a certain percentage of the total jewellery weight.

4 Months Gold Rate in Salem

Trend of Gold Rate in Salem for September 2019

Gold Rates	22 Carat	24 Carat
1st August rate	Rs. 34,020	Rs. 35,220
31st August rate	Rs. 37,960	Rs. 39,260
Highest Price on August	Rs. 38,440 on August 26	Rs. 39,780 on August 26
Lowest Price on August	Rs. 34,020 on August 1	Rs. 35,220 on August 1
Overall Performance	Rising	Rising
Percentage Change	+11.58%	+11.47%

Source: GoldPriceIndia

Trend of Gold Rate in Salem for August 2019

Gold Rates	22 Carat	24 Carat
1st July rate	Rs. 33,020	Rs. 34,220
31st July rate	Rs. 34,420	Rs. 35,620
Highest rate	Rs. 34,700 on July 19	Rs. 35,900 on July 19
Lowest rate	Rs. 33,020 on July 1	Rs. 34,220 on July 1
Overall performance	Rising	Rising
% change	+4.24%	+4.09%

Source: GoldPriceIndia

Trend of Gold Rate in Salem for July 2019

Gold Rates	22 Carat	24 Carat
1st May rate	Rs. 31,710	Rs. 33,100
30th June rate	Rs. 33,550	Rs. 34,720
Highest rate	Rs. 33,610 on June 24	Rs. 35,010 on June 24
Lowest rate	Rs. 31,710 on June 1	Rs. 33,100 on June 1
Overall performance	Rising	Rising
% change	+5.80%	+4.89%

Source: GoldPriceIndia

Trend of Gold Rate in Salem for June 2019

Gold Rates	22 Carat	24 Carat
1st May rate	Rs. 30,950	Rs. 32,660
31st May rate	Rs. 31,560	Rs. 32,900
Highest rate	Rs. 31,910 on May 8	Rs. 33,400 on May 8
Lowest rate	Rs.30,870 on May 4	Rs.32,000 on May 4
Overall performance	Rising	Falling
% change	+1.97%	+0.73%

Source: GoldPriceIndia

How GST Impacts Gold Rate in Salem

Prior to the implementation of GST, the tax levied on gold was 1% service tax and 1% VAT. Now, the GST applicable on gold is 3%. Additionally, gold has a 5% making charge. The GST council had earlier planned to levy 18% as gold making charges. However, when the new tax regime came into effect, the council decided to keep it at 5%.

What is BIS Hallmarked Gold?

Gold jewelleries hallmarked by the Bureau of Indian Standards shall bear the BIS logo. This serves as evidence that the purity of the gold has been verified in one of the bureau’s licensed laboratories. It is however important to note that BIS hallmarking is not mandatory - not all jewellers offer hallmarked BIS jewellery. Some offer their in-house hallmarking of jewellery which is not verified by the national standards body of India. Prior to buying gold jewellery, it is essential to check with the jewellers whether or not they offer BIS hallmarked ornaments.

How to Buy Gold after Checking Gold Price in Salem?

The different ways by which a user can buy gold include:

Purchasing gold ornaments from a jewellery store
Investing in gold coins and bars offered by jewellers, banks, non-banking finance companies and e-commerce websites
Buying Gold ETFs from the stock exchange after opening demat and trading accounts
Availing Sovereign Gold Bonds issued by the government
Investing in companies involved in the mining, extracting and marketing of gold

Conclusion

Investing in gold is worthwhile because it acts as a hedge against inflation. Overtime, the returns would be in line with the rate of inflation. The second reason why financial experts recommend this route of investing is due to the fact that gold is negatively correlated to equity investments. From the year 2007, it was observed that the equity markets did not perform too well, whereas gold did. Thus, including gold in one’s portfolio mix can help reduce the overall volatility of the individual’s portfolio.

FAQ's On Gold Rate in Salem

What is per gram Gold Rate in Salem?

According to GoldPriceIndia website, the gold price for 24 karat gold is Rs. 3,804 per 1 gram.

What is 10 gram Gold Rate in Salem?

According to GoldPriceIndia website, the gold price for 24 karat gold is Rs. 38,044 per 10 grams.

What is 100 grams Gold Rate in Salem?

According to GoldPriceIndia website, the gold price for 24 karat gold is Rs. 3,80,440 per 100 grams.