Gold Rate Today in Jammu 2024
Today Gold Rate in Jammu per 10 gram, gold is primarily used for jewelry and investment purposes, and the country is one of the largest consumers of gold globally. Unlike other countries that use gold for industrial purposes, gold in Jammu and Kashmir is primarily a vehicle for investment.
Gold is popularly perceived as a relatively safe investment, especially in times of economic or political uncertainty. During relatively calm times, the price of gold remains stable, while during times of conflict, the price fluctuates.
22 Carat Gold Rate in Jammu (Today & Yesterday)
24 Carat Gold Rate in Jammu (Today & Yesterday)
How to buy gold coins in Jammu and Kashmir
Gold coins are extremely popular in Jammu and Kashmir as a gift on auspicious occasions. It also makes for an excellent investment choice since gold coins are available in different weights, which gives investors the freedom to choose according to their budget. A number of jewelers and banks sell gold coins. Gold coins are available online as well, although it can be risky to buy from anyone other than a certified jeweler/seller. Make sure that you get a purity certificate when you buy a gold coin. While banks sell gold coins, they are not authorised to trade in them so you might not be able to sell them back to the bank.
How to buy gold bars in Jammu
The most important thing to keep in mind while buying any kind of gold is to check the current market rates. Gold bars can be purchased from banks and big jewelers, as they are typically kept for serious investors. These bars typically range from 500 gm to 1kg.
How to sell gold
In Jammu and Kashmir, gold is always in demand, making it a highly liquid asset. Selling gold is not difficult, as most jewelers and pawn shops are willing to buy gold. But keep in mind that intricately designed jewelry might fetch lower prices than expected, as jewelers do not pay for the design but only for the weight of gold. Some jewelers might pay lower than the market price, although many jewelers and pawn shops are willing to buy gold at market rates. It is advisable to get quotes from a few buyers before making a decision. You need to make sure that you are aware of current market prices and the weight of the gold you are planning to sell so that you get the best possible price.
It is always a good idea to sell gold coins and gold bars rather than jewelry as they tend to attract better rates from jewelers as compared to jewelry.
If you do not want to sell your jewelry but are in need of funds, you can always avail of a gold loan against it, in case of an emergency. Banks and other NBFCs offer attractive interest rates on gold loans. Since your gold is used as security, there is very little documentation and the loan approval and disbursal process is quick.
How much is gold worth in Jammu
Gold is one of those precious metals which will always be of value. However, it is impossible to predict the price of gold and whether it will continue to appreciate as an asset or not. Although gold prices fluctuate constantly, it has shown a generally upward trend in the past.
Factors affecting gold price in Jammu and Kashmir
Below are some of the key factors that contribute to the price of gold in Jammu and Kashmir.
Strength of the US Dollar:
A strong US Dollar means falling gold prices in Jammu and kashmir as investors invest in the currency rather than in the metal. On the other hand, if the dollar weakens, banks tend to invest in gold instead of the depreciating dollar. This move is taken in order to hedge against any uncertainties. This increased demand leads to an increase in the price of gold. Similarly, when the US dollar strengthens, investors shift their investments from gold to the US dollar. This fall in the demand of gold leads to a consequent fall in the price.
Jammu and Kashmir meets a huge chunk of its gold needs through imports, which means that import rates affect the gold price within the country. Since trading takes place in US dollars, a stronger dollar makes buying gold more expensive.
Fixed Deposit interest rates:
A fixed deposit is the most popular investment option for many millions of Indians. Gold comes a close second. When the FD rates fall, investors prefer investing in gold as an alternative investment option. When the demand for gold rises due to increased demand, the price increases too.
The price of gold tends to surge during times of economic crisis, as gold is considered a stable asset. Investors move their money out of riskier investment channels into gold. Gold also comes with the advantage of high liquidity and continues to be held in great value in times of instability.
In Jammu and Kashmir, demand for gold tends to rise during auspicious festivals, marriage seasons and other occasions, leading to increased prices.
The price of gold tends to surge during inflation. Since gold is bought as a hedge against inflation, this spiraling trend increases the price of gold.
Jammu and Kashmir’s contribution to the production of gold globally stands at a mere 0.75%. Since domestic production of gold in Jammu and Kashmir is severely limited, there is a crunch in supply too. In order to meet the staggering demand, gold is imported in large quantities. Similarly, when there is a crunch in the global supply of gold, gold prices surge upwards.
Gold mining requires large utilization of energy per gram of gold produced and this cost is factored into the price. The gold price is also subject to the mining companies increasing prices because of production costs. This is reflected in the price paid while importing gold into Jammu and kashmir.
When gold prices surge in the international market, the price of gold increases in Jammu and Kashmir as well. For instance, when the central banks buy gold as a hedge against inflation, the price of gold tends to go upward globally.
It is important to keep in mind that gold prices can also vary across different cities in Jammu and Kashmir. Key reasons for differences in domestic gold prices are:
Jammu and Kashmir imports most of its gold. Hence, port cities such as Mumbai and Chennai tend to have slightly lower costs than a city which is situated far away from the port owing to the cost associated with transportation of the precious metal.
Different states in Jammu and Kashmir levy different taxes which can cause a variation in price between states.
Volume of demand in different cities:
Jammu and Kashmir is a large country with a diverse population and demography. In rural areas, where the population is sparse, gold is priced higher than densely populated areas, where prices tend to be comparatively lower. Large cities, where the volume of demand is greatest, trade in large amounts of gold leading to slightly lower prices. Cities like Chennai, Delhi and Mumbai which see substantial gold demand tend to have slightly lower prices than other parts of the country.
Measurement of gold in Jammu
The weight of gold is measured in grams or troy ounces (1 troy ounce = 31.1034768 grams)
What is a Karat?
Karat is used to represent the purity of gold. In simpler terms, it is a unit of fineness or purity. It refers to the ratio of an alloy mixed with gold such as copper. Since pure gold is very soft, it needs to be alloyed with another metal in order to allow it to be made into jewelry etc.
24K or 24 Karat gold is pure gold. Following is the fineness scale which is used while defining the purity of gold:
24 K = 99.9% Pure
22 K = 91.3% Pure
18 K = 75% Pure
14 K = 58.5% Pure
10 K = 41.7% Pure