gold

Gold price creates history, crosses Rs 1.10 lakh mark for the first time; huge enthusiasm among investors

by with No Comment Buyers of Gold

Gold Hits All-Time High: Gold has created history by crossing the Rs 1.10 lakh mark for the first time. This trend may continue for the time being due to the rise in the international market and weak US economic data. However, investors are advised to remain cautious, as sharp fluctuations in prices are possible.

There was a tremendous jump in the price of gold on Tuesday. In the domestic futures market, gold rose by Rs 458 and reached the historical level of Rs 1,10,047 per 10 grams for the first time. This increase has come due to the rise in international markets and the weakness of the US dollar.

Gold hits record level on MCX

On the Multi Commodity Exchange, gold futures for December delivery rose by Rs 458, or 0.41%, to Rs 1,10,047 per 10 gram. Meanwhile, the most traded contract for October delivery jumped Rs 482, or 0.44%, to a record high of Rs 1,09,000 per 10 gram.

The price of gold rose in the international market

and in foreign markets too, gold reached a new peak. Gold for December delivery in the US market Comex reached US$ 3,694.75 per ounce, which is the highest level ever.

Why did the price of gold increase?

According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, weak US employment data was released last week. This increased the possibility that the Federal Reserve (US central bank) could cut interest rates three times this year. A rate cut of 0.25% (25 basis points) is expected at the next Federal Reserve policy meeting. A reduction in interest rates increases the demand for gold as gold becomes a more attractive option for investors.

Effect of dollar weakness: Gold got direct benefit of the weak US dollar. When the dollar weakens, it becomes cheaper to buy gold in other currencies. This increases its demand internationally and prices go up.

Investors excited due to increase in gold prices: Due to rapidly rising prices, investors have become enthusiastic about gold. Many investors consider it a safe investment, especially in times of economic uncertainty. It is advisable for investors that the volatility in gold may increase further in the coming days.

Where will it have an impact?

There can also be an increase in the prices of gold jewellery in the domestic market. At the same time, customers may have to face expensive gold in the upcoming festive and wedding season.

Source: https://www.msn.com/en-in/money/markets/gold-price-gold-price-creates-history-crosses-rs-1-10-lakh-mark-for-the-first-time-huge-enthusiasm-among-investors/ar-AA1Mcht0?ocid=msedgntp&pc=U531&cvid=68c0febaf06e4336b31af9d9207b0e5a&ei=10

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How much GST will you pay on gold, silver jewellery after GST 2.0 reforms?

by with No Comment Buyers of Gold

The GST Council in its 56th meeting on Wednesday announced next generation GST reforms, simplifying the goods and services tax (GST) from the current four-slab structure of 5, 12, 18 and 28% to a two-rate structure of 5 and 18%. Meanwhile, a special 40% slab will be introduced for a select few items such as high-end cars, tobacco and cigarettes. These new GST rates will be effective from September 22 2025.

The GST system saw its biggest reform since its introduction on July 1, 2017. Most daily household essentials are likely to fall in lower tax brackets and will be cheaper once new rates come into effect.

As we read about GST slab changes and various items getting cheaper, the GST rate on gold and silver has been kept unchanged.

GST on gold and silver jewellery will remain unchanged at 3%, with an additional 5% on making charges. Meanwhile, Gold coins and bars will continue to have 3% GST. Hence, the GST 2.0 reforms will not have a direct impact on demand for bullion.

Check below calculation

When you buy 10 gram of gold jewellery in India, you pay 3% GST on the gold value and an additional 5% GST on making charges.

  • Gold price: ₹10,650 per gram
  • Total gold value (10 grams): ₹10,650 × 10 = ₹1,06,500
  • Making charges (assumed at 10% of gold value): ₹10,650
  • GST on gold (3% of ₹1,06,500): ₹3,195
  • GST on making charges (5% of ₹10,650): ₹532.5
  • Total GST: ₹3,195 + ₹532.5 = ₹3,727.5
  • Total payable amount: ₹1,06,500 + ₹10,650 + ₹3,727.5 = ₹1,20,877.5

Source : https://share.google/9LkCYWSxPtx8MEouh

Gold jewelry buyers

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When looking to sell your gold jewelry, finding trusted gold jewelry buyers is essential to ensure you get a fair price. Gold jewelry buyers specialize in purchasing various types of gold pieces, whether they are rings, necklaces, or bracelets. To get the best value for your items, it’s important to research and select reputable gold jewelry buyers who offer competitive rates based on the current market price of gold. By choosing reliable gold jewelry buyers, you can have a smooth and profitable selling experience.

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Gold Jewelry buyers near me

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If you’re looking to sell jewelry, finding reliable Gold jewelry buyers near me is a great option. Gold Jewelry buyers near me offer the convenience of selling in person, allowing you to get immediate quotes and assess the value of your items. To ensure you’re getting the best price, it’s important to research and choose reputable Gold jewelry buyers near me who offer competitive rates. By visiting trusted Gold jewelry buyers near me, you can have a smooth and secure selling experience for your valuable pieces.

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Old gold buyers

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Buyers of gold

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Gold Buyers

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If you’re looking to sell your gold, finding trusted gold buyers is key to getting a fair price. Gold buyers can be found at local jewelry stores, pawn shops, or through online platforms. It’s important to choose reputable gold buyers who are transparent with their pricing and offer competitive rates based on the current market value of gold. By selecting reliable gold buyers, you can ensure a smooth and profitable transaction when selling your gold.

Scrap Gold buyers

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