It doesn’t take an expert in the financial markets to understand the value of gold to the average investor. Everyday investors, as well as professional investors, have used gold as a financial safe haven when government policies and inflation whittle away the value of paperback currencies.
The trick for most investors who have yet to diversify their portfolios to include precious metals like gold is to know when to buy gold. If you already own gold, you can endure the roller coaster ride that the gold rate in mumbai has experienced. However, to know when to buy gold is to understand what affects todays gold rate in mumbai.
India is one of the largest consumers of gold. While accounting for roughly 20% of the world’s gold usage, they import virtually all the gold that is used. The government of India has begun a plan that increases taxes and premiums on gold that is imported into the country and exported as jewelry.
Importers of gold into India have had to set aside up to 20% for government taxes when exporting jewelry out of India. What this has done is virtually stopped the import of gold into India as exporters grow weary over increased premiums on exporting jewelry.
What this is done to the gold price of the 24 carat gold rate in mumbai is it has lowered the price as investors are less interested in purchasing a commodity that may not be in very high demand in India. In addition, gold prices have been on the rise up to almost $1300 per ounce off from their lows of around $1100 announced earlier this year. This increase in taxes and with investors declining further investments in gold may have a significant negative impact not only on the 23 carat gold rate in mumbai but with India being such a large consumer of gold, they could have a significant impact on global gold rates as well.
There’s no question that gold will be an excellent long-term investment and offer a financial hedge against market uncertainty in the future. However, by understanding what affects todays gold rate in mumbai, you have a clearer picture of prospectives on the gold rate and how beneficial gold investments will be in the short term.
Those who are in the gold market in Mumbai, watch the gold rate in mumbai carefully as it can affect their business. Those in the gold market include gold investors, gold sellers and jewelers, just to name a few. When the price of gold is low, most gold investors and gold sellers buy up as much as they can, because the price has been rapidly increasing over the last few years and there is no indication it is going to slow down anytime soon. When prices are high, those selling the gold, such as jewelers or gold resellers may attempt to sell as much of their inventory as possible, in an attempt to make the most money. However, for these types of people to know what is going on in the gold market, they have to know how to watch or check the gold rate.
The price of gold fluctuates, or changes, on an hourly basis. As of the close of business today, October 11, 2012, the price of a gram of 995 gold, otherwise known as 22 carat gold, is 31500 Indian rupees. The price of 999 gold, otherwise known as 24 carat gold, is 31645 Indian rupees per gram. And do you know how I know that? I checked the rate. The easiest way to check the rate is to go to a gold price checking website, such as this one: http://www.moneycontrol.com/commodity/gold-price.html. You can easily pull up the current selling price of gold, which will let you know how much it is worth at the moment.
The gold rate in mumbai fluctuates on a daily basis. Some days it is higher than other days and some days it is lower than other days. That is why it is so important to watch the price of gold and decide whether to buy or sell on any given day. If the price is lower than normal, that is a great day to buy, buy, buy! Buy as much as you can because the price of gold keeps going up. If the price is at a new high, that can be a great day to sell if you cannot hold onto the gold any longer or you need to make some money.
As noted above, the price of gold fluctuates on a daily basis. As of today, October 07, 2012, the price of a gram of 995 gold, otherwise known as 22 carat gold, is 31500 Indian rupees. The price of 999 gold, otherwise known as 24 carat gold, is 31645 Indian rupees per gram. This is a slight increase over the past few days. If you are looking to sell, know is a pretty good time, as rates are fairly high, though there is no indication that the price is about to drop. If you are looking to buy, the price is a bit higher than most people would like to buy at. However, as noted, there is no indication that the price of gold is going to dip anytime soon and it has been steadily climbing, so now is as good a time as any to buy.
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