Gold price by Investorocean.com
Gold Import In India
Even after having one of the most elaborate market for Gold, India still does not produce a huge amount of gold and thus does not contribute in meeting the growing demand of gold across the country. India is the second largest importer of gold in the world and the reserve Bank of India controls the flow of gold inside the country.
Import of gold in India requires special license issued by the Directorate General of Foreign Trade. Even for the licensed authorities they need to provide the report of the imported gold, regarding its utilisation along with related proofs to the Central Excise Office. The physical gold thus imported by the licensed authority can only be in the form of gold bars; coins and medals are strictly prohibited.
A person who has been residing the in foreign soil is permitted to import and carry jewellery of up to Rs. 10000, which is doubled in case of a female NRI. When the value of gold is beyond the prescribed free limit then a custom fee of Rs. 250 for each extra 10 gram of gold is applicable, however the maximum limit for such a person to carry gold along with them shall not exceed 10kg in total.
Factors that Influence Gold Rate / Factors Affecting the Gold Rate
The affinity for Gold for Indians is impenetrable and has been tested repeatedly, but the metal has proved its mettle over time. However, the price of gold is not consistent throughout and has had its share of difficulties. There are several factors, which affect the prices of gold in Indian gold market, such as:
The Central Gold Reserve
The central reserve i.e. the Government, when starts to hold or procure gold in their reserve, the price of the gold goes up because of increased cash flow.
Market volatility in terms of recession or inflation affect the price of Gold. Gold is one investment, which is not effected by inflation as a result when inflation hits, because of the liquidity factor the metal its price goes up.
Interest Rate In Gold
An increased interest rate in the market encourages investors to acquire more cash by selling off gold, as such the amount of gold in the market increases and with increase in supply, the rate of gold can drop.
Gold Global Market
As a crisis commodity, Gold is a favoured acquisition for import by the government and market around the globe. More imports from global entities of Gold makes way for increased rate and vice versa.
Domestic Gold Demand
India is primarily in love with the metal, for any occasion such as marriage, and festivals the demand of gold goes up and hence results in increased rates.As unlikeable as it may sound, the price of gold may very well be affected by a good monsoon – and that is because 60% of all consumption of the yellow metal is accounted by the rural sector, which primarily is dependent on a good monsoon for better crops. A decreased monsoon will tend to have excess gold in the market on lesser rate as rural India tends to sell them.
Historical Gold Prices in Bhopal
Historical gold prices and trends gives important insight for investment decisions. For the past 10 years the price of gold, in general, has been trending at a higher rate both in the International as well the Indian market. In the US market, the highest during the period was trading as $2000 back in 2011, meanwhile, in the Indian market there had been a steady growth since the same year, with an exception for 2 years in 2014 & 2015. Currently the US gold rate is trending around $ 576.20 and in India, it is at the Rs. 49,420 range.
There are many factors, which affect the price of the gold, and if you are planning to invest in gold, the factors such as US dollar strength, other global events, central reserves etc. should be considered so as to have decent returns.
Keeping an eye on the current prices as well as the knowledge of the past rates of gold would go a long way in planning investments on the yellow metal. While previous performance is not always predictive of future results, the price history of gold might perhaps give hints as to where it may be going. Looking at historical price data, for example, may aid in detecting uptrends or downtrends. Investors may also notice tradable trends in the price data, which might lead to great buying or selling opportunities.
Gold in Futures Markets vs. Spot Market in Bhopal
Indian market has always had encouraging response for gold investments; no matter what the prices are, gold has always been one of the most sought after commodity and stock option. Investing in the futures or spot markets are two options available to an investor or trader.
Gold futures and gold spot are two very different types of investments.
Gold in Futures
Gold futures can be simply put as an investment option where you will have the opportunity to acquire a future contract of the asset at a price predicted at the time of its delivery. It is a standardised contract created by the futures market to offer a defined amount of subject matter at a future time and location. It refers to a trading objective to predict the price of gold in the international market on a specific date in the future. The profit and loss of investors who buy and sell gold futures is calculated using the gold price differential between the two times of entering and exiting the market.
Gold in Spot
Gold in spot market or Gold ETFs are virtual gold or digital gold. This investment option does not provide physical gold in delivery and always trades in digital transactions. An investor can invest on gold at the given market rate and may earn interest or loose depending upon market fluctuations. Spot market for gold is similar to the stock market and needs to be monitored likewise.
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