It is a common query that gold rates in various cities of India differs even though gold is an internationally traded commodity. The MCX (Multi commodity exchange of India) is where the gold future contracts are traded, in India. The price of gold at any specific time on MCX is called spot price. This price is always close to the international commodity price of gold. Bullion India trades gold on wholesale rates, which are competitive and close to spot prices.
When you consider the gold prices in different cities of India, the prices may vary substantially. As India is a comprehensive importer of gold, the gold price in a large port will be slightly lesser than the inland cities, as the cost of transport and other variables add to the rate of gold. For example, the rate of gold in Mumbai or any larger port will be lesser than Bengaluru or cities where retailers levy tariff for transport.
When purchasing from jeweller, there are various other factors like the association set price. Even though gold prices internationally vary every moment according to the market impact and demand of gold, these associations of jeweller only set the price of gold twice in the day. Generally, this price that is quoted is MCX price of gold plus the extra variable cost of making a professional crafted jewellery. The making cost is added to the gold jewellery and may vary from jeweller to jeweller. This variable price reduces the resale cost of gold considerably as these variables add on are hold no value when selling the entity. The low spreads offered on Bullion India are also favourable for selling old gold.
Bullion India web traders display gold and silver quotes in wholesale price all-inclusive of service tax and hence, make gold available to their customers. Through these discounted prices, gold purchases become lucrative for the buyers. The price on the trading platform, bullion India is not subjected to change throughout India and has no add on charges. Buy bold on best prices buy opening a free account at Bullion India, today.
