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Buy Gold Coins In Hyderabad [UPDATED]

Gold ATM in Hyderabad: In a first, people can now buy gold from automated teller machines (ATMs). The ATM has been installed by Jewellery manufacturer Goldsikkka in collaboration with a startup - OpenCube Technologies Pvt Ltd. These ATMs let people buy gold coins by using their debit or credit cards.

buy gold coins in hyderabad

googletag.cmd.push(function() googletag.defineSlot('/11440465/Zeebiz_Web/Zeebiz_AS_Inarticle_1_300x250', [300, 250], 'div-gpt-ad-AS-Inarticle-1').addService(googletag.pubads()); googletag.display('div-gpt-ad-AS-Inarticle-1'); ); According to the news agency ANI, the ATM can store 5 kgs of gold. Also, people will have eight options to choose from. "There are eight available options for the quantity of gold starting from 0.5 grams to 100 grams," the report said.

The coins dispensed from the machine are 24-carat gold and 999 certified. One of the important features of the ATM is that the price is updated live. The prices, and also the taxes, are updated and displayed on the screen.

"Goldsikka Limited is a company incorporated 4 years back. We are into bullion trading. Our CEO got an innovative concept of dispensing gold coins through an ATM machine. After doing a bit of research, we found out that it is possible. We tied up with a start-up company, OpenCube technologies. They and our in-house department which gave design and development support with respect to technology," the Vice President of Goldsikka Pratap said.

Gold is a long-term portable investment instrument. Indians typically have a lot of gold in the form of jewelry handed down for generations, along with a decent amount of bullions and coins bought solely for investment.

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For centuries, gold has been viewed as a household investment and a way to build financial security. The financial market has evolved and Indians now view gold as not just a physical asset but an investment to diversify their portfolio. Investors can look for low transaction costs and taxations, investment amount and flexibility and great returns without missing liquidity for a gold investment plan.

Gold jewelry has traditionally been considered a safe way to invest in gold by Indians, especially in rural areas and small towns, partly due to the lack of awareness or the lack of access to invest via other ways.

Cost: The cost of buying jewelry involves the cost of gold and a manufacturing cost that ranges from 5% to 20% over and above the cost of gold. This cost of making the jewelry is a cost that you may not be able to retrieve when you sell your gold jewelry.

Similarly, insurance costs to protect your gold jewelry also varies from one general insurer to another. For instance, few insurance companies offer protection to jewelry as a part of their home insurance plan and costs associated with it differ depending on the cost of your jewelry and the plan you opt for.

If you hold onto your gold jewelry for at least three years, your gains are taxed at a flat 20% rate with the benefit of indexation. Indexation is basically an adjustment to the purchase price of the asset or investment to reflect the effect of inflation, at a rate declared by the Income Tax department.

Upside: You can tap into the value of your gold jewelry even before you sell it using gold loans from banks and non-banking finance companies (NBFCs). You can get a gold loan for up to 75% to 90% of the gold value at interest rates of as low as 8% per annum.

Availability: Gold coins and bars are available in 22 carat and 24 carat and generally come in tamper-proof packaging. Gold coins are available in different denominations ranging from 1 gram to 50 grams and in different designs. If you are looking for a higher denomination, gold bullion bars are available in 100 grams and 1 kilogram increments.

Credibility: All coins are generally BIS-hallmarked and before making your purchase, you must ask for a purity certificate from your jeweler or trader. The due-diligence requirement for buying a gold coin or bar is the same as in the case of jewelry.

Cost: The making charges for gold coins range from 2% to 10% over the cost of gold. Manufacturing costs for bars drop to less than 0.5% of the gold cost and even lower for 1 kilogram bars.

Taxes: The taxes on your coins and bars are similar to that of gold jewelry. You need to pay 3% GST, at current rates, while purchasing gold coins and bars. This amount is not recoverable when selling your coins or bars.

Upside: Coins and bars are easier to sell and have lower markups based on the gold amount used as compared with jewelry. Many lenders do not accept coins and bars for the purpose of gold loans. Some accept gold bars of minimum 50 grams with a purity of 99.99% or 24 carat.

Gold as an asset can help you create a secure portfolio for your financial goals for its reliable returns even in the worst times and no more sleepless nights due to the volatility. Here are key points to remember when choosing gold for your portfolio.

India is one of the countries that has the largest consumer market for gold and still produces the minimum amount itself. To meet the demand of the consumers, the country needs to import gold and to reduce the burden of import the Reserve bank of India (RBI) issued sovereign bonds on the behalf of the Indian government in the year 2015.

SGBs are supplied in multiples of grams with just a minimum investment of 1 gram of gold. The gold bonds are sold on a per-unit basis and each unit obtains its value with 999 purity from underlying a gram of gold.

An individual can invest up to four kilograms per annum in SGBs and trusts have a limit of 20 kilograms per annum. These holdings are redeemed on the date of redemption at a price equal to gold value at the time.

Liquidity/Tenure: SGBs give you the benefit of early redemption after five years of investment when the maturity period is of eight years. This option can be implemented anytime after five years on interest payment dates. Due to its low transaction cost, the selling price is lower than the prevailing gold price at the exchanges. Therefore, their liquidity is less compared to physical gold.

Cost: The India Bullion and Jewelers Association Limited published the issuing amount of SGBs to be determined on the average closing gold rate of 999 purity of gold for the last three business days prior to the subscription span in a week. A discount is also allotted of INR 50 per gram if the investors apply online.

The Gold ETFs are equal to old traditional purchasing of physical gold but without worrying about its holdings. It requires the investors to open a Demat account and have the units of gold in a form of a dematerialized way just like mutual funds.

Liquidity/Tenure: Gold ETFs have no fixed tenure but some mutual fund firms offer an option of redeeming in physical gold. Though it sounds like a good option, normally with a quantity less than 100 grams is not possible. The quotes to trade are available only during trading hours.

Cost: The charges on brokerage are payable every time you trade with no entry or exit fees. If you invest through the fund house, they might charge an annual cost of possession of gold ETF which is the management fee. The range of the cost is mainly between 0.35% to 1% annually on all the assets.

Upside: Gold ETFs are accepted as security for a loan. Investors cannot avail of gold loans with gold ETFs. The liquidity of the ETFs makes them perfect for any investors with medium or short investment plans.

The NSE, BSE and Multi commodity exchange (MCX) of India offer gold futures contracts. It is majorly used by businesses that deal in the manufacturing and trading of gold as a hedging tool against the risk of price.

Availability: The gold futures are available on exchanges like the National stock exchange, Multi commodity exchange and the Bombay stock exchange and multi commodity exchange of India.

Credibility: As gold futures are traded on exchanges, the credibility is high. At the end of the contract, you can look for physical gold delivery in 24 carats purity. It is essential to consult an advisor or broker before any transactions as dealing in gold futures requires skills and knowledge of terms and conditions.

Liquidity/Tenure: The tenure is normally from three months to one year, you can withdraw yourself from the contract at the amount quoted on the exchange. The information on the physical delivery of the gold at the time of maturity is available in the specification section of the contract.

Upside: Gold futures is a preferable product for investors who have a future outlook on gold prices. Investors without making complete gold payments can lock future prices. Just maintain the margin timely. It is flexible as you can enter and exist according to your will within the period without any management charges.

Buying gold coins, jewelry, or bars as an asset has been the conventional way to invest in gold. Other types of investment on gold include gold ETF, gold mutual funds, sovereign gold bonds, and digital gold. Here, we discuss the ways to buy gold in India, and its current prices in top Indian cities.

Gold as an asset can help you create a secure portfolio for your financial goals by diversifying your riskGold is seen as a hedge against inflation as gold prices typically do not show wild swings when the stock market investment instruments become volatile amid high inflation. 041b061a72


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