Tips on buying gold coins at affordable rates
Posted on: 08/Jan/2018 5:40:36 PM
In our Indian culture, both women and men show immense interest and love for gold ornaments and coins. Regardless of the income range, Indians tend to have gold in any form for sure in their family! They tend to save gold for children marriage, retirement, and so on.
So, basically, it is important that you show interest towards buying gold as coin rather than buying in jewel form, as the latter has a lot of drawbacks. When you buy as jewelry, there is a lot of wastage that goes into it and making charge both at the time of buying as well as selling. However, there is no kind of charge for 24 kt gold. It is also challenging to buy gold in jewelry form. This makes buying gold coins easier. So, here is a rundown on different places from where you can buy gold coins.
Banks
Gold coins are sold at almost all Indian banks. They are available in different sizes and weights ranging from 2 grams to 1000 grams. Their purity level is 99.99 percent. As there is absolutely no chance of any fraudulence, most people prefer and trust buying gold coins from banks. The weight and purity percentage is also 100 percent. In fact, banks also provide certificates boasting of the gold purity range.
Coming on to the disadvantage of buying gold coins from banks, the rate is first of all 10 to 15 percent higher as compared to the market rate. At the same time, you will not be able to sell or exchange the old gold coins that you already have. Once the gold coin is purchased, there is no way that you can sell back the gold coin.
So, while buying gold coins from banks, it is recommended that you compare rates with the market rate and across different other banks. In general, SBI provides cheaper gold coin rates while the rates are higher with ICICI, HDFC, Kotak Mahendra, etc.
Jewelry stores
Almost every town in India has a bunch of jewelry stores! Among the most easily accessible sources of jewelry is gold jewelry shops. There are various shapes and sizes in which they sell out coins. You may also buy gold coins with idols when you are religious by nature. On the other hand, there are regular, normal types as well.
Compared to the rates offered by banks, the rates with jewelry stores are far cheaper. Likewise, the gold purity is also on par with that of banks. You will have to however cross verify all these details before you buy gold coins from small jewelry retailers. There are gold purity certificates provided by a few reputed jewelry stores. Try to buy coins from those ones. So, this is ideally the best place to buy gold coins!
Post offices
Post office is yet another trusted place of purchase for gold coins! Here, you can obtain 24 Karat gold coins of 99 percent purity. These are available in denominations starting from 5 grams to 8 grams. There are 630 post offices (approximately) present across India. They offer gold coins to customers all over. So, regardless of whether you stay in a small town or a large city, there are chances that you gain access to the post office in your region for buying gold coins.
Similar to banks, the rates offered at post offices is on the higher end as compared to jewelry stores. You may have to visit the post office and enquire the gold coin rate before you choose to buy.
Reputed brand
There are several reputed brands selling gold coins across India. In Tanishq, there are gold coins, bars as well as bricks of 24K, 22K, etc. You can buy gold as 1 gram coin till 1 kg bar. Based on the range of purity you wish to buy, the rate may vary. When you want to buy 500 grams of gold or 1 kg gold, you may want to check with them before making a final call.
Financers
There are a number of institutions that have started providing loan amounts against gold deposits in the country. This is turning into one of the common businesses of financial players and reputed companies in India. In addition to providing gold loans, they also offer gold coins for sale. They act as excellent source of gold coins, in fact. Manapuram Finance, Muthoot Finance, etc. are some of the trusted ones.
Based on these information, you could arrive at a decision on which place is best to buy gold coins at best possible rate!
