What You Need to Know About Buying Gold Coins in India

What You Need to Know About Buying Gold Coins in India

The history of gold in India dates back thousands of years to when gold was used as currency and for making jewellery. Ancient India also considered gold a symbol of wealth, prosperity, and power. Today, India is one of the largest consumers of gold in the world, and buying gold is a popular investment and savings option for Indians. The demand for gold continues to remain high in India, and there are various ways to purchase gold, including physical gold, ETFs, sovereign bonds, savings schemes, and gold coins.

Out of them, gold coins are a popular investment option in India due to their cultural significance and hedge against inflation. Also, they have intrinsic value and liquidity, making them more precious for Gold selling companies and Gold buyers.

Read on to learn all you need to know: 

Things to Know Before Buying Gold Coins

Here are some important things to keep in mind before buying gold coins:

  • Purpose of Investment: Decide whether you are buying gold coins for investment purposes, as a hedge against inflation or as a gift.
  • Purity: Look for gold coins with a minimum purity of 22 karats, as higher purity means lower impurities and higher value.
  • Coin’s weight and price: Gold coins come in various weights and prices, and it’s important to determine your budget before purchasing.
  • Reputable Dealer: Choose a reputable and authorised dealer, bank, or bullion trader to ensure the authenticity and quality of your gold coins.
  • Taxation: Know the applicable taxes and fees involved in the transaction, such as the goods and services tax (GST), making charges, etc.
  • Storage: Secure storage is important for the safety of your gold coins. Consider purchasing a safe deposit box or storing in a reputable vault.
  • Authentication: Verify the authenticity of the gold coins from an authorised centre, and keep the receipt and certificate of authenticity for future reference.

Remember, buying gold coins is a long-term investment, so consider all these factors before making a purchase.

 Additional Read: Comparison between Gold Carats

Things to Consider Before Selling Gold in India

  • Purity of Gold: The purity of gold is measured in karats, with 24 karats being the purest form of gold. The higher the karat number, the higher the gold’s purity and value. In India, 22 karats is the most common purity for gold coins and jewellery.
  • Hallmark: Hallmark is a quality certification mark for gold, which verifies the purity of the gold and helps ensure that the gold you purchase meets industry standards. In India, the hallmarking of gold is done by the Bureau of Indian Standards (BIS).
  • Denomination or Weight: The denomination or weight of a gold coin refers to its size and is usually measured in grams. The price of a gold coin depends on its weight and purity.
  • Reselling: Reselling gold refers to selling your gold back to a dealer or bullion trader. The resale value of your gold will depend on the current market conditions and the purity of your gold.

It is important to keep in mind that the value of gold is subject to fluctuations, so it’s important to consider these factors before making a purchase or reselling. It’s always a good idea to purchase gold from a reputed dealer and keep the receipts and certifications for future reference.

Gold Selling Companies in India

Many companies in India sell gold coins and other forms of gold, including physical and digital gold. A few examples are nationalised and private Banks, Government mints, bullion traders, dealers, and jewellers. Also, several online platforms sell gold in different forms. Often, local jewellers sell gold coins or make jewellery as per the customer’s choice. Despite numerous options, you should always consider purchasing from a reputed seller to ensure quality.

On the other hand, whenever you want to sell the gold to earn cash, choose a reputed buying point like Muthoot Gold Point. We offer you 100% fair and precise gold selling, and ensure that you get the best price.

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