Cheapest Gold in India : The effect of increasing tension in the Middle East is visible on global markets. This has also affected the prices of gold and silver, due to which the prices of both the metals are continuously increasing. Due to rising prices, many people are currently avoiding buying gold.
Competition and number of jewelers in the market
The price of gold in India varies from state to state. This is due to many factors like local taxes, transportation expenses, demand and supply, competition in the market and number of jewellers. In some states, these reasons make gold relatively cheap.
Gold is imported from abroad
Most of the gold in India is imported from abroad. In such a situation, in states whose cities are close to ports, transportation costs are less and its effect is also visible on the price of gold. Apart from this, where there is more competition among jewellers, customers get better rates.
Tamil Nadu
Tamil Nadu, especially Chennai, is counted among the major gold markets of the country. Here, due to the strong supply network and traditional jewelery business, production costs remain low, due to which gold prices can be relatively low.
Kerala
The demand for gold is very high in Kerala and the competition in the market is also high. Due to port cities like Kochi, transport costs are low, which benefits the customers.
Karnataka
Bengaluru has a large number of jewelers, both national and local. Due to more competition, customers get many choices and better prices here.
west bengal
Kolkata is famous for its traditional and exclusive jewelery designs. Here skilled artisans create attractive jewelery at low cost, making the overall price relatively low.
Maharashtra
Mumbai is included in the largest gold trading hub of the country. Being a port city, transportation costs are less here, due to which gold prices are sometimes seen to be slightly lower than other cities.
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