How much do the bars cost?
The cost of the bar will be the current market rate with a 1% sales tax. However, you may get a few rupees’ difference between sellers. But if you have two bars of identical weight going for different rates, it could be the fineness. The seller would either refer to it as 995 or 999, the latter being more expensive. Fineness refers to the purity of gold. Gold purity is expressed in parts per thousand. So 995 is 995/1000 or 99.5% pure. Today, it is possible to produce gold up to 99.9999% purity and referred to as 999. When you sell the gold bars, you get the prevailing market rate. Where do you begin? Certain bullion banks like Nova Scotia import the bars and sell them in the Indian market. Unfortunately, these banks are not eager to service individuals. They prefer selling in bulk to certain customers who regularly take fixed amounts from them. So it’s not as simple as walkinginto a bank and picking up a gold bar at the counter. You can get the bars either from the Minerals and Metals
