Gold Rate Today in Agartala

Agartala is the second largest city in northeast India and the capital of Tripura. It has been the power centre of mighty rulers and is famous for its splendid palaces, lakes, and mesmerising natural beauty. The opulence is visible in the palaces like the Ujjyanta Palace and Kunjaban Palace. It is a city of power and rulers, and the demand for gold is not new to Agartala. 

The gold rates in Agartala have fluctuated constantly due to various reasons, such as increased demand for gold and change in government policies. Generally, the price of gold rises when there is political instability, a slowdown in the economy, or any form of geopolitical turmoil. So, when gold experiences an increase in its rates under such conditions, other assets generally see a fall in their rates. It makes gold a good asset for investment. 

People make various investments in gold, such as in physical gold and gold bonds. In India, purchasing gold is considered auspicious, and people are generally looking to buy more and more of it. 

How does GST impact gold rates in Agartala?

With the implementation of Goods and Services Tax (GST) in Agartala, there was an increase in the prices of gold and gold jewellery in Agartala. GST came with many changes in the tax structure. Rather than work with a gambit of indirect taxes, like entertainment tax, service tax, Value Added Tax (VAT), and sales tax, a unified indirect tax structure was introduced by GST.

Goods and services were divided into categories and fell into one of the four tax slabs - 5%, 12%, 18%, and 28%.  This tax structure had a significant two-way impact on the rate of gold in Tripura, also the rest of India.

1. A special rate of 3% tax was levied on the value of gold. It is 1% higher than before when 1% VAT and 1% sales tax were charged in pre-GST times. With the implementation of GST, the tax was set at a uniform 3% of the value of the gold.
2. 5% GST is charged on the making charges of gold by the jeweller.

Various Methods of Testing Gold in Agartala

A BIS Hallmark is a hallmarking system that certifies the purity of gold and silver jewellery sold in India. Hallmarking has been made mandatory by the Bureau of Indian Standards (BIS). It is implemented to protect consumers from purchasing gold that does not match the declared purity. With hallmarking, manufacturers have to comply with the stipulated standards of purity.

At the time of purchasing gold jewellery in Agartala, check for the four aspects of BIS hallmark jewellery: 

• BIS mark/logo 
• Number/mark of the assaying/hallmarking centre
• Purity (fineness and carat)
• Distinct mark/logo of the jeweller

Factors Affecting the Gold Prices in Agartala

Various factors play together to keep changing the price of gold in Agartala.

• Interest Rate:- When the interest rate increases, people sell their gold to obtain cash. When the supply of gold increases, interest rates fall. The lower the interest rate, the more cash with consumers; it leads to a growing demand for gold which, in turn, increases the price of gold.
• International Movement:- The gold rate in the international market/global market affects the rate of gold in the city. India's gold price increased as a result of an increase in the price of gold globally.
• Jewellery Demand:- When there is a higher demand for gold ornaments, the price of gold tends to rise due to a mismatch in demand and supply.  It is seen mostly during the festive season and wedding season.
• Inflation:- Gold is used as a means to hedge inflation because it is a high-value commodity that is comparable to currency. 
• Gold Reserves with the Government:- The Reserve Bank of India (RBI) maintains the gold reserves of the Indian Government. It leads to an increase in the price of gold in the city.