Gold Rate Today in Aizawl

Aizawl is the capital of Mizoram. It is the state's largest city, with a population of 2,93,416. Gold has consistently been the commodity of choice for investors in the city because of its price and value as a traditional investment. Gold is recognised as a hedging tool against deflation, inflation, and the declining rupee value. When there is political unrest and an economic downturn, the value of gold rises.

How Does GST Impact Gold Rates in Aizawl?

Anyone who purchases gold items is required to pay the Goods and Services Tax (GST). The tax brackets were released on June 3rd, 2017, and gold purchases are subject to 3% GST. In addition, there is a 5% GST on making charges (the costs associated with creating gold jewellery from raw gold).

Three types of import duties are applicable on gold imports to India - Custom Duty (12.5%), Agriculture and Infra Tax (2.5%), and Social Welfare Surcharge (10% of Custom Duty). Total import duty (excluding GST) is therefore around 15% (12.5 +2.5) + a minimal Social Welfare Surcharge of 10% of Custom Duty (not the gold price).

Investment Options for Gold in Aizawl

Gold Jewellery

Purchasing gold jewellery is still the most common way to invest in gold in Aizawl. People from all social groups frequently buy gold on auspicious events since it is a secure investment. One drawback of purchasing gold jewellery is paying for the production costs, which can increase the price by an additional 10%.

Gold Bars and Coins

Gold coins are available in various weights, such as 1 gram, 5 grams and 10 grams. Gold coins are also available in different purity levels, such as 22-karat and 24-karat.

Gold Mutual Funds

A gold mutual fund is a safe investment option as these funds are regulated by the Securities and Exchange Board of India (SEBI). SEBI is known to undertake periodical monitoring of mutual funds, which makes it a suitable option for investors.

Gold Exchange-Traded Funds (ETFs)

A gold ETF is a type of fund that tracks the price of gold. You can buy and sell gold ETFs on the stock exchange.

Understanding 916 Hallmarked Gold Prices in Aizawl

The 916 hallmark is a purity mark for gold in India. The 916 hallmark indicates that the gold is 91.6% pure and refers to 22-karat gold. The Bureau of Indian Standards (BIS) logo is stamped on 916 hallmarked gold. You can find 916 hallmarked gold at most jewellery stores in Aizawl.

Factors Affecting the Gold Rates in Aizawl

• Demand: The high demand for gold, specifically during festivals and weddings, increases its price. Besides that, gold is also considered a safe hedge against inflation, leading people to invest in gold for long-term returns. 
• Government Regulations: Government regulations on taxes and duties impact gold rates. For instance, the rate declines when the government policies favour the metal and vice versa.
• Local and Global Factors: The gold prices in Aizawl are affected by local and global factors, including the availability of gold, its trading prices in the city, demand for gold jewellery, and the Indian currency exchange rate, among others.