Gold Rate Aligarh
Last updated on: 8th Mar 2023 06:30 AM
Aligarh, famous for its rich historical and cultural heritage, is an essential destination for the gold business. Known for its flourishing brass industry and considered to be home to the best lock manufacturers in the country, Aligarh is a thriving hub where buyers and sellers trade high-quality gold bullion. The place is also well-known for its handicrafts, decorative artifacts and more.
However, gold rates in Aligarh constantly fluctuate due to various factors. These include inflation, changes in government policies, currency conversion rates, and gold rates in international markets.
The demand for gold in Aligarh increases during the wedding and festive seasons. While earlier investing in gold meant visiting a jeweller physically, nowadays, people can also invest in digital gold. There are plenty of options to choose from.
So, let us have a look at the gold prices in the city.
The implementation of the Goods and Services Tax (GST) raised the prices of gold in Aligarh. In the pre-GST era, buyers paid a 10% of import duty, 1.0% customs duty, and 1.2% value-added tax (VAT) when purchasing gold.
After the GST implementation, buyers pay a 12.5% basic import duty and 3% GST on the price of gold. So, the GST entails higher costs than customs duty and VAT put together. In addition, you must also pay 5-15% of making charges. These charges vary from one jeweller to the other.
Wearing gold ornaments is considered auspicious in Aligarh, especially during wedding ceremonies and festivities. People are more inclined to buy physical gold jewellery during these occasions.
They also buy bullion as an investment to beat inflation and cope with unexpected economic downturns.
With digitisation, Aligarh residents have also moved to digital gold. Various options exist under this category. Examples include gold Exchange Traded Funds (ETFs), gold mutual funds and sovereign gold investments. Most of these are valued in grams of gold and serve as alternatives to holding actual gold.
These investments help you avoid risks like theft and burglary that come with holding physical gold.
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The gold rates vary depending on the purity of the gold. According to the World Gold Council, 24-carat gold has a purity of 99.9%, while 22-carat gold is 91.6% pure.
22-carat gold is also 916-hallmarked gold. The Bureau of Indian Standards (BIS) carries out this hallmarking of gold jewellery.
Before buying gold, check out the hallmark to assess the gold's quality. You must look for the BIS logo, followed by the year of making and the mention of 916. Remember that the gold rate in Aligarh for 22-carat gold is different than in other cities.
Another way to determine the gold's purity is by immersing it in water. Your gold is pure if it sinks to the bottom. Another method is to place the gold close to a magnet. If the gold is pure, it won't be drawn to the magnet.
You can further check if the gold is pure through the following methods: - Checking if the gold bears the BIS mark. - Look for the jeweller's identification number or mark. - Looking at the Caratage (22K916), which ensures karat purity and fineness. - The BIS regulations state that you must confirm the store's address as it appears on the jeweller's licence.
The following factors impact gold prices in Aligarh:
- Inflation causes an increase in the demand for gold, thus impacting its prices. This is because investments in gold have historically yielded inflation-beating returns.
- The fluctuations in the value of the Indian rupee against the U.S. dollar impact the gold rates. If the value of the Indian rupee plummets, the gold rates rise.
- If gold rates in international markets increase, the rates rise in Aligarh.
- Government policy changes cause gold rates to increase.
- Taxation and import regulation changes are also major impacting factors.
- The Indian government holds gold reserves. Depending on its policies, it may buy or sell gold via the Reserve Bank of India. Depending on whether the RBI buys or sells gold, the price of gold may change.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.