Gold Rate Amritsar
Last updated on: 1st Jun 2023 12:41 PM
Amritsar is one of the most important cities in Punjab. Its economy is mostly based on agriculture, textiles, tourism, and related industries. The city is also known for its magnificent Golden Temple, and popular tourist spots such as Jalianwala Bagh, and the famous Wagah border. During the wedding season and after a good monsoon, the city's gold trade tends to flourish and witness a spike in demand. For gold shopping, Guru Bazaar is one of the most-visited markets in Amritsar.
However, gold rates in Amritsar fluctuate as it is dependent on multiple factors like changes in government policies, inflation, international gold prices, and currency conversion changes. During the festival season or following a good harvest, people opt to buy gold for investment and personal use. Amritsar has always experienced high demand for gold, especially during festivities, wedding seasons, and auspicious occasions.
Let us have a look at the gold prices in the city.
As the Goods and Services Tax (GST) was implemented, it resulted in a hike in the prices of gold in Amritsar. Around 10% import duty, 1.2% value-added tax, and 1% customs duty were paid on gold price before GST came into force. After GST was introduced, buyers paid 3% GST and 10% import duty on the gold price. Thus, after GST, the total cost of gold, including VAT and customs duty, increased. Moreover, 5% making charges are also levied, increasing the overall gold price in Amritsar.
Known as a vibrant city with cultural dynamism, Amritsar is also home to many NRIs as many people from the city migrate to countries such as Canada and the US. Amritsar is a city that is linked with a higher purchasing power as people show a clear interest in buying gold jewellery. There is always interest and increased demand for it during festivities. Many people in Amritsar are also open to investing in bullion and coins that help them to beat the challenges of unexpected economic uncertainties and inflation. They are open to the idea of investing in gold exchange-traded funds (ETFs), gold-saving funds, digital gold, etc.
|Day||24K Gold||22K Gold|
|01 Jun 2023|
|31 May 2023|
|30 May 2023|
|29 May 2023|
|26 May 2023|
|25 May 2023|
|24 May 2023|
|23 May 2023|
|22 May 2023|
|19 May 2023|
As we know that gold prices vary based on several factors, including purity, it is essential to know about purity levels before investing in this metal. According to the World Gold Council, 22-karat gold has 91.6% purity, and 24-karat gold has 99.9% purity. When we talk about 916 hallmarked gold, the reference is to 22-karat gold.
Meanwhile, gold hallmarking is done by the Bureau of Indian Standards, and buying hallmarked gold is an assurance of its purity. When buying gold, check the gold rate in Amritsar for 22-karat as it may be different than other cities of the country. Check the rates mentioned above to have complete information about gold rates in different cities.
Gold prices are very dynamic and are dependent on multiple factors. - Inflation- One of the significant factors that impact these rates is inflation. As inflation increases, people prefer to buy gold as a safe haven. This is because gold investments are believed to give excellent returns despite growing inflation. - High demand- Another factor that affects gold prices in Amritsar is a surge in demand, particularly during the wedding season, and festive and auspicious occasions. If gold rates increase in global markets, gold prices also increase in Amritsar or vice versa. - Government Policy- Changes in government policy related to import regulation and taxation also affect the gold prices in Amritsar.
Which one should I prefer - a gold loan or a personal loan?
It is always better to go for a gold loan than a personal loan. When applying for the latter, you need to provide a guarantor, give income proof, and go for a background check. It is a time-consuming process. Conversely, if you go with a gold loan, you simply need to keep gold as collateral as it acts as a security for banks. In the event of an inability to repay the loan, the gold kept as collateral is seized by the bank. Moreover, this loan is availed in a few hours.
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.