Gold Rate Bikaner
Last updated on: 8th Mar 2023 06:30 AM
Bikaner is a historical city situated in northern Rajasthan. It is known for its royal connections and unique dunes. The regal past of the town displays its opulence through the grand palaces and forts. In addition, the region boasts some of the best riding camels in the world, earning it the title 'camel country.' Another unique aspect of the city is the buzzing markets. Besides colourful local merchandise, they trade in various commodities, including gold.
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Bikaner. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.
Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.
Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.
On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.
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Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.
The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.
Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.
Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.
The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.
Numerous factors influence the gold rates in Bikaner. Let's look at some of them:
The Goods and Services Tax (GST) has had a significant impact on the gold rate in Bikaner. Before GST implementation, buyers had to pay 1% service tax and 1% Value Added Tax (VAT). So, in total, they paid a 2% tax over and above the selling price of the jewellery.
After GST was implemented, the Government fixed the rate of GST on gold at 3%. So, although by a marginal scale, the gold rates in Bikaner did increase with GST implementation.
Moreover, if you want to make gold jewellery, an additional 5% GST on the making charges will apply.
So, GST has led to an increase in gold prices in Bikaner.
Since the start of 2018, the Reserve Bank of India has introduced a series of policy initiatives that impacted the gold price throughout India, including Bikaner. These include raising interest rates and reducing the supply of Rupees in circulation, thus increasing the gold price.
Further, the Government of India has been trying to reduce its exposure to volatile financial markets by increasing its gold reserves. This has caused the gold rate to rise.
What are the various options I have for investing gold in Bikaner?
The people of Bikaner have invested in gold jewellery. However, today various other options are available, allowing you to explore opportunities beyond physical gold. These include digital gold, gold Exchange Traded funds (ETFs), gold mutual funds and Sovereign Gold Bonds (SGBs).
What is the meaning of 24-karat gold?
How many grams of gold are present in one 'tola' gold?
How do I verify the purity of gold in Bikaner?
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