Gold Rate Chandigarh
Last updated on: 2nd Jun 2023 05:41 PM
Chandigarh is the state capital of both Punjab and Haryana. The Rock Garden, a park with sculptures made of stone and repurposed ceramics, is one of Chandigarh's most popular tourist attractions.
Like most of India, the consumption of gold is relatively high in Chandigarh. Gold is regarded as a secure investment asset and a desirable security form for bank loans. The people of Chandigarh usually buy gold during festivals and other auspicious occasions. Thus, during such times, there is a rise in the demand for gold, and consequently, the gold rates rise.
Before buying gold, check the prices, as the gold rates change daily.
Gold has a highly distinctive investment portfolio. Although most Indians prefer to buy gold jewellery or coins, newer investment avenues have now cropped up in Chandigarh. Let us look at some of those -
The purity of gold is evaluated based on karats (K). 24-karat is the purest form of gold available in the market. It has a purity level of 99.99%.
The other most common type of gold is 22-karat. 22K gold contains 91.67% pure gold mixed with trace amounts of silver, copper and zinc. Adding these metals imparts gold the hardness required to be moulded into intricate jewellery designs. Owing to its purity level, 22-karat gold is commonly known as 916 gold.
The Bureau of Indian Standards (BIS) carries out the authentication of gold articles in India. Once the purity of gold is evaluated, the BIS inscribes a hallmark on the gold item.
When you go to buy gold jewellery in Chandigarh jewellery stores, look out for the 22K916 hallmark on the jewellery. This will indicate that the jewellery has been authenticated by BIS and is made of authentic 22-karat gold.
The Goods and Services Tax (GST) was introduced in 2017. Currently, you have to pay 3% GST on all gold purchases. The rate for making charges, which are labour expenses related to the production of gold jewellery, is 5%.
Additionally, three types of import duties are applicable to gold imports to India -
Thus, once all these taxes are added to your gold bill, the total cost rises significantly.
|Day||24K Gold||22K Gold|
|02 Jun 2023|
|01 Jun 2023|
|31 May 2023|
|30 May 2023|
|29 May 2023|
|26 May 2023|
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|22 May 2023|
Buying gold is the most beneficial investment you can make. However, there are certain things you must take care of before purchasing gold articles. Such as:
5 hallmark signs
Gold articles should have all 5 hallmarks that showcase the purity of gold. These include the BIS log, Hallmarking centre's name or log, the manufacturer's logo, hallmarking month, and the HUID (hallmark Unique Identification) number.
You should always ask for a copy of the authenticity certificate that proves the purchased gold item has passed the professional test. Another way to ensure authenticity is buying gold from an old, trusted brand with on-premise certified gemologists.
You should pay attention to the making charges or wastages applied to the gold articles. Making charges indicate the current rate of gold; thus, it helps you to avoid paying unnecessary charges. These charges are included in the final cost of ornaments before GST (Goods and Services Tax) at a 3% rate.
In most gold ornaments, pieces of stone, like emeralds, diamonds, etc., are added, making them heavier. Most jewellers don't exclude the weight of such stones while weighing the purchased gold ornament. Thus, you might be paying a much higher price for the gold.
The number of gold buyers increases comparatively on certain occasions, such as Dhanteras. It pushes up the price of gold items. Thus, it's better to buy gold articles during the off-season at lower prices.
How many grams of gold is one 'tola?'
One 'tola' is equal to 10 grams of gold.
Which are the top jewellers in Chandigarh?
What hallmarks should I check for before buying gold in Chandigarh?
Which one should I prefer 22-karat or 24-karat gold?
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.