Gold Rate Today in Durgapur
Last updated on: 8th Mar 2023
Durgapur, known as the “Ruhr of India” and “The Steel Capital of East India”, is an industrial hub in West Bengal. Compared to other towns in the area, this tier-II city is heavily industrialised and home to the sole dry dock in eastern India. Being a thriving industrial hub with tremendous job opportunities makes this an affluent region. As a result, the city has a high demand for precious metals like gold.
Gold is valued and associated with good fortune in Indian homes. Besides having cultural value, it is a great investment option. For these reasons, gold is purchased in large amounts across the nation.
However, before buying gold in Durgapur, you must know that gold’s rate fluctuates based on demand and supply, government policies, inflation, etc.
Gold Rate Comparison - 22K vs 24K
How Does GST Impact Gold Rates in Durgapur?
GST implementation in India has increased the rate of gold in Durgapur. The previous tax regime imposed a 10.0% import duty, 1.0% sales tax, and 1% value-added tax (VAT).
Post-GST, the import duty is 12.5% with a 3% GST on the gold’s price and an additional 5% GST on making charges.
Today's 22K & 24K Gold Rates Per Gram in Durgapur
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹5,586.00 -11 (0.20%) | ₹5,586.00 0 (0.00%) |
8 grams | ₹44,688.00 -88 (0.20%) | ₹44,688.00 0 (0.00%) |
10 grams | ₹55,860.00 -110 (0.20%) | ₹55,860.00 0 (0.00%) |
100 grams | ₹5,58,600.00 -1100 (0.20%) | ₹5,58,600.00 0 (0.00%) |
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹5,586.00 -11 (0.20%) | ₹5,586.00 0 (0.00%) |
8 grams | ₹44,688.00 -88 (0.20%) | ₹44,688.00 0 (0.00%) |
10 grams | ₹55,860.00 -110 (0.20%) | ₹55,860.00 0 (0.00%) |
100 grams | ₹5,58,600.00 -1100 (0.20%) | ₹5,58,600.00 0 (0.00%) |
Things to Check When Buying Gold in Durgapur?
You must check the following things before buying gold in Durgapur:
- You must ensure that the gold you are buying is pure. 24 karat is considered the purest gold form but unsuited for jewellery making. Other metals such as silver, copper and nickel are added in small quantities to pure gold to form gold alloys that can be shaped into jewellery.
In India, 22-karat gold is most commonly used in jewellery, followed by 18-karat and 14-karat gold. Hallmarked gold will indicate the purity level of the gold you buy. - Be aware that not only do gold prices fluctuate daily but they also differ based on your location. So, before buying gold, check the price of gold in your city.
- One more essential thing to note is that the price quoted on websites differs from the final price offered as making charges also apply. Negotiate on the making charges to buy gold at the ideal price.
How is Gold Purity Determined in Durgapur?
In Durgapur, the hallmark serves as a gauge of the quality of the gold. The Bureau of Indian Standards (BIS) hallmarks gold in India. Gold with a 916 hallmark is 22-Karat gold.
It is essential to verify the hallmark before buying gold since it ensures the quality and purity of the metal. So, start by looking for the BIS logo, then the manufacture year, and finally, see whether the hallmark is mentioned.
Take a look at the purity grade of gold below:
- 958 Corresponds to 23 Carat
- 916 Corresponds to 22 Carat
- 875 Corresponds to 21 Carat
- 750 Corresponds to 18 Carat
- 585 Corresponds to 14 Carat
- 375 Corresponds to 9 Carat
Historical Gold Rate in Durgapur for Last 10 Days
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹55,860.00 0 (0.00%) | ₹51,206.86 0 (0.00%) |
08 Mar 2023 | ₹55,860.00 -110 (0.20%) | ₹51,206.86 -100.84 (0.17%) |
07 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
06 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
05 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
04 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
03 Mar 2023 | ₹55,970.00 +160 (0.29%) | ₹51,307.70 +146.67 (0.24%) |
02 Mar 2023 | ₹55,810.00 +160 (0.29%) | ₹51,161.03 +146.67 (0.24%) |
01 Mar 2023 | ₹55,650.00 +100 (0.18%) | ₹51,014.35 +91.67 (0.15%) |
28 Feb 2023 | ₹55,550.00 -150 (0.27%) | ₹50,922.68 -137.50 (0.23%) |
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹55,860.00 0 (0.00%) | ₹51,206.86 0 (0.00%) |
08 Mar 2023 | ₹55,860.00 -110 (0.20%) | ₹51,206.86 -100.84 (0.17%) |
07 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
06 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
05 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
04 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
03 Mar 2023 | ₹55,970.00 +160 (0.29%) | ₹51,307.70 +146.67 (0.24%) |
02 Mar 2023 | ₹55,810.00 +160 (0.29%) | ₹51,161.03 +146.67 (0.24%) |
01 Mar 2023 | ₹55,650.00 +100 (0.18%) | ₹51,014.35 +91.67 (0.15%) |
28 Feb 2023 | ₹55,550.00 -150 (0.27%) | ₹50,922.68 -137.50 (0.23%) |
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹55,860.00 0 (0.00%) | ₹51,206.86 0 (0.00%) |
08 Mar 2023 | ₹55,860.00 -110 (0.20%) | ₹51,206.86 -100.84 (0.17%) |
07 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
06 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
05 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
04 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
03 Mar 2023 | ₹55,970.00 +160 (0.29%) | ₹51,307.70 +146.67 (0.24%) |
02 Mar 2023 | ₹55,810.00 +160 (0.29%) | ₹51,161.03 +146.67 (0.24%) |
01 Mar 2023 | ₹55,650.00 +100 (0.18%) | ₹51,014.35 +91.67 (0.15%) |
28 Feb 2023 | ₹55,550.00 -150 (0.27%) | ₹50,922.68 -137.50 (0.23%) |
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹55,860.00 0 (0.00%) | ₹51,206.86 0 (0.00%) |
08 Mar 2023 | ₹55,860.00 -110 (0.20%) | ₹51,206.86 -100.84 (0.17%) |
07 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
06 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
05 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
04 Mar 2023 | ₹55,970.00 0 (0.00%) | ₹51,307.70 0 (0.00%) |
03 Mar 2023 | ₹55,970.00 +160 (0.29%) | ₹51,307.70 +146.67 (0.24%) |
02 Mar 2023 | ₹55,810.00 +160 (0.29%) | ₹51,161.03 +146.67 (0.24%) |
01 Mar 2023 | ₹55,650.00 +100 (0.18%) | ₹51,014.35 +91.67 (0.15%) |
28 Feb 2023 | ₹55,550.00 -150 (0.27%) | ₹50,922.68 -137.50 (0.23%) |
Investment Options for Gold in Durgapur
Apart from purchasing physical gold, there are other ways to buy gold in Durgapur. Buying gold in its physical form has been the most conventional choice. Other, more recent investment options include buying paper gold. It is essentially a catchphrase for all gold-related assets that represent gold's price but not physical gold. One prominent example of paper gold is the Sovereign Gold Bond. SGBs, as it is commonly called, are government securities valued in grams of gold.
Gold Exchange Traded Funds and gold mutual funds are other options in the paper gold category. An exchange-traded fund (ETF) that tracks the domestic physical gold price is known as a gold ETF. They are passive investment tools that invest in gold bullion and are based on gold prices.
In a nutshell, Gold ETFs are securities that represent physical gold, either in the form of paper or in a dematerialized form. Gold mutual funds are a kind of mutual fund that invests directly or indirectly in gold reserves. The most common types of investments are in the stocks of mining companies, physical gold, and syndicates that produce and distribute gold.
If you are tech-savvy and want to start investing in gold with as little as Re. 1, try digital gold. Offered by a select few online platforms in India, digital gold is simply gold bought online. Besides allowing you to invest in 24-karat gold, the platforms also store the gold on your behalf.
Factors Affecting Gold Prices in Durgapur
- Demand and Supply: As demand rises, gold prices in Durgapur increase. This pattern is particularly seen during festivals and wedding seasons. Similarly, if the supply of gold is more than its demand, gold's price will fall.
- Inflation: The price of gold typically changes in direct proportion to inflation, meaning that higher levels of inflation typically cause high gold prices because the value of money decreases.
This is due to the fact that during times of inflation, people usually prefer to hold wealth in the form of gold, as gold's value is thought to be stable over the long term, increasing demand. As a result, gold also serves as a tool for inflation hedging. - Interest Rates: The relationship between interest rates on fixed deposits (FDs) and gold prices in Durgapur is inverse. So, when the interest rate increases, the gold rate decreases because people tend to invest in FDs to earn good profits, reducing the demand for gold.
- Currency Fluctuations: Globally, gold is traded in US Dollars (USD). Therefore, any change in the value of USD vis-a-vis the Indian Rupee affects gold rates in Durgapur.
- Taxes and Import Duties: A customs duty is charged on gold shipments in India. As a result, when government policies increase customs duty, the market price of gold is affected. In addition, distribution expenses, municipal taxes, GST and other taxes affect the price of gold.
FAQs of Gold Rate in Durgapur
Are 22 Karat and 24 Karat gold rates different in Durgapur?
Yes, 24 Karat is gold in its purest form. But it is too soft for use. Hence, metals like zinc are added to strengthen it. The gold thus created is the 22 Karat variant. While 24 Karat is 99.9% pure, 22 Karat typically consists of around 91% pure gold. As a result, 24 Karat gold costs more than 22 Karat gold.
What is Hallmark gold?
Is there a tax on gold purchases in Durgapur?
What causes the gold price in Durgapur to fluctuate so much?
Sovereign Gold Bond
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₹55,860 / 10gm
Last updated on: 8th Mar 2023