Gold rate in Firozabad
gold rate in firozabad

24K Gold/ 10gm
56,440.00
0.00(0.00%)
22K Gold/ 10gm
53,750.00
0.00(0.00%)

Last updated on: 29th Jan 2023 9:00 AM

Known as India's 'Glass Capital,' Firozabad is famous for traditional glass bangles. Located in Uttar Pradesh, near Agra, the city is also one of India's highest gold consumers. During the early 1990s, pure gold was used to weave saris and kurtas in Firozabad that were famous worldwide. Firozabad is one of the most important commercial hubs in Uttar Pradesh.

Residents purchase gold and gold jewellery on the auspicious festivals. The city is known for its intricate designs of gold jewellery, coins, and bars. People invest in physical gold and gold mutual funds.

22K & 24K Gold Rates Per Gram in Firozabad

24K
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GramYesterdayToday
1gm
5,644.00
0.00 (0.00%)
5,644.00
0.00 (0.00%)
8gm
45,152.00
0.00 (0.00%)
45,152.00
0.00 (0.00%)
10gm
56,440.00
0.00 (0.00%)
56,440.00
0.00 (0.00%)
100gm
5,64,400.00
0.00 (0.00%)
5,64,400.00
0.00 (0.00%)

Comparison Between 24K and 22K Gold

Although carat and karat are often used interchangeably, these are two separate things. Carat is a unit of weight commonly used to measure the size of gemstones such as diamonds. Karat is a measure of the proportion of gold in an alloy of 24 parts.

24-karat gold is the purest, with 99.9% gold. 22-karat gold, on the other hand, has 91.7% gold, and the balance consists of copper, zinc, and other metals. So, 24-karat gold implies that all parts are gold. 22-karat gold means that 22 of the 24 parts are gold, and the remaining two could be a combination of other metals. When purchasing a 24-karat gold bar or coin, it is advisable to buy one with a hallmark certification to confirm its purity.

If you want to purchase gold as an investment, then a 24-karat gold bar or coin would be the better option. Similarly, if you wish to buy gold jewellery, 22-karat gold would be ideal since it can withstand frequent usage.

Gold Schemes to Invest In Firozabad

Here are some ways to invest in Firozabad.

  • Physical Gold: The traditional way of purchasing gold involves coins, bars, bullion, and jewellery.
  • Sovereign Gold Bonds(SGBs): Sovereign Gold Bonds are issued by the RBI on behalf of the Government of India. One bond represents 1 gram of the precious metal. You can invest in as little as 1 gram and as much as 4 kg of gold.
  • Gold Exchange Traded Funds (ETFs) - This is a form of digital gold that you can invest in through the Stock Exchange and banks. One gold ETF unit is equivalent to 1 gram of gold and is backed by pure physical gold. ETFs are safe and hassle-free since everything in this method is electronic.
  • Gold Accumulation Plan: Under this plan, you deposit a fixed amount for a specified period. When the plan matures, you can opt for gold coins or jewellery in exchange for your investment.

How is the Purity of Gold Evaluated in Firozabad?

Gold is valuable only in its pure form. The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. As per BIS, one must consider the following factors when buying gold.

  1. BIS Mark
    Jewellery hallmarked by BIS carries a BIS logo on it. Since BIS happens to be the only authorised laboratory in India for gold certification, the presence of this logo is mandatory.
  2. Karat
    Karat is a scale that measures gold's purity. While 24-karat gold is the purest form, it is malleable and thus too soft to make jewellery. Hence, other metals such as zinc, copper, and nickel are added, and the gold available in the market is often 22-karat. 
  3. Jewellers Identification Mark
    The gold you buy should ideally also carry an identification mark by an authorised jeweller. It helps ensure that the gold comes from a credible source. The mark can also be helpful in the case of any future disputes.

Impact of GST / Central Bank Policies on Gold Rate in Firozabad

The Reserve Bank of India (RBI) controls the money supply, oversees the currency and monetary policies, defines interest rates, and manages inflation. The RBI buys gold as a hedge against the US dollar. India's currency is strong when it holds more physical gold.

The Goods and Services Tax (GST) is levied on selling goods and services in India. The GST rate for gold jewellery is 3%. This means that the price of gold jewellery in Firozabad and other cities is higher by 3% after GST was implemented. The GST is also likely to impact the prices of different forms of gold, such as coins and bars.

Historical gold rates in Firozabad in last 10 days

1 gram
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Day24K Gold22K Gold
30 Jan 2023
5,644.00
0.00 (0.00%)
5,375.00
0.00 (0.00%)
29 Jan 2023
5,644.00
0.00 (0.00%)
5,375.00
0.00 (0.00%)
28 Jan 2023
5,644.00
16.00 (0.29%)
5,375.00
15.00 (0.28%)
27 Jan 2023
5,628.00
-63.00 (-1.10%)
5,360.00
-60.00 (-1.10%)
26 Jan 2023
5,691.00
42.00 (0.75%)
5,420.00
40.00 (0.75%)
25 Jan 2023
5,649.00
0.00 (0.00%)
5,380.00
0.00 (0.00%)
24 Jan 2023
5,649.00
37.00 (0.66%)
5,380.00
35.00 (0.66%)
23 Jan 2023
5,612.00
10.00 (0.18%)
5,345.00
10.00 (0.19%)
22 Jan 2023
5,602.00
0.00 (0.00%)
5,335.00
0.00 (0.00%)
21 Jan 2023
5,602.00
-10.00 (-0.17%)
5,335.00
-10.00 (-0.18%)

Who Decides the Gold Rates in Firozabad?

The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Firozabad. 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.

Weekly & monthly gold rate in Firozabad
1 gram
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7 Days
30 Days
3 Months
6 Months
24K GOLD
22K GOLD

Gold vs. FD

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.

Trend of Gold rates in Firozabad

1 gram
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Day24K Gold22K Gold
01 January 202354295170
30 January 202356445375
Highest56915420
Lowest54025145

How is the Purity of Gold Evaluated in Firozabad?

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.

  1. BIS Mark

    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.

  2. Karat

    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.

  3. Jewellers Identification Mark

    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.

FAQs of Gold price in Firozabad

What is the percentage of import duty tax on gold in Firozabad and other cities?

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Is the price of gold in Firozabad the same as in the rest of the cities and towns in India?

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How many grams of gold are present in one 'tola' of gold?

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What is 916 gold?

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