Gold Rate Gurgaon
Last updated on: 1st Jun 2023 08:40 AM
Gurgaon (officially known as Gurugram) is a vibrant commercial hub, and it is located in Haryana. Gurgaon is a significant satellite city of Delhi and a part of the National Capital Region. Over two hundred fifty Fortune 500 companies have their local offices in Gurgaon. In terms of total wealth, it is one of the top ten cities in India. Gurgaon has the third highest per capita income in the country. It is located just 30 km (18.64 mi) away from New Delhi, the national capital.
After a couple of years of gloom due to COVID, Dhanteras in 2022 brought a celebratory mood among the gold traders in Gurugram. The main uses of gold in Gurgaon are for jewellery and investments, and the nation is one of the biggest metal consumers worldwide. In Gurgaon, gold is primarily used as a form of investment, in contrast to other countries where it is used for industrial purposes.
Particularly during periods of political or economic unpredictability, gold is widely regarded as a relatively safe investment. The cost of gold is relatively stable when there is peace, but it fluctuates when there is war. So, before you decide to buy gold, here is all the information you need to know about Gurgaon's gold rates.
Gurgaon has a mall dedicated solely to hallmarked gold. Drawing inspiration from Dubai’s gold souk, the Aerens Group built a multistoried Gold Souk Mall in Sushant Lok. This mall is spread across an area of 1.8 lakh sq ft. It was built in October 2004. Since then, it has become a go-to place for gold buyers to buy hallmarked gold jewellery in Gurugram. HUDA city and IFFCO Chowk are the nearest metro stations to this mall.
Some of the major brands that have opened their showrooms in Gurgaon’s Gold Souk Mall are:
Avenue Montaigne is the most visited floor in this mall. It houses around fifty leading Indian and international brands. Some of the leading ones include Cygnus, Sangini, Nakshatra, Asmi, Hammer Plus (Germany), Celeste (United Kingdom), etc.
The Goods and Services Tax (GST) was introduced in India in 2017. The GST on the value of gold is 3%, and the GST on the making charges of gold jewellery is 5%. The making charge is the cost of producing and designing each piece of gold jewellery you purchase.
Three types of import duties are applicable on gold imports to India - Customs Duty (12.5%), Agriculture and Infra Tax (2.5%), and Social Welfare Surcharge (10% of Customs Duty). Total import duty (excluding GST) is therefore around 15% (12.5 +2.5) + a minimal Social Welfare Surcharge of 10% of Customs Duty (not the gold price).
It is the jeweller associations that have a concrete say in the rates of gold in the particular city. In this case, The India Bullion Jewelers Association (IBJA) generally decides the gold prices in Gurgaon and other cities as well. Since IBJA are a group of jewellers from across the country, they have a huge weightage in gold-related decisions.
24-karat and 22-karat gold define the different purity levels of gold.
BIS (Bureau of Indian Standards) authorised laboratories assays and hallmarks purity of gold in Gurgaon. Check the BIS logo, jeweller logo, and Assaying and Hallmarking Centre’s mark in your gold jewellery before buying.
The following are some of the most popular karat marks, along with the corresponding percentages and parts-per-thousand values:
|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|
The following taxes are assessed in Gurgaon on the purchase of gold:
In Dehradun, the price of gold can vary depending on supply and demand. Like with most products, prices rise when there is a high demand but a limited supply. For instance, gold is particularly in demand during festivals. As a result, the cost of gold in Dehradun increases.
The US Dollar (USD) and gold move in opposition to one another. The dollar's value impacts gold rates because transactions involving gold and bullion are conducted in USD. The price of gold rises when the US dollar's value is weaker and falls when the dollar's value is stronger.
Rates for gold are affected by government regulations on taxes and duties. For instance, tax rates on gold have increased as a result of the implementation of the GST (3%). In addition, the tax levied by the regional administration affects the price of gold in Gurgaon.
The price of gold typically changes in direct proportion to the rate of inflation; thus, higher rates of inflation result in higher gold prices as a result of declining currency values. People typically prefer to keep their wealth in gold during inflation because it has a stable value over time, increasing demand for it. Gold is therefore regarded as a tool for hedging against inflation.
We all know India is an import dependant country. So, India imports huge quantities of gold to meet its national demand. Hence, import duty on gold plays an important role in setting the price of gold for the city in general. Higher import duty will attract higher gold prices and vice-versa.
Since India is one of the highest importers of gold, global prices play a crucial role in determining the price of gold. If the demand is high and supply falls short at the global level, then the price of gold is sure to rise. And this puts the trickle-down effect on other countries as well.
All the apex banks of a country keep a certain gold reserve in their treasure. This is done to ensure a stable financial condition. When RBI starts procuring and buying more gold in their reserves, the price of gold is sure to rise. Buyers must keep this in mind.
The gold rates in Gurgaon spike during auspicious festivals and wedding seasons since people rush to buy gold ornaments during such occasions.
Due to the expense of transporting the gold, port towns like Mumbai and Chennai typically have cheaper fees than cities such as Gurgaon, which are far from the port.
What are the best gold jewellery shops in Gurgaon?
Tanishq Jewellery (Gold Souk Mall), Kalyan Jewellers (Jmd Empire Square Mall), And Shri Ram Jewellers (Sadar Bazar Road) are some of the best gold jewellery showrooms in Gurgaon.
Which banks or finance companies provide the best gold loan rates in Gurgaon?
Is the price of gold the same throughout India?
What distinguishes gold exchange-traded funds from gold mutual funds?
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.