Gold rate in Gurgaon

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.

Factors Affecting Gold Prices in Gurgaon

Supply and Demand

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.

US dollar exchange rate

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.

Governmental rules

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.

Inflation

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.

Interesting Facts on Gold in Gurgaon (Gurugram)

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:

• Alukkas
• B.C. Sen Jewellers
• Hazoorilal
• Bholasons
• Bishandayal Cuttackwala

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. 

24K and 22K Gold Purity

24-karat and 22-karat gold define the different purity levels of gold. 

• 22K gold has 91.67% pure gold, and the remaining 8.33% consists of a mixture of metals (silver, zinc, nickel, copper, etc.). 22-karat gold is also called 916 purity or 916 gold. 
• 24K gold has 99.99% pure gold and no impurity. 24K gold is mostly used in gold bars, coins, and medical/electronic devices. 22K gold is the preferred choice of gold jewellery in Gurgaon. 

How is the Purity of Gold Evaluated in Gurgaon?

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:

• 24K – 99.9% (999)
• 22K – 91.7% (917)
• 20K – 83.3% (833)
• 18K – 75.0% (750)
• 14K – 58.3% (583)
• 10K – 41.7% (417)

Taxes on Gold in Gurgaon

The following taxes are assessed in Gurgaon on the purchase of gold:

1. Customs Duty: 12.5%
2. Agriculture Infrastructure and Development Cess (AIDC): 2.5%
3. Social Welfare Surcharge: 10% of Customs Duty
4. Goods and Services Tax (GST): 3%