Gold rate in Haridwar

Haridwar (also spelled ‘Hardwar’) is a city located in the state of Uttarakhand, and it is known for its religious importance and scenic beauty. It sits on the right bank of the sacred river Ganga. Devotees go to this place to take a dip in the holy river to cleanse their sins. In Hindu mythology, Haridwar means “The gateway to the Kingdom of Gods” because the Gods are said to have left their footprints here. Located at the foothills of the Shivalik range of the Himalayas, Haridwar is one of the seven holy cities of India.

The price of gold in Haridwar depends on several factors, including international gold prices, the currency exchange rate, and local taxes. As many travellers come to Haridwar to visit the Char Dhams, the city also has several gold shops where you can buy jewellery and other items.

People in Haridwar believe that gold is a very auspicious metal and is often given as a gift on special occasions such as weddings and births. Gold is also used in religious ceremonies, and many temples in the city have gold-plated roofs and doors.

Factors Affecting the Gold Prices in Haridwar

Gold is a metal that is affected by a number of factors, both international and domestic. Some of the most important factors influencing the gold rate in Haridwar include: - 

International Gold Prices

One factor affecting gold's price is the global market. Gold is traded in US dollars, so when the US dollar value goes up, gold costs go down, and vice versa.

Local Taxes

The government of India imposes a 12.5% import duty on gold. A 2.5% of agriculture cess is also levied on the precious metal. So, when gold is imported into the country, these taxes are added to the price.

Supply and Demand

If the demand is greater than the supply, the cost of gold will go up. Conversely, if there is more supply than demand, the price of gold will go down.

Inflation

Inflation is also one of the essential factors influencing gold rates in Haridwar. When inflation is high, the prices of all goods and services go up, including the cost of gold.

Indian Rupee value

The rupee-dollar equation affects India's gold price. Physical gold is mostly imported, so if the rupee weakens against the dollar, the price of gold will rise in rupee terms. As a result, India's demand for gold may be affected by the depreciation of the Indian rupee.

22 karat vs 24 karat gold - Which to buy?

In India, gold is bought in two purity forms, 22 karats and 24 karats. People often need clarification about which to buy because both have their own pros and cons. Here is a quick guide that will help you understand both their features, so you can make an informed decision on which one to buy:

22 Karat Gold

More durable than 24K gold and is suited for jewellery making - It is the purest form of ornamental gold in India. - Jewellery and coins are made from it.

24 Karats Gold

It is the purest form of gold with the highest purity. - It is a great option if you wish to invest in physical gold. - Pure gold 24k is used in medical and electrical devices.

Keep in mind that both forms of gold are equally valuable. The choice between the two ultimately comes down to personal preference. Consider your budget, needs and preferences before making a decision.

How does GST impact gold rates in Haridwar?

The Goods and Services Tax (GST) is a tax levied on the sale of goods and services in India. The GST rate on gold and other precious metals is 3%. This means that when you buy gold in Haridwar, you will have to pay an additional 3% GST charge. In India, gold buyers are subject to a 12.5% import duty, 3% GST, and an extra 5% making charges as of now.