Gold Rate Imphal
Last updated on: 2nd Jun 2023 01:40 PM
Imphal, the capital of Manipur, is one of India's oldest cities. It is located 786 meters above sea level and is renowned for its beautiful scenery and lush vegetation. Manipur is home to several tribes, and Imphal serves as the state's cultural centre. The government systematically mapped Manipur's geology and found various minerals like chromite, limestone, nickel, malachite, azurite, copper and magnetite (PGE).
The country is one of the largest gold consumers globally, primarily using gold for jewellery and investment purposes. Unlike other countries that use gold for industrial purposes, gold in Imphal is primarily an investment vehicle.
Although gold is high in demand throughout the year, the demand for this precious metal increases during the wedding and festive seasons. While earlier investing in gold meant visiting a jeweller physically, nowadays, people can also invest in digital gold. There are plenty of options to choose from.
The implementation of the Goods and Services Tax (GST) raised the price of gold in Imphal. In the pre-GST era, buyers had to pay 1% customs duty and 1.2% value-added tax (VAT) when purchasing gold.
After the implementation of GST, you have to pay 3% GST on the price of gold and 5% GST on the making charges of the gold jewellery. So, the GST entails higher costs than customs duty and VAT put together.
Three types of import duties apply to gold imports to India -
Total import duty (excluding GST) is therefore around 15% (12.5 +2.5) + a minimal Social Welfare Surcharge of 10% of Custom Duty (not the gold price).
|Day||24K Gold||22K Gold|
|02 Jun 2023|
|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|
The gold rates vary depending on the purity of the gold. According to the World Gold Council, 24-karat gold is 99.99% pure, while 22-karat gold is 91.67% pure.
22-karat gold is also known as 916-hallmarked gold, owing to its purity of 91.6%. The Bureau of Indian Standards (BIS) carries out the hallmarking of gold jewellery.
Before buying gold, check for the hallmark to assess the gold's quality. You must look for the following hallmarks before purchasing a gold article -
There are two simple ways of determining the purity of gold at home:
Which is better - a gold loan or a personal loan?
A gold loan is better than a personal loan. For a personal loan, you need to give income proof, provide a guarantor, and undergo a background check, which can be time-consuming.
For a gold loan, you can keep gold as collateral. Gold is a security for banks, as they can seize the gold if you cannot repay the loan. This way, you can save time and avail a loan within a few hours.
How many grams of gold is one 'tola?'
Which one should I prefer - 22-karat gold or 24-karat gold?
What is the significant difference between a gold ETF and a gold mutual fund?
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.