Last updated on: 8th Mar 2023 06:30 AM
The third densely-populated city of Punjab, Jalandhar, is home to India’s premier leather industry. The city is known globally for its finest leather raw materials for footwear, and accessories, among other things. A sports hub and a thriving cultural hub with historical landmarks, the city witnesses an influx of domestic and international travellers throughout the year.
It is also home to a flourishing gold jewellery market. Several earmarked gold shops are spread across the city. Hence, the local community in Jalandhar has several gold-buying and trading options.
Most Indian households have always considered gold a safe investment option. It acts as a hedge against inflation but, most importantly, signifies prosperity. Hence, the demand for gold peaks during festivities when people buy it in large quantities.
So, are you looking to invest in gold in Jalandhar? Here are insights that will help you make an informed decision.
The Goods and Services Tax (GST) has increased gold rates in Jalandhar.
Before GST came into effect, the tax structure on gold prices was - 10 % import duty, 1.2 % value-added tax, and 1 % customs duty.
However, after GST implementation, 3% GST and 12.5% basic import duty are imposed on the gold price, thus increasing gold prices in Jalandhar.
In addition, Jalandhar-based gold buyers must also pay 5-35% making charges depending upon the seller, which leads to an overall increase in the gold rates.
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹553.90 -1.00 (-0.18%) | ₹553.90 0.00 (0.00%) |
8 grams | ₹4,431.20 -8.00 (-0.18%) | ₹4,431.20 0.00 (0.00%) |
10 grams | ₹5,539.00 -10.00 (-0.18%) | ₹5,539.00 0.00 (0.00%) |
100 grams | ₹55,390.00 -100.00 (-0.18%) | ₹55,390.00 0.00 (0.00%) |
Since Jalandhar is an industrial belt, gold investment is of considerable interest across most households. There is also considerable interest in gold investment when it comes to buying physical gold. These include jewellery and bullion (gold coins and bars). Traditionally, the people of Jalandhar are known to buy gold jewellery during weddings and festive occasions.
Now, digital gold, gold ETFs, gold mutual funds, and sovereign gold bonds have become popular options. A person can start investing in these options at no extra cost other than 3% GST, and there is no risk of theft or storage-related issues. Buying and selling digital gold online is secure and transparent, making it a viable option for those who want to begin investing. An added advantage is that you can sell back gold digitally to the platform you bought it from.
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹5,539.00 0.00 (0.00%) | ₹5,077.60 0.00 (0.00%) |
08 Mar 2023 | ₹5,539.00 -10.00 (-0.18%) | ₹5,077.60 -9.17 (-0.15%) |
07 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
06 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
05 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
04 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
03 Mar 2023 | ₹5,549.00 15.00 (0.27%) | ₹5,086.77 13.75 (0.23%) |
02 Mar 2023 | ₹5,534.00 16.00 (0.29%) | ₹5,073.02 14.67 (0.24%) |
01 Mar 2023 | ₹5,518.00 11.00 (0.20%) | ₹5,058.35 10.08 (0.17%) |
28 Feb 2023 | ₹5,507.00 -16.00 (-0.29%) | ₹5,048.27 -14.67 (-0.24%) |
The World Gold Council classified gold based on purity levels. 24-Karat gold is gold in its purest form, containing 99.9% purity. In contrast, 22-Karat gold has 91.6% gold. Essentially, it combines gold with other metals to ensure durability. 916 hallmarked gold denotes the 22-Karat variant. It is a mark of authenticity and purity.
The Bureau of Indian Standards (BSI) hallmarks gold in India and thus guarantees its purity level. However, only some people are aware of this aspect while buying gold.
When you go shopping for gold, make sure that you look out for the BSI logo, the year of manufacture, and the numbers ‘916’ at the end.
Remember that 916 hallmarked 22-Karat gold rates can differ from one city to another.
Which one should we prefer - a gold loan or a personal loan?
Gold loans are better than personal loans. For a personal loan, you need to provide supporting documents like proof of income and a guarantor. Your background and data are verified. It takes time.
You just need to present the gold as collateral for a gold loan. If one is unable to repay the loan, the bank takes the collateral. The process does not take more than a few hours.
Which are the top gold jewellers in Jalandhar?
How many grams of gold is one 'tola?'
Which one should I buy? 24-Karat or 22-Karat?
Which are the different gold investment options apart from physical gold?
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.