Last updated on: 3th Feb 2023 10:00 AM
A historical part of the Hijli Kingdom, Kharagpur is a major industrial city in West Bengal. It is a town with great mythological importance, with its name also derived from the name of the Old Shiva temple called “Khargeswar”. Lying South of the Kasai river, it is a hub of industries like silk, chemicals, shoes, steel, etc.
Moreover, gold jewellers often rush to West Bengal for skilled jewellery artisans during the wedding season. Thus, West Bengal and Kharagpur are known for their gold market. The women of Kharagpur also love to wear gold during Durga Puja. Moreover, the city has enormous jewellery stores. Due to all these factors, the demand for gold remains high throughout the year, but the gold price is subject to changes.
So, if you plan to invest in gold, it is important to know the current gold rates.
Gold prices are influenced primarily by demand, supply, government duties, and taxes. Even minor changes in global gold prices can affect Indian rates.
Several factors influence gold prices in Kharagpur. While some are universal throughout India, others are unique to Kharagpur. Some of the factors influencing gold prices in Kharagpur are as follows:
Demand and supply affect an economy. There should be a balance between both. The gold rate is affected by demand and supply. High demand and low supply will increase prices, and low demand and high supply will decrease prices.
The Reserve Bank of India holds the gold reserves on behalf of the government of India. The prices of gold fluctuate based upon the quantity and price of gold traded by the government. If the government trades it at a higher price, the rate of gold will also increase and vice versa.
A strong US dollar lowers gold prices because people invest in the currency rather than the commodity. On the other hand, banks prefer to invest in gold as the US dollar depreciates over time. The goal of investing in gold is to protect against potential risks as the value of gold rises due to increased demand. Similarly, when the US dollar appreciates, people prefer to invest in it rather than gold. Because of the decrease in gold demand, the price of the metal falls.
The government charges some amount when any product is imported, known as import duty. Since India is the second-largest consumer of gold, it has to import gold to meet the demand. The import duties affect the daily selling price due to the high demand for gold in Kharagpur. When the import duty is higher, the price of gold will also increase.
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|31 Jan 2023|
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Gold is a valuable metal and quite expensive. Therefore before buying gold, you must consider the following things:
Gold ornaments and jewellery come in different colours, such as yellow, rose, and white. Jewellers often demand a high price for adding the tint of colour. Thus, it is important to analyse different sellers and check the price.
The gold rates fluctuate daily. Therefore, the current gold rate has to be checked before buying. Further, you should check the rates for 22-karat gold, and 18-karat gold has to be checked per gram before making a purchase.
The cost of producing jewellery or ornament out of gold is known as making charges. The making charges can be 15% to 20% additional to the price of gold. You must compare the making charges of the jewellers and select the one that has the minimum charges to save money.
The Bureau of Indian Standards (BIS) determines the purity of the gold. There is also a hallmark for the authenticity of the jewellery. Therefore, opt for certified jewellery.
The purity of gold is measured in Karat. It is categorised as 24, 22, 10, and 14 karats. The purest gold piece is a 24 Karat gold piece. It is made of 99.9 per cent gold without any mixture of alloys. Jewellery is not made of 24K gold because it is very soft and ranges from 22 karats to 10 karats of gold. Additionally, percentages and parts per thousand can be used to determine the purity of gold.
The purity of gold can be understood as follows:
Another way to examine the purity of the jewellery is to check the karat stamp. Marking the jewellery with Hall Mark is mandatory.
The Indian Bullion Association assesses the rates of gold and purity in Kharagpur. All gold dealers are required to embody the hallmark symbol in their products. You should check whether the Bureau of Indian Standards has licensed the hallmark on their website.
|Day||24K Gold||22K Gold|
|01 February 2023||5702||5430|
|05 February 2023||0||0|
Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.
The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.
Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.
Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.
The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.
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