Gold Rate Today in Kollam
Last updated on: 8th Mar 2023 06:30 AM
Kollam is an ancient seaport and one of the finest cities on the Malabar Coast of Kerala. It is renowned for cashew processing and coir manufacturing. Formerly known as Quilon, this city is also a popular tourist destination. Just like other cities in Kerala, the people of Kollam are also fond of gold. It is a tradition in Kerala for the bride to be covered in gold during her wedding. Thus, there is a decent demand for this metal in the city.
Gold Rate Comparison - 22K vs 24K
Who Decides the Gold Rates in Kollam?
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Kollam. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.
Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.
Today's 22K & 24K Gold Rates Per Gram in Kollam
| Gram | Yesterday | Today |
|---|---|---|
| 1 gram | ₹542.30 -1.10 (-0.20%) | ₹542.30 0.00 (0.00%) |
| 8 grams | ₹4,338.40 -8.80 (-0.20%) | ₹4,338.40 0.00 (0.00%) |
| 10 grams | ₹5,423.00 -11.00 (-0.20%) | ₹5,423.00 0.00 (0.00%) |
| 100 grams | ₹54,230.00 -110.00 (-0.20%) | ₹54,230.00 0.00 (0.00%) |
Gold vs. FD
Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.
On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.
Historical Gold Rate in Kollam for Last 10 Days
| Day | 24K Gold | 22K Gold |
|---|---|---|
| 09 Mar 2023 | ₹5,423.00 0.00 (0.00%) | ₹4,971.26 0.00 (0.00%) |
| 08 Mar 2023 | ₹5,423.00 -11.00 (-0.20%) | ₹4,971.26 -10.08 (-0.17%) |
| 07 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
| 06 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
| 05 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
| 04 Mar 2023 | ₹5,434.00 0.00 (0.00%) | ₹4,981.35 0.00 (0.00%) |
| 03 Mar 2023 | ₹5,434.00 16.00 (0.29%) | ₹4,981.35 14.67 (0.25%) |
| 02 Mar 2023 | ₹5,418.00 16.00 (0.30%) | ₹4,966.68 14.67 (0.25%) |
| 01 Mar 2023 | ₹5,402.00 10.00 (0.19%) | ₹4,952.01 9.17 (0.16%) |
| 28 Feb 2023 | ₹5,392.00 -16.00 (-0.30%) | ₹4,942.85 -14.67 (-0.25%) |
How is the Purity of Gold Evaluated in Kollam?
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.
BIS Mark
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
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.
Jewellers Identification Mark
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.
How is the Purity of Gold Determined?
Karat is the unit used to measure the purity of gold. 24-karat is the purest form of gold. This means that gold isn't mixed with any other metal or alloy.
Below is a list of the different purity levels of gold -
- 8-karat: 33.3% purity
- 10-karat: 41.7% purity
- 12-karat: 50% purity
- 14-karat: 58.5% purity
- 18-karat: 75% purity
- 22-karat: 91.6% purity
- 24-karat: 99.9% purity
Note: The purity level of gold is not a sign of its strength or durability; it just reflects the ratio of pure gold mixed with other metals (like silver, zinc, copper, etc.). The higher the purity level of the gold item, the more the price.
Investing in Gold versus Other Investment Options Assets
Physical gold has been considered a reliable investment for several years. Let us look at whether it is better than other asset classes.
- Property: If you invest in real estate, you must maintain it. While it is a safe option, you must consider the costs of upkeep and maintenance of the property after purchase.
- Stocks: Market volatility is riskier with stocks. While these options are tempting for many investors, tracking them daily and their overall unpredictability is a bit stressful.
- Banks: Although keeping your money in the bank is a safe option, investing in gold can fetch you better returns, particularly during financial uncertainties. The savings account interest may not get the profits gold assets can.
What are the Factors Affecting Gold Rates in Kollam?
The gold rates in Kollam may not remain the same on all days. They may also not match the rates in other cities of the country. There are several reasons for the difference.
- The making charges on ornaments depend on the jeweller from whom you purchase gold items. But these charges can vary from jeweller to jeweller. For example, a reputed brand may charge higher making charges than many local jewellery shops.
- The duties and taxes levied on gold imports can also cause an increase or decrease in the gold rates. Currently, 15% of import duty is taxed on all gold purchases.
- If gold is transported to Kollam from elsewhere, the transportation cost gets added to the overall price of gold.
- The dollar-rupee ratio also impacts the gold rates. If the value of the US dollar rises against the value of the Indian rupee, gold rates in the city tend to go up.
- The economic situation of the state impacts gold rates in the city. Furthermore, the state government may levy additional taxes on gold purchases.
What is the Impact of Goods and Services Tax (GST) on Gold Rate in Kollam?
Whether you purchase gold bars, coins or jewellery, you must pay a 3% GST charge in Kollam, as is the case in the rest of the country. Under the GST regime, you also need to pay a 5% tax on the making charges of converting raw gold into jewellery.
Even when you sell gold, you need to pay GST. However, this clause is not applicable if you purchase gold jewellery against the gold you have sold.
FAQs of Gold Rate in Kollam
What should I purchase - gold bars or gold coins?
Investing in gold bars is a good idea as you can accurately derive the live spot price for the same. On the other hand, gold coins demand a premium over the spot price. As a result, they are expensive.
What does one tola mean?
Should I invest in 22K or 24K gold?
Sovereign Gold Bond
2.5% p.a. + Gold price increase
- RBI issued bonds
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- Tax exempted when held till maturity
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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.