Gold rate in Meerut

Meerut is an industrial city in western Uttar Pradesh. It is also known as the 'sports city of India.' This economically vibrant and populous city has become a significant hub of gold trade.

Many people in Meerut buy physical gold (usually gold ornaments, coins, biscuits or bars) from jewellery stores during the wedding and festive seasons. Its proximity to Delhi and high average income have made Meerut a prime centre for gold trade in Uttar Pradesh.

So, if you are looking to buy gold in Meerut, continue reading to learn about the per-gram gold price in this city for 24-karat and 22-karat gold. 

Why does the Gold Price in Meerut Keep Changing?

• The Rise in Local Demand for Gold
  Gold has special significance in the cultural and religious lives of several communities in Meerut. People in the city buy gold lavishly during weddings, auspicious ceremonies and festivals. That’s why the demand for gold during festive and wedding seasons shoots up significantly. As excess demand puts pressure on supply, the price of gold rises during festivities.
• International Factors
  Many factors affect the gold rate in this populous city. These include domestic demand, global policy changes (especially in the US), the currency exchange rate between Indian Rupee (₹) and US Dollar ($), uncertainty in the international market due to war, etc. 
• Economic Uncertainty
  As economic uncertainty rises, people in Meerut tend to withdraw their money from the equity market and invest in gold. This is mainly because gold is an excellent store of value, which protects the wealth of people in uncertain times.

How to Buy Gold in Meerut?

You can either buy physical gold in Meerut or explore other alternatives. 

Buy Physical Gold

Buying jewellery is the most popular mode to purchase gold in the city. Demand for gold jewellery spikes during wedding seasons. In Meerut, this season starts in October and continues till December. The next wedding season starts in February and continues till April.

Auspicious occasions like Dhanteras and Diwali are also peak seasons to buy physical gold. During these festivals, the demand for physical gold coins, gold biscuits and gold bars increases.

Buy Alternatives of Physical Gold

There are various alternatives to physical gold. If you want to invest in gold for investment purposes, you can buy sovereign gold bonds, gold savings schemes, gold ETFs (Exchange-Traded Funds), and gold mutual funds. 

How Does GST Impact Gold Rates in Meerut?

GST has increased the gold rate in Meerut. You have to pay 3% GST on the gold price, along with an import duty of 10%.

In the pre-GST tax regime, one was required to pay 1.2% VAT (Value Added Tax), 10% import duty, and 1% customs duty. When all these taxes and duties are combined, it equates to 12.2%.

However, in the GST regime, you have to pay 13% (3% GST + 12.5% import duty + Agriculture Infrastructure Development Cess).

Caution you Need to Exercise When Buying Gold in Meerut

When buying physical gold jewellery, coins, biscuits or bars in the city, you should keep these things in mind:

1. Always check the hallmark of the gold ornament you are buying from the jeweller. Also, don’t forget to check the logo of BIS (Bureau of Indian Standards), which authenticates the purity of the gold item.
2. You need to verify the identification mark or the number of the Meerut jeweller you are purchasing from. This will ensure that you always get the best quality gold. 
3. Keep a track of the gold rate in Meerut so that you can time the market and buy gold at the best price.