Gold Rate Today in Mohali

Mohali, a city in the Indian state of Punjab, is a bustling hub of economic activity and a rapidly growing city. As a result, it offers a wide range of investment opportunities, including gold. Whether you're looking to purchase physical gold in the form of coins, bars, or jewelry, or invest in gold-based financial products like exchange-traded funds (ETFs) or mining stocks, Mohali has options to meet your needs.

In this blog, we'll take a closer look at the gold investment options available in Mohali, examining the advantages and disadvantages of each to help you make an informed decision about the best investment strategy for your financial goals.

How many grams of gold are present in one 'tola' of gold?

10 grams of gold are present in one 'tola' of gold. Tola is a term that was used to measure gold by Ancient Indians and South Asians.

How are Gold Rates Decided in Mohali?

Gold rates in Mohali are mainly decided by The Indian Bullion Jewellers Association, also known as IBJA. IBJA determines the gold rates on a day-to-day basis. IBJA has all major gold dealers from across India as its members. They decide the gold rates after analyzing all major factors which play a vital role in gold price determination. 

22 karats vs 24 karats gold - Which to buy?

Generally, people confuse themselves about which form of gold to buy. Mohali's two major forms of gold are 22 karats and 24 karats. While making a sound purchase, you must carefully look at the following factors:

• Purity: 22 karat gold is 91% pure gold, with the remaining 9% as other metals such as copper, silver, zinc, etc. While 24 karat gold is 99.9% pure gold.
• Durability: It is known that 22-karat gold is more durable compared to 24-karat gold. It is because 24-karat gold is very soft to resist wear and tear. The presence of other metals in 22-karat gold helps to make the jewellery more durable.
• Price: 24-karat gold is more costly than 22-karat gold owing to the higher content of gold in the former. 

Impact of GST on Mohali Gold Prices

In 2017, the Goods and Services Tax (GST) went into effect. According to the regulation, a 3% GST would be charged on all kinds of gold purchases. Additionally, 5% GST is payable to the manufacturing costs associated with forming the gold into jewellery creations. Several factors impact the import duties on gold in India. These consist of:

• 12.5% customs duty.
• Social Services Agriculture Infrastructure and Development Cess (AIDC): 2.5% plus a 10% customs duty surcharge.
• When all of these fees are paid, gold prices may increase dramatically.

What are the factors affecting Gold prices in Mohali?

Generally, gold prices in Mohali are dependent on the following factors:

• Supply: Gold is one of the natural resources abundant in a few countries and scarce in others. Gold prices in Mohali fluctuate with the changing trends in demand and supply. Usually, the demand for gold ornaments is peak high at times of festivals, mainly Dhanteras.
• International factors: As mentioned earlier, gold is not found proportionately and equally in all countries across the globe. Therefore, gold is imported into India as well. The import price of gold depends on various international factors such as war, international sanctions etc. The London bullion market decides the price of gold in the international market. With the increase in spot price by the London bullion market, the gold price in Mohali also increases.
• Inflation: With the high rate of inflation and decreasing value of the Rupee in the country, people tend to buy gold bars and gold ornaments as an investment option. The reason behind this is the high security and flexible liquidity of gold. However, with high inflation, gold prices get higher.
• Taxes and Import Duty: Usually, the base price of any product increases by the imposition of taxes and import duties on those products. Similarly, gold is also subject to Indian customs duty, local taxes, distribution costs, labour charges and GST. Accordingly, an increase in any of these factors pushes the price upward. The customs duty in India is 12.5%, the social welfare surcharge is 10% of Customs Duty, and there is also a 3% GST on top of all these taxes.