Last updated on: 3th Feb 2023 10:00 AM
Mysore, is one of the most beautiful cities in India, with a rich history rooted in art and culture. It boasts the beautiful Mysore Palace, which houses the famous Golden Throne. Made of solid gold, this throne weighs over 70 kg! It is open for public viewing during the Dasara celebrations at Mysore Palace.
Mysore is the third largest city in Karnataka. It gets the lion’s share of its business from IT and tourism. The heritage of the city draws in millions of tourists every year. The continuous influx provides an incentive to the traditional craft forms in Mysore and boosts the gold demand in the city.
Read ahead to learn about the current rates in the city, the factors that influence the gold rates and the best options for buying gold in Mysore.
Gram | Yesterday | Today |
---|---|---|
1gm | ₹5,749.00 0.00 (0.00%) | ₹5,749.00 0.00 (0.00%) |
8gm | ₹45,992.00 0.00 (0.00%) | ₹45,992.00 0.00 (0.00%) |
10gm | ₹57,490.00 0.00 (0.00%) | ₹57,490.00 0.00 (0.00%) |
100gm | ₹5,74,900.00 0.00 (0.00%) | ₹5,74,900.00 0.00 (0.00%) |
Day | 24K Gold | 22K Gold |
---|---|---|
04 Feb 2023 | ₹5,749.00 0.00 (0.00%) | ₹5,475.00 0.00 (0.00%) |
03 Feb 2023 | ₹5,749.00 0.00 (0.00%) | ₹5,475.00 0.00 (0.00%) |
02 Feb 2023 | ₹5,749.00 89.00 (1.58%) | ₹5,475.00 85.00 (1.58%) |
01 Feb 2023 | ₹5,660.00 27.00 (0.48%) | ₹5,390.00 25.00 (0.47%) |
31 Jan 2023 | ₹5,633.00 -16.00 (-0.28%) | ₹5,365.00 -15.00 (-0.27%) |
30 Jan 2023 | ₹5,649.00 0.00 (0.00%) | ₹5,380.00 0.00 (0.00%) |
29 Jan 2023 | ₹5,649.00 0.00 (0.00%) | ₹5,380.00 0.00 (0.00%) |
28 Jan 2023 | ₹5,649.00 16.00 (0.29%) | ₹5,380.00 15.00 (0.28%) |
27 Jan 2023 | ₹5,633.00 -63.00 (-1.10%) | ₹5,365.00 -60.00 (-1.10%) |
26 Jan 2023 | ₹5,696.00 42.00 (0.75%) | ₹5,425.00 40.00 (0.75%) |
There are two separate GST charges on gold that buyers of the precious metal must pay in Mysore. First, a 3% GST is levied on the price of gold. Secondly, the jeweller charges a 5% GST for gold ornaments on the making charges. Making charges refer to the cost of moulding raw gold into jewellery.
Three types of import duties are applicable on gold imports to India - Customs Duty (12.5%), Agriculture and Infra Tax (2.5%), and Social Welfare Surcharge (10% of Customs Duty).
Gold is trendy in Mysore. However, it should be noted that the popularity is in terms of gold jewellery or gold ornaments, not gold investments.
The concept of gold as a form of investment is still novel among many people. The fact that you can buy gold digitally or invest in a gold exchange-traded fund (ETF) is not as well-known as the value of gold ornaments. Most people would still opt for physical gold — be it gold coins or gold jewellery — to hold it as an investment asset.
There are several different options available for gold investments in Mysore -
Day | 24K Gold | 22K Gold |
---|---|---|
01 February 2023 | 5660 | 5390 |
05 February 2023 | 0 | 0 |
Highest | 5749 | 5475 |
Lowest | 5660 | 5390 |
916 hallmarked gold refers to 22-karat gold since 22-karat gold is 91.6% pure by volume.
In terms of investment, 24-karat gold is more popular. But when it comes to making jewellery, 22-karat gold is preferred. The trace metals in the alloy add to the gold's strength and durability and make it easier to mould into ornaments.
The 916 hallmark is provided by the Bureau of Indian Standards (BIS), which authenticates the gold's purity.
Where can I buy gold in Mysore?
What should I check before buying gold in Mysore?
Is 24K gold more expensive than 22K gold?
Do fixed deposit interest rates impact gold prices in Mysore?
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