Gold rate in Panipat

Panipat is a city of great historical importance. It is the scene of the three most pivotal battles in Indian history. Today, Panipat is a textile hub. Businesses of all scales exist in the city, making it a thriving commercial centre. With trade and manufacturing as their main income source, the people of Panipat love investing in gold.

While gold is a sought-after investment throughout the year, the demand peaks during festive seasons. When the demand is high, the price of gold typically goes up. However, besides demand, other factors also impact gold rates in Panipat.

So, if you want to buy gold in Panipat, learn the current gold rates and understand the factors affecting them. Read on as we explore this and more!

Taxes on Gold Rates in Panipat

The taxes levied on the purchase of gold in Panipat are as follows:

1. Customs Duty: 12.5%
2. Agriculture Infrastructure and Development Cess (AIDC): 2.5%
3. Social Welfare Surcharge: 10% of Customs Duty.
4. Goods and Services Tax(GST): 3%

How is the Gold Rate in Panipat Determined?

You can find gold rates in Panipat online or in newspapers. Here are factors that affect and determine these rates, causing them to fluctuate:

• Demand
  Higher demand causes gold rates to go up. In India, this trend is particularly noticeable during the festive seasons. Since gold is considered both auspicious and ornamental, people typically go on a gold-buying spree at such times. With this hike in demand, the gold rates increase.
• The Rupee Vs US Dollar
  Remember that gold is traded internationally in US Dollars (USD). Hence, any change in the value of USD will impact gold prices in India. For instance, when the value of Indian currency falls against the USD, gold prices will increase across India.
• Alloy Prices
  Alloys like silver, copper, etc., are often mixed with gold to create gold products. Changes in the price of these elements impact the gold rates in Panipat.
• Interest Rates
  Interest rates are inversely related to gold prices. When interest rates fall, people don't get the desired returns on their investments. In times like these, they tend to fall back on gold as a safer investment option. With more people buying gold, the demand increases and prices go up.
• Government Reserves
  The Government of India is the owner of the country's gold reserves. It sells and buys gold through the Reserve Bank of India. Hence, gold prices in Panipat will fluctuate depending on whether the Government is buying or selling gold.
• Inflation
  Indians use gold as a hedge and as their go-to investment. When inflation rises, more people buy gold to protect themselves, which raises the price of gold. In addition, when inflation increases, the rupee's value falls on the international market, which leads to an increased conversion rate and, therefore, a higher price.

Things To Check When Buying Gold in Panipat

Consider the following things when buying gold in Panipat:

• Purity Levels
  24-Karat gold is gold in its purest form. It contains 99.9% pure gold. However, 24-Karat is also delicate and not ideal for making jewellery items which demand sturdiness. Thus, gold is mixed with different alloys, ensuring its durability and strength. The resulting variations are less-delicate than 24-Karat, but never as pure. These include 22-Karat, 18-Karat, or 14-Karat gold.
• The Price of Gold
  The cost per gramme of gold not only varies daily but also differs from one region to another. Hence, before purchasing gold, verify the prices per gramme of gold.
• Hallmark
  In India, the Bureau of Indian Standards (BIS) evaluates and certifies the purity and fineness of gold. Their hallmark is a guarantee that the gold is of good quality. So, always check for the hallmark sign before investing in gold.
• Making Charges
  The final cost of jewellery is always higher than the gold rates published online or in print. This difference stems from the fact that jewellers add making charges. So, make sure to check that the making charges are as per the market price.