Gold Rate Today in Ranchi

Ranchi is the capital of Jharkhand and one of the largest cities in the country. The city is known for its beautiful lakes and waterfalls, as well as its temples and museums. It is also an important centre for the trade and sale of gold. The city is abundant in minerals, which is why the city is also called the "Manchester of the East"

The gold rate in Ranchi keeps fluctuating based on several factors, such as international gold prices, inflation, and government policies. Gold is always in high demand in Ranchi, especially during special occasions and festive seasons.

Let us look at the current rate of gold in Ranchi compared to other major cities.

How Does GST Impact Gold Rates in Ranchi?

The Goods and Service Tax (GST) was introduced in India in 2017. Before GST, people had to pay a value-added tax (VAT) of 1.2%. Now, you have to pay a 3% GST on all gold purchases and an additional 5% GST on the making charges of converting raw gold into jewellery and ornaments. 

Three types of import duties are also applicable to gold imports to India:

• Customs Duty - 12.5%
• Agriculture Infrastructure and Development Cess (AIDC) - 2.5%
• Social Welfare Surcharge - 10% of Customs Duty

Investment Options for Gold in Ranchi

While physical gold allows you the satisfaction of having gold stored with you, it also brings with it the hassle of keeping it secure against theft or loss. Although most people tend to purchase gold in the form of jewellery in Ranchi, there are various alternatives to buying jewellery. Some of them are listed below:

1. Gold Exchange-Traded Funds (ETFs): Gold ETFs are funds that invest in gold and are traded on the stock exchange. One gold ETF unit is equal to 1 gram of gold and is backed by physical gold, having a high purity level.
2. Sovereign Gold Bonds (SGBs): SGBs are bonds issued by the government. They are denominated in grams of gold and have a fixed interest rate. You can redeem SGBs for cash upon maturity. 
3. Gold Mutual Funds: These are gold mutual funds that invest in the shares of gold mining, manufacturing, gold bullion, and gold futures companies. Some popular examples of gold mutual funds are SBI Gold Fund, Axis Gold Fund, etc.
4. Gold Bars and Coins: They can be bought from banks, jewellers and online dealers. People prefer to invest in gold coins because they are tangible assets and have a numismatic value.
5. Digital Gold: Digital gold is a relatively new way to invest in gold. Numerous payment platforms like PayTM and PhonePe allow you to invest in gold for as low as ₹1.

How to Determine the Purity of Gold in Ranchi?

According to the purity of the gold, the gold rate varies. Gold with a 24 karat purity is 99.99% pure, while gold with a 22 karat purity is 91.67% pure.

Due to its purity of 91.6%, 22-karat gold is also known as 916-hallmarked gold. Hallmarking of gold jewellery is carried out by the Bureau of Indian Standards (BIS).

Check the hallmark on gold in Ranchi before buying it to determine its quality. When purchasing a gold item, you should check for the following:

• BIS Logo
• Year of Production
• Karat Value
• Identification Mark of the Jeweller

To determine the purity of gold at home, try these two simple methods:

1. Submerge it in water. If your gold sinks to the bottom, it is pure.
2. Place the gold item near a magnet. The magnet will not be drawn to gold if it is pure.

What is the Difference Between 22K and 24K Gold?

Gold is available in various purity levels, and the purity is measured in karats (K) in Ranchi.

24-karat gold is 99.9% pure and hence, the purest form of gold available. But it is too soft to be moulded into intricate jewellery designs. Thus, it is ideal for gold coins and bars. 

On the other hand, 22-karat gold is 91.6% pure gold mixed with metals like silver, copper and zinc. Adding these metals imparts gold structural strength and makes it more resistant to scratches and dents. Thus, it is more widely used for creating jewellery.

The purity of gold in Ranchi is authenticated by the Bureau of Indian Standards (BIS). The BIS hallmark is a stamp that certifies that the gold meets purity standards and is of high quality.