Gold Rate Ranchi
Last updated on: 1st Jun 2023 03:40 PM
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.
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:
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:
|Day||24K Gold||22K Gold|
|01 Jun 2023|
|31 May 2023|
|30 May 2023|
|29 May 2023|
|26 May 2023|
|25 May 2023|
|24 May 2023|
|23 May 2023|
|22 May 2023|
|19 May 2023|
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:
To determine the purity of gold at home, try these two simple methods:
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.
Can I buy gold without using my PAN?
Gold is considered a high-value commodity in Ranchi as well as in India. Thus the government has made it mandatory to quote PAN for any transactions above ₹2 lakh. A PAN card is not required if your investment is less than ₹2 lakh.
How much gold can I buy in cash?
Which gold is better - KDM or 916?
Can the BIS hallmark be fake?
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.