Gold Rate Today in Siliguri

Siliguri, known as the "Gateway to East India", is one of the largest cities in West Bengal. Like most of India, gold is considered a traditional investment in the city. It is primarily used for making jewellery and for decoration purposes. Diwali and Durga Pooja significantly elevate the purchase of precious metals in Siliguri.

The rates of gold in the city are linked to its global prices. Typical factors, such as the purity of gold, import duties, and festive demand surges, also affect the prices. Read on to know the gold rates in Siliguri, the top factors affecting its volatility, and prerequisite concepts for investing in gold.

The price of gold contains the following taxes: - Import Duty: An import duty of 12.5% is charged on gold imported into the country. - Agriculture Infrastructure Development Cess: 2.5% of AIDC is charged on imported gold. - GST: The GST rate on gold is 3% - GST on making charges: When physical gold is made into jewellery, it attracts making charges. A GST rate of 5% is to be paid on these making charges.

Gold has historically been considered a stable investment for long-term returns. It is excellent for diversifying your portfolio and hedging against market risks. Jewellers offer schemes to invest in gold. Tanishq, Kalyan, Padmini Jewellery, etc., offer discounts on the purchase of gold through monthly deposits. You must carefully evaluate the pros and cons before investing in one.

The prices of gold have mostly shown an upward trend in the long run. However, the problem with using gold jewellery as an investment is that you end up paying "making charges", which are not recovered on sale. Consequently, the profitability of gold declines. Therefore, you can invest in alternatives such as: 1. Sovereign Gold Bonds: Various gold bonds are issued from time to time by the Reserve Bank of India. These bonds are denominated in grams of gold. The owner receives an interest payment of 2.5% on a semi-annual basis. At maturity, the bond can be redeemed at the current price of 24-karat gold. 2. Gold Exchange-Traded Funds (ETFs): You can invest in a gold ETF issued by various fund houses. You can even invest in decimals of gold quantity, such as 0.02 grams. These ETFs are 100% backed by physical gold. 3. Gold Futures: These are exchange-traded contracts wherein the buyer agrees to get gold delivered at a future date, at a predetermined price.

You can verify the purity of gold through the hallmark provided by the Bureau of Indian Standards (BIS). Do not buy gold without checking the hallmark. All registered jewellers in Siliguri must stamp gold with the hallmark and the gold karats. You might get defrauded if you purchase un-hallmarked gold.

The purity of gold is measured in karats. 24-karat gold is the purest form, containing 99.9% gold. But since it is soft, making jewellery with it is difficult. Usually, 22-karat gold is used to make gold jewellery. It contains 22 parts gold and two parts copper, silver, nickel, and zinc alloys. It is also called 916 gold, equivalent to 91.6% gold. Furthermore, 14 and 18-karat gold is used to make designer jewellery.

The purity of gold is tested using: - Scratch test - Nitric acid test

However, these tests could damage your gold article and are not recommended.

Like in many other cities, sellers in Siliguri have an XRF Fluorescence Spectrometer, also called a Karatmeter, which can be used to check the purity of gold without damaging it. This instrument uses light dispersive properties of gold to check its purity.

Gold is one of the safest investments you can use for long-term returns in Siliguri. However, buying jewellery as an investment is only sometimes profitable due to charges lost in the making. It is better to buy bullion or gold coins if your purpose is an investment. You can also explore alternatives to investing in physical gold as they reduce the hassle of storing it and come with additional returns.

- Gold prices globally are determined by demand and supply. Expectations of future demand influence today's demand. - Like any imported commodity, the price of gold is affected by the rupee movement compared to other currencies. - Custom duties impact gold prices since most of the demand in India is met through imports. - A small margin is charged by banks that import the gold into the country. - The Indian Bullion Jewellers Association determines the price of gold, which includes some margin for dealers. This price is also adjusted for local taxes. Variations in the rates among states are due to the following factors: (i) Cost of transporting gold (ii) Security protocols followed by the state Consequently, port states in India have slightly lower gold prices than others. - Fluctuations in macroeconomic conditions also affect gold rates in Siliguri. Gold surges in value when the stock market falls. - Accumulation of gold by the Central Bank has historically caused gold prices to surge.