Gold rate in Srinagar
gold rate in srinagar

24K Gold/ 10gm
57,440.00
0.00(0.00%)
22K Gold/ 10gm
54,700.00
0.00(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Srinagar, also known as the "Venice of the East" is the summer capital of the Jammu and Kashmir union territory. Known for its picturesque beauty and vibrant culture, this is an important destination city for gold business. Srinagar, known for its waterfronts, houseboats, gardens, and natural environment, is a scenic city that is located on the banks of the Jhelum River in the Kashmir Valley.

Just like any other place in Jammu & Kashmir, gold has become integral to Srinagar’s culture and history. The demand for gold in this city increases significantly during wedding seasons and festivals. Most people buy gold ornaments during these times. However, people have also started investing in alternatives to physical gold, such as SGBs (Sovereign Gold Bonds), digital gold, gold ETFs, etc.

People in this city invest in gold because it preserves wealth, especially during economic/political uncertainty. If you want to buy gold in Srinagar, you should track its price trend. This will help you get the best deal. Keep reading this article to learn the price of gold per gram (as per purity level categories) and other aspects related to the gold rate in Srinagar.

22K & 24K Gold Rates Per Gram in Srinagar

24K
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GramYesterdayToday
1gm
5,744.00
0.00 (0.00%)
5,744.00
0.00 (0.00%)
8gm
45,952.00
0.00 (0.00%)
45,952.00
0.00 (0.00%)
10gm
57,440.00
0.00 (0.00%)
57,440.00
0.00 (0.00%)
100gm
5,74,400.00
0.00 (0.00%)
5,74,400.00
0.00 (0.00%)

Understanding The Demand and Price For Gold In Srinagar

In Srinagar, the primary demand for gold originates in the form of gold ornaments and jewellery. You’ll find some of the largest gold traders in India here. They provide them with ample options to purchase gold. The demand for gold in Srinagar comes from both the urban and rural populace. This demand rises during the wedding season, especially from late April to May.

The price of gold in Srinagar is comparatively higher than in metros and other cities with dense populations. In larger cities with dense populations, gold trade takes place in large quantities. This is the reason why gold rates in those cities tend to be lower than in relatively low-density population cities or rural areas.

Besides, many other factors affect the demand and price of gold in Srinagar, Jammu & Kashmir. Some of those local, domestic, and international factors are:

  • Gold transportation cost in Srinagar
  • Cess or other special taxes in the city
  • The cost associated with gold production
  • Cost of importing yellow metal in India
  • GST (Goods and Service Tax)
  • Exchange rate of INR (₹) with US Dollar (US$)
  • Any kind of domestic or international instability (economic or political)
  • Gold rate fluctuation in the international market
  • The volume of gold, its overall demand in Srinagar, and many more.

Historical gold rates in Srinagar in last 10 days

1 gram
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Day24K Gold22K Gold
04 Feb 2023
5,744.00
0.00 (0.00%)
5,470.00
0.00 (0.00%)
03 Feb 2023
5,744.00
0.00 (0.00%)
5,470.00
0.00 (0.00%)
02 Feb 2023
5,744.00
90.00 (1.60%)
5,470.00
85.00 (1.58%)
01 Feb 2023
5,654.00
26.00 (0.47%)
5,385.00
25.00 (0.47%)
31 Jan 2023
5,628.00
-16.00 (-0.28%)
5,360.00
-15.00 (-0.27%)
30 Jan 2023
5,644.00
0.00 (0.00%)
5,375.00
0.00 (0.00%)
29 Jan 2023
5,644.00
0.00 (0.00%)
5,375.00
0.00 (0.00%)
28 Jan 2023
5,644.00
16.00 (0.29%)
5,375.00
15.00 (0.28%)
27 Jan 2023
5,628.00
-63.00 (-1.10%)
5,360.00
-60.00 (-1.10%)
26 Jan 2023
5,691.00
42.00 (0.75%)
5,420.00
40.00 (0.75%)

Impact of GST on Gold Rate in Srinagar

The Goods and Service Tax (GST) in Jammu & Kashmir was implemented on July 7, 2017, much after being rolled out in the rest of India. GST implementation has increased the gold rate in Srinagar. Let’s check it out.

In the pre-GST era, three kinds of rates were implemented:

  • Gold import duty = 10%
  • VAT (Value Added Tax) = 1.2%
  • Customs Duty = 1%

In the GST era, the tax rates are:

  • Gold import duty = 12.5%
  • VAT (Value Added Tax) = 0%
  • GST on gold = 3%

When compared with the pre-GST era, the implementation of GST has made gold expensive by more than 0.75%. 

Weekly & monthly gold rate in Srinagar
1 gram
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7 Days
30 Days
3 Months
6 Months
24K GOLD
22K GOLD

Gold vs. FD

Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.

On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.

Trend of Gold rates in Srinagar

1 gram
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Day24K Gold22K Gold
01 February 202356545385
05 February 202300
Highest57445470
Lowest56545385

How is the Purity of Gold Evaluated in Srinagar?

Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.

The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.

  1. BIS Mark

    Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.

  2. Karat

    Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.

  3. Jewellers Identification Mark

    The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.

FAQs of Gold price in Srinagar

Which are the best jewellery showrooms to buy gold jewellery, coins and bars in Srinagar?

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Which banks in Srinagar provide gold loans?

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What company does gold purity testing and hallmarking in Srinagar?

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What is the difference between 24-karat and 22-karat gold?

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