Gold Rate Srinagar
Last updated on: 2nd Jun 2023 02:40 PM
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.
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:
In the GST era, the tax rates are:
When compared with the pre-GST era, the implementation of GST has made gold expensive by more than 0.75%.
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.
|Day||24K Gold||22K Gold|
|02 Jun 2023|
|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|
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.
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.
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.
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.
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:
Which are the best jewellery showrooms to buy gold jewellery, coins and bars in Srinagar?
Some of the reputed jewellers to buy gold coins, bars, biscuits, and ornaments in Srinagar are:
Which banks in Srinagar provide gold loans?
What company does gold purity testing and hallmarking in Srinagar?
What is the difference between 24-karat and 22-karat gold?
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.