Gold Rate West Bengal
Last updated on: 31st May 2023 05:40 PM
The state of West Bengal is situated on India's eastern coast, serving as a port of entry to Southeast Asia and North East India. Besides its neighbouring countries of Bangladesh and Bhutan, Nepal is also an international neighbour. As a result of the city's well-deserved reputation in the industrial sector, it has attracted the attention of several wealthy gold investors.
Although the city's demand for gold is consistently strong all year round, it spikes around the time of major holidays and celebrations.
Gold's price also rises with the increasing demand during festive times and weddings. On festive days, like Akshaya Tritiya and Dhanteras, the demand for gold is at an all-time high. As a bonus, gold's reputation as a stable store of value has led many to invest in it for long-term capital appreciation.
Gold prices react to monetary policy, particularly tax and duty policies enforced by governments. When government policies favour the yellow metal, the rate falls, and vice versa. Gold prices have risen after GST (3% of the retail price) was implemented.
Local and Global Factors
National and international events influence the gold prices in West Bengal. Some examples are the supply and demand for the precious metal, its trading prices within the city, the demand for gold jewellery, and the value of the Indian rupee. Gold's price in West Bengal increases if the US currency gains value relative to the Indian rupee. This increase is a direct result of increased import expenses borne by gold dealers.
India's official gold purity certification comes from the Bureau of Indian Standards (BIS). When purchasing gold, BIS recommends the following considerations.
Jewellery will bear the organization's monogram if it has the hallmark of BIS. The logo is essential because BIS is the only lab in India permitted to issue gold certification.
A measure of gold's purity is known as the "karat". The finest gold is 24 karat (99.9%), but it is too malleable to be used in jewellery. Other metals such as silver, zinc, and copper are added to make them more robust. For jewellery, the most popular purity of gold is 22 karat (91.6% pure).
Jeweller's Identification Mark
You should only buy gold that has an official hallmark from a trusted jeweller. It helps guarantee that the gold comes from a reputable source. The trademark may also serve as evidence in court.
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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.
Physical gold purchases, sovereign gold bonds, gold mutual funds, and gold exchange-traded funds (ETFs) are some of the many gold investment alternatives available in the city.
The city's gold market is driven mostly by demand for ceremonial and gift items. There are two main types of investing opportunities.
Buying Things at Stores Physically
Most buyers of gold stick to reputable jewellers in their area. Forms of gold could be jewellery, coins, bars, bullion, and 24 and 22-karat gold. The cost of refining raw gold into jewellery is factored into the price of gold jewellery.
Purchase From Online Markets
The city's working class relies on this method to buy gold for investment purposes. There are several alternatives to investing in physical gold that is traded on the stock market, including sovereign gold bonds, gold mutual funds, and gold exchange-traded funds (ETFs). They are a solid bet because of the government's support.
Does GST have an effect on the price of gold in the city?
Any purchase of gold bullion within the nation is subject to a standard Goods and Services Tax (GST) rate of 3%. Prices displayed online do not include GST. Gold's price is inflated by various fees and taxes, the sum of which is now 5% GST on making charges.India levies a 12.5% customs duty on gold imports, plus a 2.5% agriculture and infrastructure tax, and a 10% social welfare surcharge on gold imports. Hence, the combined 12.5 and 2.5% GST and 10% added on for social welfare amount to a total import tariff of almost 15% (not the gold price).
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