Gold Rate Today in Kolkata

Various factors influence the gold prices in Kolkata. These factors include 
 

Supply and Demand 

This is the primary factor that influences gold prices. The concept of demand and supply in economic realms holds prime importance. When demand exceeds the supply of Gold, the prices will rise. If supply is relatively more, the gold prices will fall. Also, demand and supply are hugely impacted during the festive season; therefore, prices surge. 

Interest Rates 

With rising interest rates, the prices of gold fall. Contradictorily, when the rate of interest drops, the prices of the gold surge. This is attributed to the investors having more opportunities to earn a return with higher interest rates. With lower interest rates, they have fewer opportunities to earn returns and thus invest less in Gold.

Inflation 

Inflation is related to a rise in the prices of commodities in a country. Gold is an excellent hedge against these rising prices, meaning its value does not decrease as much. This is a primary reason why gold prices go up during inflation with more demand. However, with low inflation, people sell Gold, thus decreasing its price. Various other factors influence gold prices in Kolkata, such as government gold reserves, currency fluctuations, and geopolitical factors. 
 

Gold is a massive symbol of prosperity, status, fortune, tradition and culture in India. Gold is used everywhere, from festivals to special occasions such as weddings, parties, etc. Women adorn gold jewellery irrespective of the event. 

Even goddesses and gods in India are decorated with gold ornaments everywhere in the country.
This metal is so famous and prestigious that it is passed on as an inheritance to children, thus making gold ornaments family heirlooms as well. 

It is an extremely valuable commodity or asset that comes to your rescue in times of crisis without losing value. Owing to its irreplaceable value and myriad uses, its demand is high. Moreover, Kolkata is known for its high demand for Gold all throughout the year. Also, gold prices vary daily and therefore the 22 carat gold rate in Kolkata changes frequently. 

Various factors determine today's gold prices in Kolkata. These factors impact the prices of Gold hugely and are considered to be of great importance. These factors include 
 

Inflation 

Inflation, as mentioned before, refers to the increase in the prices of commodities. The value of Gold is steady in relation to currency, which makes Gold an extremely safe investment option. Gold is used as a safeguard against the effects of inflation. The price rise during inflation leads to a high gold price due to high demand. Inflation in India affects gold prices in Kolkata as well. 

Interest Rates 

There is a type of negative relationship between the interest rates and rates of Gold. This is when interest rates in India are on the rise, and at this time, people sell their Gold to liquidate cash. Therefore, when interest rates are low, people have cash in hand and with the deficit in the supply of Gold, the prices of gold rise. A country's interest rates are indicated by the prices of Gold. 

Demand and Supply

During festival seasons, there is high demand for Gold. Gold is used for making ornaments, coins, and bars and is a symbol of wealth in India. Especially during the wedding season, the prices rise significantly. Also, Gold is used even in manufacturing electronic items. 

The industrial demand for Gold accounts for 12% of the overall demand in India for Gold. Even the medical industry needs this metal. Gold is an extremely preferred and safe investment option and can help hedge inflation. Additionally, it can be used for availing loans and is one of the most sought-after loans in India. 

There is no need to worry about sanctions as it is quickly done, and the procedure is relatively easy. Because of this, the demand for Gold is in excess. India has to import Gold because of the high and ever-rising demand. 

Global trends 

India is known to import Gold in massive amounts. There are global price changes, therefore resulting in changes in the gold price in Kolkata. The value of INR against the US Dollar is a vital factor affecting India's gold prices. 

If the value of INR against the US Dollar weakens, gold prices increase. During political crises, pandemics, recessions and other severe times, the value of currencies gets affected and falls. Therefore, people look for Gold as an excellent option because its value increases during such times.

 
The gold reserve held by the government 

The government holds gold reserves, and the purchasing and selling of Gold by the Reserve Bank Of India. Thus, the Reserve Bank Of India, the central bank of India, buys more Gold, so the prices go up. 

Government policies 

Gold prices get affected by changing policies impacting the gold prices. For instance, when the government imposes tariffs and duties, it results in a price fall. The Indian government has a Goods and Services Tax which dramatically impacts the gold rate in Kolkata. This imposition of GST affects Kolkata 22 carat gold rate and has made Gold a little costlier. 

Other factors 

Gold is impacted by various other factors, such as duties on Gold. In short, there are a plethora of factors affecting the 916 gold rate today in Kolkata or the gold price in Kolkata generally. Unless you must buy Gold, avoid buying at high prices and adopt a strategy to purchase Gold at lesser prices. 

Gold is a metal that needs to be checked for its authenticity and purity. It is crucial that you buy Gold from an authentic store that guarantees gold purity and offers you the best price for buying and selling Gold. 

Therefore, to purchase Gold, you need to make sure that you buy it from stores offering a maximum guarantee of being pure. 

The best places or jewellery stores to buy Gold in Kolkata are Satramdas Dhalamal Jewellers, Tribhovandas Bhimji Zaveri, Kalyan Jewelers and Manik Jewellers and Sons Pvt Ltd, Alankar Jewelers, Maa Bhabhatarani Jewellers. Other than these, a few other places to buy Gold in Kolkata are CaratLane store and Malabar Gold and Diamonds.

India is a global market for gold business, but surprisingly enough, it does produce a significant amount of Gold to meet huge domestic demand. India is in the second position in terms of importing Gold globally. 

You should keep the following things in mind when importing Gold in Kolkata
 

• You can import Gold up to Rs.1 lakh if you've stayed abroad for a year. 

• The point mentioned above only applies to women; men, on the other hand, can only carry Gold worth Rs.50,000. 

• You must carry an exporting certificate when importing Gold into Kolkata.This will not make customs question you for carrying Gold. 

• This proof of evidence is essential to present to the central excise office. As they are supposed to submit a report on the same. 

• You cannot carry more than 1Kg gold at any given time, this is the limit, and this limit must not be breached at any cost. 

• Before importing Gold into the country or any city like Kolkata , remember all points and keep them in mind. 

• Only an Indian passenger with a valid passport residing abroad for more than a year can bring jewellery and carry it up to a specific value for men and women. 

• The person must not visit India within 6 months of staying in a foreign country. However, any short visit during this period should be addressed. 
   

Gold can be imported wrongfully into the country and misused. Therefore, it is vital to ensure that imports are done only via a safe and legal channel involving customs. Also, to import Gold into Kolkata, it is crucial to check with the State Trading Corporation of India, which comes under the government. 

If you do not ply by the rules, you can land yourself in trouble or uncomfortable situations. Also, you cannot immediately import Gold as soon as you leave the country. The 6 month period is crucial, and prior to this, you cannot import Gold from anywhere. 

Various banks and companies are importing Gold into the country. Therefore it shouldn't be a problem for you till you follow the rules and regulations and live by them. 
 

The below-mentioned are different investment options for investing Gold in Kolkata 
 

Jewellery 

People purchase gold jewellery irrespective of the fact whether there is an occasion or not. On festivals and occasions, buying Gold is auspicious, but so is at other times. Also, Kolkata is known for its bridal jewellery, so buying jewellery is a great investment option in Kolkata. 

Bullion 

They typically purchase Gold in bar shapes, and it is determined by the mass and purity to figure out the market worth. 

Coins 

Investing gold coins in Kolkata is another excellent option, provided you keep the 22ct gold rate today Kolkata in mind. 
 

India welcomed GST on 2018 July 1, which was the most outstanding tax reform in the country post-independence. Since then, it has been a hot topic of discussion, especially its impact on the Indian economy at present and in the future. 

The Goods and Services Tax has unified all indirect taxes in India with various tax slabs from 0%, 5%, 12%, 18% and 28% for different goods and services. 

Due to the GST, the gold rates in Kolkata have increased. There is a 3% GST on Gold and 5% on making charges which were earlier 2% in most states. 

Kolkata Gold and Diamond Jewellery Traders Association's president has recently announced that since Gold is an essential household item, it has also impacted the rates of Gold in Kolkata. 

Initially, the applicable gold tax was 1% before GST was implemented. However, post GST it is 3%, and an additional charge of Rs.400 per sovereign is to be applicable. This means that in Kolkata, the buyers must bear excessive gold prices and the GST tax. 

Therefore, it can be said that the GST impact on gold prices in Kolkata has only made this metal more expensive, and more than 50% of services and goods come under the 18% tax slab. 
 

Kolkata is a great place to buy gold jewellery in India, considering today's gold rate in Kolkata 22 carat. Keep the following points in mind before purchasing Gold in Kolkata.

• 30% of all Gold sold in the country is hallmarked. The purity of Gold is essential when it comes to buying Gold. Also, the difference in average gold carat ranges between 10 and 15%, which is the purity of Gold. 

• The Jewellers Association of Kolkata decides the rate of Gold in the city. It is based on this that the daily rate of Gold is calculated. 

• Remember that this gold rate is calculated by the IBJA(Indian Bullion and Jewellers Association). The jewellers get to decide on the discounts. 

• These discounts depend on the demand and the amount of available gold stock. 

• Purity is one of the most crucial things to keep in mind when buying Gold in Kolkata. There are various gold types available, ranging from 

14 karats- 58.33% pure  

18 karats- 75% pure

22 karats- 92% pure

24 karats- 99.9% pure  

These are the purest qualities of Gold. However, it is important to know that 24-karat gold is the purest form of Gold. With excellent malleable and ductile properties restricts it from being used in the ornamental industry. Furthermore, the purity of Gold is indicated by a hallmark. Therefore, it is vital to check the hallmark before purchasing Gold. 

• Also, you must know that all gold types, white, pink and Gold, are of the same price. There is no difference between the prices of these specific types of Gold. So, regardless of the type, you don't have to pay a single extra penny.
   

Before buying Gold, knowing the difference between KDM and hallmark gold is crucial. 

Hallmarked Gold

It is the only way of assuring the purity of Gold. Hallmarked Gold is certified by the Bureau of Indian Standards Assaying Centres. The purity is maintained when hallmarked by the BIS. 
A hallmarked gold comprises the following: 

• A BIS logo 
• Assaying centre under BIS logo
• The retailers' logo
• Purity and fineness and carats

KDM Gold 

On the other hand, KDM gold is associated with crafting gold jewellery. The crafting of Gold using sodium is known as KDM gold. This process of crafting includes soldering an alloy of Gold at a low melting point and joining the pieces together without affecting the Gold's purity. The soldering is in the ratio of 60-40. 60% gold and 40% copper.

Furthermore, cadmium is used to improve purity, but it results in health problems. Due to the use of cadmium, this method is not popular among jewellers anymore. Also, the BIS has banished this Gold, and other more advanced alloys have been introduced to replace it.