Gold Price in Amritsar today - 28 May
last updated on 28 May 2022
Gold is a precious metal historically regarded as a symbol of wealth and prosperity in Amritsar and other cities of India. Worldwide, people consider it to be an international benchmark for value. Moreover, it is often used to hedge against financial crises due to its high liquidity. It is thus a popular lending and investment instrument.
Market prices can fluctuate widely. Therefore, it is prudent to be aware of the prevalent gold prices before purchasing or applying for a gold-backed loan. Keeping track of daily rates will help you compare and estimate costs. A well-timed gold purchase or a loan application will deliver maximum returns on your investment.
Gold Value :₹ 0
Gold Prices in Amritsar for different purity
|Purity||Gold price 1 gram||Gold price 10 gram|
Gold Prices in Amritsar for last 7 days
|Date||Gold price 1 gram||Gold price 10 gram|
|26 May, 2022||₹ 5,400||₹ 54,000|
|25 May, 2022||₹ 6,000||₹ 60,000|
|24 May, 2022||₹ 6,500||₹ 65,000|
|23 May, 2022||₹ 7,000||₹ 70,000|
|22 May, 2022||₹ 7,500||₹ 75,000|
|21 May, 2022||₹ 6,500||₹ 65,000|
|20 May, 2022||₹ 7,500||₹ 75,000|
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Gold Rates in Amritsar According to Purity
Purity of gold is measured in units called karats. Three purity levels are commonly available in Amritsar: 18 karats, 22 karats, and 24 karats. 24 karat gold is of 99.9% purity. Pure gold is relatively soft and thus unsuitable for use in jewellery making. Desirable characteristics, like hardness, are improved by alloying with certain other metals. The alloying ratio determines purity.
Jewellery items are, therefore, products of 18 and 22 karat gold. On the other hand, 24 karat gold is used to make coins and bars. Prices of the metal depend on its purity, so cost of 24 karat gold is highest for similar weights of the material.
Gold Prices in Amritsar in the Last Week
Amritsar is a city with high market demand and consumption of gold. The multiple large and small scale dealers and private individuals investing in it as an asset drive this demand. The following table displays the weekly value of gold in Amritsar.
Weekly and Monthly Trend of Gold Rate in Amritsar
The value of this precious metal has been on the rise in Amritsar. The monthly and weekly upward trends of gold prices are graphically shown here.
Reasons to Check Gold Rate in Amritsar before Purchasing
It is essential to know the current gold price in Amritsar since it fluctuates daily. This cost will determine the amount you can buy and the amount you can borrow against your existing jewellery. It will also allow you to compare the interest rates provided by various gold-loan providers.
Factors That Affect Gold Rates in Amritsar
Market rates of gold are highly variable because it depends on several factors. Some of these reasons include:
- Demand in the market
- Prevalent rates of interest
- Ups and downs of the currency
- Global inflation
- Taxation changes like GST
- Gold reserve of the government
- Seasonal trends of jewellery purchase
Calculating Gold Price in Amritsar?
Users can calculate gold rate in Amritsar in two ways depending on purity:
- Percentage Purity: Gold value = (purity x weight x rate) / 24
- Karat Purity: Gold value = (purity x weight x rate) / 100
Determine the amount of gold loan you are eligible for using the Rupeek gold loan calculator.
To know gold required for loan
Step 1: Navigate to the gold loan calculator section and click on the 'Choose required Loan Amount' tab.
Step 2: Enter the loan amount you need, convenient interest rates, and comfortable repayment duration using the sliders provided.
The calculator displays total interest owed, monthly interest payable, and the amount of gold you will need for your loan.
- To know the loan amount you are eligible for
Step 1: Click on 'Choose available Gold Weight'.
Step 2: Enter the amount of gold you can collateralize, its purity, your preferred interest rate, and loan tenure.
After completing these steps, the calculator will display the total loan amount eligible, total interest payable, and monthly interest amount.
Reasons for Differing Gold Rates among Amritsar and Other Cities
Prices also vary between Amritsar and other cities of the country. Reasons for such variation can be plenty, including:
- Different demands across cities
- Variations in jewellery making and labour charges
- Changes in local taxes
- Differing transportation and storage expenditures
- Fluctuations in seasonal needs in different regions of the country
For individuals, it is vital to know the current market prices of gold. Based on the costs and the interest rates, they can then determine the right time to purchase the yellow metal or apply for a loan. If timed correctly, these investments will deliver maximum returns.