close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Gold Price in Amritsar today -
last updated on

Amritsar

The grand city of Amritsar was founded by the late Sikh Guru Ramdass Ji and derives its name from Amrit Sarovar lake inside the Golden Temple complex. It is one of the most popular holy pilgrims in India and a a revered spiritual destination for Sikhs, Hindus, and Muslims from across international borders. Amritsar has witnessed dark times in the past and is testimony to one of the most brutal forced migrations of all times. The city is known for its hospitality, to never let anyone go hungry where gurudwaras cook up delicious food and serve it to anyone in need without any expectations. Kulchas, a type of Indian bread and Lassi, sweet, thick buttermilk is synonymous with Amritsar. Apart from the Golden Temple, there are many monuments/tourist places which stands testimony to the Indian freedom struggle like Partition Museum, Gobindgarh Fort, and the Jalinwala Bagh memorial, Maharaja Ranjit Singh Museum, Jama Masjid Khairuddin, Durgiana Temple, Akal Takht, and Ram Tirath Ashram. People in Amritsar are fond of gold and are in quest of knowing the gold rate in Amritsar.

Gold Price in Major Cities

City Gold Price Change

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

Effect of GST on Gold Prices.

GST or Goods and Services Tax came into effect on 1st July 2017 by subsuming the repetitive tax structure of the previous regime and bringing transparency and accountability in the taxation system.

The implementation of this new tax regime has left a considerable effect on the prices of several commodities, of which gold accrues enormous importance due to its national and international demand.

Under the new tax regime, the GST on gold was fixed at 3% with an additional 8% tax on the making charges and import duty of 10%. Later, the making charges tax was revised and reduced to 5%. As a whole, the yellow metal has become expensive by 0.75% in the post-GST era.

A primary reason that accounts for the rising gold price is 10% import duty. However, traders have managed to evade that by importing gold from countries like South Korea, with which India shares the Free Trade Agreement. 

Benefits of investing in gold

In its history of more than 3000 years, never has the value of gold dipped below zero. It has always remained a valuable commodity in the face of the Earth. Gold is a nice option to invest your funds in. Its value not only has remained relatively consistent throughout history, but the demand for it has also been steadily rising. If you are looking to get high returns on your investments, gold is the answer. People also move towards gold whenever recessions occur. In that case, it functions as a hedge against the fluctuations in the market. It is one of the most liquid assets in the world. It can be sold or placed as collateral to obtain funds in return. It is also very storage-friendly. Unlike dealing in the stock market, dealing in gold or identifying its value or quality doesn’t require much skill or expertise as the purity of the gold is also always certified by the seller.

Why is Gold considered a Precious Metal?

Gold is universally acknowledged as a valuable commodity pertaining to its unique properties, such as:

  • Finite availability

Gold is available in limited quantities. The best estimates suggest that about 197,576 tonnes of gold have been mined throughout history. In fact, if every ounce of this gold is arranged in a cube, each side of this cube will only measure about 21 metres.

  • High Demand

The price of gold tends to rise over time. This is because its demand is exceedingly high in countries India, but the supply is limited.

  • Idle Asset

Gold is a highly liquid, non-consumable asset. Additionally, this metal retains an active market at almost all times. So, individuals can easily convert their gold to cash whenever they want.

  • Economic impact

It impacts economies in terms of contribution to foreign exchange and trade balance. Furthermore, gold is used as a reserve to hedge against inflation in most free-market economies globally.

KDM vs Hallmark gold - What's the difference?

The purity of the gold and the quality of the gold are two different factors that people often get confused over. Hallmark gold and KDM gold are the two types of gold that usually leads to some confusion. The two types of gold are considerably different with regards to their composition. The KDM gold has a purity level of 92%, where the gold is a mixture of 8% of cadmium and 92% of gold. Since there are some health risks associated with KDM gold, it is no longer in sale in the market. On the other hand, Hallmark gold has a certification by the Bureau of Indian Standards. The Hallmark gold is testes in assaying centers approved by the BIS. There are four varieties of hallmark gold: 23 karat, 22 karat, 21 karat and 18 karat. The purity of the gold is directly proportional to the karat rate. The higher the karat rate, the higher the purity.

Gold Price Calculator

Dummy image
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly

Amritsar
Punjab
city
[{"state":"Andhra Pradesh","city":"Kadapa"},{"state":"Kerala","city":"Kochi"},{"state":"Rajasthan","city":"Jaipur"},{"state":"Punjab","city":"Patiala"}]