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Gold Price in Chandigarh today -
last updated on

Chandigarh

Chandigarh is a Union Territory lying 260 kms North of Delhi and also the capital of both Punjab and Haryana. A well -known Swiss-French architect Le Corbusier laid the foundation of Chandigarh which became the first extensively planned city in India. The city exhibits a mix of both architectural technology and culture. This architectural style unique to Chandigarh is seen in all its government buildings. UNESCO declared the Capitol Complex, containing the legislative assembly, high court, secretariat, three monuments, the Rock Garden, and a lake, as a World Heritage Site. Flora and fauna flourish in this city where several forests are homes to animals like deer, peacock, sambars, and many other wild species. People rely on gold rate in Chandigarh to indulge in gold businesses and personal purposes. Some notable tourist locations in the city are the Rock Garden, Sukhna Lake and the adjoining Garden of Silence, the Rose Garden, the Garden of Palms, Butterfly Park, and Government museum and art gallery.

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Gold Prices in Chandigarh for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Chandigarh for last 7 days

Date Gold price 1 gram Gold price 10 gram

How is gold rate determined?

Gold rates in India are determined by an array of factors. It could be the supply of gold in comparison to its demand both locally as well as globally, inflationary rates, the gold reserves present in the possession of the government, ongoing import and interest rates, taxes and levies. These are only some of the several micro and macroeconomic factors that could affect gold rates.

As a rational borrower with a personal stake, you need to be aware of the gold rate in cityname. There is almost always a variation between the gold price in the market as compared to the valuation that the lender offers. This is because lenders follow a unique way of evaluating gold. They arrive at the price by taking the average of 22 Karat gold from the past thirty days. Hence, your gold valuationdepends on this average price as well as the lender's loan-value ratio. Recently, the RBI has ruled that lenders can disburse loans of up to 90% of gold's market value until March 31, 2021.

How to calculate old gold jewellery price?

Indians usually attach a lot of sentimental value to their gold. Apart from jewelry, gold s used for several other purposes such as investment, hedging, or for availing an instant loan. If you choose to pledge your gold as collateral security, you must understand how your gold is valued. Here is how you can calculate the price of your gold jewelry.

1) To ascertain the purity and quality of your gold, take it to the nearest assaying center.

2) The assaying center presents the purity of the gold in terms of Karat or as a percentage figure.

3) If you wish to calculate the value of your gold using the 

  1. a) Karat purity method: Multiply the gold’s weight, purity, and gold rate and divide it by 24. 
  2. b) Percentage purity method: Multiply the gold’s weight, purity, and gold rate and divide it by 100.

Effect of GST on Gold Prices.

Goods and Services Tax has unified the earlier payable taxes like Value Added Tax (VAT), Customs duty, Central Excise duty, etc., and the whole indirect tax structure has been brought under one umbrella.

  • GST on Gold

GST on gold is levied when individuals opt for buying gold jewellery or bars. Individuals need to pay several taxes depending on the various processes involved in gold trading, manufacturing, and purchasing. To be precise, individuals need to pay GST of 5% on making charges, 10% on import duty and 3% on gold. However, the GST on making charges is a product of the new tax regime.

  • Impact of GST on Gold Prices

The new tax structure and implementation of several taxes have made gold expensive by 0.75%. Apart from the impact on gold prices, GST has stretched its effects on gold imports as well as across the organised and unorganised sectors, which are invariably linked with the increasing price of gold. 

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.

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