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Gold Price in Faridabad today -
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Faridabad

Faridabad gets its name from its founder Shaik Farid, Mughal emperor Jahangir's treasurer and it is known as the crown jewel of Haryana. The city is part of National Capital Region and is easily accessible from New Delhi, Gurugram, Ghaziabad and Noida. River Yamuna borders Faridabad on its eastern side with Uttar Pradesh. The city has struck a good balance where both agriculture and industries thrive peacefully sans conflict. Being the third fastest growing city in India, Faridabad is famous for henna production, steel tubes manufacturing, tractors, refrigerators, paper, motorcycles, garments, and tyres, among others. The city prides itself in being a major industrial hub where locals have big interest in investing gold. The gold rate in Faridabad is hence followed by many. Faridabad is a bustling tourist city with places Anandpur Dam, Mughal Bridge, Nahar Singh Palace, Rose Garden, Golf Course, Surajkund, and Gymkhana Club attracting the tourists to not only these monuments but also festivals like Kartik Cultural Festival and Surajkund Craft Mela . It boasts of world-class traffic management which makes travelling intra-city and inter-city a hassle-free experience. The local food aloo tikki and paani poori is a hit among both travellers and locals.

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Gold Prices in Faridabad for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Faridabad for last 7 days

Date Gold price 1 gram Gold price 10 gram

How is gold rate determined?

The price of gold in India depends on multiple factors. This includes, but is not limited to the following factors:

1) Gold production

2) Inflation

3) Government's gold reserves

4) Demand and supply of gold in the global commodity market

5) Import rates

6) Interest rates

7) Taxes and levies

8) Local demand. 

As a denizen and fellow gold loan borrower, it is imperative for you to stay updated about the latest gold rate in cityname. It is not unusual to find a little variation between the market gold price and the gold valuation offered by the lender. The difference in price primarily occurs because the lender calculates the average gold price of 22-Karat gold based on the rates from the past thirty days and extrapolates the gold gram rate. Hence, the value of the gold you get depends on the average gold price and the lender's loan to value ratio. As per the recent directive of the RBI, lenders can give loans of up to 90% of the gold's market value till March 31, 2021.

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. 

How is Gold’s purity determined?

Gold is one of the most valuable metals known to humankind, and it can be used for multiple purposes. Besides, making jewellery, gold is also commonly used to avail funds during a financial crunch.

Thus, it is vital to measure the purity of gold to make the most of its equity. Following are some of the ways.

  • Karat System

It constitutes one of the most common ways to determine the quality and purity of gold. Denoted by “K”, this measurement system depends on a scale that ranges from 0 to 24. For instance, a god article of 1 Karat means that that particular gold item consists of 1 part of gold and 23 parts of other metals or alloys. It also means, the closer to 24K, the purer the gold.

  • Hallmarking

Most gold articles, including jewellery, come with an inscription called “hallmark” that carries the symbol of gold purity, its fineness, date of manufacturing, etc. Most countries, including India, have mandated gold jewellers to carry the BIS hallmark.

  • Other Methods

Besides these, most traders use conventional acid test or use an electronic gold tester to determine gold purity accurately.

Irrespective of the method, assessing gold purity is essential for both buyers and traders.

How to calculate old gold jewellery price?

Indians have traditionally used gold for investment purposes. Gold is considered a hedge against financial disruptions. However, when you want to sell gold for meeting urgent financial needs, you should be aware of how old gold jewellery is valued. The right knowledge would keep you safe against unscrupulous jewellers. To calculate the value of gold, you have to take it to the nearest assaying or testing laboratory and get its weight and purity tested. The centre certifies gold's purity in Karat or percentage. To calculate the value of the old gold jewellery by the Karat purity method, you have to multiply the gold's weight, purity, and gold rate and divide it by 24. To calculate the value of the old gold jewellery by the percentage purity method, you have to multiply the gold's weight, purity, and gold rate and divide it by 100.

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Faridabad
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