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Gold Price in Gurgaon today -
last updated on

Gurgaon

Gurugram, formerly called as Gurgaon has the sobriquet ‘the city of skyscrapers’. True to its name the city is dotted with headquarters of big MNCs like Xerox, Accenture, Abbot, Adidas, Air France, American Express. It is for this reason that it is rightfully called the technological and financial hub of the National Capital Region. Power loom weaving and automobiles are some of the key manufacturing activities. Surprisingly Gurgaon has more number of shopping malls than any other city in India. It is never a dull moment in the city as travellers flock here to visit the prominent tourist spots like Damdama Lake, Leisure Valley Park, Sheetla Mata Mandir, Sohna Lake, Sultanpur Bird Sanctuary, Vintage Camera Museum, and NeverEnuf Garden Railway, despite Gurgaon being a corporate hub. Purchasing gold and keeping a close track of the highs and lows of the gold rate in Gurgaon is a norm here. Gurgaon also has excitement in store for children as it has three amusement parks, Wet and Wild Resort, Sky Jumper Trampoline Park, and Oyster's Water Park, which are ideal to visit on weekends.

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Gold Prices in Gurgaon for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Gurgaon for last 7 days

Date Gold price 1 gram Gold price 10 gram

How is Gold’s purity determined?

Gold holds an impeccable value in terms of quantifying one’s wealth as well as for investment. Thus, judging the quality and purity of gold is of utmost importance, both for buyers and for traders.

Primarily, the gold’s purity is determined through the Karat system that measures the same on a scale from 0 to 24. For instance, a 24 karats gold jewellery contains 100% gold. On the other hand, in a 14K gold jewellery, the percentage of gold is 58.33%, and the rest is other metal or alloy.

The gold purity can be measured both by percentage and parts per thousand. However, to convert the Karat into a percentage, one needs to divide the Karat number by 24 and then multiply it by 100.

Another easy way to determine gold’s purity is by checking the hallmark stamp on gold jewellery. This hallmark includes the authorised logo, date of manufacturing, carat weight or fineness of the gold in question. In several countries, including India, it is mandatory to sell gold jewellery with hallmark stamp. 

Lastly, the traders generally use an electronic gold tester to measure the quality and purity of gold. It shows the result accurately within seconds.

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.

Benefits of investing in gold

In its 3000 year history of trade, the price of gold has never dipped below zero. This is a very compelling fact when you pit gold against cash, whose value keeps is in a constant state of flux. This is only one of several reasons to put your gold to good use! Some of the other benefits of investing in gold are:

1) High Yield Returns: Gold is the best choice of investment if one is looking to make a low-risk investment for a high yield return.

2) Demand for Gold: In the wake of gold ETFs and Sovereign Gold bonds, the demand for gold has been constantly increasing.

3) Hedge Function- Gold functions as a hedging instrument against financial market fluctuations. This makes it a safe bet in the face of recession.

4) Liquid Asset- Being a liquid asset that can be transported and stored anywhere, gold can easily be sold or pledged against an instant loan.

5) Authenticity- Gold is a precious metal well known for its purity and value. This makes it easy to recognize high-quality gold which can simply be bought after verifying if the seller is authorized to do so.



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. 

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Gurgaon
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