Gold Price in Jodhpur today - 22 May
last updated on 22 May 2022
Rajasthan’s second-largest city Jodhpur is also called the ‘Blue City. Its strategic location serves as a base for the Indian Air Force, Indian Army, and BSF. Asia’s largest – the South Western Air Command is located here in Jodhpur. It was once the capital of the erstwhile Kingdom of Marwar. Agriculture being the topmost revenue getter, industries like chemical, electronics, electrical, wooden toys, industrial gases, cement, handicrafts, and motion pictures contribute to the economy. People in Jodhpur follow traditions of wearing heavy gold ornaments for festive occasions and weddings, hence gold is bought highly in this region. Customers need to be aware of the gold rate in Jodhpur to buy gold jewellery. Major academic and research institutions, such as IIT Jodhpur, AIIMS Jodhpur, NIFT Jodhpur, ISRO, DRDO are situated in Jodhpur. There are some unmissable places to visit in Jodhpur like Mehrangarh Fort, Jaswant Thada, Umaid Bhawan Palace, Balsamand Lake, Machiya Safari Park, and Mandore Gardens. Tourists savor street food like Makhaniya Lassi, Mirchi Bada, Mawa ki Kachori, and Pyaaj Ki Kachori which is made specially in Jodhpur.
Gold Prices in Jodhpur for different purity
|Purity||Gold price 1 gram||Gold price 10 gram|
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Gold Prices in Jodhpur for last 7 days
|Date||Gold price 1 gram||Gold price 10 gram|
|20 May, 2022||₹ 5,400||₹ 54,000|
|19 May, 2022||₹ 6,000||₹ 60,000|
|18 May, 2022||₹ 6,500||₹ 65,000|
|17 May, 2022||₹ 7,000||₹ 70,000|
|16 May, 2022||₹ 7,500||₹ 75,000|
|15 May, 2022||₹ 6,500||₹ 65,000|
|14 May, 2022||₹ 7,500||₹ 75,000|
Effect of GST on Gold Prices.
The implementation of GST has particularly affected the prices of commodities like gold.
Effect of GST on Gold Prices
As per the new tax structure, the GST on gold is set at 3% for both finished and unfinished products, which will be paid by the end consumer.
Apart from this, the tax regime also levies an additional 5% on making charges of gold jewellery. The additional charges have upshot the price of gold as there were no making charges in the previous taxation system. This rate is, however, a revised version which was initially set at 18%. The initial GST on making charges would have affected the prices of the finished products massively since end-consumers had to bear all the expenses. However, the 3% GST, the 10% import duty, and 5% making charges have made the yellow metal’s price increase by 0.75%.
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.
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.
What is QE and how does it affect Gold Prices?
Quantitative easing, or commonly known as QE, is an economic policy. It comes into action, in case other policies have run out of steam and stopped working.
- Definition of Quantitative Easing:QE is monetary policy that promotes the idea of injecting money into an economy not by regulations, but instead via printing currency. Typically QE is regarded as a short-term solution to boost the economy after a crisis.
- Significance of QE:Typically, Central Banks around the world uses interest rate manipulation as the primary technique to control the flow of money in an economy. However, lowering interest rates did not work during the economic downturn of 2008 and countries resorted to this method.
- The Methodology of QE:As already mentioned, central banks inject money into an economy with this method. In case, the inflation is low, and banks are not lending, central banks then print new money and buy assets. This sudden increase in money drops interest rates and the value of a currency, which prompts banks to lend at a lower rate. Resultantly, economic activities increase. The connection between QE and Gold is inversely proportional. It means, with the implementation of quantitative easing, the price of gold drops and vice versa. Thus, conservative investors, who believe gold is the future, advises investing more in gold, instead of other modes.