Gold Price in Kolkata today - 22 May

last updated on 22 May 2022

India

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Did you know that Kolkata was once the capital of India? Kolkata, formerly known as Calcutta was the capital of India until it was shifted to Delhi in 1911. It was inclusive of three villlages - Sutanati, Kalikata, and Gobindapore. It sings praise of a rich history filled with various regimes, conspiracies and freedom struggles. They are also culturally immersed in arts, music and literature. Durga Puja is an indigenous festival celebrated word wide by Bengalis, praying to Lord Durga. People in Kolkata take deep pride in the possession of gold ornaments during festivities and splurge on the yellow metal. Gold rate in Kolkata might fluctuate like most other cities and since it is a port city, exporting and importing gold will be easier. Kolkata a vintage city, has many firsts to its name. The first stock exchange, metro station, trams, and an operational airport. The city has churned out some great sportspersons and is an active contributor to sports with over 200 playgrounds in Maidan. The famous Eden garden ground finds its home here. Apart from that Victoria Memorial, Dakhineswar Temple, Indian museum, Alipore Zoo, Birla Mandir, National Library, and St. Paul’s Cathedral are the tourist places to not miss out on

Gold Prices in Kolkata for different purity

PurityGold price 1 gramGold price 10 gram

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Gold Prices in Kolkata for last 7 days

DateGold price 1 gramGold price 10 gram
28 April, 2022₹ 5,400₹ 54,000
27 April, 2022₹ 6,000₹ 60,000
26 April, 2022₹ 6,500₹ 65,000
25 April, 2022₹ 7,000₹ 70,000
24 April, 2022₹ 7,500₹ 75,000
23 April, 2022₹ 6,500₹ 65,000
22 April, 2022₹ 7,500₹ 75,000

How is gold rate determined?

There are many micro and macroeconomic factors that determine the gold rates in India. Some of the factors that influence that gold rates are: gold production, inflation, government’s gold reserves, demand and supply of the gold commodity in the market, import rates, interest rates, taxes, local demand, etc. Since an unprecedented emergency is likely to arise at any moment, being a resident here, it is good to have an eye on the latest gold rates in cityname. The market price of the gold and the gold valuation offered by the lender is likely to vary. The lender calculates the average gold price of 22-Karat gold according to the rates from the past thirty dates. This is how the lender concludes on the gold gram rate. The value of the gold loan that you get is dependent on two factors – the average gold price and the lender’s LTV (loan to value) ratio. The RBI has also directed the lender to disburse up to 90% of the market value of the gold 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.

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.

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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