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Gold Price in Kolkata today -
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Kolkata

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

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Gold Prices in Kolkata for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Kolkata 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 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.

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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Kolkata
West Bengal
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