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Gold Price in Ludhiana today -
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Ludhiana

Popularly called as India’s Manchester Ludhiana is large is many ways. Apart from being the one of the largest cities in the whole of Punjab and north of Delhi, it is also supposedly the biggest industrial city in North India. It is located strategically between Delhi, Amritsar, and Chandigarh favouring ease in business and trade. The history of the current Ludhiana goes back to 1940 when Sikhander Lodhi, the Sultan of Lodhi dynasty sent two emissaries in 1480 to claim control over the land. Automotive parts, industrial goods, sewing machines, hosiery, machine parts, garments, textile, and household appliances are some of the prominent manufacturing industries in the city. The residents here also flock jewellery shops for wedding purposes and monitor the gold rate in Ludhiana. Much like most cities in the north Ludhiana too is religiously dominated by Hindus, followed by Sikhs, Muslims, and Christians. The largest

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Gold Prices in Ludhiana for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Ludhiana for last 7 days

Date Gold price 1 gram Gold price 10 gram

KDM vs Hallmark gold - What's the difference?

The purity and quality of gold is something buyers are always apprehensive of. There are different types of gold that buyers can choose from. Buyers often have a tough time distinguishing between the Hallmark gold and the KDM gold. 

1) Hallmark Gold: Hallmark gold is the type of gold upon which, tests are conducted at assaying centers and is approved for sale by the Bureau of Indian Standards (BIS). Hallmark gold is available in four varieties being 23 Karat, 22 Karat, 21 Karat, and 18 Karat.

2) KDM Gold: KDM gold is a type of gold made combining 8% cadmium with 92% gold. Not only does this tamper with the purity of gold, but it also has certain health risks associated with it because of which the production of this gold has been terminated. 

Why is Gold considered a Precious Metal?

If there was another indicator to measure wealth in the world, barring currency, it would be gold. It is one of the nine noble metals, but gold’s value in the economy surpasses that of its counterparts. But the exploration and extraction of gold is a slow-moving, laborious process.

However, this metal still has a readily available market across the globe, which increases its liquidity, thereby making it an ideal asset. Owners of gold articles have the freedom to convert them into cash with ease.

Moreover, gold is a luxury good, which means that people purchase it in larger quantities when their income rises. Therefore, this yellow metal generally exhibits a steady increase due to high demand and inadequate supply, especially in a country like India. Most free-market economies of the world use gold reserves to hedge against inflation. As a result, this metal possesses an intrinsic value in the global economy as well.

Effect of GST on Gold Prices.

Goods and Services Tax has unified the earlier payable taxes like Value Added Tax (VAT), Customs duty, Central Excise duty, etc., and the whole indirect tax structure has been brought under one umbrella.

  • GST on Gold

GST on gold is levied when individuals opt for buying gold jewellery or bars. Individuals need to pay several taxes depending on the various processes involved in gold trading, manufacturing, and purchasing. To be precise, individuals need to pay GST of 5% on making charges, 10% on import duty and 3% on gold. However, the GST on making charges is a product of the new tax regime.

  • Impact of GST on Gold Prices

The new tax structure and implementation of several taxes have made gold expensive by 0.75%. Apart from the impact on gold prices, GST has stretched its effects on gold imports as well as across the organised and unorganised sectors, which are invariably linked with the increasing price of gold. 

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.

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