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Gold Price in Rajkot today -
last updated on

Rajkot

One of the largest cities in Gujarat, Rajkot is the heart and soul of the Saurashtra region. The most notable personality who comes to mind when we mention Rajkot is Mohandas Karamchand Gandhi. Rajkot is situated on the bank of rivers Nyra and Aji. It is a melting pot of people speaking different languages like Gujarati, Hindi, Bengali, Tamil, Malayalam, English and more. During Navratri people here celebrate Garba, a popular local festival. Rajkot and its neighbouring places are dotted with historical monuments like the Connaught Hall, Jubilee Garden, Swaminarayan Gurukul, Kaba Gandhi No Delo, Rashtriya Shala, Watson Museum, and the Rotary Dolls Museum. People here rely on gold loans to establish and develop their businesses. They follow the gold rate in Rajkot to know the fluctuations in gold price and avail the loan at the right time.

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Gold Prices in Rajkot for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Rajkot for last 7 days

Date Gold price 1 gram Gold price 10 gram

Difference between 18 Karat, 22 Karat and 24 Karat gold

'Karat' represents the proportion of gold present in an alloy. It indicates the fineness of gold, which implies that the higher the karat, the more the purity of gold.

https://docs.google.com/spreadsheets/d/1eHzF-lCrWDV0KRukdDCeGKq5bSgWjrlfe5oVev7nIec/edit?usp=sharing

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. 

KDM vs Hallmark gold - What's the difference?

When it comes to buying gold for jewellery or investment purposes, people often get confused about the purity and quality of the gold. The two most commonly confused types of gold are KDM gold and hallmark gold. KDM gold refers to the gold that is made by mixing cadmium with gold, where gold is 92% and cadmium 8%. This brings down the gold's purity level to 92%. However, of late, the production of KDM gold has stopped, due to the associated health risks. Hallmark gold is gold certified by the Bureau of Indian Standards. The test is conducted at the assaying centres approved by the BIS. Hallmark gold is available in four varieties:

  1. a) 23 Karat
  2. b) 22 Karat
  3. c) 21 Karat
  4. d) 18 Karat. 

Higher the carat, better the purity. Hence, depending on how you plan to use the gold, you may select the carat.

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.

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Rajkot
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