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Gold Price in Surat today -
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Surat

Surat which has historically been a port town due to its accessibility to the Arabian sea was frequented by Portuguese, Dutch and British. It has dealt with trading silk, gold and silver. Years later it has advanced into a smart city today from just a fishing port town. The cash flows through its flourishing textile, silk trading, diamond processing industry and IT. People here take gold loans to fund their businesses due to which gold rate in Surat is a key parameter that most locals follow. Surat follows a festive and lively culture where Makar Sankranti, Navratri, Ganesh Chaturthi, Uttarayan, and Diwali are celebrated with much fanfare. Unemployment rate here is miniscule owing to its growing business and even employs workforce from across states. The tourist hotspots in Surat are Mughalsarai, Sardar Patel Museum, Surat Castle, Dumas Beach, Dutch Garden, Ambika Niketan Temple, Science Center and Sarthana Nature Park and Zoo

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Gold Prices in Surat for different purity

Purity
Gold price 1 gram Gold price 10 gram

Gold Prices in Surat for last 7 days

Date Gold price 1 gram Gold price 10 gram

How is Gold’s purity determined?

Gold is one of the most valuable metals known to humankind, and it can be used for multiple purposes. Besides, making jewellery, gold is also commonly used to avail funds during a financial crunch.

Thus, it is vital to measure the purity of gold to make the most of its equity. Following are some of the ways.

  • Karat System

It constitutes one of the most common ways to determine the quality and purity of gold. Denoted by “K”, this measurement system depends on a scale that ranges from 0 to 24. For instance, a god article of 1 Karat means that that particular gold item consists of 1 part of gold and 23 parts of other metals or alloys. It also means, the closer to 24K, the purer the gold.

  • Hallmarking

Most gold articles, including jewellery, come with an inscription called “hallmark” that carries the symbol of gold purity, its fineness, date of manufacturing, etc. Most countries, including India, have mandated gold jewellers to carry the BIS hallmark.

  • Other Methods

Besides these, most traders use conventional acid test or use an electronic gold tester to determine gold purity accurately.

Irrespective of the method, assessing gold purity is essential for both buyers and traders.

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%.

Benefits of investing in gold

In its history of more than 3000 years, never has the value of gold dipped below zero. It has always remained a valuable commodity in the face of the Earth. Gold is a nice option to invest your funds in. Its value not only has remained relatively consistent throughout history, but the demand for it has also been steadily rising. If you are looking to get high returns on your investments, gold is the answer. People also move towards gold whenever recessions occur. In that case, it functions as a hedge against the fluctuations in the market. It is one of the most liquid assets in the world. It can be sold or placed as collateral to obtain funds in return. It is also very storage-friendly. Unlike dealing in the stock market, dealing in gold or identifying its value or quality doesn’t require much skill or expertise as the purity of the gold is also always certified by the seller.

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. 

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