Gold Rate in Kolkata, Today (7th May 2024)

Gold prices in Kolkata: ₹6,635 /Gram (22ct)

Gold prices in Kolkata have been staying pretty much the same since the beginning of the year. People in Kolkata are very eager to know the gold price in Kolkata and also wanting more gold, especially for making jewelry, rather than buying gold bars or coins. Today, gold price in Kolkata is ₹6,635for a gram of 22 karat gold and ₹7,238 for a gram of 24 karat gold, also known as 999 gold.

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Today 22 Carat Gold Price Per Gram in Kolkata (INR):

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Today 24 Carat Gold Rate Per Gram in Kolkata (INR):

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Today 18 Carat Gold Rate Per Gram in Kolkata (INR):

The gold prices mentioned earlier are just estimates and don't cover things like GST, TCS, and other charges. If you want to know the exact prices, it’s very important to check with a jeweler near you.

Gold Rate in Kolkata for Last 10 Days (1 gram):

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Compare Average Gold Rate in Kolkata for 22K & 24K (1 gram):

Historical Price Gold Rate in Kolkata:

Gold price movement in Kolkata May 2024

Karats of Gold:

Karat is the considered as the measure of gold purity. Gold purity increases with higher karat values. Karatage measures how much gold is in a gold alloy.

24 Karat Gold - its pure gold, with no other metals added. It's 99.9% pure and has a bright yellow color. Mostly used for coins and bars due to its purity.

22 Karat Gold - It has 22 parts gold and 2 parts other metals. Widely used in jewelry making. Other metals added to make it much harder and more durable as well.

18 Karat Gold - It's 75% gold mixed with 25% other metals like copper or silver. It is particularly used for studded and diamond jewelry pieces.18-karat gold is cheaper than 24k and 22k. It has a slightly dull color. It's easy to identify as it's stamped with "18K".

14 Karat Gold - It's a mix of gold with durable metals like nickel, zinc, and copper, with rhodium plating. It's 58.3% pure gold and the rest is alloys. It is particularly used for various jewelry pieces like eternity bands, earrings, and engagement rings. It's very less expensive, durable, and also suitable for everyday wear.

10 Karat Gold - It's the lowest solid gold alloy used for jewelry. It's 41.7% gold and 58.3% alloy, giving it a pale-yellow color. It's durable due to more alloy content and is the least expensive type of gold in India. Mainly used for affordable earrings. However, some people may develop allergies due to the alloy used. Additionally, its pale color isn't as appealing compared to higher karat levels of gold.

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Ways to test gold at home:

It's not easy for the average person to tell if gold is real or fake. However, there are some simple tests you can do at home. For example, you can see if gold sinks or floats in water – real gold sinks because it's dense. You can also use vinegar to check for discoloration – pure gold won't react with vinegar. These tests can help you determine the purity of your gold at home.

You can check gold prices in Trichy on various online portals like https://thebusinesscorridor.com/personal-finance/.These rates are updated regularly. Gold is highly valued in both India and China, with China even using it for manufacturing.

Gold rates in Kolkata:

Gold rates in Kolkata today per gram may vary from other cities due to several factors. It's difficult to predict whether rates will be high or low on a given day. What's certain is that they typically don't vary much across cities.  For instance, being a port city, Kolkata can import gold more easily, but that doesn't always affect prices. If tariffs differ, Kolkata's gold rates might be higher. Transportation costs also influence prices. Overall, buyers often end up paying more in India compared to international rates due to various costs involved.

When considering a gold loan in Kolkata, it's crucial to keep certain things in mind. Gold loans are quick and easy to obtain, usually from companies like Muthoot Finance and Manappuram Finance.  Failing to repay a gold loan can result in confiscation of the gold.

Gold rates in Kolkata are determined by various factors, including international prices, import duties, taxes, and margins. Prices may change multiple times a day, depending on market volatility. Popular jewellers like Anjali Jewellers and P C Chandra Jewellers base their prices on these factors.

Buying gold through different platforms:

Buying gold through platforms like Paytm is becoming popular. Paytm's partnership with MMTC-PAMP allows customers to buy and sell digital gold easily through the app. However, it's essential to check gold rates in Kolkata before making any transactions.

In the past, KDM gold was preferred due to its easy resale value, but concerns over its safety have led to a shift towards hallmarked gold, which guarantees purity. Importing gold into Kolkata is subject to restrictions, including limits on quantity and taxes for travelers. Central banks' gold purchases can influence prices, but other factors like duties and tariffs also play a significant role as well.

This is a prerogative of the central government and not the state government. It is not that the government keeps altering the prices of the precious metal. In fact, it has not in the last few years. However, should prices of the domestic metal fall dramatically from the current levels, you might see the government raising the import duties of gold. investors would still buy gold in kolkata despite the raising of such duties as they continue to like the precious metal. How duties on the precious metal move is a very dynamic phenomenon. This is more under the jurisdiction of the central government and is highly unpredictable. At the moment there is also a value added tax on buying gold. However, once the Goods and Services Tax comes into the picture we might see a host of taxes being scrapped in future.

This is because the GST will pave the way for several taxes to be abolished and this could make gold prices in Kolkata lower. Kolkata: Going with the options of gold In Kolkata there are many options that you can use when you want to buy gold. However, you need to choose the best option. The option that we believe could be the best for gold lovers in the city is the exchange traded funds. It is sad that not many people have all the information with regards to this or have an inclination to buy the same. However, if you believe that you do not want to incur making and other charges, including costs to store them in an expensive locker for these Gold Exchange Traded Funds. Remember, that ETfs are pretty popular across the world, but, somehow they are not able to catch the fancy of the markets in India.

Buy gold coins in Kolkata:

Gold coins and bars are common investments abroad, but in India, we prefer traditional options like gold coins and bars. However, these have drawbacks like taxes and loss of making charges on jewelry. Buying small amounts can reduce the risk of price drops. Sovereign gold bonds, promoted by the government, aren't popular due to low incentives. It's better to explore other options. There are many choices available, so choose carefully and ensure quality from the jeweler.

To buy gold coins in Kolkata, consider smaller sizes for better liquidity. Ensure purity and buy from trusted sources like banks to avoid fake coins. Always take a bill when buying gold, as it's essential for future exchanges or selling. Gold prices might decline in 2018 due to factors like US interest rate hikes and inflation. It's advisable to buy on declines for a hedge against rising prices.

Sovereign Gold Bonds, issued by the Reserve Bank of India, offer an alternative to physical gold. They're available through banks, post offices, and exchanges. They eliminate risks like storage costs and offer returns based on gold prices.

You can buy gold from various shops in Kolkata, but check for purity and compare prices. Hallmarked 916 karat gold is popular in Kolkata, and it's best to buy from trusted sources.

Investing in gold jewelry in Kolkata:

Investing in gold jewelry in Kolkata isn't ideal due to wastage and uncertainty in valuation. Gold coins or ETFs are better options. Gold prices have risen significantly in Kolkata over the years, making it a lucrative investment.

Gold prices in Kolkata change daily due to global and local factors, making it difficult to predict. Selling gold in Kolkata can be done at various places, but ensure you're not misled on rates.

Gold is typically measured in grams in India, with prices fluctuating based on purity. There's a steady demand for gold in Kolkata, especially during weddings.

To buy gold coins in Kolkata, consider reputable sellers and check for quality before purchase. Major jewelers in Kolkata include Reliance Jewels, Tribhovandar Bhimji Zaveri, and Senco Gold, known for their craftsmanship and reliability. Kolkata residents have a strong affinity for gold, making it a good investment choice.

Buying gold doesn't just mean jewelry or bars; you can also invest through gold ETFs. These are like digital gold and don't have storage costs. They track physical gold prices, so keep an eye on Kolkata's gold rates before buying. In 2016, gold prices in Kolkata rose, but demand dropped because of higher prices. Smuggling and government taxes also affected prices.

Before buying gold, decide if you want 22 karat or 24 karat. 24 karat is pure gold, but too brittle for jewelry. 22 karat is preferred for jewelry, while 24 karat is better for coins or bars. Gold prices in Kolkata depend on international prices and currency movements. So, if the rupee falls, gold gets expensive. Watch international and MCX gold rates to decide when to buy.

Kolkata has a rich history of gold craftsmanship, and many old jewelry shops still exist. Buying gold in Kolkata can be a good hedge against inflation. Gold prices may rise if there are geopolitical tensions or a weak US dollar. But be cautious and don't invest all your money in gold.

Taxes and duties apply to gold in Kolkata, like capital gains tax and import duties. Gold is a hedge against inflation because its value rises over time. Spot gold prices depend on supply, demand, and global events. Predicting future gold rates in Kolkata is difficult, but experts use historical trends and economic indicators to make educated guesses.

Important FAQs on Gold Price in Kolkata:

How to predict gold prices in Kolkata?

In Kolkata, predicting gold prices is tough because no one can know how they'll move. So, when gold is cheap, it's good to buy. For example, if gold is Rs 27,000 and you think that's a good price, buy it. But if it's Rs 29,000 and you don't see much profit potential, stay away. Timing the market is hard, so it's tricky to know when to buy or sell gold.

What to consider when buying Gold?

Quality is crucial; ensure the gold is genuine. Compare prices at different stores as making charges vary. Check the weight and if stones are included in the pricing. Prices may rise during festivals and special occasions.

Do you need to understand Gold Purity?

Yes, Gold purity is measured in karats (e.g., 24 karats is the purest). Look for the BIS hallmark for authenticity.

What are the methods to buy Gold?

You can buy physical gold, gold coins/bars, or invest in gold ETFs.

Do you want to sell Gold in Hyderabad?

Check current gold rates. Sell to reputable jewelers or consider gold ETFs for easier trading.

What is Hallmarking?

Hallmarking is the process of accurately determining and officially recording the amount of gold or silver in precious metal articles. It's like an official mark which is used in India to guarantee the purity of gold or silver items.

What is Rose Gold?

Rose Gold, also known as Pink Gold, is made by mixing 75% pure gold with 25% copper. This combination thoroughly changes the color of the final product to pink. It's often referred to as 18-karat gold as well.

Are there any charges for Hallmarking?

Yes, Hallmarking of precious metals does involve charges. These charges are usually applied per article.

Do Hallmarking charges include making and wastage charges?

No, Hallmarking charges do not cover making and wastage charges.

Does gold rust?

No, pure gold does not rust or tarnish because it doesn't easily react with oxygen. That's why pure gold maintains its shiny appearance as well.

What is BIS Hallmark?

BIS Hallmark is a certification system to guarantee the purity of gold and silver jewelry in India. It's issued by the Bureau of Indian Standards (BIS).

What Does a BIS Hallmark Consist of?

A BIS Hallmark consists of five marks: the BIS mark, purity grade, hallmarking center's mark, year of marking, and jeweler's mark.

What is KDM gold?

KDM gold is an alloy of gold and cadmium. It's called KDM because it contains cadmium. KDM gold is 92% gold and 8% cadmium. Unlike 24-karat gold, which is too soft for jewelry, KDM gold is stronger and can be shaped into ornaments.

Expert’s suggestion:

Trivedi predicts that, “Gold prices could hit Rs 2 lakh in 7-12 years, based on very recent trends.” Surendra Mehta, from the India Bullion and Jewellers Association, is even more hopeful, suggesting, “Gold prices could triple and surpass Rs 2 lakh.”

Disclaimer: The gold rates come from jewelers in the city, so there might be differences in rates. Please refer the jewel shops as well