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Today’s Gold Rate in Kolkata

Kolkata is the capital city of West Bengal and a major investor in Gold. Gold, being an investment product, is one of the best hedges against inflation. It can be owned in various forms physically i.e. in the form of jewellery, gold bars and coins. Alternatively, it can be owned in paper like sovereign gold bonds and gold exchange traded funds. Gold prices in India may vary across cities because of local market factors such as the metal's demand and supply, state government taxes and transportation charges in case of physical gold. This article explains in detail how gold is a lucrative investment option are in Kolkata and gold rates over the recent months.

Factors Affecting Gold Rate in Kolkata

There are several factors that may impact the gold rate in Kolkata. Here is a list of a some of those factors:

  • Inflation: The value of currency falls during inflation. This prompts individuals to hold money in the form of gold. In case inflation stays high for longer than expected, gold is considered to be a tool that provides a hedge against inflation. This would lead to a rise in gold prices during this period.
  • Rupee-dollar equation: While rupee-dollar equation may not have an affect global gold prices, it surely affects the Gold rates in India. Considering the fact that gold is largely imported in the country, if value of rupee goes down against the dollar, prices of gold tend to appreciate in rupee terms. A depreciating rupee therefore hurts the demand of gold in India. However, it is vital to note that a change in rupee-dollar rates does not affect gold rates that are denominated in dollars.
  • Interest and Gold rates: Under usual circumstances, interest and gold rates are inversely proportional. Rising yield is an indication of a strong economy. While this may give rise to inflation, gold can be used as a hedge against this situation. When there is an increase in rates, investors prefer fixed-income investments that result in a fixed return, unlike gold that does not yield any such returns. Therefore, demand takes a dip and prices tend to stay flat.

How to Invest in Gold in Kolkata?

If a person intends to purchase physical gold, he or she simply needs to go to a jewellery shop and buy gold jewellery and/or gold coins. However, it is advised that one opts for gold coins since jewellery has making costs, which he/she will not be able to recover when he/she wishes to sell this gold. Apart from physical gold, an individual can also buy gold ETFs. These are those funds that majorly invest in gold which can be bought and sold on the exchange. To buy gold these ETFs, all one needs to do is ask the broker to buy gold post opening a broking and trading account. Sovereign gold bonds are also listed, and anyone can buy these bonds in the same way as listed shares are bought.

Things to Remember Before Purchasing Gold in Kolkata

Here's what one needs to keep in mind when buying physical gold:

  • Level of purity - As gold is available in different purity levels, it has a direct relation with the price of gold. Gold is measured on the basis of Karat and fineness.
  • Hallmarking - When an individual wants to buy physical gold, a vital consideration point is hallmarking. Hallmarking is mandatory process on gold coins and ornaments. The Bureau of Indian Standards was brought to life by the government, only to make sure that individuals are not cheated when purchasing gold.
  • Making charges - One important element that usually affects gold prices is its making charges. While certain jewellers decide making charge at a fixed per gram rate, others tend to charge it based on a certain percentage of the total jewellery weight.

6 Months Gold Rate in Kolkata

Trend of Gold Rate in Kolkata for August 2019

Gold Rates22 Carat24 Carat
1st August rateRs. 34,020 Rs. 35,220
31st August rateRs. 37,960Rs. 39,260
Highest Price on AugustRs. 38,440 on August 26 Rs. 39,780 on August 26
Lowest Price on AugustRs. 34,020 on August 1 Rs. 35,220 on August 1
Overall PerformanceRisingRising
Percentage Change+11.58%+11.47%

Source: Good Returns

Trend of Gold Rate in Kolkata for July 2019

Gold Rates22 Carat24 Carat
1st July rateRs. 33,020Rs. 34,220
31st July rateRs. 34,420 Rs. 35,620
Highest rateRs. 34,700 on July 19 Rs. 35,900 on July 19
Lowest rateRs. 33,020 on July 1 Rs. 34,220 on July 1
Overall performanceRisingRising
% change+4.24%+4.09%

Trend of Gold Rate in Kolkata for June 2019

Gold Rates22 Carat24 Carat
1st May rateRs. 31,710Rs. 33,100
30th June rateRs. 33,550Rs. 34,720
Highest rateRs. 33,610 on June 24Rs. 35,010 on June 24
Lowest rateRs. 31,710 on June 1Rs. 33,100 on June 1
Overall performanceRisingRising
% change+5.80%+4.89%

Trend of Gold Rate in Kolkata for May 2019

Gold Rates22 Carat24 Carat
1st May rateRs. 30,950Rs. 32,660
31st May rateRs. 31,560Rs. 32,900
Highest rateRs. 31,910 on May 8Rs. 33,400 on May 8
Lowest rateRs.30,870 on May 4Rs.32,000 on May 4
Overall performanceRisingFalling
% change+1.97%+0.73%

Trend of Gold Rate in Kolkata for April 2019

Gold Rates22 Carat24 Carat
1st April rateRs. 31,290Rs. 35,026
30th April rateRs. 31,360Rs.32,640
Highest rateRs. 31,490 on April 9Rs.35,026 on March 1
Lowest rateRs. 30,910 on April 18Rs. 32,640 on March 18
Overall performanceFallingFalling
% change-5.04%-0.21%

Trend of Gold Rate in Kolkata for March 2019

Gold Rates22 Carat24 Carat
1st March rateRs. 32,440Rs. 34,695
31st March rateRs. 31,370Rs. 33,220
Highest rateRs. 32,440 on March 1Rs. 34,695 on March 1
Lowest rateRs. 31,090 on March 26Rs. 32,940 on March 26
Overall performanceFallingFalling
% change-3.30%-4.25%

Importance of Checking Gold Rate in Kolkata

Checking the price of gold is important as even tiny variations in rate of gold can result in a huge loss. The prices of gold today are comparatively higher than that of a decade ago. Hence, people are advised to compare current gold rates of a certain jeweller with that of the others. The well-established jewellers most likely charge higher making charges for the purchase of gold. If an individual finds that making charges of gold is significantly high in a particular jewellery store, it is advised to compare and analyse the rate charged by goldsmiths or jewellers. In this way, the person might be able to find a jewwller whose rate fits the buyer's pocket.

What is BIS Hallmarked Gold?

When Gold is hallmarked by the Bureau of Indian Standards, it bears the BIS logo. This serves as evidence that purity of the gold has been verified in one of the bureau’s licensed laboratories. However, it is vital to note that BIS hallmarking is not compulsory i.e. not all jewellers provide hallmarked BIS jewellery. Some jewellers also offer in-house hallmarking which is not verified by the national standards body of India. Before one buys gold jewellery, it is important to check with the jewellers in case they provide BIS hallmarked ornaments.

How to Buy Gold after Checking Gold Price in Kolkata?

The various ways through which an individual can buy gold is as follows:

  • Purchase gold ornaments from jewellery stores
  • Invest in gold bars and coins offered by banks, jewellers, non-banking finance companies and e-commerce websites
  • Purchase Gold ETFs from stock exchange, post opening demat and trading accounts
  • Avail Government issued Sovereign Gold Bonds
  • Invest in companies involved in the mining, extracting and marketing of gold

Conclusion

Investing in gold is worthwhile because it acts as a hedge against inflation. Overtime, the returns would be in line with the rate of inflation. The second reason why financial experts recommend this route of investing is due to the fact that gold is negatively correlated to equity investments. From the year 2007, it was observed that the equity markets did not perform too well, whereas gold did. Thus, including gold in one’s portfolio mix can help reduce the overall volatility of the individual’s portfolio.

FAQ's On Gold Rate in Kolkata

What is per gram Gold Rate in Kolkata?

According to the Good Returns website, the gold price for 24 karat gold is Rs. 3,877 per 1 gram.

What is 10 gram Gold Rate in Kolkata?

According to the Good Returns website, the gold price for 24 karat gold is Rs. 38,770 per 10 grams

What is 100 grams Gold Rate in Kolkata?

According to the Good Returns website, the gold price for 24 karat gold is Rs. 3,87,700 per 100 grams.