Gold Price TODAY: Check gold rate today with major jewellers - FULL List

gold price today: check gold rate today with major jewellers – full list

Gold Price TODAY:The gold rate in India is in constant flux, mirroring the dynamic nature of the precious metal market. Recent trends show a rise in gold prices, driven by fears of the Middle East crisis potentially spreading to other countries, leading to increased demand for the safe-haven commodity.

Gold prices in India can vary from city to city due to various factors such as taxes, shipping costs, purity standards, and local demand and supply dynamics.

Taxation of Gold

Previously, different states imposed varying value-added taxes (VAT) on gold. However, with the implementation of the Goods and Services Tax (GST), all states now have a uniform tax on gold. Factors such as transportation, regional supply and demand, hallmarking charges, etc., contribute to pricing variations in each city.

Gold used in Jewellery

Gold holds significant cultural and investment value in India, especially in the form of jewellery. Gold purity is measured in karats (KT), with various karatages available in jewellery. The most common type of gold used in Indian jewellery is 22KT, containing 91.6% gold. Additionally, 14Karat and 18Karat gold jewellery are also available, usually at a lower cost compared to 22KT gold.

Here’s a look at the gold rates from a few renowned jewellery brands in India:

• Tanishq: ₹7,004 per gram (14KT)
• Malabar Gold: ₹6,805.00 per gram
• Joyalukkas: ₹6,805 per gram
• Kalyan Jewellers: ₹6,815 per gram (As on April 19, 2024)*

(Gold rate as on April 19, 2024, source: Jeweller websites)

What is Gold Hallmarking?

Hallmarking is the precise determination and official recording of the proportionate content of precious metal in precious metal articles. In India, hallmarks are official marks used as a guarantee of purity or fineness of precious metal articles, according to the Bureau of Indian Standards (BIS).

Which Metals Need to be Hallmarked in India?

Currently, two precious metals, gold and silver, have been brought under the purview of hallmarking in India.

What to Look for in a Jewellery Shop?

• Registered jewellers must display the logo of BIS with the wording “Hallmarked jewellery available for sale” on the exterior of the sales outlet.
• A certificate of registration granted by BIS should be prominently displayed in the jewellery store.
• Jewellers are required to have a minimum 10X magnification magnifying glass available to show customers the hallmark on hallmarked jewellery. They must also explain how fineness and carat weight are related.

It’s important to note that hallmarking is not mandatory for gold bullion and coins; the order applies specifically to gold jewellery and artefacts. Gold bullion/coins of 999/995 fineness are permitted to be hallmarked by BIS-approved Refineries/Mints.

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