Gold is a precious metal that has been valued for centuries for its beauty, durability, and investment potential. Investing in gold has long been considered a safe haven for many investors in India, and the gold rate is closely watched by investors and consumers alike.
Gold Rate Today in India
- The gold rate in India is determined by a number of factors, including the global gold price, the Indian rupee exchange rate, and the demand for gold in India. The gold rate is typically updated on a daily basis, and it can be found in newspapers, online, and at gold jewellers. As of July 26th, 2023, the gold rate in India is as follows:
- 24-carat gold: ₹6,015 per gram
- 22-carat gold: ₹5,515 per gram
- 18-carat gold: ₹4,600 per gram
These rates are for gold of 999 purity and may vary slightly depending on the city or jeweller.
Gold Rate Today in Major Indian Cities
As of today, the gold rates in major Indian cities are as follows:
| City | 22K Today | 24K Today |
|---|---|---|
| Chennai | ₹ 56,450 | ₹ 61,580 |
| Mumbai | ₹ 55,850 | ₹ 60,900 |
| Delhi | ₹ 56,000 | ₹ 61,060 |
| Kolkata | ₹55,850 | ₹60,900 |
| Bangalore | ₹55,900 | ₹ 61,000 |
| Hyderabad | ₹ 55,850 | ₹ 60,900 |
| Kerala | ₹55,850 | ₹60,930 |
Source: Bankbazaar
Reasons for Changes in Gold Rate
The gold rate in India is influenced by a number of factors, including:
- The global gold price
- The value of the Indian rupee
- Demand and supply of gold in India
- Economic factors, such as interest rates and inflation
Latest Tax Rates on Gold in India
Understanding the latest tax regulations on gold in India is crucial. Here are the current tax rates:
1. Goods and Services Tax (GST): As of recent updates, the GST on the making charges of gold jewellery has been increased from 3% to 5% (source: Central Board of Indirect Taxes and Customs). However, gold bars and coins continue to be exempted from GST.
2. Capital Gains Tax: Profit earned from the sale of gold is taxable as either short-term capital gains (if held for less than 36 months) or long-term capital gains (if held for more than 36 months). The current tax rates for individuals fall under the existing income tax slab structure. As of the latest updates, the income tax slabs for individuals remain the same (source: Income Tax Department).
3. Import Duty: Customs duty on gold imports can impact the gold rate. In recent years, the Indian government has revised the import duty to control the Current Account Deficit. As of the latest updates, the import duty stands at 12.5% (source: Central Board of Indirect Taxes and Customs).
Alternatives to Physical Gold
In addition to physical gold, there are a number of other alternatives that investors can consider. These include:
- Sovereign gold bonds: These are government-backed bonds that are denominated in gold. They offer investors a way to invest in gold without having to physically own it.
- Gold ETFs: These are exchange-traded funds that track the price of gold. They offer investors a way to invest in gold in a more liquid manner than physical gold.
- Gold mining stocks: These are stocks of companies that mine gold. They offer investors a way to invest in the gold mining industry, which can be a more volatile investment than physical gold or gold ETFs.
Refer to this article for more information about Sovereign gold bonds.
Investment Cautions while Investing in Gold
While gold can be a valuable investment, it is essential to exercise caution. Here are a few points to consider:
1. Research and Analysis: Before investing, conduct thorough research on current market trends by referring to research articles, market reports, and financial news portals. Analyze the historical price patterns to make informed decisions.
2. Diversification: Diversify your investment portfolio across different asset classes such as equity, bonds, and real estate. This approach helps in better risk management and potential returns.
3. Storage and Security: Ensure your gold investments are stored securely. Consider investing in gold schemes offered by reputable banks or financial institutions that provide secure storage options. Physical gold should be stored in a secured place, such as a bank locker or a trusted storage facility.
4. Authenticity: While purchasing gold, ensure the jewellery or gold coins/bars are certified for purity. Look for hallmark certifications or trusted brand endorsements. Authenticate the gold’s purity and consider certifications from reputed agencies like the Bureau of Indian Standards (BIS).
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