Gold Rate in Kolkata

20th Jun 2024


Today MCX gold price in rupees per 10 grams.

Today gold price in Kolkata is 73150 rupees per 10 grams
(10 grams = 1 tola gold)

22 Carat Gold
Rs. 67050
24 Carat Gold
Rs. 73150

22 Carat & 24 Carat Gold Rate in Kolkata Per Gram (INR)

  22-Carat 24-Carat Change(%)
Yesterday 6705.00 7315.00 0 %

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Today 24 Carat Gold Price per gram in Kolkata (INR)

Gram 24 Carat Gold Yesterday Daily Price Change
1 Gram Rs 7315.00
8 Gram Rs 58520
10 Gram Rs 73150
100 Gram Rs 731500

Today 22 Carat Gold Price per gram in Kolkata (INR)

Gram 22 Carat Gold Yesterday Daily Price Change
1 Gram Rs 6705.00
8 Gram Rs 53640
10 Gram Rs 67050
100 Gram Rs 670500

Gold Price in Kolkata

Gold has always been the most secure form of investment. Following the global trend, Kolkata’s gold price has experienced a huge increase in the recent years.

But the world economy is avoiding risk and still turning to the reliable asset. Although prices are high, current gold rates remain flat.

Today’s gold rate in Kolkata is fluctuating in short amplitude. It is expected that the rates will be stable during 2017. The metal demand has been improving, as gold liquidity is higher than ever.

Still, a better outlook in the global economy may cause the prices to fall, making it a proper time for investing in gold. As interest rates become higher, rate of gold in Kolkata will decrease.

Waiting for the rates to drop is a good strategy for those planning to invest in gold.

Kolkata has always been an important trade center for gold. The city’s appeal for the metal provides many options for buying and selling. Here, you can check the current gold rate in Kolkata and plan your investments ahead:

Comparison of 22 K & 24 K Gold Rates in Kolkata

Historical Price of Gold Rate in Kolkata

Price of Gold in Kolkata

What are the reasons for the Huge Fluctuations In The Price of Gold in Kolkata?

Price of gold in Kolkata saw a lot oscillation coming into 2017 with demonetization still fresh. Still, it did not deter people in Kolkata from gold investment. 22 carat gold rate in Kolkata soared during New Year with people investing hugely. Though the prices became constant mid-January, by the end of it, gold price Kolkata saw a gradual fall in it.

Kolkata, one of the cities with the highest GDPs in India, accounts for a large amount of gold investment. By mid-March, Kolkata gold rate fluctuated with the increase in USD which caused the gold demand to fall. Recently, rate of gold in Kolkata saw a marginal decrease and currently, 24 carat gold rate in Kolkata today is comparatively stable. Those wanting to invest in the metal can do it now at the current gold prices in Kolkata:

What was the Effect of these Fluctuations?

Gold is one of the most secure investments, especially during inflation. Therefore, the fluctuations in the gold rate in Kolkata do not cause much harm to the gold market. To add to that, the gold prices vary on a daily basis.

Central Banks Gold Buying and its Impact on Gold Rate in Kolkata

As per the World Gold Council  Report, in the first quarter of 2019, the Global gold reserves remain all-time high at 145.5 tons, which is a 68 percent increase from last year.  

Central banks purchases across the globe, affect gold prices globally and also the gold rate in Kolkata today. For instance, a drop in China's gold reserves last year, affected the gold prices across the globe, including the gold price in Kolkata.

As and when central banks purchase gold, the gold prices move gradually higher across the globe. And this also impacts the current gold price in Kolkata and the entire region. Although it is not the only factor that influencing the gold rates across the globe, it also depends on the currency rates, state elections, and other geopolitical reasons.

Basically, if the gold purchase by the Central banks is reduced the gold price today in Kolkata also tends to stoop down to a certain level.

GST Impact on Gold Rate in Kolkata

Gold is a taxable commodity in India, and with new norms in place, it is now charged 3% GST, 5% making charges, and an import duty of 10%. In Kolkata, wealth tax is levied if the value of your gold exceeds the value of Rs. 30 lakhs, else it is exempted.

The profit which you earn from selling gold, attracts the Capital Gain Tax on it in Kolkata. There are two types of Capital Gain Tax, one is short term (if the transaction is done within 3 years of purchase) and the other is long term (if it is more than 3 years). This also depends on the tax slab of the gold owner. If we take in to consideration your Gold ETFs (Exchange Traded Funds) in Kolkata, the gold seller is liable to pay Capital Gains Tax.

Taxes Applicable While Buying/Selling Gold in India

While buying gold in any of these forms it is important to know how it is taxed at the time of buying and selling. 

Tax on Physical Gold 

The most common way of purchasing gold includes coins, jewelry, and gold bars. However, most of us are oblivious about how gold is taxed while selling or exchanging jewelry/gold in different forms. 

As per the prevailing income tax laws, physical gold (jewelry/coins) is taxed on the basis of the duration you have held it. Based on the time period for which the gold was held you can earn short-term or long-term capital gains.

If the difference between the date of purchasing and selling the gold is lesser than 36 months/3 years then it is termed as short-term capital gains. Basically, these short-term capital gains are added to your gross total income and are taxed as per the income tax slabs. 

If the difference between the date of purchasing and selling the gold is more than 36 months/3 years then it is termed as long-term capital gains. 20 percent tax is applicable in these gains along with 4 percent cess with the indexation benefit, and 3 percent GST on the gold value (including the making charges). Before selling the physical gold, do check the gold price in Kolkata.

Tax on Digital Gold 

Digital gold is the contemporary way of buying gold. It is easier to buy and sell gold through digital platforms as it is bought in the digital form. The taxation of digital gold and physical gold is the same as it is based on the classification of capital gains, and also depends on the holding period.

Tax on Paper Gold 

Nowadays, people also invest in gold ETFs gold mutual funds, Gold SGBs. The taxation of gold ETFs and gold mutual funds at the time of exchange is similar to selling gold jewelry.

If the duration between the investment date and the redemption date is lesser than 3 years then the capital gains are termed as short-term. They are added to the investor’s gross income and are taxed accordingly.

Then again, if the time period of the gains is more than 3 years, they are treated as long-term gains and will levy 20 percent tax along with cess. 

How Can You Make Gold Investments in Kolkata

Gold is highly valuable in Kolkata because of the investment openings it creates, and the beautiful ornaments, which are made from this yellow metal.  Looking at the gold rate today in Kolkata, it is the one of the most popular metro cities with a number of gold investment opportunities that can be done in the form of Gold Jewelry, Gold Coins, Bullions, and Gold Exchange Traded Funds. Even after a lot of ups and downs in gold prices in Kolkata, the city hasn’t stopped from purchasing gold or investing in it.

Gold or Gold ETF in Kolkata

Before deciding on gold or gold ETFs, it is important to know the purpose of investment. Gold ETFs are not recommended for those who want to buy the precious metal for personal consumption. In case you are buying either, do remember to check today’s gold rate in Kolkata.

In order to increase wealth by investing gold in Kolkata, it is imperative to track gold rates. Since the beginning of 2019, the gold price in Kolkata has increased by almost 30 percent.

That's why; it is not suggested to purchase gold at such high prices. You can benefit only by waiting for a meaningful dip in the gold rate in Kolkata.

However, if you want to invest in gold you can always go for Gold ETFs and avail various benefits. Some of the advantages include liquidity and easy selling.

Hallmarked 916 Karat Gold Rate in Kolkata

Kolkata is one of the best places to buy hallmarked 916 karat gold in India. The rate of 22 karats gold in Kolkata is slightly cheaper than in other cities. The main reason is the reduced cost due to the availability of port facilities for imported gold.

916 gold is actually gold of 22 karats purity. So, in 100 grams of gold, it is 91.6 grams of pure gold and there is a component of the alloy. As Gold needs to be mixed with allows for ornamentation and jewelry making. Before buying gold in Kolkata, always check the hallmark gold rate today in Kolkata as it is best to buy 22 karats or 24 karats hallmarked gold as per the requirement.

Understanding Impurities in Gold

24 karat gold is the purest forms of gold, which is used in gold bars and gold coins. Then there is 22 karat gold, which is not a very pure form of gold, as there are various other metals that are mixed together with the precious metal. It can be mixed with a host of metals such as bronze, for this reason, 22 karat gold is priced lower than 24 karat gold.

Those who are looking for pure gold in Kolkata, it is advisable to buy 24 karats gold. Confirm what the current/today gold price in Kolkata is and then make the purchase. Apart from 22 karats, there is 18 karat gold. It can be further reduced. As the quality decreases so does the gold price in Kolkata

If you are planning to buy the yellow metal, it is always better to check for its purity. There are various methods to check the purity. But most of the times it is mixed with alloys so it does not make much difference when you are buying jewelry. For gold coins, it must be checked for impurities if it has been mixed with other impure metals as this will be a huge loss when they are sold. It is always better to buy BIS marked or hallmarked jewelry apart from making charges everything remains the same in terms of cost.

Points to Remember when Buying Gold Jewelry in Kolkata

Today, the gold rate in Kolkata is affected by a lot of factors, but you need to be sure of the below mentioned factors before making the purchase decision.

  1. Certification - When you’re in Kolkata, make sure that you take certified jewelry from whomsoever you are purchasing. Mostly, big and reputed gold vendors give their customers a Hallmark or KDM certification to ensure authentication of the purity of gold.  It makes it easy to exchange gold against gold in future.

  2. Labor Charges - The vendor will add making charges which go into jewelry designing. So, when in Kolkata, make sure you are charged nominally. If you check out gold rate today in Kolkata, you will know how much making charges are added on the final cost, by the vendor. Though, it will be much better to have fixed making charges on jewelry creation.

  3. Purity - 24 karat gold is the purest forms of gold, but it is not suitable for jewelry designing. In jewelry creation, 22 karat gold (92% pure) is used. Sometimes, for jewelry-making 14 karat gold (58.33% pure) and 18 karat gold (75% pure) is also used.

  4. Weight – The weight of your gold jewelry determines its price. For stone studded jewelry, the cost would likely be greater. Make sure that the vendor doesn’t hike the price of your jewelry by overcharging for stones or gems. If you are buying gold jewelry with diamond studded in it, the price might just be doubled.

Simply search online for the gold rate in Kolkata today and take a note of it; this will help you in making an informed decision while making the actual purchase.

Importing Gold into Kolkata

If you’re planning to gold in the city of joy, Kolkata, there are a few limitations that you may face. Let us take a look at these restrictions.

  1. There is a lot of import and export of gold into India. Irrespective of the import duty, it is allowed to go up to 1 kg of gold only.
  2. The limit of getting gold into the country for everyone, is Rs. 50,000 and Rs. 1 lakh respectively. 
  3. If you have stayed outside India for more than 1 year, then only you can get gold from other countries. Although, you cannot bring in gold, when your purpose for going abroad was vacationing. 
  4. Jewelry which is studded with precious metals and diamonds is restricted from being imported.  

So, before you plan to invest in gold, make sure that you are aware of these norms and fully adhere to them. Also, gold price today in Kolkata is influenced by the import transactions within the country.

Getting a Gold Loan in Kolkata

Buying a gold loan in India is quite convenient, quick and easy. Those who haven’t taken a gold loan in Kolkata, they can buy it easily. However, in addition to gold price in Kolkata, there are certain other things that you need to consider before getting a gold loan in Kolkata. Here is a quick rundown of the things that follow:

  1. Always buy a gold loan from top gold loan providers/some of the largest players in the business. There are various options that are available in the market.
  2. Gold Loan can also be purchased from banks by pledging gold ornaments/gold coins at a low-interest rate and minimum paperwork.
  3. It is important to pay off the loan as the gold loan company or bank can confiscate the gold

It is imperative to compare the gold loan rates and also check online today gold rate in Kolkata. If the bank is offering it at a lower interest rate then it is safer to opt for a bank gold loan. However, you should always check for the processing fees and other charges that may apply.

For instance, if it is 70 percent for a gold value of INR 1 lakh then it is advisable that to get a loan of at least 70,000 as loan.

It is advisable to check the gold rate today in Kolkata for 10 grams of gold before taking a loan. Gold loan policies are also governed by the Reserve Bank of India. However, they tend to alter and change every fiscal year.

Factors that Influence Gold Rate in Kolkata Today

The prices of gold are affected by a number of local, as well as national factors. Known as the port city, importing gold in Kolkata becomes convenient via sea and air. Considering a lot of other factors, the prices vary in every city. And, the final price of gold is decided based on all these parameters. Also, if the central bank purchases gold to meet a rise in demand, the prices rise, affecting the prices across the country. Additionally, with import and excise duty and fluctuations in the market, the prices of gold remain volatile round the year.

Difference between KDM and Hallmarked Gold in Kolkata

Kolkata is the best place to buy 22 karat or 24 karat hallmarked gold jewelry, because the prices in the city are lesser as compared to the other cities in India.  It is cheaper due to availability of port facilities, which reduce the transportation costs, for importing the yellow metal in the city. KDM jewelry is soldered with 92% Gold+ Cadmium alloy, and this doesn’t affect the purity of the jewelry.

Hallmark jewelry is an authentication certificate to ensure the jewelry you have purchased meets the purity standards, laid down by the Bureau of Indian Standards.

It’s important to make an informed decision, especially if you are investing money into gold. If you take these factors into consideration which influence its prices, it would help you make the right choice and allocate your money wisely.

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