Gold Rate in Himachal Pradesh

Himachal Pradesh is also fondly known as ‘Devbhoomi’ (land of Gods). This state mostly has a hilly terrain with some gorgeous valleys and mountain ranges that attract tourists worldwide. Kullu, Manali, Kasauli, Chamba, and Shimla are some of the ever-popular hill stations here.

People in Himachal Pradesh are quite fond of gold jewellery and ornaments. It is common to see women decked up in their best ornaments during important festive and religious occasions, especially during weddings. In fact, over 55% of the gold trade in the state takes place during the auspicious wedding seasons. If you’re looking to buy gold here, the first step should be to check today's gold price in Himachal Pradesh, as this price keeps changing.

The purest form of gold available for purchase in the market is 24 carat gold. People buy this mainly from an investment perspective in the form of bullion, biscuits, and coins. These can be purchased from authorised sellers and even some of the banks. 24 carat gold price in Himachal Pradesh today is Rs. 4,886 per gram.

The more common form of gold is 22 carat gold, and it is the purity type preferred for making all sorts of rings, bandles, chains, pendants, etc. The gold rate today in HP for 22 carat is Rs. 4,634 per gram.

The Goods and Services Tax (GST) was introduced to bring about uniformity in applicable taxes on several commodities, including precious metals. Naturally, this applies to gold as well. So, when you buy gold as coins or biscuits, then the actual price that you will need to pay Himachal Pradesh’s gold price for today plus 3% GST added to it. Buying gold in the form of jewellery will incur additional making-charges. 5% GST is applied on the making-charges of the ornaments.

Himachal Pradesh, like the mountains it encompasses, is an ancient state with a rich heritage. For centuries, gold has been revered here. All the important temples have deities adorning gold jewellery, which gives evidence of this metal’s high esteem. It is also an important investment tool. People in Himachal Pradesh have turned to gold as a safe investment whenever there has been political or economical instability. Even though gold can also witness some fluctuations, it is still considered a less volatile investment instrument than, say, the stock market.

A large population in Himachal Pradesh is based in villages and small towns. Their preferred mode of buying gold has been in its physical form. However, more of the urban and younger population sees the merit in investing in electronic gold and investing in Gold ETFs has emerged as a popular mode of doing so. These Exchange-Traded Funds are traded in the stock market and can be bought and sold anytime. This means, in times of a financial crunch, you can simply sell off the units you own at the prevalent market price, which may be different to today's gold rate in Himachal.

We discussed earlier how the gold rate in Himachal is determined. To explain further, the gold rate today in HP is influenced by local, national and international factors. Local factors may include the seasonal demand and supply balance changes. National factors may include changes in the rate of inflation or the introduction of new economic policies and measures. Global factors include geopolitical instability in influential countries or large gold producers, changes in forex rates, natural disasters etc.

A large number of people in HP prefer to buy gold over-the-counter from the several stores and showrooms prevalent there. This is more pronounced when buying jewellery since people like to try them on before deciding. Online retailing has been gaining popularity lately due to the convenience and discounts offered online. In order to buy gold in the form of an ETF, you require a demat account. SGBs can be bought online as well as in paper format from authorised sellers, usually large banks. Investing in MFs can be done directly through the fund house or via broker firms.