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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.

Gold Rate in Himachal Pradesh

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.

Today 24 Carat Gold Price Per Gram in Himachal Pradesh

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.

Today 22 Carat Gold Price Per Gram in Himachal Pradesh

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.

GST on Gold in Himachal Pradesh

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.

Gold and its Investment in Himachal Pradesh

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.

How to Invest in Gold ETFs in Himachal Pradesh

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.

How to Invest in Sovereign Gold Bonds in Himachal Pradesh

Buying electronic gold or investing in Sovereign Gold Bonds (SGB) is safer than owning physical gold as the risk of theft is nullified. Moreover, it is cheaper as well since you do not have to spend on storage like bank lockers. Moreover, if you purchase SGB units online, then you get a small discount as well. The Reserve Bank of India keeps launching these bonds on the central government’s behalf, usually approximately 2 times per year. To purchase these bonds, you need to read the notification clearly, which lists the banks and other outlets authorized to sell them in electronic or paper format. The price at which SGB are issued is fixed by the RBI and is independent of the prevailing gold price in Himachal Pradesh, but each unit equals 1 gm of gold. In other words, the price of 10 gm worth of gold bonds may differ from the gold price today in HP per 10gm of physical gold.

How to Check the Purity of Gold in Himachal Pradesh

Authorised laboratories test the purity of gold in India, and the Bureau of Indian Standards governs the overall process. The BIS hallmarking scheme was launched in alignment with international standards criteria and to safeguard customers against fraud or cheating with respect to the purity and actual weight of gold being bought. This scheme applies to manufacturers, sellers and testers, effectively bringing the entire trade ecosystem into a transparent and verifiable umbrella of mandatory rules and guidelines.

What is the demand for gold in Himachal Pradesh?

The gold rate in Himachal Pradesh today is not necessarily the same as yesterday or what it will be tomorrow. It changes as per the change in demand. Himachal Pradesh has a rich tradition of celebrating several festivals. Sometimes these festivals are extremely localized, and each valley may have its own respective deities and associated festivals. As per the local rituals and traditions, gold ornaments feature high on the list while engaging in these celebrations. Weddings, of course, are another important source of gold sales. Apart from these conventional modes, the new-age investor has started investing in virtual gold as a means to hedge their portfolio. With the convenience of trading in gold ETFs, buying gold bonds, and investing in gold mutual funds online, the investors can track and manage their investments anytime from anywhere. These investments are agnostic of the gold price today in HP and are more dependent on the overall price in the market.

How is the gold rate determined in Himachal Pradesh?

The gold price today in Himachal Pradesh is neither an absolute nor an arbitrary amount. In fact, it is determined as a collection of factors. As mentioned in the earlier section, there is a high demand during seasonal events and occasions. High demand with a fixed supply can easily make the price rise comparatively. It is not uncommon to see the gold price in Himachal being higher during the Diwali festival as compared to say, mid-summer time. A combination of import duties, foreign exchange performance, state and national level of inflation, transportation costs, and other such logistics also play a role in determining the gold rate in Himachal Pradesh. However, the weightage of these factors varies as per their relevance and impact.

What is the mandatory checklist for buying gold in Himachal Pradesh?

If you have decided on buying gold in HP, then this checklist will be very handy for you. Following these steps, you can get the best bang for your buck and avoid getting overcharged or receiving an inferior quality of gold.

 

  • Before buying gold in the physical form like ornaments or coins, you must check today's gold price in Himachal Pradesh. In fact, experts suggest paying attention to the recent price trends to be able to ascertain if now is the right time to purchase and will you be getting the most competitive rate.

  • Commonly, people in HP visit nearby showrooms and stores to buy their jewellery. But it has become rather common to use online e-commerce websites to buy from, as well. Irrespective of the mode of purchase, you must thoroughly check the hallmarking standards as laid down by the Bureau of Indian Standards (BIS). It mandates that all gold items should come with a BIS mark, the mark of the jewellery maker and also a mark or number of the laboratory which has verified its purity. This should be clearly visible to you as well.

  • If you have chosen gold purely as an investment, too, then you have the option of investing in gold ETFs, SGBs or Mutual Funds. Doing your due diligence before investing is a must. Understand the prevailing rates, any commission, fee or hidden charges involved and tax implications post-sale.

Things to Consider Before Buying Gold in Himachal Pradesh

Apart from the checklist provided above, it will serve you well to also keep the below information in mind before and while buying gold in HP.

 

  • Buying gold in the form of coins and biscuits will entail an addition of 3% GST over and above the gold price in Himachal Pradesh on that day. Jewellery involves the human effort in the making. Hence making-charges are levied. 5% GST is applied over the making-charges. All these costs should be clearly mentioned in your invoice.

  • While most jewellers do this by default, yet you must check that the right weight and level of purity is clearly mentioned in your invoice. This is important proof when you decide to exchange or sell this gold.

  • The gold price today in Himachal Pradesh is fixed for the particular day for all sellers across all cities in the state. Feel free to question if you feel you’re being overcharged.

What are the factors that influence the gold rate in Himachal Pradesh?

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.

What are the different places where one can buy gold in Himachal Pradesh?

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.

FAQs

  • ✔️I live in Manali, but I am buying gold from Shimla. Will the price be different?

    Gold rate today in HP is a fixed amount for the entire state on that particular day. You may buy gold from any seller in any city in the state. The rate you will be charged is the same for the day.

  • ✔️What is the main difference between gold ETF and gold MF?

    While Exchange Traded Funds are also a type of fund, the main difference between them and mutual funds is that ETFs are traded online in the stock exchange. This means you need to have a demat account in order to buy or sell them. MF, on the other hand, can be invested either in a lump sum or using SIP. You keep buying units and then redeem them post their maturity.

  • ✔️Which is more expensive - yellow, white or rose gold?

    As far as the price of the metal is considered, it is the same regardless of its colour. So, the gold price today in Himachal is applicable for all three.

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