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Gold is among the largest financial assets across the globe. In Indian culture, this precious metal has held a special place. Apart from the wealth and status signified by the yellow metal, the purchase of gold also denotes splendour, hope and auspiciousness.

Along with the purchase of physical gold, people are now also investing in digital, paper and electronic gold. As a resident of Jharkhand, you too can benefit from making investments in gold. Here’s a detailed guide to help you make an informed decision.

Gold Rate in Jharkhand

Before you sell or purchase gold, you must know the Jharkhand gold rate today. Here’s a look at the gold rate today in Jharkhand on November 20, 2021.

 

  • 24 Carat pure gold rate for 10 grams = Rs 49,880

  • 22 Carat standard gold rate for 10 grams = Rs 47,500

Today 24 Carat Gold price per gram in Jharkhand

  • The 24 Carat gold rate in Jharkhand per gram today is Rs. 4,988.

  • The 24 Carat Jharkhand gold rate for 8 grams today is Rs. 39,904.

Today 22 Carat Gold Price Per Gram in Jharkhand Today

  • The 22 Carat gold price in Jharkhand per gram today is Rs. 4,750.

  • The 22 Carat gold Jharkhand gold price for 8 grams is Rs. 38,000.

18 Carat gold price in Jharkhand

If you want to purchase 18 Carat gold, here’s a look at the prices:

 

  • 18 Carat current rate of gold in Jharkhand: Rs.3,886 for 1 Gram.

  • 18 Carat rate of gold in Jharkhand: Rs. 31,088 for 8 Grams.

To know about the variations in gold prices, here’s a comparative rate chart between 24 Carat and 22 Carat gold rates:

 

Jharkhand gold rate today

Rate of gold in Jharkhand yesterday

Rate change

Pure Gold 24 Carat ( 1 Gram)

₹ 5,261

₹ 5,240

₹ 21

Pure Gold 24 Carat ( 8 grams)

₹ 42,088

₹ 41,920

₹ 168

Standard Gold 22 Carat ( 1 Gram)

₹ 5,010

₹ 4,990

₹ 20

Standard Gold 22 Carat ( 8 grams)

₹ 40,080

₹ 39,920

₹ 160 

22 & 24 Carat Gold Rate in Jharkhand for Last 10 Days

Date

STANDARD GOLD 22K

PURE GOLD 24K

1 Gram

10 Gram

1 Gram

10 Gram

Dec 1, 2022 ₹ 5,010.00 ₹ 50,100.00 ₹ 5,261.00 ₹ 52,610.00
Nov 30, 2022 ₹ 4,990.00 ₹ 49,900.00 ₹ 5,240.00 ₹ 52,400.00
Nov 29, 2022 ₹ 4,980.00 ₹ 49,800.00 ₹ 5,229.00 ₹ 52,290.00
Nov 28, 2022 ₹ 4,990.00 ₹ 49,900.00 ₹ 5,240.00 ₹ 52,400.00
Nov 27, 2022 ₹ 4,990.00 ₹ 49,900.00 ₹ 5,240.00 ₹ 52,400.00
Nov 26, 2022 ₹ 4,990.00 ₹ 49,900.00 ₹ 5,240.00 ₹ 52,400.00
Nov 25, 2022 ₹ 4,990.00 ₹ 49,900.00 ₹ 5,240.00 ₹ 52,400.00
Nov 24, 2022 ₹ 4,990.00 ₹ 49,900.00 ₹ 5,240.00 ₹ 52,400.00
Nov 23, 2022 ₹ 4,960.00 ₹ 49,600.00 ₹ 5,208.00 ₹ 52,080.00
Nov 22, 2022 ₹ 4,970.00 ₹ 49,700.00 ₹ 5,219.00 ₹ 52,190.00

GST on Gold in Jharkhand

The Goods and Service Tax (GST) was introduced in 2017 to simplify the existing taxation system in India. It subsumed a host of major indirect taxes and prescribed four different tax slabs for various categories of goods, commodities and services. At present, there are four different types of GST, namely Central GST, State GST, Union Territory GST and Integrated GST. The GST affected the price of gold in two ways:

 

  1. It levied a 3% GST on the value of gold: To purchase gold in Jharkhand now, you have to pay 3% GST on the value of gold. Earlier, you had to pay 1% VAT along with 1% sales tax.

  2. It levied 5% GST on making charges: As a consumer in Jharkhand, you now have to pay 5% GST on the making charges of your gold ornaments. Before GST, there were no taxes on the making charges. GST levied a 5% rate on the making charges as jewellery designing/making was considered as a part of the service sector.

To understand how GST impacted the gold rates in Jharkhand and across the country, refer to the chart below:

Gold and its Investments in Jharkhand

As a resident of Jharkhand, you can choose multiple gold investments. However, before zeroing in on an investment, consider its pros and cons and determine whether the investment is in sync with your financial goals. Here’s a look at some of the investment options:

 

  • Investing in physical gold: You can purchase gold ornaments, coins and bars.

  • Investing in gold mutual funds: You can buy gold mutual funds from a fund house. These funds invest in units of Gold Exchange-Traded -Funds (ETFs) and are managed by professional fund managers.

  • Investing in gold derivatives and sovereign bonds: You can choose Sovereign Gold Bonds (SGBs) or gold derivatives/electronic gold as viable alternatives to purchasing physical gold.

How to Invest in Gold ETFs in Jharkhand?

Gold Exchange-Traded-Funds(ETFs), also called gold derivatives or electronic gold, are just like trading in shares in the stock market. To begin trading in gold ETFs from Jharkhand, you need to open a Demat account and a trading account with a depository participant. You can then place a sale or purchase order. These are highly liquid investments combining the simplicity of investing in physical gold with the flexibility of stock market investments. Also, as your gold ETFs are held in electronic form, you don’t have to worry about their safety or security.

How to Invest in Sovereign Gold Bonds in Jharkhand?

As an investor in Jharkhand, you can choose to invest in Sovereign Gold Bonds, having a tenure of 8 years. These have a minimum lock-in period of 5 years. SGBs are denominated in multiples of grams of gold. You can purchase a maximum of 4kg SGB annually. You can buy these government-backed bonds from the recognised banks, listed post offices, Stock Holding Corporation of India Ltd (SHCIL) or licensed intermediaries. Along with the redemption price, you also receive periodic interest payouts.

How to Check the Purity of Gold in Jharkhand?

To check the purity of gold in Jharkhand, you can do a few simple tests. Here’s a look:

 

  1. The stamp test: Also known as hallmarks, the Bureau of Indian Standards (BIS) has mandated embossing any gold item with four BIS marks or stamps. These are the BIS mark or logo, the assaying/hallmarking centre’s mark/number, carat purity mark and jewellers’ unique identity. Once you have verified that your gold item is embossed with all four stamps, know for sure that the gold item is genuine.

  2. Magnet test: Once you have verified the stamps, do a simple magnet test. As gold is a non-ferrous metal, it will not be attracted to a magnet. Conversely, if the gold is adulterated by mixing metallic elements, it will be attracted to a magnet.

  3. The machine test: You can ask a BIS-certified jeweller to check the carat purity of your gold item by scanning it through a carat checking machine. When the gold item is tested in this machine, it will display the exact carat purity level.

  4. The acid test: You can use a home testing kit to check the purity of your gold item. This test is based on the premise that nitric acid changes its colour when applied to a small notch made on impure gold. Conversely, nitric acid’s colour will remain unchanged on pure gold.

What is the Demand for Gold in Jharkhand?

Jharkhand has a high demand for gold, especially in its capital Ranchi and other urban centres such as Jamshedpur and Bokaro. The demand increases during religious festivities and the auspicious wedding months. Typically, gold ornaments along with gold coins and bars are purchased. Recently, people have shown a keen interest in investing in gold-related investments, such as gold ETFs, gold SGBs, and more. However, a majority of the population still prefers buying physical gold.

How is the Gold Rate in Jharkhand Determined?

No one factor determines the gold price today in Jharkhand. As gold is freely traded across global markets, a plethora of factors informally decide its price in India and at Jharkhand. The key factors include demand and supply, the benchmark rates of the Indian Bullion and Jewellers Association (IBJA) and the international gold rates. Here’s a detailed look at the various factors that determine the Jharkhand gold price.

 

  • Demand, supply and consumer behaviour: The gold rate in Jharkhand is directly contingent upon demand and supply along with the existing consumer behaviour. For instance, during the fifth month of the Hindu solar calendar, Shravan, there is a month-long religious festival at the holy city of Deoghar. During this period, there is a high demand for gold, which in turn increases the gold prices. Similarly, during festivals, such as Dhanteras and Diwali, there is a high demand for gold, thus increasing the gold prices. Conversely, in the absence of upbeat consumer behaviour, the market stagnates, and gold prices decrease.

  • Global price of gold: The spot price of gold is fixed daily at the OTC market of the London Bullion Market Association as well as by international bullion traders and banks. The futures price is sourced at international commodity exchanges, such as the MCX and COMEX. As India imports most of its gold from foreign countries, the global gold rates play a key role in determining the gold rates in the country and Jharkhand.

  • Benchmark price by IBJA: The Indian Bullion and Jewellers Association (IBJA) takes the buy and sell quotes from the 10 biggest gold dealers in the country. The buy and sell quotes are provided based on factors, such as the daily global price of gold, import duty, and more. After taking an average of these quotes, the daily benchmark rates are fixed. Based on the benchmark rates, the retail traders add the local taxes and expenses and fix the final retail rates for buying and selling gold in their respective cities.

What is the Mandatory Checklist for Buying Gold in Jharkhand?

Before buying gold in Jharkhand, refer to the five-point checklist given below:

 

  • Have I checked the rate of gold in Jharkhand?

Before buying gold, find the current rate of gold in Jharkhand. You can easily check it through reliable websites, such as that of the IBJA. Make sure that the price being offered corresponds to the official rates.

  • Have I checked the hallmarks?

Before you purchase gold, check for all four components of the BIS hallmarking. Remember, hallmarking guarantees the purity of your gold item.

  • Have I got a physical receipt?

Always get a physical receipt for your gold item. In the absence of a physical receipt, it will be difficult to sell or exchange your gold item.

  • Do I know the making charges?

Different jewellers levy different making charges for designing gold ornaments. Know the exact making charges beforehand, as it will have a significant impact on the final price.

  • Do I know the buy-back terms?

Just like the making charges, the buy-back term varies between jewellers. You never know when you have to sell or exchange your prized gold item. So have a clear idea of the buy-back terms.

Things to Consider Before Buying Gold in Jharkhand

Consider the purpose of investment: Before buying gold in Jharkhand, pause for a moment and think what the purpose of buying gold is? If it’s for investment, then SGBs or gold ETFs might well be the right choice. If you want to purchase physical gold for investment, then 24 Carat gold coins and bars can be the right alternative. But if you are buying for a wedding or a religious ceremony, you can buy an 18 or 22 Carat gold ornament.

Consider the weight: While buying physical jewellery, ensure that you are being billed for the exact weight. Remember, gold is weighed in grams, and even a minuscule error in weighing the gold can cost you dearly.

Consider the time: While buying gold in Jharkhand, consider the time of making the actual purchase. During the festive season and wedding months, owing to high demand, the costs usually increase. It is better to purchase gold when the demand for gold is less.

What are the Factors that Influence Gold Rate in Jharkhand?

Several factors affect the gold price today in Jharkhand. These range from global issues to local factors. Here’s a look:

 

  • International issues: If there is a global upheaval or crisis, it can increase the gold rates in the country and in Jharkhand.

  • Local issues: Local issues such as an increase in transportation cause or changes in local taxes can influence the gold rate today in Jharkhand.

  • Import duties: Any hike in the import duty can increase the Jharkhand gold rate.

  • Interest rates: Any decrease in interest rate can hike the Jharkhand gold price.

  • Government gold reserves: If the government decides to increase its gold reserves, the increase in demand can hike the price of gold across the country.

  • Inflation: Inflationary movements can cause people to purchase more gold. This can hike the gold rates in Jharkhand.

  • Changes in currency rates: If the US Dollar gains against the Indian Rupee, it will increase the gold rates across the country and in Jharkhand.

What are the Different Places where One can Buy Gold in Jharkhand?

You can go to several places to buy gold in Jharkhand. Here’s a look:

 

  • Jewellery stores: To purchase gold ornaments, you can visit a jewellery store. You can also buy gold jewellery from reputed online stores. Do remember to check the credentials of a jeweller before making a purchase. Also, check for buy-back terms and the making charges.

  • Bullion traders: If you want to buy 24 Carat gold bars and coins, it is best to visit an established bullion trader. You can make a physical visit or make an online purchase. Typically, bullion traders offer competitive buy-back terms along with reasonable markup charges.

  • Banks: To buy the highest quality gold coins, you can visit banks. These can be purchased in various denominations, such as 5 Grams, 10 Grams, 15 Grams, and more. The prices of gold coins at banks, however, are slightly higher than the prevailing market rate. 

FAQs

  • ✔️What is the price of 24 Carat gold in Jharkhand?

    The 24 Carat gold rate in Jharkhand is Rs. 4,998 per gram.

  • ✔️Do I need to open a trading account to buy Gold SGBs?

    No, a Demat account is not required to purchase Gold SGBs.

  • ✔️What is 583 gold in Jharkhand?

    583 gold is known as 14 Carat gold.

  • ✔️What is the 24 Carat gold rate in Jharkhand for the last five days?

    The 24 Carat gold rate in Jharkhand for the last five days is as follows: 

     

    Date

    Jharkhand gold price per gram for 24 Carat gold

    December 2, 2010

    Rs. 4,867

    December 1, 2010

    Rs. 4,867

    November 30, 2010

    Rs. 4,893

    November 29, 2010

    Rs. 4,904

    November 28, 2010

    Rs. 4914

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