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Gold is among the largest financial assets across the globe. In Indian culture, this precious metal has its special place. Apart from the wealth and status signified by the 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. However, before beginning the investment journey, you need to know the gold rate in Jharkhand. This will enable you to make an informed decision and ensure that your finances are protected. 

 

Here’s an overview of the gold rate today, in Jharkhand and a detailed guide to help you make an informed decision.

Gold Price Per Gram in Jharkhand

Check out the Gold Price Today in Jharkhand for different weights below

Gram

24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday

Daily Price Change

1 Gram

₹6,206

₹6,216

- ₹10

10 Gram

₹62,060

₹62,160

- ₹100

100 Gram

₹6,20,600

₹6,21,600

- ₹1,000

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

Gold price in Jharkhand with fluctuations in the last few days, is shown below:

Date

STANDARD GOLD 22K

PURE GOLD 24K

1 Gram

10 Gram

1 Gram

10 Gram

Feb 22, 2024

₹ 5,910.00

₹ 59,100.00

₹ 6,206.00

₹ 62,060.00

Feb 21, 2024

₹ 5,920.00

₹ 59,200.00

₹ 6,216.00

₹ 62,160.00

Feb 20, 2024

₹ 5,895.00

₹ 58,950.00

₹ 6,190.00

₹ 61,900.00

Feb 19, 2024

₹ 5,905.00

₹ 59,050.00

₹ 6,200.00

₹ 62,000.00

Feb 18, 2024

₹ 5,880.00

₹ 58,800.00

₹ 6,174.00

₹ 61,740.00

Feb 17, 2024

₹ 5,880.00

₹ 58,800.00

₹ 6,174.00

₹ 61,740.00

Feb 16, 2024

₹ 5,870.00

₹ 58,700.00

₹ 6,164.00

₹ 61,640.00

Feb 15, 2024

₹ 5,850.00

₹ 58,500.00

₹ 6,143.00

₹ 61,430.00

Feb 14, 2024

₹ 5,860.00

₹ 58,600.00

₹ 6,153.00

₹ 61,530.00

Feb 13, 2024

₹ 5,920.00

₹ 59,200.00

₹ 6,216.00

₹ 62,160.00

Gold Rate Calculator

While planning to invest in gold, calculating the estimate of the investment amount can help you strategize. One of the ways to do that is to use a gold rate calculator, which offers an estimate of the value based on today’s gold rate in Jharkhand or another city.

 

To use the calculator, you will need to know the quantity (grams) you want to invest in, the purity you want, and the city you plan to invest in. Here’s a quick and easy gold rate calculator you can use:

Gold Investment 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. Also, 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 or 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.

Points to Remember When Buying Gold in Jharkhand

Consider the purpose of investment: Before buying gold in Jharkhand, consider your reasons for buying gold. If it’s for investment, then SGBs or gold ETFs are your best choices. 

  • 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.

 

Apart from the above, go through the checklist given below to make an informed investment:

  • Have I checked the gold rate 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.

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Factors that Affect Gold Prices in Jharkhand

Several factors affect the gold rate 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.

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

How is the Purity of Gold Evaluated in Jharkhand?

To check the purity of gold in Jharkhand, there are a few simple tests. Here’s a look:

  • 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.

  • 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.

  • 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.

  • 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.

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GST Impact on Gold Rate 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:

  • 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.

  • 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:

Taxes and charges

Before GST

After GST

Custom Duty

10%

10%

Service Tax

1%

NA

VAT

1%

NA

GST on gold

NA

3%

GST on making charges

NA

5%

While the implementation of GST has simplified the taxation on gold, it has resulted in an increase in the final cost of gold. This is because the total tax percentage levied on gold has increased. So, be sure to check the final total gold rate in Jharkhand before you buy it.

FAQs

Yes, there is a difference between 22K and 24K gold in Jharkhand and other states of the country. 22K has a purity of 91.66% and 24K has a purity of 99.9% and above.

The 24 Carat gold rate in Jharkhand for the last five days from 3 February 2023 are as follows: 

 

Date

1gram 24K gold rate in Jharkhand 

03rd Feb, 2023  

₹ 5,738

02nd Feb, 2023

₹ 5,791

01st Feb, 2023

₹ 5,702

31st Jan, 2023

₹ 5,675

30th Jan, 2023

₹ 5,691

Live gold rate in Jharkhand and other states across the nation is determined based on numerous factors, such as inflation, national gold reserve, import duties, and taxes.

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