Kannur is in the state of Kerala. Most of the population of Kerala, and the small city of Kannur, prize gold, both for ornamentation and as a stable investment. Today, gold rate Kannur-wise, is relevant if you want to invest in the best gold that Kerala has to offer.
No matter what your reasons are for buying gold in Kannur, you must know the gold rate today. Kannur has many trusted jewellery dealers, and whether you buy physical gold or invest in any other form, these rates are important to be aware of:
24 carat gold rate today in Kannur - Rs. 46,990 for 10 grams
22 carat gold rate today in Kannur - Rs. 44,750 for 10 grams
In case you plan to buy physical gold like bars and coins, you will get these in 24 carat gold, which is the purest form of gold you can buy. However, you should know the 24 carat gold price today. Kannur 24 carat gold prices are mentioned below:
1 gram of 24 carat gold - Rs. 4,720
8 grams of 24 carat gold - Rs. 35,960
Shopping for jewellery in any city in Kerala, especially in Kannur, is an enthralling experience, as you get some of the best quality of 22 carat gold ornaments here. Again, you must be clear about the gold rate. Kannur has a history of selling the best jewellery till today. ‘916’ gold rate in Kannur is mentioned below, ‘916’ being the purity value of 22 carat gold:
1 gram of 22 carat gold - Rs. 4,495
8 grams of 22 carat gold - Rs. 35,960
GST is an indirect tax that is levied on goods and services by the Indian government. This is a fixed tax, and ‘GST’ stands for the Goods and Services Tax. You will have to pay this tax on every gold investment you make. When you buy physical gold, you will have to pay this tax as 3% of the value of the gold. Furthermore, since jewellery is sold with making charges attached to it, the making charges are taxed at 5% GST.
Anywhere you go in Kerala, gold represents a status symbol for the local people. The amount of gold any person from Kannur accumulates never seems to be enough. Consequently, the demand for gold, especially physical gold, is extremely high. Gold plays a significant role in religious ceremonies and has a lot of prominence for daily adornment purposes. Most gold invested by people in Kerala across the state is in its physical nature. Considered the safest way to invest, individuals from Kannur and across Kerala have at least 30% of their investment portfolios in some form of gold. Therefore, the gold price in Kannur is always integral to know. Although a sound investment for people from Kannur, gold is valued so much that they may think of gold as a last resort in case people need liquidity. Keralites love to hoard as much gold as they can for as long as possible.
To invest in gold as an asset, it is imperative to know the Kannur gold rate. In this digital age, while adoring their physical gold, the people of Kannur also have an interest in Gold ETFs or Exchange Traded Funds. Since physical gold yields storage and insurance issues, besides security considerations, ETFs offer an advantage over physical gold in these few ways. Moreover, ETFs are highly liquefiable. These are the features of Gold ETFs:
They are traded like stocks on an exchange.
They have a high degree of liquidity, and this is just a few clicks away online.
Gold ETFs provide tax efficiency, as they don’t incur any long-term capital gains tax even if you hold them for long periods.
You need to have demat and trading accounts with an account for trading in stocks online.
There is no uncertainty about the authenticity of this gold, as it is guaranteed to be pure.
You have to be certain of the authenticity of the gold articles you buy. Specific ways to test this are mentioned here:
Gold purity machines - Most retailers dealing in gold jewellery, coins and bars have digital machines to assess the purity aspect of gold. These are relatively accurate and determine the purity as well as the weight of the article tested.
Tests via magnets - The composition of gold is non-ferrous; that is, it doesn’t contain iron. If the metal in question shows an attraction to magnets, this means that it is fake.
Certified gold - The Bureau of Indian Standards (BIS) is the body that certifies and hallmarks gold, thus validating its purity. A hallmark is an official stamp on the article of gold. Jewellers of repute must give you a certificate to authenticate the gold you have purchased.
As in the whole state of Kerala, the demand for gold in Kannur is booming. Gold is typically bought as ornaments. People here like to show off the metal they own. In Kannur, it's a source of pride to own a large number of gold articles of jewellery, coins and bars. The Kannur gold rate today may be high, but if people want to invest in gold on any given day, they will not mind the high rate. Small traders in the precious metal form the spine of the gold market in Kannur. The majority of Kannur relies on these small dealers who have traded all over the state for generations. It is important to note that most people here invest in gold on priority as soon as they have some extra funds available.
Different factors determine and decide the gold rate. Kannur is part of Kerala, and here, the demand doesn’t falter whether the gold rate is high or low. It remains high. Despite this, knowledge about the determination of the rate of gold is good to have to make informed decisions for purchases of gold. The most important factors that decide gold rates are supply and demand. Gold rates stay high in Kannur as this city always shows a high demand for gold. They may fluctuate when there is a state of inflation in the country, international currency shifts, or when taxes affect the rate of gold, both globally and locally.
The Kannur gold rate is determined by a lot of factors, and you may be prepared to pay the price to buy it. Nonetheless, before you buy gold, you may want to have a quick run-through and make sure the following considerations are dwelt upon:
The rate of gold - The rate of gold per gram should be checked, so you know you are paying a good price for your gold. With the rate per gram, you can exactly determine what the making charges are, etc.
The authenticity of the metal - The purity of gold is a major factor to account for before buying gold. Trust may be built over a period, but you should insist that your dealer checks purity through a digital machine for the same. Another variable that decides the purity of the metal is the hallmark that is stamped on the metal. 22 carat gold should ideally have a ‘916’ stamp on it or a ‘BIS’ stamp.
The extra charges - The value of gold that is bought is taxed, mainly with a GST. You should also remember that since there is no limit to what charges for making ornaments can be, there is GST levied on these too. The higher these extra charges are, the higher will be the price of the jewellery you buy.
The receipt/invoice - While individuals buy gold on trust, an invoice that documents your purchase is a must. This has details of the articles you buy, their weight and the gold price in Kannur. This is important and should be kept safely for tax purposes, and in case you wish to sell your gold at a future date.
While investing in gold in Kannur, you should be sure about the gold rate today. Kannur, 8 gram or 10 gram worth of gold, no matter what amount you buy, the rate is important as this will influence your budget. Besides the rate, you should be in the know about the variables that influence the gold rate in Kannur. These are listed below:
Supply and demand aspects - Mentioned earlier, gold is very valuable to people in Kannur. There is already a high demand for its use. When there is a rise in demand, supply may be short as more people venture to buy gold. This results in a price increase. People also hoard gold in large numbers, saving it for a rainy day, and in such cases, the gold supply may be short.
Rates of interest - Today, gold prices in Kannur will be largely influenced by interest rates. In India, individuals take loans against the gold they own. Directly or indirectly, rates of interest that are offered for such loans affect the value of gold on any given day.
Policies of the government - Policies of the government in the form of tax levies, like GST, can influence the rate of gold. For instance, GST is applied to gold making charges at the rate of 5%. Since there is no cap on such making charges, the rate of the ornaments you buy may spiral up with any jeweller you choose.
Global factors - India has no gold reserves, so India must import it. Taxes imposed on gold imports may influence gold prices within India. Furthermore, the international trade in gold takes place in US dollars. When the rupee to dollar value decreases, India has to lessen its imports as it spends more to buy gold and meet the demand in India. This affects gold prices in India.
The whole state of Kerala is reputed for its variety of jewellery stores, both large and small. Spread across the length and breath of the entire state, all the big cities like Kochi, Thiruvananthapuram and the like have gold shops. Kannur has its fair share of gold shops too. If you are buying gold today, Kannur gold rate will be displayed in shops so you can browse and compare rates and prices for making jewellery accordingly. Nonetheless, while buying gold from small dealers, you may be tempted by the intricate designs, both traditional and modern, but you should always check for purity. Large-scale stores like Malabar Gold, Joy Alukkas, etc., should always provide gold certification and an invoice that authenticates your purchases.
You can find current gold rates in major parts of the country, even city-wise, online. Furthermore, when you visit gold retailers and stores, the rate of gold, along with separate charges for making jewellery, may be displayed.
Gold in jewellery is composed of 22 carat gold. This gold contains 91.6% pure gold metal blended with other metals and alloys. 22 carat gold jewellery articles will have a hallmark of ‘916’ exhibiting the level of purity of the metal. Contrastingly, the purest form of gold, 24 carat gold, contains 99.9% of gold, and you can buy this as coins and bars.
To decide on the authenticity of gold, you must see that gold articles are subjected to checks through digital machines. Most jewellery shops have these to check on the purity of the metal. Moreover, if you insist on certified gold, you will be sure that it comes with a stamp of purity, a hallmark, as executed by the Bureau of Indian Standards. Along with a hallmark on the metal itself, you also get a certificate ascertaining purity.