Gold Rate in Kolkata

On some days this change can be substantial but on most days the change is marginal. Regardless, any change in price affects the total investment value. This makes it important to know how and why gold rates change. 

 

Here are top factors that affect gold rate in Kolkata:

• Increase in National Gold Reserve would increase gold demand throughout the country, increasing the gold price

• Changes in taxes levied on the gold will reflect in the final gold price

• Uncertainty in the global economy would result in people resorting to gold, increasing the demand and thus the price

• Geopolitical crisis on international and national level can increase the gold price

• Gold has an inverse relation with currency exchange and if the dollar gets stronger, the gold price in Kolkata and other states is likely to increase

• A decrease in the interest can decrease the gold price and vice-versa

• Seasonal demand increase (weddings or festivals) will increase the gold price

To understand how much gold is present you must divide the carat by 24 and multiply the result by 100. For example, dividing 18 by 24 gives you 0.75 and multiplying that by 100 translates to 75%, which is the gold purity in 18K gold. 

 

The gold rate in Kolkata and other states also varies depending on the carat you are purchasing. This is because as the carat decreases, the gold present in it decreases, which reduces the cost. 

 

To ensure standardization and ease the process of deciding the gold price in Kolkata and other cities, there are BIS standards. When a vendor has gold as per BIS standard, it gets hallmarked. This hallmark is a stamp of assurance that you are getting the quality you paid for. 

 

If you have already purchased the gold but aren’t sure of its purity, you can assess that through a few simple tests. These tests include the following:

• Hallmark: Done as per BIS standard, vendors are to emboss 4 stamps/ marks on the gold piece once it passes the required limits.

• Carat machine: BIS certified jewellers have a carat machine under which they can scan the gold piece to assess its purity.

• Acid test: In this, the vendor will use nitric acid on a patch of gold you have. If it does not change colour then it is assumed to be made with pure gold but a change in colour is a sign of impure gold.

• Magnet test: Gold is non-ferrous metal. Impure gold will react when near a magnet. 

 

Among the above, hallmarked gold is one of the best and easiest ways to ensure that the purity of your gold is what you asked for. However, the hallmark comes at a cost that the vendor adds to the final gold rate. 

 

This is why hallmark gold prices today in Kolkata or other cities may be marginally higher than non-hallmarked gold. Despite this, you should go for hallmarked gold to ensure that you get your money’s worth when you liquidate it.