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Gold Price Per Gram in Kolkata

Investing in gold is one of the best ways to offset your risk during inflation. This is because when the living costs increase, the gold rate in Kolkata and other cities of the nation increase too. However, the gold price in Kolkata is marginally less than in other states/cities.

 

This is primarily because it is a port city because of which importing gold is easier and cheaper, reducing the final gold cost. Nonetheless, knowing the live rates is crucial to making an informed investment. 

 

Here is today’s gold rate in Kolkata and a handy guide to making smart gold investments.

Gram

24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday

Daily Price Change

1 Gram

₹6,283

₹6,284

 - ₹1

10 Gram

₹62,830

₹62,840

- ₹10

100 Gram

₹6,28,300

₹6,28,400

- ₹100

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

Gold price in Kolkata 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 28, 2024

₹5,759.00

₹57,590.00

₹6,283.00

₹62,830.00

Feb 27, 2024

₹5,760.00

₹57,600.00

₹6,284.00

₹62,840.00

Feb 26, 2024

₹5,760.00

₹57,600.00

₹6,284.00

₹62,840.00

Feb 25, 2024

₹5,770.00

₹57,700.00

₹6,295.00

₹62,950.00

Feb 24, 2024

₹5,770.00

₹57,700.00

₹6,295.00

₹62,950.00

Feb 23, 2024

₹5,750.00

₹57,500.00

₹6,273.00

₹62,730.00

Feb 22, 2024

₹5,750.00

₹57,500.00

₹6,273.00

₹62,730.00

Feb 21, 2024

₹5,760.00

₹57,600.00

₹6,284.00

₹62,840.00

Feb 20, 2024

₹5,735.00

₹57,350.00

₹6,256.00

₹62,560.00

Feb 19, 2024

₹5,745.00

₹57,450.00

₹6,267.00

₹62,670.00

Gold Rate Calculator

Before you invest in gold, knowing the current gold rate in Kolkata and the estimated cost of how much you want to invest is a good idea. This is because it can help you assess whether the investment is affordable or not. 

 

To use a gold rate calculator, you need to know how much you want to purchase, the city/state you want to purchase in, and the purity of gold you want. Based on these factors, you can get an estimate. Here is an easy gold rate calculator you can use. 

Gold as an Investment in Kolkata

As mentioned above, today’s gold rate in Kolkata, 22 karat or any other karat, may be slightly less than that of other cities/states. While the lower gold rate in Kolkata is a great reason for investing, there are other reasons that make gold investment a great choice. 

 

One of the top reasons why gold is a great investment option is the security it offers during rising inflation. Moreover, gold offers great security in uncertain times including geopolitical uncertainty. As a novice investor, you can choose any of the following gold investment options:

  • Jewellery and other physical forms (coins, bars, biscuits)

  • Mutual funds in the form of ETFs (exchange-traded-funds)

  • Bonds and derivatives (SGBs and other gold derivatives)

 

Regardless of the option you choose, make sure that it aligns with your investment goals. If you want 24k gold, you should choose coins, bars, or biscuits. Jewellery is often the best option if you want it as a gift. 

Points to Remember when Buying Gold in Kolkata

Given that gold prices are soaring, investing in it is a huge financial decision. As such, it is crucial that you look at other factors and not just the gold price today in Kolkata or any other state. 

 

By being thorough and careful in your investment, you can ensure that you grow your wealth and also keep it secure. Here are few point you should remember other than the gold price in Kolkata:

  • Get the invoice receipt to ensure that you can easily sell/ exchange the gold in the future

  • Check for the hallmark to ensure authenticity

  • Review the making charges to buy gold jewellery at the best price

  • Assess the current trend to buy at the most opportune time

  • Check if the weight of the gold is accurate and as mentioned on the bill

Factors that Affect Gold Prices in Kolkata

There’s no doubt that gold is becoming one of the most preferred investment options. Given this, it is important to keep in mind that the gold price today in Kolkata or any other state will see a change on a daily basis. 

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

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How is the Purity of Gold Determined?

Gold purity refers to the percentage of gold present. In trading terms, the purity is denoted by the carat(K) associated with the gold you are purchasing. Generally. vendors offer gold in 24K, 22K, 18K, 14K, and 10K. 

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. 

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GST Impact on Gold Rate in Kolkata

The government levies different taxes and duties on different goods and services. While earlier VAT, service, excise, and other taxes were levied, the GoI introduced GST in 2010. GST (Goods and Service Tax) was launched to simplify the taxation process by eliminating the need for VAT and other taxes. 

 

Currently, 3% GST is levied on the value of the gold and 5% GST is levied on the making charges. It is important to understand the impact of taxes because they are added to the final gold price in Kolkata and other cities of the nation.

 

Given below is a table to help you understand how the taxes have changed on gold.

Taxes and charges

GST

Before GST

Custom Duty

10%

10%

Service Tax

NA

1%

VAT

NA

1%

GST on gold

3%

NA

GST on making charges

5%

NA

The net taxes levied under GST are higher than the previous, which is why you may find that the gold rate in Kolkata and other cities have increased too. So, be sure to check the gold price today in Kolkata for 22 carat or any other carat you intend to buy.

FAQs on Gold Rate in Kolkata

How is the gold rate in Kolkata determined?

Gold price in Kolkata and other cities across the nation is determined by the Bullion Association of India, also known as IBJA.

When should I purchase gold in Kolkata?

Buying gold at any time is a good idea. But to ensure that you make the right decision, check the historical and current gold rate in Kolkata or the city you intend to buy in. This helps ascertain whether the gold rate is going to increase or decrease.

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