The fertile land of Punjab makes it one of the wealthiest states in India, and Punjabis are reputed to live life ‘large’. Gold in Punjab is a symbol of opulence and success. Not only that, but gold is also an auspicious purchase for sacred events and occasions like weddings or Dhanteras and Diwali. This is made evident by the fact that the prestigious and revered Golden Temple in Amritsar has 750kgs of pure gold plating on its main dome. If you’re living in Punjab and looking to buy gold, then the information provided in this article will be of great use to you.

Gold Rate in Punjab

Before you proceed to buy gold, the first thing you should check is the current gold rate in Punjab. On 17th Nov 2021, following are the gold rates in Punjab, India.

 

  • 24 carat gold price today in Punjab - ₹ 4,866 per gram

  • 22 carat gold price today in Punjab - ₹ 4,634 per gram

Today 24 Carat Gold Price Per Gram in Punjab

24 carat gold is the purest form of gold, with 99.9% purity levels. If you wish to purchase gold in its purest form, then here is the gold price today in Punjab for 24 carat gold: ₹ 4,866 per gram.

Today 22 Carat Gold Price Per Gram in Punjab

The more popular form of gold, which is traditionally used in making jewellery and ornaments, is of 22 carats purity. In the case of readymade jewellery, there are certain overheads added, including making charges, but the cost of the metal stays the same across the entire state of Punjab. Hence, you should check the gold price today in Punjab for 22 carats before shopping, which stands at ₹ 4,634 per gram.

GST on Gold in Punjab

The Goods and Services Tax is applicable on all precious metals, including gold. So, the actual gold price in Punjab is a combination of the current gold price in Punjab of the yellow metal plus the 3% GST, which is applicable in it. Moreover, there is a 5% GST on the making charges of gold ornaments.

Gold and its Investment in Punjab

Gold in Punjab is a popular form of investment. It is considered a safe investment that can withstand market volatility and can appreciate in value consistently over the years. The other aspect is its aesthetic value, especially in the form of jewellery and ornaments. Lately, there have been more innovative and safer ways of investing in gold, which we shall explain in the coming sections.

How to Invest in Gold ETFs in Punjab

Exchange-Traded Funds (ETFs) are a more recent form of gold investment that is gaining rapid popularity. Think of them as an electronic form of owning gold wherein one unit of an ETF is equal to the current gold price in Punjab of 1 gram of gold on that particular day. These ETFs are traded on the stock exchange like other securities, making them perfect whenever you require more liquidity for other financial transactions. Furthermore, since they are in electronic demat form, they are far safer than keeping physical gold at home.

How to Invest in Sovereign Gold Bonds in Punjab

People looking to buy gold in non-physical form can also choose to do so via Sovereign Gold Bonds (SGB). The beauty of this form of investment is that these bonds are issued by the Reserve Bank of India and secured against physical gold holdings of the government. This makes these bonds ultra-safe and secure. They can be used to be offered as collateral to secure loans, should the need arise. Typically, the bond term is 8 years, with an option to exit after 5 years.

Furthermore, you can earn an interest rate of 2.50% over your bond holdings. But this cannot be done anytime that you wish. You will need to be on the lookout for announcements whenever the next lot of Sovereign Gold Bonds is made available by the RBI. The issue price of this scheme is fixed by RBI based on specific parameters and is not dependent on the gold price in India in Punjab or any other state on that particular day.

How to Check the Purity of Gold in Punjab

It is all well and good to do your research regarding the current gold rates in Punjab when you’re planning to buy some, it is equally important to know how to ascertain the purity of the metal. It should not be the case that while you pay for 24 carat gold you get an inferior quality. Often, some alloys are mixed with gold, and you should be aware of the percentage distribution so that you get what you pay for. You can do this by purchasing gold from reputed sellers and ensuring to check the hallmark stamp. This hallmark stamp is a bonafide certificate of the purity of the metal as stated in your bill, which is also an important tool for calculating the value if you ever resell it in the future.

What is the demand for gold in Punjab?

Gold is tremendously popular in the state of Punjab. It is well cherished as a status symbol and also to mark auspicious occasions. Being one of the wealthiest states in the country, the demand for gold in Punjab stays high most of the year-round, but especially during crop harvest and other festivals like Diwali or Lohri and the winter wedding season. The demand in the rural areas surges, particularly once the harvest sale has been completed. While the internet is the most convenient way of checking gold prices today in India, Punjab’s rural population prefers visiting the local sellers and showrooms instead.

How is the gold rate determined in Punjab?

When you try to search for “gold price today in Punjab”, it is calculated by a combination of factors relevant on that particular day. The principle one being the supply and demand ratio. High demand during the festive season, for example, tends to raise the prices as well. But this may be too much of a simplification. There are other factors as well that work in the background, such as the international dollar price of gold, the foreign exchange rates on the day, any applicable import duties and other tariffs, among others.

What is the mandatory checklist for buying gold in Punjab?

Buying gold is not a complicated process, as long as you keep in mind certain considerations. These considerations are listed below with the intention of protecting you from any malpractice and ensuring you get the fair price for purchase based on the current gold rate in Punjab on that particular day.

 

  • Research - As you would be aware, gold prices are not fixed for long periods. Instead, they fluctuate on a daily basis. If possible, it is advisable to check recent trends and patterns and compare the gold rate today in Punjab. This assessment will help you decide whether it is the right time to buy or should you wait a bit more.

  • Decide - There are various forms that you can choose to buy. Based on your requirements and preference, you can decide on buying ornaments, coins or ETFs. While ornaments may be the best form if the purchase is being made for an event, ETFs make the best sense from a pure investment perspective.

  • Ensure - As mentioned in one of the earlier sections, being sure of the purity of the gold being bought is important to get the right value for your money. Always ensure that the physical gold is purchased from a seller licensed by BIS (Bureau of Indian Standards). They will supply you with the hallmark and certificate authenticating the purity of the metal. This is even more important while buying gold jewellery from online vendors.

Things to Consider Before Buying Gold in Punjab

While most of the important factors that should feature on your buying checklist are already covered in the previous section, there are a few more considerations that will help you get the most out of your gold buying experience.

 

  • The gold rate in Punjab, India, is fixed for the particular day across all cities in the state. Anyone charging a higher amount is worth questioning or taking your business elsewhere.

  • Insist on receiving the purity certificate, as mandated by BIS.

  • Thoroughly understand the making charges which are over and above the gold rate.

  • Your final bill will include GST and making charges. If you see other charges, question them. Ensure that all the relevant details are clearly mentioned in your voice, like purity, weight, etc. This will come in very handy if you choose to sell your gold at a later date.

  • It is also advisable to check with the seller regarding the exchange/resale of the item. Several large sellers have their internal programs using which you can get a good price for your gold whenever you decide to upgrade or exchange your jewellery.

What are the factors that influence the gold rate in Punjab?

One must wonder why the gold price today in Punjab is not the same as tomorrow or the day before. The frequent fluctuation of gold prices can be attributed to several factors, some of which are listed below.

 

  • Demand and Supply - This does not apply just to gold but to all market commodities. A higher demand tends to raise the price and vice versa. This is most evident during the festive season like Diwali.

  • Forex Fluctuation - The US dollar is pretty much the global trading currency, and whenever the Indian rupee falls or rises in comparison, it leads to a fluctuation in the price of most precious metals, including gold.

  • International Market - Being a part of a global economy, the significant rise or fall of gold prices in one of the major international markets is bound to affect the domestic prices as well.

  • Global Events - Sometimes, adverse situations in other countries can trigger a chain of events domestically as well. In the case of pandemics or economic instability, gold prices tend to rise as more people buy it to hedge their market exposure.

What are the different places where one can buy gold in Punjab?

Gold can easily be purchased from one of the several jewellery stores and gold showrooms spread across most cities in Punjab. Gold bullions and coins can also be purchased from some of the leading banks and authorised dealers. Lately, there are several reputed companies that sell gold online without the need for you to visit a physical store. Finally, there is the stock market through which you can buy ETFs. SGBs can be purchased via authorised banks whenever they are officially released.

FAQs

  • ✔️Is gold available only in 24 carat and 22 carat?

    Carat is the term used to denote the purity of the gold, with 24 carat being the purest. Depending on your choice and budget, you can choose from a wide variety of carats. 

  • ✔️Is the gold price the same for all types of carats?

    The price of gold will depend on the purity level. So, the gold price today in Punjab for 23 carat gold will be different compared to 22 carat and other purity levels.

  • ✔️I wish to buy Sovereign Gold Bonds. Is there any limit on how much I can purchase?

    SGBs are a great way of buying electronic gold. If you’re an individual, then the maximum amount you can buy is 4 kgs. 

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