Gold Rate in Varanasi

Varanasi is among the holiest cities in India and people here make gold investments on various occasions like weddings, festivities and other special occasions. Gold is considered an auspicious metal and a great investment option. So whatever your reason is for purchasing gold, you should stay aware about the gold price in Varanasi. Staying updated about the gold rate in Varanasi will help you make a beneficial judgement. 

Gold Price Per Gram in Varanasi

If you are want to purchase gold in Varanasi, check out the gold price in Varanasi today.

 

Per Gram Gold Price in Varanasi

Gram	24 Carat Gold Rate Today	24 Carat Gold Rate Yesterday	Daily Price Change
1 Gram	₹ 5,864	₹ 5,885	- ₹ 21
8 Gram	₹ 46,912	₹ 47,080	- ₹ 168
10 Gram	₹ 58,640	₹ 58,850	- ₹ 210
100 Gram	₹ 5,86,400	₹ 5,88,500	- ₹ 2,100

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

If you are looking for a stable investment, gold can be one of the best options that are available. However you need to be careful and thoroughly understand the market trends and prices before you set out to buy and sell gold. There are also several option from which you can choose:

 

• Physical Gold

• ETFs of gold

• Derivative gold contract

To help you make a decision before investing in gold, here are the gold rates in Varanasi during a ten-day period which will help you understand the daily fluctuations in its price.

Gold Rate Calculator

The gold rate calculator is online and free to use tool that calculates the value of gold based on its weight, purity and the current market price. You can use a search engine to locate a gold rate calculator. The gold rate calculator is simple and easy to use. 

 

You can use the gold rate calculator, by inputting factors like the weight of your gold in grams. The calculator will then give you an estimate of its worth in the current market. The value provided by the gold rate calculator will be approximate and is an estimate based on the current gold price. It can fluctuate daily based on a variety of economic and market factors. 

Gold Investment in Varanasi

If you are planning to make any gold investment in Varanasi, it is important to understand that gold rates in Varanasi are determined by taking various factors into consideration like transportation costs, octroi charges, etc. Due to these factors, the gold price in Varanasi will differ from other cities in the country. Apart from that there are certain taxes levied on gold purchases by the central and state government.

Points to Remember When Buying Gold in Varanasi

The checklist given above can certainly help you make the right buying decision. However, you also need to keep the below factors in mind before you make a purchase.

• Certification

You need to consider the certification on the gold ornament or product you are buying, so you can be sure of its quality.

• Purity

Gold comes in different levels of purity. The purest form of gold is 24-carat gold, which is used in coins and bars. 22-carat gold and 18-carat gold are used for jewellery. So, decide on the purity of the gold you want to purchase.

• Gold Price 

If you wish to buy gold ornaments, consider the 18-carat gold rate and the 22-carat gold rate in Varanasi today before you buy the product. And if you want to buy pure gold for investment purchases, the 24-carat gold rate is important.

• Terms and Conditions

Lastly, before buying gold in Varanasi, make sure you consider the terms and conditions involved, so you can make prudent decisions for your future.

Factors that Affect Gold Prices in Varanasi

The current gold price in Varanasi depends on a wide range of factors. Here are the main driving forces that determine the rate of gold in Varanasi.

• The Demand and Supply for Gold

 The demand and supply for gold in Varanasi is constantly fluctuating. And as with all other products, the price of gold in Varanasi is also influenced by the demand and supply. If the demand rises, as it does during festive seasons in the country, the price of the yellow metal also rises. And if the demand falls, or the supply rises, the gold price in Varanasi falls.

• The Interest Rates in the Country 

The interest rates also play a major role in determining the gold rates in the country. If the interest rates rise, depositors may earn better returns on their investments and may choose other options to invest in other than gold. And if the interest rates fall, gold may emerge as a more lucrative investment option, rising its demand and therefore, its price too.

• The Government’s Gold Reserves

The government of India has its own gold reserves that come in handy in times of economic need. Depending on the need of the hour and the policies in force, the government may buy or sell gold through the central bank. These transactions also have the effect of driving the gold price in Varanasi upward or downward, as the case may be.

• The Import Duty 

Although the demand for gold in India is almost always high, the domestic supply is not dynamic enough to keep up. So, the country imports precious metals from various foreign sources. This results in import duty on gold. And if the import duty rises, this is reflected in the price of gold in the country. Naturally, the gold price in Varanasi is also affected.

• Other Factors 

In addition to the above factors, there are many other influences too that drive the price of gold up or down. They include economic events and developments, geopolitical issues, inflation and other financial factors. Before you buy or sell gold, you need to be aware of all these factors, so you can make an informed decision.

How is the Purity of Gold Evaluated in Varanasi?

Before you buy gold, whether as jewellery or as coins or bars for investment, you need to check the purity of the metal and ensure that it is of top quality. If you are not sure of how you can go about checking the purity of the precious metal, here are some methods that can help.

• The Magnet Test

Gold, being a non-ferrous metal, is not attracted to magnets. So, when you are planning to buy gold, use a magnet to check whether the gold is of good quality or fake.

• BIS Hallmark

Generally, authentic gold comes with a certification from the Bureau of Indian Standards (BIS). Commonly, this is known as BIS hallmarking, and it is a mark of gold purity in jewellery, coins and bars.

•  The Float Test

Being a dense and hard metal, gold generally does not float on water. You can also use this characteristic to check if the gold you are planning to buy is authentic or fake.

•  A Purity Testing Machine

These days, most sellers of gold jewellery and gold products have their own purity testing machines. You can also rely on these machines to check the quality of the gold you plan to buy in Varanasi.

GST Impact on Gold Rate in Varanasi

Goods and Services Tax (GST) was implemented in India in 2017. It replaced various other indirect taxes in India, like excise duty, VAT, and services tax, among others. GST is levied on a wide range of goods and services in India, and gold is no exception. This means that if you want to buy gold today, Varanasi gold rates will be influenced by the GST rates on gold, gold products, and jewellery-making charges.

 

The GST on gold in Varanasi is levied at the rate of 3% on the metal itself. In addition to that, the making charges involved in designing the gold ornaments are considered service charges. So, making charges attract GST at the rate of 5%. All in all, these GST rates will impact the gold price in Varanasi today if you decide to buy gold ornaments in the city.