Gold Rate Today in Varanasi

Gold Rate in Varanasi

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 Varanasi is considered to be among the holiest cities in India. And being a central hub for various festivals and celebrations, it is only natural that the people in the city are interested in buying gold to mark important occasions like weddings, festivities and other occasions. In addition to that, people in Varanasi also purchase gold as an investment. So, whether you are looking to buy gold in Varanasi as an ornament or as an investment, you need to be aware of the Varanasi gold price today.

Gold Price Today Varanasi

The rate of gold in Varanasi is influenced by a variety of factors, and it fluctuates on a daily basis. So, it is important to keep an eye on the Banaras gold rate before you go about buying or selling the precious metal in the city. So, let’s get started by taking a look at the gold price today in Varanasi.

 

  • Today gold rate in Varanasi 24 carat: 10 grams for Rs. 48,080

  • 22 carat gold rate in Varanasi today: 10 grams for Rs. 445790

Today 24 Carat Gold Price per Gram in Varanasi

24 carat gold is generally used to make gold bars and coins. So, if you want to buy gold in the form of coins or bars in Varanasi, you will undoubtedly be interested in finding out the current gold rate in Varanasi for gold in its purest form. Check out the rate for the precious metal today, on a per gram basis.

 

  • 24 carat gold: 1 gram for Rs. 4,808

  • 24 carat gold: 8 grams for Rs. 38,464

Today 22 Carat Gold Price per Gram in Varanasi

22 carat gold is simply pure gold mixed with other metals or alloys like silver, zinc and nickel, among others. This kind of gold is primarily used to make gold jewelry. If you want to buy gold ornaments for weddings, festivals or any other occasions, check out the 22 carat gold rate in varanasi today on a per gram basis.

 

  • 22 carat gold: 1 gram for Rs. 4,579

  • 22 carat gold: 8 grams for Rs. 36,632

GST on Gold 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 as service charges. So, they attract GST at the rate of 5%. All in all, these GST rates will impact the Varanasi gold price today if you decide to buy gold ornaments in the city.

Gold and its Investment in Varanasi

Gold may be typically purchased as ornaments in Varanasi, but many people in the city are also showing interest in buying the precious metal as an investment for the future. But even if you wish to purchase the metal for investment purposes, it is vital to keep track of the gold price today in Varanasi, so you buy or sell at the optimal time.

 

In case you are keen on investing in gold in Varanasi, here are the options available to you.

  • Physical Gold:

    Here, you can invest in gold in the form of jewellery, bars or coins. You will have to store them physically, either at home or in bank lockers.

  • Digital Gold:

    Digital gold is simply a virtual way to invest in gold. This eliminates the trouble of storing gold physically.

  • Gold ETFs:

    Gold ETFs or Exchange Traded Funds are gold funds that are traded on an exchange. They are safe and highly liquid investment options, so you can buy and sell them easily.

  • Sovereign Gold Bonds (SGBs):

    SGBs are gold bonds issued by the government of India. They are securities that are denominated in grams of gold and on maturity, they can be redeemed in cash.

Important Aspects About Investment in Gold

For anyone considering investing in gold in any of the formats explained above, there are some important aspects to keep in mind. Take a look at them below.

 

  • Investment Options:

    There are different investment options available to choose from. Ensure that you choose the option that is most convenient for you.

  • Taxation:

    Taxation is also an important aspect of investment in gold in Varanasi. Gold investments attract capital gains tax at different rates, based on whether the gains are long-term or short-term.

  • Investment Goal:

    Your investment goal is another important aspect you need to be mindful of. The goals could be capital preservation, capital appreciation or even inflation beating returns.

How to Check the Purity of Gold in Varanasi?

Before you buy gold, whether as jewelry 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.

       1.   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 metal is of good quality or fake.

       2.  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 jewelry, coins and bars.

       3.  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.

      4.  A Purity Testing Machine

These days, most sellers of gold jewelry 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.

 

What is the Demand for Gold in Varanasi?

The demand for gold in India is generally high, overall. The country is one of the largest consumers of gold in the world. And within India, although the consumption of gold in the southern states may be higher, the people in Varanasi undoubtedly rely on gold jewelry and ornaments during the many important festivities and celebrations that mark their lives. If you live in the city, you too may have purchased some gold ornaments already.

 

Alternatively, you may also be looking to buy gold in the form of coins or bars too. Although the primary demand for gold in Varanasi is in the form of jewelry, there are many people who are also showing interest in buying gold for the sake of investing. That said, gold investments in Varanasi are generally made in the physical format as opposed to the digital format, although digital investments are quickly becoming popular in the city, as it is in the rest of the country.

How is the Gold Rate in Varanasi Determined?

If you are planning to make a transaction involving gold either in the form of ornaments, coins, bars or other digital formats, you may have been keeping an eye on the current gold rate in Varanasi. And as you may have noticed, the price changes on a day to day basis. The gold rate in Varanasi yesterday may have been different from the rate today. And tomorrow, the price will likely again fluctuate.

 

Interestingly, the gold rate in Varanasi is not determined by a single central authority. It is decided by a variety of factors like the local demand for the precious metal, the local supply, the imported supply and a number of other aspects. The gold in Varanasi also changes according to governmental policies related to direct taxation, indirect taxation, import duties and even the general economic policies.

What are the Factors that Influence the Gold Rate 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 are 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 on a high, the domestic supply is not dynamic enough to keep up. So, the country imports the precious metal 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.

What is the Mandatory Checklist for Buying Gold in Varanasi?

It’s always a smart idea to have a checklist ready for every important financial decision. And buying gold is no exception. If you are planning to purchase gold in the city, here’s a quick checklist for you to go over.

 

  • Check the live gold rate in Varanasi before you make a purchase.

  • Factor in the making charges if you are buying gold as jewelry or as an ornament.

  • Include the GST as well to understand if the purchase is within your budget.

  • Make sure you check the BIS Hallmark certification on the product.

  • Ask for an invoice for every purchase you make.

Things to Consider Before 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 jewelry. 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 in Varanasi today 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.

What are the Different Places One Can Buy Gold in Varanasi?

There are several places to buy gold in Varanasi. You have many established traditional retailers as well as family-run shops to consider buying from. In addition to that, you can also buy gold in Varanasi online, through the many e-retailers available to choose from.

Loan Against Gold in Varanasi

In addition to the investment-related advantages of gold, the precious metal can also be used as collateral for any loan that you wish to avail from a bank or any other lending institution. The amount of loan will depend on the value of the gold you offer as collateral and on its weight, purity and quality. So, ensure that you do a purity check before you offer gold as collateral for a loan in Varanasi.  

FAQs

  • ✔️What is the difference between 24 carat gold and 22 carat gold?

     24 carat gold is pure gold that does not contain any other metals, while 22 carat gold may include some other metals like silver or zinc. The former is used in gold coins and bars, while the latter is used in jewelry.

  • ✔️How to check the gold rate today in Varanasi?

     You can check the gold price in Varanasi online on a day to day basis before making a buy or sell decision.  

  • ✔️What are the gold investment options available in Varanasi?

     You can invest in gold in Varanasi in the form of ornaments, coins, bars, digital gold, gold ETFs or Sovereign Gold Bonds.  

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