Jewelers are allowed to sell only BIS-hallmarked gold jewelry, containing symbols of a BIS hallmark, purity scale grade, and a 6-digit alphanumeric code. However, the price of gold is different across Indian states and cities. Here’s the gold price of one and 10 grams of 24-Carat and 22-Carat pure gold in West Bengal today, as of 9:34 am.
Gold Rate In West Bengal (May 10, 2024)
Today 22 Carat Gold Price in West Bengal (Per Gram)
Today 24 Carat Gold Price in West Bengal (Per Gram)
Gold Rates in West Bengal for the Last 10 Days (Per Gram)
Compare 22K & 24K Gold Rate In West Bengal (Yesterday & May 10, 2024)
Monthly Graph of Gold Rate in West Bengal (22 Carat gold)
Monthly Graph of Gold Rate in West Bengal (24 Carat gold)
Gold Rate In India Today: May 10, 2024
Related: Today’s gold price in 10 cities of India.
Where to Buy Gold in West Bengal?
There are various ways to buy gold in West Bengal, as follows:
Gold Jewelry
Gold jewelry and ornaments can be bought from dealers at jewelry stores of local jewelers and companies like Titan, Muthoot Finance, which sells jewelry that are BIS Hallmarked gold of desired purity scales. Also, authorized banks are allowed to avail of the facility to consumers to buy gold coins, or invest in similar schemes on installments.
Gold Saving Schemes
Authorized NBFCs and retailers offer individuals to invest in gold saving schemes, wherein a certain amount of money is deposited every month as installments for a specific tenure to obtain the jewelry. Retailers often run such schemes as cash incentives to borrowers.
Sovereign Gold Bonds (SGBs)
The Reserve Bank of India (RBI) issues SGBs, which are government securities and can be redeemed only in cash on maturity. The value of one bond of SGB equals one gram of 24-carat purity gold, and investors are assured guaranteed return along with interest as per the market value of gold at the time of maturity. SGBs are calculated by taking an average of closing prices of the gold.
Digital gold
The method of buying digital gold online involves investing in small fractions as per the convenience to access the yellow metal. The various forms of investing in digital gold include buying:
- Gold Exchange Traded Funds (ETFs): A Gold ETF is an exchange-traded fund (ETF) and is backed by 99.9% purity of physical gold. The gold ETF price tracks the domestic price of gold, and is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The value of one gold ETF unit equals 1 gram of gold. Like in stock trading, gold ETFs can be bought on stock exchang platforms using demat and trading accounts. Unlike SGBs, gold ETFs are subject to risk as the market price impacts the price of gold.
- Gold accumulation plan: Paytm, PhonePe, and a few other mobile wallets as well as Stock Holding Corporation of India offer gold accumulation plans, which allow investors to buy digital gold upon a low investment.
Related: Alternative ways to invest in gold.
Where to Sell Gold for Cash in West Bengal?
Loan against gold jewelry: Banks are authorized to offer gold loans to consumers with valid documents over and over basic purity checks. Gold loan is a secured loan, which is kept as a collateral to obtain up to 75% loan-to-value ratio (LTV) of the gold. It is a short-term loan with tenure ranging from 3 to 36 months. It charges an interest rate, and other charges, on the principal amount when the EMI begins after disbursement.
Retailers: Gold owners can visit the place of purchase, or take the jewels at accredited gold stores of retailers or stores of jewelry companies, and either sell it to get a loan against a desired amount by presenting the bill of purchase, which has information on gold’s weight, place and date of purchase.
Which Factors Affect the Gold Price in West Bengal?
Major factors that determine Gold price in West Bengal include:
Central Bank Gold Reserves: Reserve Bank of India (RBI) considers gold as an important asset to support the national currency. When the central bank of the Government of India buys or exports more gold, the price of the yellow metal tends to increase in the country and across the states.
Strength of the U.S. Dollar: When the value of the U.S. dollar increases, the price of gold decreases, and vice versa. Similarly, when the value of Indian currency depreciates against the dollar, the price of gold is also likely to decrease as the U.S dollar determines the price of gold, which is then converted to the Indian rupee.
Demand for Gold: Typically, the price of gold in India and across states goes up when its demand rises, particularly pushed by household and industrial demand, as well as investment demand.
Gold Mining Capacity: Gold mining companies also play a role in determining the price of the yellow metal in the country. For instance, if gold mining companies increase their production cost, the price of gold tends to increase, and vice versa.
Gold Price Discovery: London Bullion Market Association (LMBA) fixes gold prices two times a day that is globally accepted. In India, Indian Bullion Jewellers Association (IBJA) fixes gold prices factoring in its global price, currency exchange value, import duty, and other taxes.
Frequently Asked Questions (FAQs)
How do I check BIS hallmark signs on gold jewelry?
Gold jewelers are allowed to sell only BIS hallmarked gold jewelry, which have three symbols on it– a BIS hallmark, purity scale grade, and a 6-digit alphanumeric code.
