Gold Rate Today in Chhattisgarh

Chhattisgarh is a state in the central-eastern part of India.  It is a commonly known fact that people across the state majorly invest in gold. It is the safest option for a major section of people in Chhattisgarh. Further, gold bars and gold ornaments can be purchased from jewellery shops, banks etc. Generally, gold rates in the state of Chhattisgarh depend on a majority of factors such as inflation, global fluctuations in gold prices, Geo political factors, the Rupee-Dollar Impact on gold and the Central Gold Reserve of India.

It is a commonly analyzed fact that people across Chhattisgarh majorly invest in gold in the form of gold ornaments and jewellery pieces. Gold is also traded as a commodity on exchanges like the National Commodity and Derivatives Exchange (NCDEX), the Multi Commodity Exchange (MCX) and the National Spot Exchange (NSEL). The increasing popularity of paper gold is the major driving factor behind this trend.

How many grams of gold are present in one 'tola' of gold?

10 grams of gold are present in one 'tola' of gold. Tola is a term that was used to measure gold by Ancient Indians and South Asians.

What are the factors affecting Gold prices in Chhattisgarh?

Generally, gold prices in Chhattisgarh are dependent on the following factors:

Supply: Gold is one of the natural resources abundant in a few countries and scarce in others. Gold prices in Chhattisgarh fluctuate with the changing trends in demand and supply. Usually, the demand for gold ornaments is peak high at times of festivals, mainly Dhanteras.

International factors: As mentioned earlier, gold is not found proportionately and equally in all countries across the globe. Therefore, gold is imported into India as well. The import price of gold depends on various international factors such as war, international sanctions etc. The London bullion market decides the price of gold in the international market. With the increase in spot price by the London bullion market, the gold price in Chhattisgarh also increases.

Inflation: With the high rate of inflation and decreasing value of the Rupee in the country, people tend to buy gold bars and gold ornaments as an investment option. The reason behind this is the high security and flexible liquidity of gold. However, with high inflation, gold prices get higher.

Taxes and Import Duty: Usually, the base price of any product increases by the imposition of taxes and import duties on those products. Similarly, gold is also subject to Indian customs duty, local taxes, distribution costs, labour charges and GST. Accordingly, an increase in any of these factors pushes the price upward. The customs duty in India is 12.5%, the social welfare surcharge is 10% of Customs Duty, and there is also a 3% GST on top of all these taxes.

How are Gold Rates Decided in Chhattisgarh?

Gold rates in Chhattisgarh are mainly decided by The Indian Bullion Jewellers Association, also known as IBJA. IBJA determines the gold rates on a day-to-day basis. IBJA has all major gold dealers from across India as its members. They decide the gold rates after analyzing all major factors which play a vital role in gold price determination.

22 karats vs 24 karats gold - Which to buy?

Generally, people confuse themselves about which form of gold to buy. Chhattisgarh's two major forms of gold are 22 karats and 24 karats. While making a sound purchase, you must carefully look at the following factors:

Purity: 22 karat gold is 91% pure gold, with the remaining 9% as other metals such as copper, silver, zinc, etc. While 24 karat gold is 99.9% pure gold.

Durability: It is known that 22-karat gold is more durable compared to 24-karat gold. It is because 24-karat gold is very soft to resist wear and tear. The presence of other metals in 22-karat gold helps to make the jewellery more durable.

Price: 24-karat gold is more costly than 22-karat gold owing to the higher content of gold in the former.