Gold Rate Today in Haridwar

Haridwar (also spelled ‘Hardwar’) is a city located in the state of Uttarakhand, and it is known for its religious importance and scenic beauty. It sits on the right bank of the sacred river Ganga. Devotees go to this place to take a dip in the holy river to cleanse their sins. In Hindu mythology, Haridwar means “The gateway to the Kingdom of Gods” because the Gods are said to have left their footprints here. Located at the foothills of the Shivalik range of the Himalayas, Haridwar is one of the seven holy cities of India.

The price of gold in Haridwar depends on several factors, including international gold prices, the currency exchange rate, and local taxes. As many travellers come to Haridwar to visit the Char Dhams, the city also has several gold shops where you can buy jewellery and other items.

People in Haridwar believe that gold is a very auspicious metal and is often given as a gift on special occasions such as weddings and births. Gold is also used in religious ceremonies, and many temples in the city have gold-plated roofs and doors.

22 karat vs 24 karat gold - Which to buy?

In India, gold is bought in two purity forms, 22 karats and 24 karats. People often need clarification about which to buy because both have their own pros and cons. Here is a quick guide that will help you understand both their features, so you can make an informed decision on which one to buy:

22 Karat Gold

More durable than 24K gold and is suited for jewellery making - It is the purest form of ornamental gold in India. - Jewellery and coins are made from it.

24 Karats Gold

It is the purest form of gold with the highest purity. - It is a great option if you wish to invest in physical gold. - Pure gold 24k is used in medical and electrical devices.

Keep in mind that both forms of gold are equally valuable. The choice between the two ultimately comes down to personal preference. Consider your budget, needs and preferences before making a decision.

How does GST impact gold rates in Haridwar?

Gold is now more costly than it was before the implementation of the Goods and Services Tax (GST) in the nation. The most popular yellow metal is subject to a 3% tax rate under the current tax system, an increase of about 1% over the previous system. There are fluctuations in the price of gold in Haridwar. Gold professionals were concerned that the new tax regime, with its higher rates, may diminish demand for the precious metal. The Goods and Services Tax rate for gold is 3%, with an extra 8% for production expenses. The tax on charging has been reduced by 3% after hearing comments from several parties.

Recent market volatility has caused a substantial spike in the price of gold in Haridwar. The price of gold has increased as a result of an increase in the import tax. In addition to the 3% GST and the 5% production expenses, gold is subject to an extra 5% import tax.

Since the introduction of the Goods and Services Tax (GST), the price of gold has risen dramatically due to an increase in demand from international markets. The rising activity in the gold market is due to the declining value of the US dollar.

Long-term, however, GST looks to have a net positive effect on the gold price. Due to the present price of gold, smuggling is a major concern. The jewellery industry appears to have temporarily accepted the post-GST gold price. There have been a few buyer complaints regarding the increased gold price.

How Is the Purity of Gold Decided in Haridwar?

The purity of gold is decided by the Bureau of Indian Standards (BIS). BIS is responsible for certifying a hallmark 916 gold standard. The certification and gold purity criteria are done based on the London Bullion Market Association (LBMA) regulation. According to a karat, the purity of gold is known.

For example, 24K gold is the purest but it is the softest and cannot be used in ornaments. While 22K gold is pure but a few per cent mixture of alloys, making it the perfect quality to make ornaments. Remember, the gold is evaluated in karat (purity level) and the fitness of the yellow metal.

Factors Affecting the Gold Prices in Haridwar

Gold is a metal that is affected by a number of factors, both international and domestic. Some of the most important factors influencing the gold rate in Haridwar include: - 

International Gold Prices

One factor affecting gold's price is the global market. Gold is traded in US dollars, so when the US dollar value goes up, gold costs go down, and vice versa.

Local Taxes

The government of India imposes a 12.5% import duty on gold. A 2.5% of agriculture cess is also levied on the precious metal. So, when gold is imported into the country, these taxes are added to the price.

Supply and Demand

If the demand is greater than the supply, the cost of gold will go up. Conversely, if there is more supply than demand, the price of gold will go down.

Inflation

Inflation is also one of the essential factors influencing gold rates in Haridwar. When inflation is high, the prices of all goods and services go up, including the cost of gold.

Indian Rupee value

The rupee-dollar equation affects India's gold price. Physical gold is mostly imported, so if the rupee weakens against the dollar, the price of gold will rise in rupee terms. As a result, India's demand for gold may be affected by the depreciation of the Indian rupee.

Gold's Purification Efficiency

The purity of gold may be measured using the karat system of measurement. The value of gold is proportional to its purity. 22-karat gold jewellery is the highest quality of gold available. Due to its malleability, 24-karat gold is never utilised to produce the jewellery. Gold's worth is also dependent on its purity.

Gold classification

Numerous forms of gold are available for purchase, including coins, bars, and jewellery. The variety of gold also affects its worth. Because governments produce gold coins and the metal used to create them is purer, gold coins are often more costly than gold bars. Due to the additional labour necessary to clean and finish each item, 22- and 24-karat gold jewellery is more expensive than gold in its purest forms.