Gold Rate Today in Kolkata

Kolkata is India's third-largest metropolitan city, an industrial hub and home to over 14 million people. Kolkata has one of the highest GDPs among Indian cities and accounts for a high percentage of gold transactions in India.

Gold as jewellery and bullion (coins, bars, etc.) are among India's most traditional forms of investment. Over the years, other forms of gold, such as gold ETFs and bonds, have gained popularity. Investing in gold has evolved as an ideal and significant hedge against market volatility.

The Indian Bullion Association evaluates the purity of gold in Kolkata. The dealers of gold are required to incorporate their hallmark symbol of gold purity in their products. The price of gold in Kolkata is significantly influenced by the movements in the global stock market. Several international factors influence the buying powers of the gold importers and the general public of India.

Gold is taxable as a commodity under the Income Tax Act 1961. Earlier, gold was taxed at 12.2%, out of which 10% was import duty, 1% was excise duty, and the remaining 1.2% was the VAT component. But after the introduction of the Goods and Services Act on 1st July 2017, gold is taxed at a GST rate of 3% along with a 10% import duty. VAT and excise duty has been scrapped under GST Regime, 2017.

Further, a 5% making charge adds to the gold on the retail front shooting up the prices and making it costlier.

Prices of gold are affected to an extent when the central bank (RBI) buys gold. If the central bank keeps buying gold, the demand will increase, pushing up gold prices. As the gold prices rise, the central bank might stop buying. Central bank policies tend to impact the prices of gold in India significantly.

Here are some interesting facts about gold: - Gold retains its hedge and buffers even during market fluctuations acting as an economic shock absorber during an unstable or falling economy. - Gold cannot be used as currency today. However, gold was used as money in ancient times and was the common currency for as long as 3,000 years. - Gold investments can never go bankrupt and serve as a significant inflation hedge. - Gold prices doubled in the last five years and quadrupled in a decade, even as most major currencies depreciated due to inflation. - Different types of elemental gold are based on their purity: 24K gold is pure gold, and 22K gold is 91.67% pure. In comparison, 18K and 14K gold are 75% and 58.8% pure, respectively, and 10K gold is 41.7% pure.