Gold Rate Today in Patiala

Patiala is the fourth-largest city in Punjab and a famous tourist attraction since it is a princely state. In Patiala, people buy gold since it is a relatively safe investment and can help with political or economic uncertainty. People from all walks of life in Patiala invest in various forms of physical gold and gold-related investment schemes.

Gold has always been in high demand, particularly during festive and auspicious times. On occasions such as Akshaya Tritiya, people in Patiala buy gold because it is considered auspicious. To attract customers, many jewellers offer discounts on making charges so that more and more people invest in gold.

Factors affecting the gold prices in Patiala

In India, purchasing gold jewellery is a traditional form of investment. Patiala is not an exception. Gold prices in Patiala might be influenced by a few factors, such as:

Demand & Supply

Patiala experiences a spike in demand for jewellery, particularly during the wedding and holiday seasons, which typically drives up the cost of gold.

Government Reserves

The Reserve Bank of India holds currency and gold reserves. Gold prices rise every time the Reserve Bank of India begins to hold gold reserves. It occurs due to a rise in the market's cash flow and a decrease in the supply of gold.

Interest Rates

Gold demand and interest rates on financial goods and services are firmly tied. Current gold prices are seen to be a trustworthy predictor of interest rate changes in any nation. As consumers increasingly sell gold for cash, there is an increase in the supply of gold, which may bring down its cost.

Currency fluctuations

Gold is traded in the global market in US dollars. Therefore, the price of gold in Patiala will change accordingly. When US dollars are converted to Indian rupees for import, the cost of gold will change. A weaker Indian rupee makes importing gold more expensive.

How does GST impact gold rates in Patiala?

The levy of Goods and Services Tax (GST) increases the prices of gold in Patiala. Buyers had to pay a 10% of import duty, 1% customs duty, and 1.2% value-added tax (VAT) on the price of gold before the introduction of GST. Now, buyers need to pay a total of 15% of import duty and 3% GST on the price of gold. Also, an additional 5% making charge is to be paid on the price of gold.

How is the Purity of Gold Evaluated in Patiala?

The gold you buy in Patiala should be certified and hallmarked by the Bureau of Indian Standards (BIS) to guarantee its purity. As per the Central government's mandate, any gold jewellery sold by a jeweller in India must be BIS hallmarked. BIS-hallmarked gold can fetch you an accurate price if you wish to exchange gold for cash. Your hallmarked gold will have three symbols:

• BIS standard mark
• Purity/Fineness Grade
• A six-digit alphanumeric code (HUID)

Different Gold Investment Options in Patiala

The most common way of gold investment in Patiala is still purchasing gold jewellery. On special occasions, people from all socioeconomic sections frequently purchase gold. However, there are other ways of investing in gold.

1. Gold coins, biscuits, and gold bars

Gold coins, biscuits, and bars can be bought from jewellers, banks, non-banking finance companies, and even e-commerce websites. These come in 24k BIS hallmarked forms in different weights and have tamperproof packaging.

2. Gold Exchange Trade Fund (ETF)

Traditional gold investing methods, such as purchasing non-wearable jewellery, are being replaced by owning ETFs. These investments happen on a stock exchange, saving you from finding a secure place to store physical gold. Because ETFs are listed on the stock exchange, buying and selling them is simple.

3. Sovereign Gold Bonds (SGB)

SGBs are treasury bonds that are valued in grammes of gold. They serve as alternatives to actually holding gold. Investors must use cash to pay the issue price, and when the bonds mature, cash should be used to redeem them. On behalf of the Government of India, the Reserve Bank issues the Bond.

4. Digital Gold

You can buy gold digitally using payment apps such as Google Pay, Paytm, and PhonePe. This form of investment allows buyers to invest as less as ₹ 1 in digital gold. Also, holding gold in a Demat account is far less expensive than storing actual gold, which calls for a safe or a vault and incurs additional costs for lockers and insurance.

5. Gold Mutual Funds

Gold mutual funds are fast becoming a popular way of investing in gold. Gold mutual funds are better than buying physical gold as it has benefits such as minimum investment amount, diversification, no Demat account required, and SIP growth.

Difference Between 24K and 22K Gold

• 24K gold is a type of gold that is pure, meaning it is made up of only gold and does not contain any other metals. It is the most expensive and valuable type of gold because it is the purest form. It is also the softest and most malleable type of gold, which means it is easily shaped and moulded.
• 22K gold is also a type of gold, but it is not as pure as 24K gold. It is made up of approximately 91.7% gold and 8.3% other metals, such as copper, silver, or zinc. The addition of these other metals gives 22K gold more durability and strength, making it less prone to damage and easier to work with than 24K gold.

One key difference between 24K and 22K gold is the price. Because 24K gold is purer and therefore more valuable, it is generally more expensive than 22K gold. The colour of the gold can also vary slightly between the two types, with 24K gold appearing slightly more yellow in colour due to its higher gold content.

Overall, the main difference between 24K and 22K gold is the purity and the price. 24K gold is the purest and most expensive form of gold, while 22K gold is less pure and less expensive, but has the added benefit of being more durable and easier to work with.