Gold Rate Today in West Bengal

The state of West Bengal is situated on India's eastern coast, serving as a port of entry to Southeast Asia and North East India. Besides its neighbouring countries of Bangladesh and Bhutan, Nepal is also an international neighbour. As a result of the city's well-deserved reputation in the industrial sector, it has attracted the attention of several wealthy gold investors.

Although the city's demand for gold is consistently strong all year round, it spikes around the time of major holidays and celebrations.

Factors that Majorly Affect Gold Prices in West Bengal

Demand

Gold's price also rises with the increasing demand during festive times and weddings. On festive days, like Akshaya Tritiya and Dhanteras, the demand for gold is at an all-time high. As a bonus, gold's reputation as a stable store of value has led many to invest in it for long-term capital appreciation.

Government Regulations

Gold prices react to monetary policy, particularly tax and duty policies enforced by governments. When government policies favour the yellow metal, the rate falls, and vice versa. Gold prices have risen after GST (3% of the retail price) was implemented.

Local and Global Factors

National and international events influence the gold prices in West Bengal. Some examples are the supply and demand for the precious metal, its trading prices within the city, the demand for gold jewellery, and the value of the Indian rupee. Gold's price in West Bengal increases if the US currency gains value relative to the Indian rupee. This increase is a direct result of increased import expenses borne by gold dealers.

How to Check the Purity of Gold in West Bengal?

India's official gold purity certification comes from the Bureau of Indian Standards (BIS). When purchasing gold, BIS recommends the following considerations.

BIS Mark

Jewellery will bear the organization's monogram if it has the hallmark of BIS. The logo is essential because BIS is the only lab in India permitted to issue gold certification.

Karat

A measure of gold's purity is known as the "karat". The finest gold is 24 karat (99.9%), but it is too malleable to be used in jewellery. Other metals such as silver, zinc, and copper are added to make them more robust. For jewellery, the most popular purity of gold is 22 karat (91.6% pure).

Jeweller's Identification Mark

You should only buy gold that has an official hallmark from a trusted jeweller. It helps guarantee that the gold comes from a reputable source. The trademark may also serve as evidence in court.

Options to Invest in Gold in West Bengal

Physical gold purchases, sovereign gold bonds, gold mutual funds, and gold exchange-traded funds (ETFs) are some of the many gold investment alternatives available in the city.

The city's gold market is driven mostly by demand for ceremonial and gift items. There are two main types of investing opportunities.

Buying Things at Stores Physically

Most buyers of gold stick to reputable jewellers in their area. Forms of gold could be jewellery, coins, bars, bullion, and 24 and 22-karat gold. The cost of refining raw gold into jewellery is factored into the price of gold jewellery.

Purchase From Online Markets

The city's working class relies on this method to buy gold for investment purposes. There are several alternatives to investing in physical gold that is traded on the stock market, including sovereign gold bonds, gold mutual funds, and gold exchange-traded funds (ETFs). They are a solid bet because of the government's support.