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Gold Price in Kolkata
Kolkata is the third largest metropolitan city in India and is home to over 14 million people. The city is a hub for industries and accounts for a large chunk of all investments made in the country. Gold in India is generally not viewed as an investment opportunity and people typically keep their gold safe at home or convert it into jewelry. This mindset is however changing, and Kolkata which has one of the highest gross domestic product among Indian cities is leading the path. Fluctuating gold rates have not deterred Kolkata residents from buying gold, ensuring that Kolkata accounts for a large percentage of gold transactions in India.
Gold rate in Kolkata depends largely on market fluctuations and availability. Gold buyers can opt for either 22 karat or 24 karat gold, depending on their needs. 22 karat gold is about 92% pure and commands a lower rate than 24 karat gold, which is 99.99% pure.
Investing in gold is considered a profitable option for a large number of middle-class families in Kolkata and hence it is no wonder that the city ranks very high in the list of consumers in the country. A lot of topics relating to the precious metal, however, is often unanswered. So, in this page, we aim to cover every possible topic that relates to gold and gold rate in Kolkata.
Trend of Gold Rate in Kolkata for July 2018 (rates per gram of 24 karat gold)
July 2018 - Week 1 (1 - 7):
|Parameters||Gold price (per gram of 24 karat gold)|
|July 1 Rate||Rs.3,146 per gram|
|July 7 Rate||Rs.3,165 per gram|
|Overall Weekly Performance||Incline|
- In Kolkata, gold was seen trading at Rs.3,146 per gram on the 1st of July, and remained the same on the 2nd owing to a sustained demand from the local market.
- On the 3rd, gold rate in Kolkata went down to Rs.3,144 per gram after a rising dollar pushed demand down in the local circle.
- As the dollar continued to rise steadily, gold price in Kolkata dropped significantly down to Rs.3,130 per gram.
- This, then surged to Rs.3,159 per gram on the 5th as a trade war between the US and China pushed safe haven demand up after the markets as well as the US dollar fell.
- Due to a slight slowdown in demand brought about by cautious investors, gold rates went down to Rs.3,156 per gram on the 6th.
- The final day of this week saw gold rates rise up to Rs.3,165 per gram as demand recorded a significant rise ahead of a strong demand.
July 2018 - Week 2 (8 - 14):
|Parameters||Gold price (per gram of 24 karat gold)|
|July 8 Rate||Rs.3,163 per gram|
|July 14 Rate||Rs.3,120 per gram|
|Overall Weekly Performance||Decline|
- When the week began, gold rate in Kolkata opened at Rs.3,163 per gram on the 8th with strong local as well as domestic demand amid the weakened US dollar and poorly performing equity markets.
- Rates remained untouched at Rs.3,163 per gram on the 9th before inching higher to Rs.3,164 per gram on the 10th as the US dollar index hit new lows against other apex currencies at the global level.
- However, with the greenback regaining lost ground over the next couple of days, demand for the metal declined and the yellow metal was priced at Rs.3,153 per gram on the 12th.
- Prices dropped further to Rs.3,131 per gram on the 13th with domestic demand capped by the well performing dollar and equity markets.
- Trading concluded for the week with todays gold rate in Kolkata finished at Rs.3,120 per gram amid the weak trends overseas.
Trend of Gold Rate in Kolkata for June 2018 (rates per gram of 24 karat gold)
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.3,194 per gram|
|June 30 Rate||Rs.3,146 per gram|
|Highest Rate in June||Rs.3,210 per gram on 15 and 16 June|
|Lowest Rate in June||Rs.3,146 per gram on 30 June|
|Overall Monthly Performance||Decline|
June 2018 - Week 1 (1st - 10th)
- Gold was priced at Rs.3,194 per gram on June 1st in Kolkata, which continued on till the closing hours of the next day.
- This dropped to Rs.3,177 per gram on the 3rd as demand dropped after the US dollar surged against other currencies.
- As domestic demand was steady, gold continued to trade at Rs.3,177 per gram on the 4th and the 5th despite a considerable fall was recorded in other cities.
- On the 6th, a tiny fall of Re.1 was recorded and the metal was selling at Rs.3,176 per gram.
- The 7th saw gold rate in Kolkata go up to Rs.3,183 per gram - as demand surged after other concerns came to the fore.
- With demand remaining steady ahead of the G7 meet, gold prices remained at Rs.3,183 per gram on the 8th of June.
- However, demand surged and gold rates went up to Rs.3,204 per gram on the 9th after US President Donald Trump lamented about the poor trade his country has to contend with.
- The week ended with gold prices traded at Rs.3,204 per gram.
June 2018- Week 2 (11th-17th)
- The City of Joy saw gold open the week at Rs.3,199 per gram on 11 June as demand fluctuated due to various factors.
- Local demand for gold was sluggish as international trends pointed to a slowing down of orders due to a resurgent dollar rate.
- Gold price in Kolkata dropped marginally to trade at Rs.3,194 per gram on 12 June as the summit between the North Korean and American leaders kicked off in Singapore.
- Rates remained unchanged in spite of the surge in the dollar after the end of the summit, as international demand for gold fell sharply.
- The renewal of trade tensions over possible tariffs between the U.S. and China led to markets falling once more, as investors rushed to gold as a safe-haven bet and pushed prices to Rs.3,210 per gram on 14 June.
- Prices regularised as local demand fell due to the high import cost associated with a strong dollar, as gold traded at Rs.3,192 per gram on 16 June.
- The week ended with gold continuing to trade at Rs.3,192 per gram on 17 June on poor local demand and prevalent market trends.
June 2018 - Week 3 (18th - 24th)
- When the week began, gold was recorded trading at Rs.3,192 per gram on the 18th after an increase in the dollar value from the previous session led to a decline in investor demand for the metal.
- Rates dropped to Rs.3,182 per gram on the 19th as the US dollar index gained against a basket of other major currencies at the global level.
- Demand, however, picked up with an increase in domestic buying from local jewellers, retailers and industrial units the next day. The precious metal was recorded trading at Rs.3,193 per gram on the same day.
- Steady demand coupled with firm market cues led to gold rates in Kolkata holding at Rs.3,193 per gram until the 22nd.
- The 23rd saw gold prices plummeting by Rs.38 to Rs.3,155 per kg after the greenback rose to near eleven-month highs, making the bullion expensive for foreign investors.
- The week concluded with gold rates remaining untouched at Rs.3,155 per kg on the 24th with poor domestic demand amid the weak trend overseas.
June 2018 - Week 4 (25th - 30th)
- In West Bengal’s capital, gold prices fluctuated quite a bit over the course of June week 4.
- When trading commenced for the week, on the 25th, the yellow metal was priced at Rs.3,161 per gram.
- This rose slightly to Rs.3,163 per gram on the 26th before continuing at this rate on the 27th as well as demand was stable.
- As there was a slight downturn in demand on the 28th, gold rates in Kolkata went down to 3,161 per gram.
- This rose to Rs.3,163 per gram the next day as there was a slight rise in demand.
- On the final day of the week, gold rates in the city dropped considerably to Rs.3,146 per gram as a rising dollar caused demand to drop.
Trend of Gold Rate in Kolkata for May 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|May 1 Rate||Rs.3,231 per gram|
|May 31 Rate||Rs.3,217 per gram|
|Highest Rate in May||Rs.3,248 per gram on 15 and 16 May|
|Lowest Rate in May||Rs.3,197 per gram on 18 May|
|Overall Monthly Performance||Decline|
May 2018 - Week 1 (1st - 6th)
- In Kolkata, trading began with bullion prices holding at Rs.3,231 per gram on the 1st as gold held its gains from the previous session with steady demand from local jewellers, retailers and industries.
- The US dollar strengthened ahead of the two-day Federal Reserve monetary policy meeting due to which gold prices plunged to Rs.3,209 per gram on the 3rd.
- The dollar, however, lost ground following dovish remarks from the central bank with interest rates gradually increased as expected. This led to bullion rates improving over the next couple of days.
- The week concluded with gold rate in Kolkata holding at Rs.3,221 per gram on the 6th with steady domestic demand compounded by positive trends overseas.
May 2018 - Week 2 (7th - 13th)
- The week began in Kolkata with gold being priced at Rs.3,233 per gram. Rates remained the same on the 8th as well before dropping to Rs.3,232 per gram on the 9th - the third day of this week.
- From the 10th onwards, gold prices in Kolkata improved as a result of a poor dollar and the latest inflation data, which was released in the US.
- Global demand went up on the 10th, which happened in all the other cities in the country as well.
- On the 10th, the yellow metal was priced at Rs.3,238 per gram which increased to Rs.3,243 per gram on the 11th.
- The 12th recorded the highest rise for the week - which also was the highest rate for the month up until this point - trading at Rs.3,254 per gram.
- As demand slowed down, gold was still seen continuing at Rs.3,254 per gram valuation on the final day of this week.
May 2018 - Week 3 (14th - 20th)
- Trading began in Kolkata with gold priced at Rs.3,254 per gram on the 14th as the bullion capitalised on the poorly performing dollar equities.
- However, with the US dollar making a recovery as the dollar index rose against a basket of other apex currencies, demand for the metal plunged. This led to gold rates holding at Rs.3,248 per gram on the 15th and the 16th.
- With the dollar hovering near its peak level in 2018, gold rates in Kolkata dropped to Rs.3,214 per gram on the 17th which plummeted further to Rs.3,197 per gram on the 18th amid the weak trend overseas.
- However, an increase in global safe haven demand brought about by the ongoing political spat between the United States and Italy led to domestic gold prices rebounding to Rs.3,216 per gram on the last day of the week.
May 2018 - Week 4 (21st - 27th)
- Gold was priced at Rs.3,216 per gram when trading commenced for the fourth week of May.
- This dropped to Rs.3,204 per gram on the 22nd as demand for the metal took a hit while the US dollar improved.
- Demand began to pick up from the 23rd as the minutes from the latest Fed Reserve meeting was announced and interest rates were unchanged.
- This caused the dollar the drop and markets slowed down. All of this included pushed gold rates up to Rs.3,209 per gram on the 24th.
- As demand continued to rise in the local market amidst positive cues, gold rates went further up to Rs.3,217 per gram on the 25th.
- The 26th and the 27th recorded inclines too, and the precious metal traded at Rs.3,235 per gram and then at Rs.3,242 per gram respectively.
- Rates, however, dropped on the final day of this week and gold traded at a much declined rate of Rs.3,225 per gram.
May 2018 - Week 5 (28th - 31st)
- When trading commenced in Kolkata, the bullion prices were recorded holding at Rs.3,225 per gram on the 28th amid firm overseas market trends.
- Steady demand from local industries, jewellers and retailers led to gold trading at Rs.3,225 per gram until the 30th.
- Trading concluded for the month with the yellow metal closing slightly lower at Rs.3,217 per gram on the 31st after the US dollar gained against a basket of emerging currencies.
- Gold rates in Kolkata dropped by 0.43% due to the weak global cues that affected local demand during the month.
Trend of Gold Rate in Kolkata for April 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|April 1 Rate||Rs.3,159 per gram|
|April 30 Rate||Rs.3,231 per gram|
|Highest Rate in April||Rs.3,243 per gram from 20 to 23 April|
|Lowest Rate in April||Rs.3,159 per gram from 1 and 2 April|
|Overall Monthly Performance||Incline|
April 2018- Week 1 (1st-7th)
- Positive market forces and a steady increase in the price of gold saw the precious metal’s value rise over the course of the first week of April in Kolkata.
- Gold rate in Kolkata was priced at Rs.3,159 per gram on 1 April as both retail and industrial demand was stable and consistent due to a falling dollar.
- The escalation of tensions between the United States and China resulted in market turbulence, prompting renewed investor interest in bullion.
- Gold price in Kolkata rose to Rs.3,188 per gram on 3 April as a low U.S. Dollar made gold imports cheaper and led to increased orders from Asian industry.
- A dip in price was seen as the week progressed as the dollar recovered some of its value after the release of positive unemployment data.
- Prices fell to Rs.3,174 per gram on 5 April as local demand dropped due to unfavourable market trends.
- The stabilising dollar also contributed to a drop in universal gold demand, with local prices falling further to Rs.3,162 per gram on 6 April.
- Gold rate in Kolkata rose marginally as the week ended as gold traded at Rs.3,169 per gram on 7 April.
April 2018- Week 2 (8th -15th)
- Gold opened on a strong note in Kolkata, trading at Rs.3,169 per gram when the week began.
- The next day didn’t see any change in prices but rates went up by Re.1 on the 10th as demand was rather slow in the city.
- Gold continued to trade at Rs.3,070 per gram on the 11th as well before surging to Rs.3,201 per gram as positive global cues held gold gain against the dollar.
- Prices went up again on the 13th - this time to Rs.3,128 per gram - as markets continued to week while gold continued on its upward momentum.
- Gold traded at Rs.3,228 per gram again on the 14th before falling to Rs.3,212 per gram on the 15th of April. This was due to demand reaching saturation levels in the city.
April 2018 - Week 3 (16th - 22nd)
- In Kolkata, the week opened with the bullion trading at Rs.3,212 per gram on the 16th as gold held onto its gains after the US-led missile strike on Syria led to investors cashing in on the safe-haven metal.
- Thanks to steady domestic, as well as global demand, prices rose to Rs.3,221 per gram on the 17th which surged further to Rs.3,231 per gram the next day amid strong global cues.
- Prices remained untouched at Rs.3,231 per gram on the 19th with steady offtake for the metal by domestic industries and jewellers.
- With the US dollar losing against a basket of other emerging currencies in the international market, gold rate in Kolkata rose to Rs.3,243 per gram on the 20th.
- The rest of the week saw gold rates in Kolkata holding strong at Rs.3,243 per gram with steady local demand amid the ongoing wedding season coupled with firm trends overseas.
April 2018 - Week 4 (23rd - 30th):
- Gold opened at Rs.3,243 per gram on the 23rd - the first day of this week, which as the records suggested was the highest gold rate for this month.
- The yellow metal’s rates consolidated on the second day of this week and prices dropped to Rs.3,236 per gram.
- On the 25th, gold rate in Kolkata went down further to Rs.3,241 per gram before rising to Rs.3,242 per gram on the 26th.
- Over the 27th and the 28th, gold rates were holding at Rs.3,242 per gram as domestic demand, particularly from jewellers, held steady.
- However, due to unfavourable market conditions, gold price in Kolkata dropped to Rs.3,131 per gram on the final day of this week.
Trend of Gold Rate in Kolkata for March 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st March 2018||Rs.3,147 per gram|
|Gold Rate on 31st March 2018||Rs.3,148 per gram|
|Highest Rate in March||Rs.3,148 per gram on 8, 9 and from 24 to 31 March|
|Lowest Rate in March||Rs.3,123 per gram from 17 to 23 March|
|Overall Monthly Performance||Incline|
March 2018 - Week 1 (1 - 5):
- The start of March saw the price of gold rise marginally in Kolkata, with gold trading at Rs.2,993 per gram.
- The rise in price seen across other cities due to a sharp slide in markets was reflected in the price in Kolkata as well as gold traded at Rs.3,012 per gram on 3 March.
- Static local demand led to prices remaining stable, though international demand surged on positive price cues.
- A slight dip in the gold price in Kolkata was observed as the week drew to a close, with gold trading at Rs.3,008 per gram on 5 March due to demand vagaries.
March 2018 - Week 2 (5-11):
- Gold rates in Kolkata opened at Rs.3,158 per gram when trading started for the second week of March.
- The 6th saw gold rates drop to Rs.3,153 per gram as local demand in Kolkata remained consistent with that of the entire nation.
- On the 7th, gold rates in Kolkata rose to Rs.3,170 per gram as the US dollar weakened and so did the stock market as there was an imminent trade war in the mix.
- During the 8th, gold rates dropped to 3,156 per gram as demand dropped briefly in the global market, which slowed down local demand.
- The 9th again saw gold rates drop - this time to Rs.3,143 - as demand continued to remain weak.
- Over the 10th and the 11th, gold prices in Kolkata surged and the metal traded at Rs.3,149 per gram.
March 2018 - Week 3 (12 - 18):
- When trading commenced in Kolkata, gold rates were recorded holding steady at Rs.3,149 per gram on the 12th with steady demand for the metal from the previous week.
- Prices dropped to Rs.3,149 per gram on the 13th before plunging further to Rs.3,136 per gram the next day with the US dollar gaining against other emerging currencies after markets speculated an increase in interest rates by the Federal Reserve next week.
- The 15th, however, saw gold prices rebounding to Rs.3,156 per gram with the US dollar losing its sheen following the dismissal of the US Secretary of State.
- Gold rate in Kolkata dropped to Rs.3,152 per gram on the 16th before plunging further to Rs.3,130 per kg on the 17th with markets refraining from making purchases ahead of the Federal Reserve monetary policy next week.
- The week concluded with gold price in Kolkata holding at Rs.3,132 per gram on the 18th due to an incline in domestic demand from local retailers, jewellers and industries.
March 2018 - Week 4 (19 - 25):
- There was a significant rise in gold price in Kolkata as favourable market conditions led to a surge in demand for the metal.
- Gold opened the week trading at Rs.3,117 per gram, with the value falling from the previous week due to fluctuations in local demand.
- There was a quick recovery as equity markets across the world traded cautiously over fears of trade wars due to the imposition of trade tariffs by the U.S.
- Gold price in Kolkata surged to Rs.3,140 per gram on 20 March on increased buying both locally as well as on the international market due to a low dollar rate.
- A further rise in price was observed on 23 March, when gold prices rose to Rs.3,188 per gram after U.S. equity markets dropped ahead of the Fed’s announcement of monetary policy.
- The expected interest rate hike and a less hawkish financial outlook by the Fed caused concern among investors, who pulled out of equities and increased orders for gold.
- Demand for the metal continued to rise, with gold rate in Kolkata was at Rs.3,198 per gram on 25 March.
March 2018 - Week 5 (26 - 31):
- Positive global cues coupled with strong local demand for the metal led to gold prices in Pune holding steady during the week.
- When trading commenced for the week, the bullion was priced at Rs.3,148 per gram on the 26th with steady demand from the previous week.
- Gold rates remained untouched at Rs.3,148 per gram until the 30th after jewellers and retailers ramped up their purchases to meet local demand for the metal.
- When the week ended, the yellow metal prices were recorded holding steady at Rs.3,148 per gram on the 31st after positive trends overseas resulted in strong domestic demand for the metal.
- Gold rates in Pune rose by 0.03% with steady domestic demand amid the uneven overseas trends during the course of the month.
Trend of Gold Rate in Kolkata for February 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st February 2018||Rs.3,146 per gram|
|Gold rate on 28th February 2018||Rs.3,163 per gram|
|Highest Rate in February||Rs.3,191 per gram on 18 and 19 February|
|Lowest Rate in February||Rs.3,105 per gram from 11 to 13 February|
|Overall Monthly Performance||Incline|
February 2018 - Week 1 (1st - 4th)
- When trading commenced in Kolkata, gold was priced at Rs.3,146 per gram on the 1st with an incline in domestic demand amid positive overseas trends.
- With the US dollar gaining against other apex currencies ahead of the highly anticipated US jobs and payrolls data during the day, gold rate in Kolkata plunged to Rs.3,134 per gram on the 2nd.
- Though the US employment data came out stronger than expected, gold price in Kolkata surged to Rs.3,166 per gram on the 3rd. The rise in prices was brought about by jewellers and retailers who ramped up purchases to meet local demand.
- The 4th, however, saw domestic demand stabilising amid the strong US dollar index and rising equities. This led to the bullion being priced at Rs.3,140 per gram.
February 2018 - Week 2 (5th -11th)
- Gold in Kolkata opened at Rs.3,140 per gram when the second week of February began.
- There was a brief fall in prices and gold traded at Rs.3,126 per gram on the 6th of February as demand dropped.
- The 7th saw gold rate in Kolkata increase as a global equity sell off affected local trading and the emtal traded at Rs.3,159 per gram.
- As this sudden high demand subsided, gold price in Kolkata dropped back to Rs.3,126 per gram on the 8th before falling further to Rs.3,108 per gram as the US dollar strengthened.
- A brief rise in demand from jewellers pushed gold prices up to RS.3,115 per gram on the 10th, which continued on till the closing house of the week.
- The stable pricing of gold towards the end of the week was due to a relatively low yet steady demand.
February 2018 - Week 3 (12th - 18th)
- When trading began in Kolkata, the yellow metal was priced at Rs.3,105 per gram on the 12th amid the firm trends overseas.
- Steady bullion demand brought about by the losing dollar and weakening equities resulted in gold rate in Kolkata being priced at Rs.3,105 per gram on the 13th.
- The 14th witnessed gold price in Kolkata surging to Rs.3,128 per gram with markets awaiting the US inflation data for clues on the pace of the US interest rate hikes in future.
- Though the precious metal rates remained untouched at Rs.3,128 per gram on the 15th, prices rose further to Rs.3,173 per gram on the 16th with the highly expected price data proving to be favourable for commodity markets.
- With the US dollar losing against a basket of other emerging currencies and investors interested in the bullion to hedge against inflation concerns, gold rates in Kolkata surged to Rs.3,191 per gram on the 18th.
February 2018 - Week 4 (19th - 25th)
- Gold opened at a strong Rs.3,191 per gram in the 19th of February before dropping to Rs.3,187 per gram the next day as the US dollar began on its journey to recovery.
- The yellow metal’s prices dropped again on the 21st - to Rs.3,168 per gram - as the US dollar rose further to consolidate on its losses.
- During the 22nd, gold rate in Kolkata dropped down to Rs.3,155 per gram - a fourth consecutive day’s fall - due to investors remaining wary of more purchases.
- However, the fall was curtailed by a slightly better local demand, and gold price in Kolkata went up to Rs.3,154 per gram on the 23rd and the 24th.
- On the final day of this week, gold rates went up to Rs.3,158 per gram - as the dollar lost its momentum slightly while domestic demand seemed to rise.
February 2018 - Week 5 (26th - 28th)
- Gold rate in Kolkata were greatly influenced by Federal Reserve Chairman Jerome Powell’s decision to continue with the planned interest rate increases in his congressional testimony during the week.
- The yellow metal was recorded trading at Rs.3,158 per gram on the 26th with steady domestic demand for the metal.
- Though prices surged to Rs.3,170 per gram on the 27th due to an increase in demand from local jewellers and retailers, the 28th witnessed gold price in Kolkata plunging to Rs.3163 per gram amid the strengthening US dollar.
- Kolkata witnessed gold rates rising by 0.54% during the course of the month.
Trend of Gold Rate in Kolkata for January 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st January 2018||Rs.3,090 per gram|
|Gold Rate on 31st January 2018||Rs.3,127 per gram|
|Highest Rate in January||Rs.3,168 per gram on 26 January|
|Lowest Rate in January||Rs.3,088 per gram on 4 January|
|Overall Monthly Performance||Incline|
January 2018 - Week 1 (1st - 7th)
- Gold rate in Kolkata was affected by local as well as international demand.
- When trading began for the new year, gold was priced at Rs.3,090 per gram. This then rose to Rs.3,099 per gram on the 2nd, owing to an increased local demand.
- The 3rd again saw gold price in Kolkata increase, this time by Rs.4 and the metal traded at Rs.3,103 per gram.
- However, as the US dollar bounced back, gold rates dropped down to Rs.3,088 per gram amid some poor sales globally.
- The fall, though, was short lived and gold prices in Kolkata went back up to Rs.3,107 per gram on the 5th of the month.
- As demand seemed to consolidate, gold rates dropped to Rs.3,102 per gram on the 6th and continued at this rate till the end of the week.
January 2018 - Week 2 (8th - 14th)
- The second week commenced with the precious metal trading at Rs.3,101 per gram on the 8th.
- Though gold price in Kolkata surged to Rs.3,109 per gram on the 9th, prices plunged to Rs.3,099 per gram on the 10th owing to strong dollar index coupled with firm equities.
- However, with the US dollar losing against other apex currencies, gold rates in Kolkata rose significantly during the week.
- The yellow metal prices were recorded at Rs.3,120 per gram on the 11th before surging further to Rs.3,131 per gram on the 12th amid the positive overseas trend.
- The 13th saw gold rates in Kolkata surging to Rs.3,146 per gram - a seven-week high - after the strong trend overseas led to an increase in domestic demand for the metal.
- The bullion was recorded trading at Rs.3,146 per gram on the 14th when the week concluded.
January 2018 - Week 3 (15th - 21st)
- In Kolkata, gold priced started at Rs.3,157 per gram when the week began.
- This rose to Rs.3,167 per gram the next day as local demand increased. Gold prices in Kolkata were still holding at Rs.3,167 per gram on the 17th but a rise in the US dollar brough rates down to Rs.3,147 per gram on the 18th.
- From the 19th to the 21st, gold traded at Rs.3,149 per gram as local demand remained steady
January 2018 - Week 4 (22nd - 28th)
- Gold opened at Rs.3,109 per gram when trading started for the fourth week of January.
- Due to unchanged demand, gold continued to trade at Rs.3,109 per gram on the 23rd of the month.
- The 24th witnessed a price surge as demand increased amid concerns over a weak US dollar. Gold traded at Rs.3,121 per gram on this day.
- On the 25th, gold rate in Kolkata saw significant surge as the US dollar was at a new low and gold rates in the international market hit the highest figures since August 2016.
- Gold was seen selling at Rs.3,168 per gram per gram on the 25th and was the same the next day.
- However, as demand dropped, gold price in Kolkata went down to Rs.3,148 per gram on the 27th of the month.
- When the week ended, the yellow metal was still seen trading at Rs.3,148 per gram.
January 2018 - Week 5 (29th - 31st)
- Gold trade in Kolkata began with the bullion priced at Rs.3,132 per gram on the 29th amid the strengthening US dollar and higher US bond yields.
- Steady domestic demand from industries and jewellers despite the poor trend overseas led to gold price in Kolkata remaining unaltered at Rs.3,132 per gram on the 30th.
- The 31st, however, saw prices declining to Rs.3,127 per gram after the US dollar gained against a basket of other emerging currencies ahead of President Trump’s annual State of the Union address.
- Strong overseas trends coupled with an increased demand for the metal led to gold rate in Kolkata rising by 1.19% during the course of the month.
Investments in gold have evolved over the centuries and gold now offers more investment avenues than ever before. Gold investments act to balance rising inflation, with changing gold rates negating any inflation which could creep in. Some of the popular gold investment options in Kolkata are mentioned below.
Jewelry – Jewelry has been the preferred choice of Indians when it comes to buying gold. Traditionally jewelry was not seen as an investment but people are warming up to it now. Gold jewels can be exchanged or sold, making it a decent investment option in case of emergencies.
Gold Accumulation Plans – These plans provide an investor with the opportunity to deposit a specific amount on a monthly basis. After completion of an agreed upon time period the investor can choose to cash in the deposits in exchange for gold coins or jewelry.
Gold Bullion Bars – Gold bars are seen as a safe investment and every country invests in keeping certain gold bars as reserves. Kolkata has a large number of high net worth individuals and gold bars can be a sound investment opportunity for them. These bars are 99.5% pure and can weigh up to 1 kg each, making them excellent high value investments.
Gold Bullion Coins – These coins are an ideal investment option for those with low reserves. Coins can be purchased according to weight, weighing anywhere between 1g to 10 g. With no wastage and making charges, coins offer better value for money than jewelry and can also be converted into liquid assets if need be.
Allocated Gold Accounts – A lot of people worry about the safety of their gold investments and this plan is perfect for those who wish to own gold but do not want to keep it with them. Gold accounts ensure that the gold is safe and secure in banks, with the owner having freedom to access it at any point.
Gold rates are often set on the same principle in all the states and cities in the country. But, as variables often differ in different states and so does the demand, we see prices that are dissimilar in most places. Coming to the part about how gold rates are fixed, we can say that it hinges on a number of factors. These include:
- Rate of gold in the international market: The reason why gold rates in the international exchange matters is because much of the bullion in the country is imported. Gold rates in the global market depends on how well the US dollar is performing. This is because the metal is mostly trade in US currency.
- Import duty: Every state has a different import duty which is added on top of the duty that should be paid for importing the metal into the country. Gold prices in the market may vary depending on the duty paid at a particular point in time.
- Bank margins: Usually, banks are one of the few institutions that are designated to import gold into the country. When banks get the metal into the country, they decide on a profit margin before selling the same to the retailers. The percentage cut banks decide to take will also have a bearing on how gold rates are set.
- The MCX: The Multi Commodity Exchange, known commonly as the MCX, is a market where commodities are exchanged. Prices on this index will impact how gold is priced in a city, in this case, Kolkata.
- Associations: Bullion association is an association of traders and retailers who come together to discuss any and all of their gold related concerns. To set a rate, these traders often consider some of the biggest retailers and their latest pricing while also taking into account the profitability of the rate they set.
Up until 2003, gold prices around India remained around the Rs.3,500 bracket, but things changed soon after the Lehman Brothers crash happened in 2008. When the markets crashed, people felt that investing in gold, whose prices were rising significantly would help offset their losses. Now, ever since 2008, gold prices have risen by more than 750% within a decade.
While we have mentioned how gold prices have gone up over the last couple years, there is a chance that bullion trading has seen its best days already. These days there’s very few reasons why gold rates should spike, unless the world again goes through a bad debt situation like it did in 2008. Som expect gold prices to remain more or less flat for much of 2017.
Availing loans against gold has become rather common of late with several NBFCs like Muthoot Finance and Manappuram Gold Loans have been established with this as their core business principle. There are also several other NBFCs and banks which offer loans against assets like gold. To provide a loan, they usually value the gold at the current day’s rate and will keep it as a collateral tilt he borrowed amount is completely repaid with interest.
Selling gold in Kolkata is relatively simple as nearly every jewellery store offers you this service. All you’d have to do is walk into a jeweller near you, who will value your gold and pay the total amount based on how much it weighs. However, what we suggest is that you go to reputed jewellers and retailers so that you don’t get hoodwinked by scamsters.
These are some of the most important things you should know about investing in gold in Kolkata. If you are really looking to invest in the metal, be advised that rates haven’t seen the best of days in the past few months and isn’t likely to go up any time soon.
24 karat gold – One gram of 24 karat gold costs Rs 2722 in Kolkata today (June 15, 2015). The price has hovered around the Rs 2700 mark, with a high of Rs 2915 about 8 months ago and a low of Rs 2600 six months ago.
22 karat gold – A gram of 22 karat gold costs Rs 2538 in Kolkata today (June 15, 2015). The average cost of 1 g of 22 karat gold has been around Rs 2600 in the last year, with a high of Rs 2715 and a low of Rs 2378. The low cost of gold makes it the right time to invest in it.
Kolkata is home to all major jewelers from across the country and houses some of the best gold stores. One can find gold shops in every major part of the city, with the most popular ones being Reliance Jewels, Tribhuvandas Bhimji Zaveri, DK Basak Jewellers, Anjali Jewellers and Senco Gold. Residents can also opt for the smaller gold shops spread across the city to meet their individual needs.
How is gold price in Kolkata fixed?
Like every other city in India, fixing gold rates in Kolkata involves a set procedure. While the process is the same, the various costs involved is what brings the rate difference. In this section, we tell you how gold rate in Kolkata is fixed.
- Import duty
- GST on gold
- Marginal cost of banks importing the gold
- Local bullion association along with some of the leading dealers in the city
- Cost of gold on the Multi Commodity Exchange (MCX)
- The Rupee-US dollar dynamic
When fixing gold prices, all the aforementioned factors come into play. The import duty though remains the same for all imports, same is the case with the GST too. After this, the local association decide on what price better reflects the market dynamic (demand, inflow, outflow etc). Once all this are taken care of, the performance of the US dollar and the Indian rupee provides direction to prices.
What impact has GST had on gold rate in Kolkata?
As per the Income Tax regulations, gold as a commodity is taxable under the law and with the introduction of Goods and Services Tax (GST) on 1st July, 2017, the price dynamic has underwent a major rejig. As per the old law, gold was taxed at 12.2% , of which 10% was the import duty, 1% was the excise duty, while the remaining 1.2% was the VAT complement of the tax. At present, the the excise and VAT duty have been scrapped and has been replaced with a GST of 3% and the 10% import duty still remains.
On the retail front, there are a few different components to look at. For instance, there’s the 5% making charge on top of the 10% import duty, and 3% GST.
Ways to invest in gold in Kolkata
Being a major metropolitan city, Kolkata certainly offers a lot of scope for gold investment. For people looking to invest in the yellow, there are plenty of avenues to choose from. These range from obvious consumer-centric instruments like jewellery and gold coins, while there are also other investment-driven options one can explore like gold bullions and Exchange Traded Funds (ETFs).
Gold or Gold ETF: Which is a better option?
Whether a gold or gold ETF is a better option depends on the reason behind your purchase. If, for instance, you are buying gold for personal consumption, there’s no other way than to buy gold. On the other hand, if you want to buy gold from an investment point of view, you could take a clear look at ETFs. But, before going for it, you should know that ETFs aren’t the same as physical gold, in that you won’t have it with you. Also, ETFs are taxable in you register any capital gains after you liquidate your assets.
Things to know before investing in gold in kolkata
In this section we will talk about the various things you should know about before investing in gold. Here are a list of things every gold investor must know before making their purchase:
- The purity level: Gold is available in multiple levels, which are based on how pure they are. These are four of the mostly known ones, i.e,, 14 karat (58.33% pure), 18 karat (75% pure), 22 karat (92% pure), and 24 karat (99% and above). A 24K gold is also considered to be the purest form of gold. For jewellery purposes, 22K gold is commonly used as it offers designers a certain level of customizability. Another reason 22K gold is used instead of 24K is because the latter is far too brittle to withstand complex and intricate designs.
- What the labour charges are: Every jeweller, irrespective of where they are based, add what is known as labour charge. This is the compensation for the man hours spent creating a piece of jewellery. Sellers usually add this amount to the overall cost of the product.
- Certification: Every gold type is certified with an authentication letter and most jewellers provide the a certificate stating that their gold is either KDM or Hallmark certified. Make sure your gold has the right certification before making the purchase.
- Timing of the purchase: The timing of your purchase can have a bearing on how much your jewellery could cost. For instance, during festive seasons when demand is high, you are likely to spend more as opposed to buying during the off season. Also be on the lookout for additional offers which reputed jewellers put up from time to time.
- Keep the weight in mind: When a jewellery is weighed before a sale, any other stones used (emerald, diamond etc) will also be included in the pricing. This may increase the price of your jewels further. So, keep this in mind when purchasing studded jewellery.
What factors influence gold rate in Kolkata
There are a number of reasons why gold is priced different in almost every other city in the country.
- One of the things that play a role is logistics. You see, India has very few gold mining companies and in order to make up for the shortage, we import gold from other countries like Switzerland, Saudi Arabia, the USA, Ghana, Peru, Bolivia among others.
- The second factor is the Central Bank, which sometimes imports gold when there’s an especially high demand for the metal. As a consequence of this, gold prices also rise up.
- The third factor is the Indian Rupee. Depending on how good or bad the rupee is performing, gold rates differ. For instance, if the rupee gains upto 100 points on the dollar i.e., if the value falls from say Rs. 64 for 1 USD to Rs.62 per 1 USD, gold rates drop. This is because the importing cost decline due to a stronger rupee. The opposite is also true, if rupee falls and dollar gains, gold rates increase.
What’s the difference between KDM and Hallmark gold
KDM and hallmark are two entirely different things, in that KDM alludes to the process of using other metals to make jewellery that would last long. On the other hand, Hallmark is the certification provided to piece of gold based on its purity levels. The latter is follows a clear cut instruction set by the Bureau of Indian Standards (BIS), the arbitrator of sorts for gold standards in India.
Is gold price in Kolkata likely to gain in 2018?
It’s quite hard to pinpoint whether gold rates in Kolkata will increase for sure, but the signs that we have witnessed so far could point to an increase. As evidenced by the the trend seen over the month of January and February, gold rates are likely to see better days. For starters, the US economy is undergoing a lot of changes with the current president Donald Trump’s administration dividing opinions more than ever and with each of his policies receiving backlash from the opposition. This combined with the interest rate decisions taken by major central banks in the world, and the growing internal and external rifts in countries and trade unions could see prices see a considerable increase.
Also Check Gold Price in NearBy Cities of Kolkata
|Gold Rate In Siliguri||Gold Rate In Ranchi||Gold Rate In Jamshedpur|
|Gold Rate In Guwahati||Gold Rate In Raipur||Gold Rate In Bhilai|
|Gold Rate In Patna||Gold Rate In Bhubaneswar||Gold Rate In Cuttack|
- Also Check:Gold Rate in West Bengal
|Also Know: Silver Rate in Kolkata|
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- Learn About The Difference Between Spot And Futures Gold Rates