Todays Gold Rate in West Bengal _{Last Updated : 01 Dec 2022}

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Today's Gold Rate in West Bengal

West Bengal is the fourth-most populous state in India, with more than 91 million people. It is an ethno-linguistic state with a proud history of kingdoms and empires that have contributed significantly to the country’s glorious past. As such, the demand for gold rate today in the state is constantly increasing as people make purchases on a consistent basis when there are festivals. Since gold is considered a part of the cultural and traditional heritage of West Bengal, dealers in the state are never short of supply to meet the never-ending demand.

Trend of Gold Rate in West Bengal for October 2022

September 2022 Gold Rate in West Bengal

Trend of Monthly Gold Rate in West Bengal for September 2022

• In West Bengal, gold prices opened the month of September at Rs.4,977 per gram. Over the month, the yellow metal witnessed fluctuations in its prices and displayed an overall incline in its performance.
• The prices of gold recorded their highest for the month on 28 September when a gram of 24 karat gold was traded for Rs.5,061. The overall performance of gold witnessed an incline where the percentage change stood at 0.74%.
• The lowest price of gold for the month of September was Rs.4,930 on 19 September in West Bengal.
• The gold prices for the month of September closed at Rs.5,014 per gram in West Bengal.

August 2022 Gold Rate in West Bengal

Trend of Monthly Gold Rate in West Bengal for August 2022

• The price of gold opened at Rs.5,108 per gram of 24 karat gold in West Bengal for the month of August. However, over the next few days, the prices dropped by 0.09 and settled at Rs.5,103 per gram by the end of the month.
• The precious metal reached its highest price point of Rs.5,208 per gram of 24 karat gold on 14 and 15 August in West Bengal. The lowest price of gold was observed on 23 August wherein one gram of 24 karat gold was being sold at Rs.5,087.
• Thus, a declining trend was recorded in gold prices with a percentage change of –0.09% in West Bengal for the month of August.

Gold Investment Avenues in West Bengal

West Bengal has multiple options for investors who wish to purchase gold. Following are the most common forms that buyers can choose from based on their unique investment requirements.

Market trade - E-Gold, future contracts and ETFs (Exchange Trade Funds) are the most popular opportunities so far as gold trading is concerned. Most investors choose ETFs as they not only provide good returns, but can also be traded on the Mumbai Stock Exchange. Future contracts are also attractive offers for investors to consider as they provide protection against market fluctuations and buyers have the option of taking possession of their purchase on a predetermined date. E-Gold is mainly purchased by investors who don’t really want to take possession of the metal, but rather sell it at a later date for a profit. E-Gold may be bought and sold via the National Spot Exchange Limited and investors are afforded the option of physically owing the metal should they prefer to do so.

Over-the-counter - A large number of gold investors in West Bengal prefer to buy gold in the form of jewellery, coins and bullions. Gold coins and bullions can be purchased from major dealers and banks across the state, but local prices are often dictated by international rates. Majority of the investors generally choose to purchase from local dealers instead of banks because the prices charged by dealers are significantly less. Banks charge slightly more than dealers because of quality assurance.

FAQs on Gold rate in West Bengal

1. Which gold is best to invest in West Bengal?

   If you are looking forward to long term investment in Bhubaneshwar then 24 karat gold is the best option. If you are looking forward to making jewellery, then investing in 22 karat or 18 karat gold would be a better option.

2. Where to buy gold in West Bengal?

   When buying gold in West Bengal, make sure that you are buying from a well-established and certified dealer. Do ensure that the gold is marked, stamped, engraved or in some way certified and determined to be authentic gold of whichever purity you choose – 22 karat or 24 karats. Do take a certificate of authenticity which contains details of purity, the gold rate on the date of purchase and the amount of gold purchased – along with the gold.

3. What precautions should be taken while purchasing gold jewellery in West Bengal?

   While purchasing gold jewellery in West Bengal, you need to make sure to check for purity, negotiate making charges, and cross check the price of the yellow metal. You must know that the price varies based on the purity of gold.

4. Which factors affect the gold price in West Bengal?

   The gold prices in West Bengal are affected by various external factors such as the rate of Indian currency with respect to US dollar, price of oil, important political events, etc. The internal factors such as the policies introduced by the government, interest rate, the demand for gold, etc., also have an impact on gold prices in India.

5. Why is 24 karat West Bengal gold not used for making jewellery?

   The 24-karat gold is of the highest purity and is very soft. This softness allows the yellow metal to be easily drawn into wires and beaten into sheets. Because of this exceptional softness, it is difficult for a jeweller to craft intricate jewellery pieces with 24 karat gold.

6. How can I check whether the West Bengal Gold that I have purchased is authentic?

   If the gold item sinks to the bottom of the bowl, then it is real gold since the precious metal’s density is high, otherwise it fake or a plated gold ornament. The other way to check is by taking your gold ornament and bringing it close to a magnet. If it sticks to the magnet then it is fake gold. Real gold will not stick to the magnet.