Today’s Gold Rate in Kanpur

Under the new tax regime initiated by Govt. of India, the GST on gold is fixed at 3%. In addition, an additional 8% tax on the making charges and 10% of the import duty.

Listed below are some of the factors which affect gold prices in Kanpur:

Geo-political crises: Gold as an asset class has a negative correlation with other assets. In times of geopolitical tension, economic slowdown, and increased volatility in financial markets, the demand for gold usually increases which also pushes up the prices of gold.
Import Duty: India currently imports gold to meet its existing demand for consumption or investment. Increase in import duty will directly affect the gold rates in Kanpur to increase.
US-dollar rupee equation:  Gold and US dollar share an inverse relationship. Any change in the US dollar will directly impact the gold rate in Kanpur.
Interest Rates: It is seen in a past that interest rates have a negative correlation with gold prices. It is because people start to flock to fixed income investments when central banks increase interest rates which causes the demand for gold to decrease.

Somthing is worng.Somthing is worng.Somthing is worng.Somthing is worng.

There are two ways through which an individual can own gold-physical and paper. Where one can physically invest in gold through jewellery, gold coins/bars, it won’t yield that much return if compared with other paper gold which includes sovereign gold bonds, gold mutual funds, gold ETF and digital gold for that matter. In the below table, one will find investment options available in Kanpur and how to go about them in brief:

Digital gold is another option through which one can invest in gold and mobile wallets such as Paytm, Freecharge, GoldRush are some of the platforms through which one can do that. Also called as gold accumulation plan as they allow you to accumulate gold by purchasing gold from as low as Rs.1. If keeping gold is an issue for you and you don’t want to start investing in gold through options given above, digital gold can best bet for you. Here, one is not obligated to make any fixed or periodic payments. One can either redeem their accumulated gold through coins or get an appreciated gold price in your account. Although if you choose to redeem accumulated gold into coins, you will be charged delivery and minting charges.

Purity of gold is a matter of concern and to counter that consumers should always buy hallmarked gold. Not only does it bring transparency in price but also helps you fetch the right price at the time of selling. Hallmarking is done by the BIS, the governing body which certifies the purity of the gold being used. To ensure one is not cheated while buying gold, here are the components one must check:

For Gold Jewellery,

1. BIS Mark
2. Purity in Karat and fineness corresponding to different purity level
   • 958-23 Carat
   • 916-22 Carat
   • 750-18 Carat
   • 585-14 Carat
3. Jeweller’s Identification mark/number
4. Assaying and Hallmarking Centre’s Identification mark/number

For Other Gold Articles,

• BIS Mark
• Karat
• Fineness

In case of financial emergency or you are short of funds, you can use your gold as a collateral and get a loan against your gold in Kanpur. You can either get a loan from a bank or small finance institutions. However, it is recommended to check online with the bank whether they service gold loans in your area or not. If they do, take the gold you are ready to pledge to the bank and submit KYC and other requisite documents.  The gold loan will be sanctioned based on the purity, net weight of the gold in ornaments and loan tenure. In return, the borrower needs to pay the interest on the loan and until it is paid, the gold will be kept in a secured vault.