Gold Rate in Kolkata - 23rd November 2024

What is the Current Trend in the Gold Price in Kolkata?

Kolkata sees a high demand for gold throughout the year. However, it changes constantly. Therefore, it is necessary to understand the current trend before buying and selling gold. If you are a resident of Kolkata looking to buy and sell gold, you can understand the trend of today's gold price in Kolkata by looking at the recent gold price and comparing it with the past gold prices in the same city.

Importance of Checking Gold Rates in Kolkata Before Buying

The gold rate varies regularly, resulting in a different transaction value if you want to buy or sell gold. Hence, you must check the gold rate in Kolkata before buying or selling gold to get the best value.

Factors that Affect Gold Prices in Kolkata

Gold prices in Kolkata vary depending on numerous external factors, making it vital to check the gold prices. These factors include:

• Demand and Supply: As demand and supply fluctuate regularly, the result creates a rise or fall in the prices of gold in Kolkata.
• Price of US Dollar: Today’s gold price in Kolkata for 22 Karat is derived from the current markets, especially the value of US dollars. The cost of gold rises and falls according to the rise and fall of this currency.
• Margin: Domestic jewellers add a margin over the import price, thereby affecting the gold price in Kolkata. The higher the margin, the higher the gold price.
• Interest Rates: The rise and fall in the prevailing interest rates in India also affects the price of gold in Kolkata, as it results in higher buying or selling.

How are Kolkata’s Gold Prices Determined?

The citizens of Kolkata highly contribute to the never-ending demand for gold in the city, where they prefer the 916 hallmarked gold based on the 916 hallmark gold price today in Kolkata. The gold is hallmarked based on its purity by the Bureau of Indian standards. Here is how you can determine the 916 gold rate in Kolkata:

1. International Gold Price: The jewellers of Kolkata levy a margin over the international gold price at which they import the gold to Kolkata. The import price and the subsequent margin determine the gold price in Kolkata.
2. Demand and Supply: The gold volume bought and sold in Kolkata owing to the demand and supply affects its price.
3. Purity: If the gold is hallmarked as 916 gold, its price will differ from other types of gold, such as 18 karats or 24 karats.

Evaluate Gold Price in Kolkata with Purity and Karats Method

Before purchasing and selling gold based on the gold price in Kolkata, it is essential to evaluate the gold to determine its genuine value based on the current market price. Here are the formulas along with the two methods to evaluate the gold rate in Kolkata:

1. Purity Method (Percentage): Gold value = (Gold’s purity x weight x gold rate) / 24
2. Karats Method: Gold value = (Gold’s purity x weight x gold rate) / 100

Apart from buying and selling gold in Kolkata, you can use these methods to know today's gold value in Kolkata before applying gold loan.

Reasons Why Gold Rates Differ Between Kolkata and Other Cities

The gold rate in Kolkata differs from those in other cities, as the volume of buying and selling gold differs. Furthermore, since the demand and supply of Kolkata differ from other cities, it results in a change in the gold rate. Here are some other reasons that affect the gold price in Kolkata than in other cities:

1. Import Price: The price of importing gold in Kolkata differs due to different international gold rates. Furthermore, the margin set by jewellers over this price also varies, resulting in different gold prices.
2. Volume: The volume of gold being bought and sold by the citizens of Kolkata differs from that in other cities. If the demand is higher, the gold prices may fall and vice versa.