Gold Rate In Asansol

0
Today’s Gold Rate in India
22 Karat
46,210Per 10g of 22k Gold

Today 24 Carat Gold Price in Asansol – Updated

Gram 24 Carat Gold Yesterday 24 Carat Gold Today
Daily Price Change
1 GRAM Rs 4860.00 Rs 4881.00 0.43 %↑
8 GRAM Rs 38880 Rs 39048 0.43 %↑
10 GRAM Rs 48600 Rs 48810 0.43 %↑
100 GRAM Rs 486000 Rs 488100 0.43 %↑

Today 22 Carat Gold Price in Asansol – Updated

Gram 22 Carat Gold Yesterday 22 Carat Gold Today Daily Price Change
1 GRAM Rs 4455.00 Rs 4475.00 0.447%↑
8 GRAM Rs 35640 Rs 35800 0.447%↑
10 GRAM Rs 44550 Rs 44750 0.447%↑
100 GRAM Rs 445500 Rs 447500 0.447%↑

Today Gold Rate In Asansol: Gold Rate In Asansol

The gold rate in Asansol is quite volatile in recent times as it depends on a number of factors that are a part of domestic and foreign markets. One of the major factors attributing to the gold rate in Asansol is the city’s rich history.

Asansol is a major city in the West Bengal state of India. It is West Bengal’s second-biggest and most populous city, as well as India’s 39th biggest urban agglomeration. The district headquarters for Paschim Bardhaman is Asansol.

As shown in a 2010 survey by the International Institute for Environment and Development, a non-governmental policy research organisation located in the United Kingdom, Asansol was placed 11th among Indian cities and 42nd overall on its list of the world’s 100 fastest-growing cities.

The gold rate In Asansol is dependent on various factors.

Compare 22k & 24k Gold Rate in Asansol

Gold Today Yesterday Rate Change
Standard Gold (22 K) ( 1 gram ) ₹ 4,610 ₹ 4,560 ₹ 50 ↑
Standard Gold (22 K) ( 8 grams ) ₹ 36,880 ₹ 36,480 ₹ 400 ↑
Pure Gold (24 K) ( 1 gram ) ₹ 5,030 ₹ 4,976 ₹ 54 ↑
Pure Gold (24 K) ( 8 grams ) ₹ 40,240 ₹ 39,808 ₹ 432 ↑

Last 10 Days Gold Rates

Date
STANDARD GOLD 22K PURE GOLD 24K
1 GRAM 10 GRAM 1 GRAM 10 GRAM
May 26, 2021 Rs. 4710.00 Rs. 47100 Rs. 5100.00 Rs. 51000
May 25, 2021 Rs. 4693.00 Rs. 46930 Rs. 5083.00 Rs. 50830
May 24, 2021 Rs. 4693.00 Rs. 46930 Rs. 5083.00 Rs. 50830
May 23, 2021 Rs. 4693.00 Rs. 46930 Rs. 5083.00 Rs. 50830
May 22, 2021 Rs. 4693.00 Rs. 46930 Rs. 5083.00 Rs. 50830
May 21, 2021 Rs. 4693.00 Rs. 46930 Rs. 5083.00 Rs. 50830
May 20, 2021 Rs. 4693.00 Rs. 46930 Rs. 5083.00 Rs. 50830
May 19, 2021 Rs. 4682.00 Rs. 46820 Rs. 5072.00 Rs. 50720
May 18, 2021 Rs. 4681.00 Rs. 46810 Rs. 5071.00 Rs. 50710
May 17, 2021 Rs. 4650.00 Rs. 46500 Rs. 5050.00 Rs. 50500

Gold Rate in Asansol

Because the gold rate In Asansol is established on a per gramme basis across the country, the gold rate In Asansol will be the same as it is in the rest of the state. The most common gold importers in India are banking institutions and gold jewellery manufacturers.

The availability of gold to fulfil loan demand also influences the gold rate In Asansol.

List of banks providing gold loan in Asansol

Bank / NBFC Rate Per Gram Interest Rate Gold Loan Tenure Min – Max Loan Amount
₹ 3,506 to ₹ 4,621 0.099 3 to 24 months ₹ 10 thousand to 5 crore
ICICI Gold Loan ₹ 3,506 to ₹ 4,621 0.1 6 to 12 months ₹ 10 thousand to 5 crore
₹ 3,506 to ₹ 4,621 0.12 7 days to 36 months ₹ 3 thousand to 1 crore
₹ 3,506 to ₹ 4,621 0.1225 12 months ₹ 3 thousand to 1 crore
₹ 3,506 to ₹ 4,621 0.1025 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1 3 to 36 months ₹ 10 thousand to 5 crore
SBI Gold Loan ₹ 3,506 to ₹ 4,621 0.0975 12 to 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.075 3 to 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1025 12 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1025 12 months ₹ 10 thousand to 5 crore
IIFL Gold Loan ₹ 3,506 to ₹ 4,621 0.12 11 months ₹ 3 thousand to 50 lakh

How are Gold Rates Decided?

Gold has become a scarce commodity with the advent of the modern age in India, with only a few countries possesses sufficient amounts. As a result, new gold isn’t constantly available, and availability changes over time, so we have to make do with what we have. While the demand-supply equation varies, prices can change dramatically, which is something to take in mind when setting rates in India.

Financial institutions distribute this gold to sellers after deducting their charge; hence there is an extensive supply channel making it somewhat more costly than the rate at which it was imported. The domestic natural gold reserves are plummeting, which might be attributed to a number of causes.

How do Gold Traders Determine Future Gold Prices in Asansol?

A high import rate will raise the country’s gold price and vice versa. Because the gold rate In Asansol is inversely proportional to dollar rates, the performance of the US dollar has a substantial influence on the gold rate In Asansol.

This association is caused as gold is an internationally sold product and USD is the world’s most widely accepted currency of trade. Any events in the USA will have an influence on gold value. This is because a large quantity of gold purchased in India is imported, the worldwide markets prices in India are influenced by the global market.

Global powers and their interactions can cause the gold rate In Asansol to rise or fall, such as gold rate In Asansol may decline as a result of a supply shortage if the US has strained relationships with a major gold producer, for example. Gold is affected by the lifting of sanctions and the restoration of global relations because it is considered as a safeguard against the instability of geopolitical nature.

What Leads to the Increment of Gold Rates When the Stock Market Falls?

  • Change in prices: Gold has huge value and is used to hedge inflation due to its relatively stable quality when compared to currencies. As a result, gold is preferred by investors over money. If a result, as inflation grows, so makes the demand for gold and vice versa. As a result of increased client demand, the gold rate In Asansol will climb. This is true in India for both domestic and international inflation.
  • National Gold Reserve: Most major countries’ central banks have both cash and gold reserves. The Reserve Bank of India and the Federal Reserve of the United States are two well-known examples. When big nations’ central banks begin hoarding gold reserves and buy more gold, the gold rate In Asansolrises. The gold rate In Asansol is rising. This is because the market’s cash flow has grown while the supply of gold has decreased.
  • International influences: Any change in the gold rate In Asansol elsewhere in the globe has an impact on the yellow metal’s price in India. As India is a famous gold importer, global price changes have an impact on gold prices in India. Investors prefer gold as a safe haven since the value of currencies, and various financial instruments may plummet during a political upheaval, and gold demand and price increases during such periods compared to quiet periods.
  • Demand for gold: The gold jewellery of India is well-known. Gold jewellery maintains a unique position in Indian families, whether it’s for festivals or birthdays. The gold rate In Asansol rise throughout the wedding season and during holidays like Diwali as a consequence of increased consumer demand. Prices rise as a result of the demand-supply mismatch. For a number of reasons, gold is in great demand outside of the jewellery industry. 

Impact of GST on Gold Rate in Asansol

The GST is an indirect tax in India that levies a surcharge on the sale of goods and services (sometimes known as a consumption tax). With the exception of a few provincial taxes, it’s a multi-stage, destination-based comprehensive tax. It’s all-encompassing since it includes practically all indirect taxes collected in India.

GST is a multi-stage tax system imposed at different stages of the production process, but it is aimed to be repaid to all parties involved in the various stages of production except the end consumer, and it is received at the place of consumption rather than the site of generation, as with prior tax regime.

Consider the following scenario better to understand the effects of the GST on the Gold Rate In Asansol. Assume that a 24K 10 gm gold bar costs Rs. 55,000, and that gold imports are subject to a 10% tax. Moreover, assuming a $3,000 average importing cost, the following is the gold rate In Asansol before and after GST.

Taxes On Gold Before GST After GST
Price of 10 gm gold ₹ 45,000 ₹ 45,000
Customs Duty (10%) ₹ 4,500 ₹ 4,500
Service Tax +VAT(2%) ₹ 990 NIL
GST on Gold (3%) NIL ₹ 1,485
The total value of gold ₹ 50,490 ₹ 50,985
Making charges ₹ 3,000 ₹ 3,000
GST on making charges (5%) NIL ₹ 150
Total Price of Jewelry ₹ 53,490 ₹ 54,135

Impact of Central Bank Policies on Asansol Gold Rate?

The RBI regulates financial companies, both bank and non-banking kind, in India. The RBI also maintains a close check on companies that offer gold loans to their customers. The Reserve Bank of India has procedures in place to safeguard its customers’ interests.

The Reserve Bank of India (RBI) reduced gold loan regulations, allowing borrowers to get up to 90% of the gold pledged. Previously, firms could lend up to 75% of the value of gold jewellery and accessories. On the day of the monetary policy statement, the central bank upped the loan-to-value ratio (LTV) for gold loans to 90%. The loan-to-value ratio is the maximum amount of money a lender may lend based on the loan collateral’s worth.

Gold as an Investment in Asansol

The majority of risk-averse investors search for three things before making an investment: 

  • liquidity, reward, and safety are the three most crucial aspects to consider.
  • All of these factors should be considered. Gold not only satisfies the first two requirements admirably, but it also satisfies the third requirement admirably.

The following are some of the reasons why you should invest in gold:

  • Gold is not affected by inflation, and the returns on gold investments have tracked without inflationary pressures over a period of time.
  • The gold rate In Asansol is inversely influenced by the stock value made in the deposits.
  • If you include gold as an investment choice in your portfolio, it will act as a buffer against overall portfolio volatility.

How Can You Make Gold Investments in Asansol

It’s known as the “golden question.” Previously, gold was obtained through bullions, coins, and jewellery. Gold exchange-traded funds and gold mutual funds are two newer types of gold investments.
Gold ETFs enable you to own the same quantity of gold as if you held it in your own hands. As a result, there is no risk of theft or burglary because the gold is kept in Demat (paper) form. Gold funds are used to invest in gold mining companies.

Gold Schemes To Invest in Asansol

Asansol is a well-known city in the country’s northeast. It is a rising city in West Bengal and a leading coal production centre in the state. Look at the table below to learn more about the various gold investment options available in Asansol:

Gold Gold ETFs (Exchange Traded Funds) Gold Funds
Investment in physical gold The investor buys a proportionate value of gold but not in the physical form. The investment is made in bullion and companies involved in mining gold
No need for a Demat account The investor needs a Demat account No need for a Demat account to invest
Market fluctuations directly affect the prices of gold Changes in the gold rate In Asansol affect that of gold ETFs Changes in the gold rate In Asansol don’t affect gold funds directly
No additional charges other than the physical gold itself Gold ETFs involve asset management and brokerage fees There’s a minimum charge to manage the gold funds.
Risks of theft and burglary associated with storing physical gold Gold ETFs remove the burden of trading gold in the physical form Eliminates the risk of theft/burglary and buffers investments to changing market fluctuations
No paperwork required for investing Paperwork required for investing in gold ETFs Paperwork is required for investing in gold funds
Systematic Investment Plan (SIP) not available No SIP option SIP available
Best suited for conventional investors Best suited for investors who have the required time and skillset to trade Best suited for investors who expect high returns by taking calculated risks

Some Interesting Facts on Gold

  • The one and only yellow metal, or “golden” metal, is gold. Other metals can turn yellow when they oxidise or react with other substances, but only in certain circumstances.
  • Almost all of the planet’s gold came from meteorites that slammed against it 200 million years after it was born.
  • The symbol Au is used to represent Gold as a chemical element, which comes from the Latin word aurum, with an atomic number of 79, making it one of the higher atomic number elements found in nature.
  • Gold is a malleable metal. A single ounce of gold (about 28 grammes) may be stretched into a 5 mile (8 kilometre) long gold thread. Embroidery with gold threads is also possible.
  • The capacity to hammer a material into thin sheets is known as malleability. Gold is the element with the greatest malleability. A 300-square-foot sheet of gold may be made from a single ounce of gold.
  • It is feasible to create a thin enough transparent gold sheet. Skinny gold sheets may seem greenish-blue because gold reflects red and yellow so intensely.

Things to Consider Before Buying Gold in Asansol

  • Failure to conduct a thorough investigation of the creditor’s credibility: A secured loan, such as a gold loan, is one that has security backing it up (gold in this case). The creditor or lender keeps this collateral until the debt is fully paid off. If a borrower defaults, the creditor may be able to collect some or all of the money owed to the borrower by using the collateral.
  • You’re not thinking about all of your options: everyone wants the greatest gold loan possible. There is no set method for obtaining one because it is dependent on the needs of the borrowers. However, be sure you’ve thought through all of your alternatives before signing on the dotted line.
  • Failure to properly study the repayment plan: Customers should thoroughly study the repayment arrangement with their creditors before selecting a loan offer. If they grasp the loan’s conditions, they will be able to plan ahead of time and avoid defaults.

Factors that Influence Gold Prices in Asansol

  • LTV stands for Loan-to-Value Ratio, which reflects the relationship between a loan and an asset’s net worth. This ratio is used by creditors to assess risk. The riskier the investment, the greater the LTV. Borrowers must verify the LTV ratio in order to get the maximum money from creditors. Creditors evaluate the worth of your gold and, depending on that, frequently fund a loan of up to 75% of its whole value,i.e. the Eligibility for a loan of up to Rs. 3 lakh can be provided if the market value of your gold is Rs. 4 lakh.
  • You have no idea what kind of gold qualifies for a gold loan since you don’t know what kind of gold qualifies. Ornaments have a higher sentimental value, which may encourage borrowers to pay their obligations on time. As a result, Indian creditors favour gold jewellery as a kind of collateral. Banks do not accept gold bars or bullion as collateral for a gold loan.
  • You have no idea what kind of gold is eligible for a loan because you have no idea what kind of gold is eligible for a loan. Creditors will only allow loans for gold with a purity of 18–22 carats or more. Furthermore, if the decorations contain valuable stones, they will be excluded from the loan value computation. The loan value will be determined only by the gold’s weight and purity.

KDM and Hallmarked Gold in Asansol

For hallmarked jewellery that meets international purity standards, the Bureau of Indian Requirements (BIS) issues a quality certification. This was governed by the alloying metal’s composition and the purity criteria for gold.

KDM is a gold-cadmium alloy with 92 per cent gold and 8% cadmium. This is the method through which the alloy is created. Due to the varying melting temperatures of gold and solder material, cadmium is now combined with gold, thus the term KDM.

Understanding 916 Gold Price Today in Asansol

The answer to this question is tough to come by. Consider how global trends affect the 916 gold rate In Asansol  is the Indian name for 22 karat gold. The gold rate in Asansol nowadays is influenced by a number of variables, including the import tariff rate.
In order to compare the value of In Bangalore, the lower the import tariff, the lower the gold rate In Asansol, and vice versa.

When the government lowers the state’s import duty, the price of gold in Bangalore falls. Aside from municipal taxes, the gold rate in Bangalore is influenced by a variety of other factors.

Investors can purchase gold when the current gold rate in Asansol is low and sell gold when the current gold rate in Asansol rises, despite the fact that every factor influencing the gold rate In Asansol cannot be specified in full.
gold rate In Asansol, on the other hand, have been unusually volatile, with additional volatility expected as policy in a number of countries remains unknown.

Check gold rate In Asansol current 22-carat gold and profit if they’re lower. To summarise, rather than being influenced by a single factor, the gold rate In Asansol in 916 will be decided by a multitude of factors.

Best Place to Buy Gold in Asansol

Banks and non-bank financial organisations (NBFCs) engage in such markets in Asansol, offering clients reliable loans. Banking institutions are the most prevalent loan providers since, in addition to loans, they provide a wide variety of financial services.

Buying a Gold Loan in Asansol

A gold loan is simple to acquire in India because it is available both online and offline. Borrowers who take out gold loans may anticipate receiving cash promptly. Getting a gold loan from a bank or non-bank financial institution is a no-brainer (NBFI).

Customers may now compare the bulk of loan offers on the websites of Asansol’s leading banks and non-banking financial institutions (NBFIs). This is a straightforward statement, but it is significantly more challenging for potential customers. Instead, consumers may utilise Dialabank, India’s first financial helpline, to research and compare gold loan offers from a number of market-leading gold lending firms.

The Dialabank website contains all of the necessary information on loans and other financial products. So have a look at our website.
Or
Reach us at Dialabank: 9878981166

What are the Advantages and Disadvantages of Sovereign Gold Bond Scheme

The fact that gold comes in a range of shapes and sizes is one of the benefits of a gold bond.

  • There are coins, bars, necklaces, and bangles for sale, as well as a variety of gold accessories. It’s available in a variety of forms and carats (a metric measurement for gold weight), so you’re sure to discover one that’s right for you.
  • Gold is one of the few tangible items that can be touched, and it is also one of the most valuable. Gold is significantly more accessible than other tangible assets, such as real estate. Gold may be purchased at any store or with a few mouse clicks online. Many Indian investors are interested in this investment because of its tangibility.
  • Because gold is a liquid metal, there is a lot of it. Any jeweller’s business will sell you pure gold. Although different businesses have different criteria, if you don’t want actual gold on delivery and only want the worth, you might be able to secure an early redemption on your investment.
  • You don’t need to do a technological study; instead, look at the current gold rate In Asansol and decide whether to purchase or sell based on your financial situation. You are not compelled to do market research on your products.

The fact that a gramme of 24-carat gold is worth more than 52,000 dollars is one of the downsides of gold bonds.

  • Investing in gold requires a large initial commitment. As a result, even a small quantity of this item requires a large initial expenditure. On certain websites, you might be able to get digital gold for as low as Re 1.
  • When it comes to gold, production expenses might account for as much as 10% of the entire value.
  • When you sell your gold back, the production costs are not refundable, so you lose that money. If the selling price isn’t high enough to cover the production expenses, the transaction will be a loss.
  • Physical gold, on the other hand, carries its own set of hazards, such as storage, theft, breakage, and jewellery damage.

Gold Vs. Mutual Funds

MUTUAL FUNDS GOLD
Complicated
Less complicated
Greater market risk Involved
Based on global and few other factors it is easier to get a rough idea of the gold rates
Options to invest in Equity linked saving scheme (ELSS), Equity mutual funds, debt fund, liquid funds, etc.
Gold Funds and Gold ETFs
More opportunity cost
Less opportunity cost

Latest News on Gold Rate in Asansol

2021-05-26:

The Indian Green Building Council has awarded the Asansol train station, which is part of the Eastern Railway zone, the “Green Railway Station Platinum Rating” (IGBC). The IGBC Green Railway Stations grading system is India’s first holistic grading system aimed at addressing environmental sustainability in railway stations. The fundamental goal of the IGBC grading system is to make green concepts more accessible, lowering the negative environmental effects of station operation and maintenance.

2021-05-24:

In Asansol, West Bengal, a scuffle apparently erupted between TMC and BJP activists in Jamuria. Workers from both parties are said to have thrown explosives. There are security people on the scene. The harmed were admitted to a hospital.

2020-11-25:

Police stated on Friday that a suspected gold smuggler was apprehended at the New Delhi train station with 6.29-kilogramme gold bars worth Rs 3.25 crore.

Pravin Kumar (37), the accused, had received the package from his accomplice in Kolkata. They stated he had taken a train from Asansol, West Bengal, and was headed to Mumbai to deliver the gold cargo to jewellers.

FAQs

What is the rate of interest on a gold loan in Kolkata?

The interest rate on gold loans in Kolkata varies depending on the lender. The lowest gold loan interest rate in Kolkata is presently 9.50 per cent.

Which bank in Kolkata offers the finest gold loan?

Axis Bank has the best loan rate of interest in Kolkata, at 9.50 per cent. Furthermore, Axis Bank gives a maximum loan amount of 2 crores on Axis Bank gold loans, making it the finest bank for high-value loan requirements.

In Kolkata, what is the maximum term for a gold loan?

In Kolkata, you may get a loan for a maximum duration of 3 years.

How Have Interest Rates Changed in the Last Month in Asansol?

The gold rate In Asansol has fluctuated during the last month. It dropped in the first week of March due to economic developments but rose by the next weekend.
Despite a rise in demand the next week, prices plummeted and remained low for many days. Gold has always been in great demand, regardless of whether the gold rate In Asansol is greater or lower today.

Is Investing in Gold a Good Idea in Asansol?

The most prevalent uses of gold are in jewellery and adornment. It’s always an intriguing issue for investors since it’s been proven to provide significant long-term profits while also providing a safety net for those in high-risk scenarios.

What Should You Consider Before Purchasing Gold in Asansol?

When buying gold-related items such as jewellery or exchange-traded funds (ETFs), it’s essential to verify the market by comparing gold rate In Asansol from several sources. Make sure the jewellery you’re purchasing is hallmarked.

About Asansol

On the banks of the Damodar River, “asan” refers to a kind of tree that grows to be thirty metres tall; “sol” refers to land. These two words are combined to form the name “Asansol.” Asansol is a city on the banks of the Damodar River with a mineral-rich landscape.

During the British rule, the city was anglicised as Assensole, but following independence, the name was reversed.

The territory is said to have been part of the kingdom of Vishnupur, which was governed by the Malla dynasty for almost a thousand years until the British arrived. The existence of Vishnupur-style temples in Asansol’s Chhotodighari and Domohani villages supports this notion.

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