Gold Rate in Uttar Pradesh

Gold price in Uttar Pradesh with fluctuations in the last few days, is shown below:

Gold Rate (24K) Overview:

• Gold price on February 1st - 2025:  ₹Rs.8,464 per gram 
• Gold price on February 28th - 2025:  ₹8,754 per gram

Monthly Highs & Lows: 

• Highest price: ₹8,804 per gram (Recorded on February 20th 2025 )
• Lowest price: ₹8,420 per gram (Recorded on February 3rd 2025) 

Overall Performance:

• Trend: Incline
• Percentage Change: 0.69%

Gold prices saw fluctuations throughout the month, with the highest value recorded on February 20th 2025 and the lowest on February 3rd 2025. The overall trend indicated a Incline of 0.69% in gold rates during January 2025.

Gold Rate (24K) Overview:

• Gold price on January 1st - 2025:  ₹Rs.7,617 per gram 
• Gold price on January 31st -  2025:  ₹8,226 per gram

Monthly Highs & Lows: 

• Highest price: ₹8,226 per gram (Recorded on January 31st 2025 )
• Lowest price: ₹7,617 per gram (Recorded on January 1st 2025) 

Overall Performance:

• Trend: Incline
• Percentage Change: 7.99%

Gold prices saw fluctuations throughout the month, with the highest value recorded in End of the January 2025 and the lowest on January 1st 2025. The overall trend indicated a Incline of 7.99% in gold rates during January 2025.

Gold Rate (24K) Overview:

• Gold price on December 1st - 2024:  ₹7,613 per gram 
• Gold price on December 31st -  2024:  ₹7,571 per gram

Monthly Highs & Lows: 

• Highest price: ₹7,754 per gram (Recorded on December 11 & 12, 2024)
• Lowest price: ₹7,529 per gram (Recorded on December 19, 2024) 

Overall Performance:

• Trend: Declining
• Percentage Change: -0.55%

Gold prices saw fluctuations throughout the month, with the highest value recorded in mid-December and the lowest towards the end. The overall trend indicated a slight decline of 0.55% in gold rates during December 2024.

Gold Rate (24K) Overview:

• Gold price on November 1st -  2024: ₹7,859 per gram
• Gold price on November 30th -  2024: ₹7,613 per gram

Monthly Highs & Lows:

• Highest price: ₹7,859 per gram (Recorded on November 1st & 2nd, 2024)
• Lowest price: ₹7,387 per gram (Recorded on November 16th & 17th, 2024)

Overall Performance:

• Trend: Declining
• Percentage Change: -3.13%

Gold prices experienced a noticeable drop in November 2024, with a 3.13% decline. The highest price was recorded at the beginning of the month, while mid-November saw the lowest rates.

Gold Rate (24K) Overview:

• Gold price on October 1st - 2024: ₹7,508 per gram
• Gold price on October 31st - 2024: ₹7,933 per gram

Monthly Highs & Lows:

• Highest price: ₹7,933 per gram (Recorded on October 31st - 2024)
• Lowest price: ₹7,481 per gram (Recorded on October 10th & 11th, 2024)

Overall Performance:

• Trend: incline
• Percentage Change: +5.66%

Gold prices saw an upward trend throughout October 2024, with a 5.66% increase. The lowest price was recorded in early October, while the highest rate was observed at the month's end.

The Goods and Service Tax was introduced in 2017 as part of the union government’s motto: ‘One nation, one tax.’ To streamline and strengthen the tax regime, it consolidated the tax structure by subsuming 17 indirect taxes. Under the unified tax system, four different tax slabs along with special tax rates were levied on different goods and services. While certain items, such as crude petroleum, high-speed disease, aviation fuel, and so on have been exempted from GST, a 3% special tax rate has been prescribed on the value of gold. So if you decide to purchase gold in Uttar Pradesh, you now have to pay:

• 3% GST on the value of gold: Before GST was introduced, you had to pay a total of 2% as tax on the value of gold. This comprised 1% as Value Added Tax and 1% as sales tax. Now you have to pay 3% on the value of gold.

• 5% GST on making charges: A key highlight of GST was that it taxed the service sector with different tax rates. As jewellery making was considered a part of the service sector, consumers had to pay 5% GST on the making of gold ornaments. Remember, before GST was implemented, there were no taxes on the making of gold ornaments.

Here’s a chart to help you understand the impact of GST on gold: 

Now that you have a checklist in place. Consider some other factors as well:

• Know the gold purity measures: The purity of gold is expressed in Carats and fineness. Pure gold is of 24 Carats with a fineness (parts per thousand purity) of 999. You can refer to the chart given below: 

If you are looking for 18 Carat gold, it is essential to check the 18 carat gold price today before making a purchase. You can also compare gold price today 18 carat across different jewellers to ensure you get the best deal

• Purchase when the demand is low: If you are buying gold when there is a thriving demand, you can end up paying a comparatively higher price. For instance, most people purchase gold during Diwali and Dhanteras. You could wait for the festive season to be over before making a purchase.

• Know the credentials of your seller/jeweller: Always consider the credentials of your jeweller. You can check the BIS website for the list of BIS-certified jewellers. You can also ask whether the jeweller is a member of local or national jewellers’ association.

• Calculate the taxes beforehand: Before making a purchase ask your jeweller to provide you with the final bill amount, which includes GST, both on the gold value and the making charges.

• Consider your financial goals and risk appetite: This becomes especially important if you invest in alternatives to physical gold. For instance, investing in gold ETFs carries market risks because of the volatility of gold prices. If you are unwilling to take risks and have an investment horizon of above five years, Gold Sovereign Bonds can be a better alternative. Considering your investment horizon and financial goals will help you secure better returns. You can avail Gold Loan for your financial requirements.

As an investor in Uttar Pradesh, you can not only choose to invest in physical gold but also choose from a range of gold-related investments. Before investing, keep into account your investment horizon, be it short-term, medium-term or long-term and consider your risk appetite. You can invest in:

• Physical gold: You can buy physical gold in the form of ornaments, coins and bars. Remember to choose a safe and secure place for its storage.

• Gold Mutual Funds: You can invest in gold mutual funds with a basic Systematic Investment Plan (SIP) of as low as Rs. 1,000. These funds are open-ended and invest in gold derivatives. The Net Asset Value (NAV) of these funds are primarily influenced by the price of physical gold.

• Miscellaneous gold investments: You can choose to invest in government-backed Sovereign Gold Bonds (SGBs) or gold derivates. Both are discussed in the subsequent sections.

Gold Exchange-Traded-Funds (ETFs) represent units of physical gold and are traded across stock exchanges. To put it simply, one gold ETF is equal to 1 Gram of gold. You can begin investing with as low as 1 unit of gold ETF and gradually build a corpus. Gold ETFs primarily invest in gold bullion. To start trading in gold ETFs, you need to have a Demat account and a trading account. As compared to physical gold, gold derivatives have a lower price and are more transparent.

If you want an assured payment of the market value of gold on maturity along with regular interest payments, then choose Sovereign Gold Bonds. These are issued by the RBI on behalf of the Indian government and have a tenure of 8 years. You can choose to redeem your SGB after 5 years. As compared to physical gold, you don’t have to worry about the purity of gold or its storage. You can also use SGBs as collateral for loans. You can buy SGBS directly from the RBI or through the listed banks and post offices. You can also purchase them from SEBI-licensed intermediaries.

Is buying genuine gold easy? Yes, if you know how to discern pure gold. To check the authenticity of your gold item, you can do some simple tests. Here’s a look:

• Check for hallmarks: Hallmarking is a process by the Bureau of Indian Standards, which guarantees the purity of your gold item. Here, four different components, namely the BIS logo, the assaying/hallmarking centre’s mark/number, the jeweller’s identification mark and the carat purity mark, are embossed on the gold item. Look closely for all four marks. Use a magnifying glass, if required. Once you have verified the BIS hallmarks, you can rest assured about the gold item’s purity.

• Do an acid test: You can purchase a home test kit, which has varying concentrations of nitric acid. This test is based on the hypothesis that nitric acid changes its colour when applied to a small scratch made on impure gold while remaining unchanged on pure gold.

• Use a carat checking machine: If you are doubtful that instead of a 22 Carat gold, you have been sold an 18 Carat gold item, you can cross-check its purity through a carat checking machine. Most certified jewellers have this machine, and it instantly displays the carat purity of any gold item.

• Do a magnet test: Gold, which has been adulterated by mixing other metals, will be drawn to a magnet, while pure gold will not be attracted to a magnet.

With bustling cities like Lucknow, Kanpur and Allahabad, Uttar Pradesh is among the states showing a huge demand for gold. Historically, people have purchased gold as a symbol of status and wealth. The residents primarily purchase gold ornaments, coins and bars. Although people have traditionally invested in physical gold, the trend is fast changing. In the era of the digital revolution, a large section of the population is investing in alternatives to physical gold. Gold ETFs, Sovereign Gold Bonds and gold mutual funds are much sought-after.

• There is no single factor that determines the gold rate in Uttar Pradesh today. Like every other commodity, the supply and demand factors largely shape the gold rate. Also, consumer behaviour shapes the todays gold price. For instance, during Dhanteras and Diwali, people buy gold, considering it to be auspicious. This results in high demand and consequently high prices.

• The international prices of gold - based on the spot prices and futures prices - also play a crucial role in determining the gold price today 18 carat in Uttar Pradesh. The Indian Bullion and Jewellers Association (IBJA) fixes the daily benchmark rates based on these prices. This rate is then used by retail jewellers across major cities of India, including those in Uttar Pradesh, to identify the retail price for buying and selling gold.

So you are all set to buy gold now. But don’t you want the best possible deal? If yes, then pay close attention to the five-point checklist given below:

• Price of gold: Gold price can vary across gold stores and showrooms in Uttar Pradesh. So foremost, you should check the current gold price in Uttar Pradesh. You can check authentic websites, such as that of the IBJA and other reputed gold associations. Go for the deal only if there is zero or little variance with the gold rates being shown on these websites. Watch out for incredulous prices as the jeweller might be selling fake gold.
• Check for certification: Be it a 24 Carat pure gold coin for investment or an 18 Carat gold ring for daily use, make sure that it carries all four components of BIS hallmarking. A non-hallmarked gold item is a sure sign of fake gold. You should not give credence to the in-house hallmarking of jewellers.
• Know the making charges: Unless you specifically ask for the making charges, the jeweller might not reveal it. And the making charge is not uniform across jewellers in Uttar Pradesh. It might range from 8% to 15%, depending on the design of your gold ornament. Once you choose your jewellery, ask for the total cost, which includes the cost of the gold as well as the making charges and GST.
• Ask about the buy-back terms: Before you make the purchase, check whether the jeweller will provide the full rate you have paid on sale or exchange. If not the full rate, ask what percentage of the total payment will be deducted on sale or exchange.
• Get a physical bill: A bill proves that you are the owner of the gold item. It also records the weight, price and other details. In case of a legal dispute with the jeweller, your bill will prove invaluable.

Multiple factors influence the gold rate today in Uttar Pradesh. Some of the important factors are as follows:

• Import duty: As India is not self-sufficient in fulfilling the burgeoning demand for gold, the supply deficit is met through imports. Gold is the second-largest imported commodity, next only to crude oil. This necessitates the government to regulate imports by levying import duty. Any change in the import duty will directly impact the price of gold across India and in Uttar Pradesh.

• Global upheavals: People will purchase more gold if there is a sudden global crisis, such as a natural disaster or war. The sudden increase in demand will result in surging gold prices across the globe and in India.

• Currency exchange fluctuations: Any changes in currency rates between the US Dollar and the India Rupee will directly impact the gold rates in India. This is because gold is traded across international markets in the US Dollar.

• Interest rates: There is an inverse relationship between interest rates and gold prices. If the government decides to hike the interest rate, it will result in lower gold prices. Conversely, a low-interest rate regime can cause a high gold price because of a strengthened demand. Check Gold Loan Interest Rates to know more.

• Government reserves: The majority of the countries, including India, maintain reserves of currency as well as gold. If, because of any economic, political, or strategic reason, the Indian government decides to increase its gold reserves, it will result in high demand for gold. This will cause the gold rates in India to increase.

• Local reasons: If the state government increases the transportation costs or levies any new tax that affects the sale of gold, it will increase the gold rate today in Uttar Pradesh.

If you want to purchase physical gold, you can make a physical visit to a store or purchase it online from banks or retailers. Here’s a look at the benefits of buying gold from different places:

• Offline Jewellery stores: Your gold jewellery can be designed to suit your aesthetics. You can choose from various carat purity levels and embellish your jewellery with precious or semi-precious stones.

• Online retailers: If you don’t have the time to make a physical visit to a jewellery store, you can digitally visit an online retailer, choose from scores of designs and make a convenient online purchase.

• Banks: You can purchase the highest quality gold coins from banks, both via a physical visit or online. Despite a marginally high price, you get unbeatable quality assurance. You can check Gold Loan Eligibility to avail Gold Loan from Banks too.

• Bullion traders: If you want to buy 24 Carat pure gold bars and coins, you can visit a reputed bullion trader’s offline or online store. You can benefit from competitive markup charges and easy buy-back terms.

• SEBI-licensed intermediaries: To purchase gold SGBs or to trade in Gold ETFs, you can reach out to a SEBI-licensed stockbroker. You can also contact a registered financial advisor to help you with making gold-related investments