Gold is one of the most sought-after precious metals in Kolkata. It is considered a symbol of status and wealth in Indian culture. If you are planning to buy 22 carat gold in Kolkata, it is imperative to understand the factors that determine its price. A few significant factors that influence the 22 carat gold price in Kolkata are as follows.
International Market Trends:
The international market trends play a crucial role in determining the gold prices in the city. The global prices of gold are subjected to various factors such as supply and demand, inflation rates, geopolitical events, and currency exchange rates. Therefore, fluctuations in the international market have a direct impact on the price of 22 carat gold in Kolkata.
Rising Demand:
Gold has always been in high demand in Kolkata. The increase in demand for 22 carat gold jewelry or coins can cause the prices to rise significantly. This is especially true for periods of festivals, weddings, and other special occasions.
Import Duty:
The government imposes import duty, which is a tax levied on imported goods. In the case of gold, the import duty can raise the prices, and hence the cost of 22 carat gold in Kolkata. Any increase in the import duty can significantly affect the cost of gold, leading to local prices going up.
Local Taxes:
Apart from import duties, local taxes such as GST, sales tax and excise duty levied on gold also contribute to the 22 carat gold price in Kolkata. The prices vary across cities depending on the local tax regulations, and hence, having an understanding of such taxes is important while buying gold.
In conclusion, there are several factors that determine the price of 22 carat gold in Kolkata, and it is essential to keep an eye on the market trends, demand, import duty, and taxes to make an informed purchase.