Here’s how you can use the present gold rate in Himachal Pradesh to your advantage when buying gold. Gold in the year 2000 cost Rs 4,400/10 grams of gold. In 2010, this rate had jumped to Rs. 18,500. Do you know what is today’s gold rate in Himachal Pradesh? Today’s gold rate in Himachal Pradesh is a whopping 49,010/10 gm of 24K gold! 

What is the Gold Rate Today in Himachal Pradesh?

The 22-carat gold rate in Himachal Pradesh today is ₹ 6805/gm of 22K gold. The 24-carat gold rate in Himachal Pradesh is ₹ 7145//gm of 24K gold as of 16th April 2024.

Gold Rate in Himachal Pradesh For The Last 10 Days

Here’s how the 24-carat gold rate in Himachal Pradesh and the 22k gold rate today in Himachal Pradesh have performed over the last 10-days.

Historical Prices of Gold Rate in Himachal Pradesh:

Here’s a peek at the gold rates over the last 3-months.

Factors Affecting the Gold Prices in Himachal Pradesh:

The rising today’s gold rate in Himachal Pradesh per gram can be because of many factors. Since March 2020, the gold rate in Himachal Pradesh has shown a steady rise over 90 days. Here’s why the gold rate today in Himachal Pradesh 22k has risen;

• Government Gold Reserve - RBI holds gold reserves. When RBI buys or sells gold from the market, it affects the supply and prices change.
• Investments in jewellery: The gold rate rises due to increased demand, especially during festivals and the wedding season when the demand surges by 50% nearly. As a result, when the demand and supply mismatch occurs, it increases gold prices.
• Interest Rates: When the bank rates of interest decrease, people tend to buy gold and vice versa. The sudden increase in physical gold demand tends to decrease the interest rates.

Final Jewellery Prices

Various factors contribute to the final selling price. Jewellers consider the 18-carat gold is best suited for jewellery making as it is more malleable, ductile and harder with a fair resale price. Notably the rates followed are the IBJA or jewellers Association rates, which vary from the daily rates and are marked up with their margins, wastage charges etc.

The final jewellery price is equal to [Gold Weight in grams multiplied by the 18-carat gold rate in Himachal Pradesh plus wastage and making charges (5% GST) and 3% GST on the final price arrived at including cost, wastage, making charges etc.]. 

Also Read: Steps to Calculate the Gold Price for Jewellery

Gold Investments

There are plenty of modern options whereby you can invest in gold and get better returns. 

Take a look at your options.

• Physical Gold: You can buy jewellery or bullion (coins/bars) at banks and stores at 916 gold rate in Himachal Pradesh.
• Digital Gold: This is gold bought on the digital platform.  Platforms like Khatabook allow investors to start saving small and accumulating gold in an insured locker until maturity. 
• SGBs or Gold Sovereign Bonds are government-backed bonds and have an 8-year term with 2.5% returns. They are like fixed deposits.

Why Investing in Gold is a Smart Choice:

People have always invested in gold. Gold is an integral part of Indian culture and tradition. Gold also gives you a better return than FD. This allows you to beat inflation and grow your wealth. Let's quickly understand how gold compares with other options of investment. 

Gold benefits and risks:

Gold investments score over other investments given below:

Also Read: What is Gold Standard and How Does it Work?

Necessary Checks When Buying Gold Jewellery:

Here’s what to check when buying jewellery or gold.

• Verify the gold rates: If buying ornaments use the 22-carat gold rate in Himachal Pradesh found in financial magazines and newspapers.
• Lookout for Wastage and Making Charges: The final price of jewellery in Himachal Pradesh is higher than today gold rate in Himachal Pradesh 916 and is calculated as the Final jewellery price= gold weight in grams multiplied by the day’s gold rate plus an approximate 10 to 20% in making and wastage charges plus the GST applicable at 3% of the purchase price.
• Is the gold BIS Certified? The BIS certifies the purity of gold. Previously Cadmium gold ornaments bore a 22K gold mark and the jeweller mark. Kd gold has been banned as it is harmful to jewellers and goldsmiths.
• Check the purity levels: Remember your selling price depends on the BIS mark and that alloyed gold has less pure gold in it. 
• Check the purchase bill and the buy-back terms which decide the profit you make when selling or exchanging your gold.

Types of Gold

Pure Gold is 24K while gold in jewellery is generally 22K. 18K options of white and rose gold are trendy today in the jewellery segment and are closely tied to the 18-carat gold rate in Himachal Pradesh today.

Comparative chart for 22K, 24K and 18K Gold:

Also Read: What are the Smartest Ways to Invest in Digital Gold?

Digital Gold

Digital gold is a preferred investment today in Himachal Pradesh. Technological innovations have helped people here buy digital gold easily. For Example, platforms like Khatabook guarantee 24k gold units on the digital platform. 1 digital unit of gold means 1 gram of gold. You can store your gold in a digital insured locker till you need to have it delivered at home. 

Trading or selling Digital Gold

The process is extremely simple and is similar to opening a bank account online requiring you to be Indian, at least 18 years, KYC documents, a bank account and a PAN card.

Once you are online you have both sell and buy options and the gold rates of the day displayed. Just choose what and how much to buy, make a payment and it gets reflected in your account instantly. Further you can check your holdings and convert it to physical gold anytime. Ask for it to be home-delivered at nominal delivery charges. Besides they also have Gold Savings Plans wherein you can even channelize Rs 1/- saved to buy gold! All you need is a reputed platform like Khatabook on your mobile phone, internet and the urge to get the best returns on your investment.

Availing Gold loans

When in a financial crisis, your gold can come to your rescue. In Himachal Pradesh, the Himachal Pradesh Gramin Bank offers loans against gold. Its notable features are

• The interest rate on the gold loan is 10.70% pa.
• Preclosure charges apply at 0 to 2%
• Additional charges levied are service charges, documentation charges, gold valuation charges etc.
• Gold from 18 to 24K can be pledged as collateral.
• The repayment period is up to 12 months.
• The loan amount depends on today’s gold rate in Himachal Pradesh, the gold offered and income proof.
• The eligibility age is from 18 to 70 years.
• A default causes the auction of the gold items.

Where To Buy Gold in Himachal Pradesh

You can also buy jewellery online from reputed websites like Krishna Jewellers, Bluestone, Tanishq, Kalyan Jewellers etc. Himachal Pradesh has a choice of jewellery stores in its various major cities. Take your pick.

Final Words:

Gold is always a safe investment.  It acts as a safety net since you can sell or use it during a financial emergency. When buying gold, remember to track the metal, daily gold rates and foreign currency rates. Khatabook is an excellent platform to start investing in digital gold. You can use Net banking, UPI, Wallets etc., to make payments. Happy investing!