The history of the gold trade in Kanpur goes back to the days of Raja Kanh Deo, who also went by the title of ‘Cawnpore.’ Kanpur is an industrial state that is the second-largest city of Uttar Pradesh and the origin of gold sales has its roots seated in the Khanpuria tribe. The city is dotted with spiritual retreat centres, jewellery stores, and recreational hubs, which attract tourists from all across the world. Read this article to learn about the present gold rates in Kanpur and their various factors. We also cover how to determine the purity of gold and some of the top places to shop for gold jewellery in Kanpur. It is famous for its commercial and trade centres, textiles, and a flourishing business hub in Northern India. People buy gold from this region, especially for festive seasons, wedding celebrations, and other religious occasions. 

Today’s Gold Rate in Kanpur 

Gold rate today in Kanpur is priced at ₹ 6865 per gram for 22 Carat gold.Gold rate in Kanpur is influenced by various factors such as overseas and land demand, the season of the year, investor behaviours, dollar rupee conversions, national GDP, exports, etc.

Gold Rates in Kanpur for the Last 10 Days

Historical Prices of Gold Rate In Kanpur

Difference between 22 Carat and 24 Carat Gold

Carat is the term that indicates the purity of gold and is an internationally recognised standard used for measuring the weight of gold. The higher the Carat, the purer the gold percentage in jewellery.

24 Carat gold is considered the purest form of gold and also the most expensive. Investors prefer purchasing gold bars and coins as 24k gold instead of jewellery since pure gold makes for valuable investments

22 Carat gold rate in Kanpur is referred to as 916 gold rate in Kanpur. It indicates that the gold is 91.67% pure, with the remaining composition being mixed with other alloys. 22 Carat gold jewellery items contain traces of silver, nickel, zinc, and other metals to make up for the other 8.33%

Also Read: Steps to Calculate the Gold Price for Jewellery

How Is The Purity Of Gold Determined?

Gold is one of the most precious metals known to humankind and is worth investing in for various reasons. Banks give out gold loans to families facing a financial crunch and measuring the purity of gold is essential in getting good deals.

There are 3 ways to measure the purity of gold:

1. Karat System- The Karat system measures the purity of gold by weight using a scale of 0 to 24. 24 stands for the highest purity, with zero being non-existent. A gold item marked as 1 Carat indicates that the item is made using 1 part gold and 23 parts of other metals or alloys.

2. Hallmarking- Hallmarking is a professional certification that attests to the purity of gold in jewellery. It is given by hallmarking centres and accredited by the Bureau of Indian Standards (BIS)

3. Acid Test- Gold manufacturers use acid testing to determine the purity of gold. Some traders prefer using an electronic gold tester for calculating the purity of gold products as well.

How is the Current Gold Rate in Kanpur Affected by GST?

GST or Goods and Services Tax was introduced on July 1st, 2017, to bring transparency on prices and trade fees related to the supply of goods and services, both nationally and internationally. The GST of gold was fixed at 3%, with import duty being 10% and the making charges an additional 8%.

According to the present gold rate in Kanpur, the GST for gold has increased by 0.75% and one of the main reasons for increasing gold prices is due to rising import duty fees. Some traders manage to avoid paying GST rates by importing gold from other countries which hold a Free Trade Agreement, such as South Korea, Chile, Costa Rica, and Colombia.

Changes in Gold rate in Kanpur

The gold rate in Kanpur had gone through a steady decline before 2015 and slowly started climbing up in 2016. The prices of gold are influenced by economic factors, especially by the US dollar's current rate. If the dollar rates are high, then due to conversions, the gold rates fall and vice versa. 

24 Carat gold rate in Kanpur on the 1st day of January 2021 was recorded at INR 5,079 per gram and the highest price reached INR 5,213 per gram on January 6, 2021. 24 Carat gold rate in Kanpur today has been on a steady incline of 1.52% on average, according to recent pricing trends. The lowest price for 24 Carat gold in Kanpur per gram was found to be at INR 4,490 on March 5, 2021.

Kanpur is one of the largest cities in Uttar Pradesh and known for its affluent industrial hubs. It features various industries such as textiles, manufacturing, food and beverage, plastic production companies, etc. As such, jewellery stores are found in abundance due to thriving trades, and Kanpur has its own signature style for making gold jewellery.

Also Read: What are Gold Exchange Traded Funds or Gold ETFs?

How to Buy Gold in Kanpur?

You can invest in gold either on paper or by purchasing physical gold products. Paper-based gold represents sovereign bonds and gold ETFs while physical gold is sold as jewellery ornaments, gold coins, and bars. 

Here is a brief overview of the different types of gold available for those buying from Kanpur:

• Gold jewellery- There are plenty of jewellery stores in Kanpur since families purchase gold ornaments for their loved ones throughout the year. Physical gold can be bought based on purity and weight from these outlets. Gold jewellery stores also make accessories and special trinkets out of gold with customised designs based on customer orders and preferences.
• Buying from banks- Banks offer customers the option to invest in 22 Carat and 24 Carat gold items. These come with appropriate assay certificates that attest to their purity and one can choose to purchase gold in the form of gold coins and bars.
• Gold ETFs- You can buy gold in 99.5% purity by investing in Gold ETFs (Exchange Traded Funds). Gold ETFs are ideal for investors who track market fluctuations of gold, hold investments, and sell when prices rise.  ETFs can be exchanged for acquiring physical gold jewellery later and are a valuable investment online. In order to invest in Gold ETFs, you must open a DEMAT account and trades are made through the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
• Sovereign Gold Bonds- Sovereign gold bonds are issued by the RBI and have a tenure period of 8 years. The interest rate for sovereign bonds is 2.5% per annum and returns are based on fluctuations in gold prices in the market. There is an exit option available after a 5-year period is completed and you can withdraw profits once every six months.
• Digital Gold- Digital gold is an emerging investment option where investors buy digital gold coins online and make transactions using mobile wallets such as PayTM, FreeCharge, and GoldRush. You can buy gold for as low as Rs 1 through this option and there are no commitments involved like making fixed or periodic payments. You can redeem your accumulated gold once you’ve collected a certain amount of coins. However, you will have to pay the making and delivery charges. Digital gold is a great investment opportunity for those who don’t want to spend too much on gold but instead want to try out smaller investments. Khatabook is one such digital platform that provides excellent service for investing in digital gold. 

Recommendations for Buying Gold in Kanpur

Gold rates in Kanpur experience the same market trends as other parts of the nation and as such, prices do not go through too many fluctuations. Kanpur gold rates are calculated at least twice a day by referring to the prices announced by Sarafa Associations and Gold Federations. There are slight making charges for 22 Carat gold and other compositions, and individual jewellers may showcase higher or lower rates than the prescribed live gold rates in the market.

The best recommendation for buying gold in Kanpur is to look for hallmarking in jewellery products and ask for assay certification. Reputed jewellers will always oblige and be willing to show proof of purity when it comes to gold products. In addition to this, refer to live gold prices listed by the India Bullion and Jewelers Association rates when comparing gold prices in Kanpur at different shops. Online platforms such as Khatabook are highly recommended for their feasibility and authenticity when purchasing gold. 

Also Read: Here are the 8 Most Famous Types of Gold

Top Gold Jewelers in Kanpur

Tanishq Jewelers is one of the leading jewellery shops in Kanpur that offer special wedding collections and offer several discounts on gold purchases. Jewellery outlets in Kanpur let customers buy the best bangles, bracelets, gold ornaments, pendants, gemstones, earrings, and various gold accessories. Kashi jeweller is a reputed brand established in 1955 and is among the leading gold jewellers in the city. They have a two-storey showroom that houses some of the finest gold jewellery collections in Kanpur.

Some of the other popular jewellery outlets in Kanpur are Lala Purshottam Das Jewelers, Sonu Jewelers and Bankers, Bhawana Jewellers, and Gitanjali Jewels. Whether you are looking for diamond-studded gold jewellery, festive deals, gold coins/bars or other ornaments, you will find them all by simply visiting the best jewellery dealers in Kanpur. Visiting gold showrooms in Kanpur is another great way to learn about the city's live gold rates for 22 Carat and 24 Carat Gold.

Factors Influencing Gold Rates in Kanpur

Gold rates will vary depending on market inflation and prices may go through highs or lows based on the national economy. Increased cash flow of gold reserves in organisations like the RBI also affects gold prices in Kanpur.

Festive and seasonal occasions influence gold demand. The prices can fluctuate based on consumer demand at different times of the year. Finally, the strength of the US dollar and international gold rates are other determining gold prices in Kanpur for 22 Carat and 24 Carat Gold.

Reasons Why You Should Invest in Gold in Kanpur

Gold is a precious metal with sentiments tied to culture, tradition, and religion in the nation. People have continued investing in gold and keeping it in their homes because it's safe as investments. Besides being a valuable commodity, gold doesn't get affected too much by inflation, which has been proven throughout the years. Demand for gold has gone up from investors and gold jewellery when combined with stocks and bonds, make for excellent portfolio diversification.

The prices of gold may change based on market trends, but in the long run, gold investments are an excellent hedge against inflation. The biggest reason to invest in gold products is that they retain their financial value despite geopolitical uncertainties and economic crises. 

Stores/Outlets for Buying Gold Jewelry in Kanpur

Conclusion

You can track the gold rate today in Kanpur live online and choose to invest wisely when the market prices are best. The best way to invest in gold in Kanpur is to keep an eye out for 22k and 24k gold prices from genuine gold dealers and sources. 

To buy gold in just a few clicks, you can use a trusted platform like Khatabook and view the latest gold rates in Kanpur. Online platforms such as Khatabook let users compare gold prices online. You can purchase the desired grams by making payments via various modes like UPI, Netbanking, digital wallets, and more.

Make smart investments with Khatabook today!