Gold Rates in Kozhikode
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22K Gold/10gm
18K Gold/10gm
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Known as the cultural and commercial hub of North Kerala, Kozhikode has a strong association with the gold industry, much more than jewellery. Whether it is the traditional Malabar ornaments or the modern lightweight designs, gold is integrally entrenched in the city's lifestyle, celebration, as well as investments. Kozhikode's famous jewellery centres on Mavoor Road, SM Street, and Palayam, also highlight the city's historic status as a major gold trading centre in Kerala.
Kozhikode gold rates are regularly revised in line with fluctuations in the international bullion market and the domestic economy. The reason why this is so is that Kerala has one of the highest demands for gold in the country, and so even the slightest hike in the price is monitored by the buyers and investors of the city.
With an active retail market and high demand for gold, its price is a significant factor in the day-to-day finances of many households. Let us understand Kozhikode’s gold market dynamics, which is crucial for gold investors.
Located on the Malabar coast, Kozhikode is known as a big hub for trade in India and likewise, boasting one of the highest gold consumption in the country. From its renowned Malabar jewellery to investment purchases, Gold has been of huge significance in the cultural and financial context here. Gold rates here are updated multiple times a day. Current Gold Prices (As of ) are:
- 24-Carat Gold: ₹NaN per gram (₹0 per 10 gram)
- 22-Carat Gold: ₹0 per gram (₹0 per 10 gram)
- 18 Carat Gold: ₹0 per gram (₹0 per 10 gram)
Gold prices in Kozhikode are influenced by a complex interplay of global and local factors:
- Global factors:
- International Gold prices (USD/ounce)
- US Federal Reserve policy decisions
- Geopolitical tensions and economic uncertainty
- Dollar-Rupee exchange rate
- Domestic & Kozhikode-specific factors:
- Import costs and customs duties
- Gold jewellery is bought significantly in Kerala for bridal gifting
- Seasonal demand surges
- Local market dynamics
- Festivals in Kozhikode result in a demand spike
- Traditional jewellery bought for classical dancers and religious purposes
A spot rate refers to the prevailing market rate at which bullion like gold can be obtained for immediate delivery. It is important for jewellers and traders to know about spot prices as they purchase gold at these spot prices. Such spot prices are determined depending on factors like:
- International spot gold price
- The USD–INR exchange rate
- Customs duty and cess
- Local bullion premiums
When you buy gold jewellery, there will be a spread between spot prices and retail prices of Gold purchased. This margin exists because of:
- GST (Goods & Services Tax): 3% GST on the value of Gold and 5% GST on making charges
- Making charges
- Margin of retailers
- Hallmarking charges
- Transportation and insurance
On physical gold purchases:
When one buys physical Gold in Kozhikode, the taxes and charges involved are:
- GST on Gold value: 3%
- GST on making charges: 5%
- Import duty: 6% (already incorporated into the base price)
- Making charges: Variable charge depending on the jeweller and design
- Hallmarking charges: ₹45 per article (minimum ₹200 per consignment)
When Gold investments are sold, they attract capital gains tax on their sale, which is of two types, depending on the investment period:
- Short-Term Capital Gains (STCG): When the investments are held for less than 24 months, then the gains are added to an individual's total income and taxed according to their income tax slab.
- Long-Term Capital Gains (LTCG): When the investments are held for 24 months or longer, then the gains are taxed at a flat rate of 12.5% (plus applicable cess and surcharge). For ETFs, this is 12 months.
No separate state-level taxes are levied for Gold purchase in Kerala. The uniform national taxation is followed for Gold.
Kozhikode is one of the highest consumer centres for gold in India. Key consumption drivers of Gold in Kozhikode are:
- Strong cultural and religious buying
- Investment culture in gold coins, bars, and digital gold
- Seasonal demand peaks especially during festivals and weddings for traditional Malabar jewellery
- Retail market strength
- Increased preference for 22K gold jewellery
Whenever one buys gold in Kozhikode, either from a wholesale bazaar or retail outlet, they must be meticulous about certain things. These are:
- Non-hallmarked jewellery
- Unclear making-charges
- Incomplete invoices and baseless verbal claims
- Claims of verbal purity among small stores
- Unclear buyback and exchange terms
- Unfair purity-related practices
- Check on BIS Hallmark and HUID
- Procure a detailed invoice
- Ensure that the making charges are given separately
- Understand exchange and resale deductions
No, Gold prices vary in small margins amongst different Indian cities. Some factors creating these variations in retail prices are:
- Local demand-supply dynamics
- Retailer competition intensity
- Proximity to import centres
- Making charges vary based on craftsmanship and design
The best times to buy gold in Kozhikode are:
- Onam
- Eid
- Vishu (Malayalam New Year)
- Deepavali
- Dhanteras
- Akshaya Tritiya
If one faces any kind of fraud, misrepresentation, quality issues, or other unfair trade practices while purchasing gold in Kozhikode, they can seek redressal under several legal avenues here. These legal avenues are:
- Bureau of Indian Standards (BIS): This is an independent organisation that is responsible for hallmarking and purity standards.
- Consumer Protection Act, 2019: Helps in registering complaints related to defective or fraudulent Gold.
- Consumer Dispute Redressal Forums: Consumer dispute redressal forums have been established at the district, state, and national levels.
- Legal Remedies: These include refunds, replacements, and compensation for fraud or fraudulent representation.
While purchasing gold in Kozhikode, there are some important factors that you need to keep in mind. These factors are:
- Purity and hallmarking must be checked
- Look for the BIS hallmark
- Verify the present-day gold rate
- Check making charges
- Ensure correct GST and tax rates
- Understand the buyback and exchange policy
- Make sure of the reputation of the jeweller
The highest price of 10 grams of 24K gold recorded in Kozhikode was about ₹NaN for 10 grams on .
The current rate of 1 gram of gold in Kozhikode is:
- 24K Gold: ₹NaN per gram
- 22K Gold: ₹0 per gram
- 18K Gold: ₹0 per gram
Dhan is an investment app that enables investors to purchase gold online. This is a step-by-step guide on how one can purchase gold using Dhan:
- Open a Demat account online (If New to Dhan)
- Add money to your Dhan account
- Pick your Gold investment option
- Gold ETFs (like ICICI Pru Gold ETF, Kotak Gold ETF etc.)
- Gold Mutual Funds (like ICICI Pru Regular Gold Savings FoF, Axis Gold Fund etc.)
- Gold Futures/Options (like Gold Option Chain)
- Gold Vault by Dhan (Buy physical gold at Live MCX prices, store it safely in vault and get doorstep delivery anytime you want)
- Place your order
Tax on Buying Physical Gold
When you buy physical gold in Kozhikode, the following taxes are applicable:
- 3% GST on the value of gold.
- An additional 5% GST on the making charges.
Tax on Selling Gold
When Gold investments are sold, they attract capital gains tax on their sale, which is of two types, depending on the investment period:
- Short Term Capital Gains (STCG): If you sell physical gold within 24 months of purchasing it, then it gets added to your total income, which is subsequently liable for taxes as per your income tax slab rates.
- Long Term Capital Gains (LTCG): If sold off after 24 months, it is liable for tax at a flat rate of 12.5% (with cess and Surcharge).
To ensure the authenticity of your Gold investment, you must check its purity. The following are detailed steps to check Gold purity in Kozhikode:
- BIS Hallmark
- Purity Grade Number
- Assaying Centre Mark
- Jewellers' Identification Mark
- HUID (Hallmark Unique Identification)
Gold prices in Kozhikode are determined by taking into consideration international Gold prices(LBMA), import duties, GST, and other domestic charges, such as making charges to the base price, and these prices fluctuate based on international news and demand during festivals or weddings.
The current gold rate in Kozhikode is ₹0 for 22 karat gold per 10 gram and ₹0 for 24 karat gold per 10 gram.
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