Gold Price Today in India
As per the latest reports, the gold rate in India today is Rs. 60,650 per 10 grams for 24 carat pure gold. The table below will help you get an idea about today’s gold price in India as per their weightage:
Gram |
24 Carat Gold Rate Today |
24 Carat Gold Rate Yesterday |
Daily Price Change |
| 1 Gram | ₹ 6,065 | ₹ 6,033 | ₹ 32 |
| 8 Gram | ₹ 48,520 | ₹ 48,264 | ₹ 256 |
| 10 Gram | ₹ 60,650 | ₹ 60,330 | ₹ 320 |
| 100 Gram | ₹ 6,06,500 | ₹ 6,03,300 | ₹ 3,200 |
22 & 24 Carat Gold Rate for the Last 10 Days
Date |
STANDARD GOLD 22K |
PURE GOLD 24K |
||
1 Gram |
10 Gram |
1 Gram |
10 Gram |
|
| June 06,2023 | ₹ 5,560.00 | ₹ 55,600.00 | ₹ 6,0650.00 | ₹ 60,650.00 |
| June 05,2023 | ₹ 5,530.00 | ₹ 55,300.00 | ₹ 6,033.00 | ₹ 60,330.00 |
| June 04,2023 | ₹ 5,530.00 | ₹ 55,300.00 | ₹ 6,033.00 | ₹ 60,330.00 |
| June 03,2023 | ₹ 5,530.00 | ₹ 55,300.00 | ₹ 6,033.00 | ₹ 60,330.00 |
| June 02,2023 | ₹ 5,600.00 | ₹ 56,000.00 | ₹ 6,110.00 | ₹ 61,100.00 |
| June 01,2023 | ₹ 5,570.00 | ₹ 55,700.00 | ₹ 6,076.00 | ₹ 60,760.00 |
| May 31,2023 | ₹ 5,585.00 | ₹ 55,850.00 | ₹ 6,093.00 | ₹ 60,930.00 |
| May 30,2023 | ₹ 5,545.00 | ₹ 55,450.00 | ₹ 6,049.00 | ₹ 60,490.00 |
| May 29,2023 | ₹ 5,555.00 | ₹ 55,550.00 | ₹ 6,060.00 | ₹ 60,600.00 |
| May 28,2023 | ₹ 5,555.00 | ₹ 55,550.00 | ₹ 6,060.00 | ₹ 60,600.00 |
Gold Rate Today in Top Cities of India
A gold rate calculator is an online free-to-use tool offered by several companies that determines the current price of gold based on three variables entered by an individual. These three variables are as follows:
City
Quantity of gold (in grams)
Purity of gold (22K or 24K)
Any user can tweak these three variables and know the present-day gold rates based on the data entered.
24 Carat and 22 Carat Gold: Know the Difference
The table below illustrates the key differences between 24 Carat gold and 22 Carat gold:
24 Carat Gold |
22 Carat Gold |
This is the purest form of gold and has 99.5% of gold content |
22 Carat gold has 91.6% gold content while the rest is made up of other metals, such as copper, silver, etc. |
It is quite pliable, bendable and soft. |
The hard texture of this gold makes it hard to mould or bend. |
It is widely used in electrical and medical equipment, such as phones, computers, etc. |
It is generally used for making bars, bullion, coins and jewellery. |
It has a bright yellow colour. |
The presence of other metals can make it appear tainted. |
Guide to Buy Gold in India
Gold has been one of the top choices for investors for over a century now. Indian residents consider gold as one of the most significant instruments for financial security. Apart from the financial aspect of this yellow metal, gold holds cultural and religious significance which contributes to its high value.
The charm and demand for physical gold remain intact even after the increasing demand for digital gold. Nevertheless, investors looking forward to putting the following factors:
Purity of gold
Then gold's purity is one of the most significant factors that one should consider while investing in physical gold. The purity of this yellow metal is determined as "Carats' where 24 Carats is considered the purest form of gold. Nevertheless, the 24K gold is so malleable that it needs to be mixed with another metal in order to make it sturdy for usage. The higher the purity of gold, the more expensive it becomes.
Type of gold
There are several types of gold that an individual can purchase. These are as follows:
Gold coins: Some collectable gold coins tend to have a higher market worth than any other form of gold. Nevertheless, one must ensure the authenticity of these collectables before making a purchase.
Gold bars: Good quality gold bars and bullion have a 99.5% to 99.99% purity level. Individuals can check this data along with the weight and manufacturer's name, stamped on the gold bar.
Gold jewellery: Gold jewellery is the most popular form of gold and also holds a cultural significance. Nevertheless, one should also know that the meltdown value is not as high as its original price.
Gold rate per gram
The market value of gold tends to fluctuate on a regular basis depending on the present-day market situation. Hence, prospective investors should keep the prices in check from credible websites.
Though it is not always possible to predict the downfall or surge of gold prices accurately, one can contact jewellers in order to get a rough estimate. Further, those who are planning to get their gold studded with other stones should get the yellow metal weight separately to ensure accurate prices.
Buy Back policies
The overall charges associated with manufacturing and designing any gold jewellery are known as the "making charges". This charge is added to the final cost of the jewellery and then the GST is added.
While some jewellers set a fixed making fee that typically ranges between 8% and 16%, others may base their charges on a specific portion of the overall weight of the jewellery. These fees change depending on the design and if the item is manufactured by hand or by machine.
Factors Affecting Gold Price in India
Gold is certainly one of the most liked investment instruments worldwide, particularly in India. Like other financial assets, gold's price is always changing. Although one of the main elements that affect gold's market price is demand, a variety of other factors also play a part. Below are a few of the variables that determine gold prices every day.
Demand
Gold prices are significantly influenced by supply and demand economics, just like any other commodity. Price increases typically happen when there is a rise in demand and a constrained or low supply. In a similar vein, a surplus of gold combined with weak or stagnant demand might cause prices to decline. In India, the festive and wedding seasons tend to see an increase in the demand for gold.
Inflation
The worth of the currency decreases due to inflation. You might choose to protect your money in the form of gold in such a situation. Gold prices rise as a result, serving in certain ways as a hedge against inflation circumstances.
Rate of interest
Interest rates and gold typically go hand in hand. People frequently sell gold in order to earn high interest as interest rates rise. Similarly, demand for gold rises as interest rates fall and hence more people buy gold during this time.
Monsoon
The demand for gold in India is primarily sourced from rural areas. Following a successful harvest, monsoon, and subsequent harvest, this demand often tends to increase.
Treasury reserves
India is one of the countries whose financial reserves contain sizable gold holdings. There is a shortage and an increase in the price of gold if the reserve is higher than the amount of gold that the government sells. The Reserve Bank of India is responsible for maintaining this reserve in India.
Changes in currency
US dollars are used in all international gold transactions. The price of gold changes during import when US dollars are converted into Indian rupees. Usually, as the value of the Indian rupee falls, the price of importing gold increases.
Relationship with other assets
Gold is a very effective portfolio diversifier because it has a low to an almost negative relationship with all major asset classes. According to experts, gold shields a person’s portfolio from volatility as the variables that have a significant impact on the returns from most asset classes have little or no effect on the price of gold.
Some even contend that gold and stocks may start to move in the opposite direction when a company's shares decline.
Geographical aspects
Demand for gold typically rises as a safe place for storing money during geopolitical unrest, such as a war. Thus, a global crisis has a favourable effect on gold prices while having a negative effect on the values of most asset classes.
Entry tax and octroi fees
When products enter a state or city's territory, the tax authorities impose entrance and octroi charges. In contrast to entry tax, which is assessed when commodities enter a state, octroi is assessed when products enter a city. Furthermore, a wealth tax is applied to your gold if its worth exceeds Rs. 30 Lakhs.
Making fees
Gold jewellery is typically subject to making fees, which can vary from piece to piece and from jeweller to jeweller, depending on the design.
Gold Weight Conversion Table
Measurements for gold commonly include grams, kilograms, troy ounces, and tonnes. The price of gold in various units is demonstrated in the following table:
To convert from |
To |
Multiply by |
Troy ounces |
Grams |
31.1035 |
Troy ounces |
Grains |
480 |
Kilograms |
Troy ounces |
32.1507 |
Grams |
Troy ounces |
0.032151 |
Kilograms |
Tolas |
85.755 |
Kilograms |
Bahts |
68.41 |
Determination of Hallmarked Gold Price in India
The daily price established by the gold jeweller association governs how gold retailers and traders do their business.
Because of this, prices for the same amount of gold in each city vary. It is crucial to understand the formula that jewellers employ in order to determine the final cost of jewellery.
Jewellers use the following formula for calculating the price of gold:
The final cost of the jewellery = Price of gold per gram (22 or 18 carats) X (Weight in gram) + making costs per gram + GST on the cost of jewellery (plus making costs).
Historical Usage of Gold
The first gold coins in India were issued widely during the Gupta dynasty around 250 AD. Interestingly, this period is called the Golden Age. On top of it, every emperor issued coins to emphasise the significance of his rule. However, there was a much more practical reason for Indians to consider Gold as money.
India, throughout its history, was a collection of many thousands of kingdoms and fiefdoms. With these big empires, there was always plenty of fighting, and border territories regularly changed hands. Millions of Indians were expected to be the subjects of several different rulers and kingdoms. It was under this scenario that Gold was found to be much more than a metal. Gold, being highly valuable, could easily be hidden during times of strife, enabling ordinary citizens to avoid being looted by raiding armies. Further, a gold coin issued by one king could serve as money under any other king as long as the weight and purity of the issued coin could be assessed. Therefore, Gold was always the preferred medium of exchange and store of wealth.
Which is the Best investment Option: Physical Gold, Gold ETFs, or Sovereign Gold Bonds?
The table below shows the differences between physical gold, gold ETFs and sovereign bonds based on several parameters. You can refer to the following table and choose which investment option best suits your requirements:
Parameters |
Physical gold |
Gold ETFs |
Sovereign Gold Bonds |
Storage |
Gold can be kept in the form of coins, jewellery, or bars. Investors are accountable for the security of their assets. |
ETFs are electronic, so there is no need for storage and worrying about theft. |
Sovereign gold bonds do not need to be physically stored and can be traded safely. |
Interest |
Interest rates are not applicable for physical gold. As a result, many people view gold as a safe but dead investment. |
Interest rates are not available, but the investment's return could change. |
Interest rates are applicable on sovereign gold bonds. |
Tax |
Gold that is valued at more than Rs. 30 Lakhs is subject to tax benefits. |
Both short-term and long-term gains can be taxed according to the tax bracket. |
If sold before maturity, sovereign gold bonds are subject to tax. Gains from holding them till maturity are not taxed. The income from interest is taxed. |
Taxes on Gold in India
In India, taxes are imposed on commodities like gold, and the taxes imposed on the resource vary depending on its usage.
The majority of the gold in our country is imported, hence, there are customs fees associated with it. 10% of the gold's overall worth is the customs duty that must be paid. Additionally, a 5% tax would be applied to the processing fees related to the purchase.
The Goods and Services Tax (GST), which was introduced in the year 2017, is now applicable to the sale of gold in India. A 3% GST on gold was imposed. Consequently, the total tax on gold currently is 14%.
FAQs on Gold Rate in India
-
✔️When is the right time to buy Gold in India?
Festive seasons or occasions like Akshaya Tritiya, Makar Sankranti, Dhanteras, Dussehra and Diwali are generally considered to be the right time to purchase gold.
-
✔️What is the purest form of gold in India?
Due to the absence of additional alloys, 24k gold is considered the purest form of gold. It is often more expensive than the other varieties of gold and has a very bright golden colour. Due to its softness and lower density than lower karat gold, regular jewellery cannot be made out of it.
-
✔️Which are the logos to look for before buying jewellery in India?
Hallmarked and authentic gold is engraved by laser with logos, such as:
BIS logo
Purity (916, 958, etc.)
Year of certification
Retailer’s logo
Assaying centre’s logo
-
✔️Why do gold rates fluctuate in different cities in India?
The transportation fees for the precious metal are the primary cause of the variations in gold prices across different Indian cities and states. Additionally, the charges differ based on the discount offered for large purchases. During the same time period, rates vary across the nation as a result of the transportation costs that add up to the price of gold.
-
✔️How to sell Gold in India?
Gold is one investment which is always in demand, making it a liquid asset. Selling Gold in India isn’t hard, with most jewellers and pawn shops willing to buy Gold at market rates. Individuals who wish to sell Gold need to ensure that they know live gold rates, for buyers may choose to haggle or negotiate, and failing to remember present prices could result in selling Gold at lower rates. Here are a few criteria to sell Gold in India:
Invoice: A certified seller always asks you to present the original bill while selling Gold. This helps avoid conflict of interest as all the details are mentioned clearly in the invoice. This helps you move further and enquire about the Gold selling rate today.
Worth of Gold: Since there is no standardised method to know the correct Gold selling rate, it is strongly advisable to check the worth of your Gold from multiple sellers before selling it.
Purity of Gold: Ensure that your jewellery has the hallmark sign or is 24 carats. Jewellers can estimate it of poor quality if the hallmark sign is missing.
Final Check: Always confirm the final Gold selling rate before selling your Gold as many jewellers opt to melt Gold or conduct an electrical conductivity test to check the purity of the Gold. Hence, it is always advisable to check the price from multiple jewellers and be content before selling your Gold for the right price.
Also, gold coins and bars attract better rates than jewellery and are easier to sell. Individuals who do not wish to sell Gold can choose to avail of gold loans against it, with several banks and private lenders offering loans keeping Gold as collateral.
-
✔️How much gold can I buy tax free?
In India, there is technically no restriction on the amount of gold jewellery or decorations that can be owned. An income tax announcement dated May 11, 1994 states that women who are married in India are permitted to keep up to 500 grams of gold jewellery and decorations without providing any documentation.
-
✔️How to buy gold bars in India?
The majority of jewellery shops, banks, and even online retailers in India sell gold bars.
-
✔️Is it worth investing in gold schemes offered by jewellers in India?
For most Indians, Gold represents their stature in society. Considering how expensive Gold is getting with each passing year and how most of the population can’t afford it, gold schemes today are a blessing in disguise. For starters, a prospective investor needs to pay a small amount every month, and you get the money’s worth in Gold at the end of the tenure. Further, jewellers tend to let go of making charges altogether at times to make the deal more attractive.
