Gold Rate Today

Gold is considered to be one of the prime investment options for Indians. India has a huge market for gold and is also one of the leading importers of gold and gold jewelry. Gold rates in India are affected by factors like global market conditions and the strength of US dollars. This change in gold rates varies from city to city depending on demand, supply, and local market conditions.

Months	Lowest Price 24 Carat Gold – Rs. per 10 grams	Highest Price 24 Carat Gold – Rs. per 10 grams
September 2020	49,340	51,750
August 2020	51,350	55,400
July 2020	47,460	52,900
June 2020	45,620	48,410
May 2020	45,300	47,600
April 2020	41,670	47,150
March 2020	40,200	44,320
February 2020	40,240	43,000
January 2020	39,200	41,150

Months	Lowest Price 24 Carat Gold – Rs. per 10 grams	Highest Price 24 Carat Gold – Rs. per 10 grams
December 2019	37,700	38,950
November 2019	38,000	38,990
October 2019	37,250	38,880
September 2019	37,500	40,145
August 2019	34,800	38,950
July 2019	33,450	35,400
June 2019	32,400	34,660
May 2019	31,700	32,480
April 2019	31,920	32,310
March 2019	32,210	34,660
February 2019	32,530	34,060
January 2019	32,050	33,650

Months	10 Grams Lowest 916 Gold Rate	10 Grams Highest 916 Gold Rate
September 2020	49,540	50,750
August 2020	50,350	54,500
July 2020	46,460	51,900
June 2020	44,620	47,410
May 2020	44,300	46,600
April 2020	40,670	46,150
March 2020	39,200	43,320
February 2020	39,240	42,000
January 2020	38,200	40,150

Months	10 Grams Lowest 916 Gold Rate	10 Grams Highest 916 Gold Rate
December 2019	36,700	37,950
November 2019	37,000	37,990
October 2019	36,250	37,880
September 2019	36,500	38,200
August 2019	33,800	37,950
July 2019	32,200	34,600
June 2019	30,620	33,660
May 2019	29,920	30,700
April 2019	30,140	30,530
March 2019	30,430	33,660
February 2019	30,750	33,160
January 2019	30,170	31,770

Investment in gold requires a cautious judgment regarding the gold market. The change in gold prices remains an essential factor in deciding about the investment in gold. Investors should thus be able to monitor these gold rates carefully. The factors which affect the gold price in India are listed below:

• Dollar dynamics – Generally, gold is used as a hedge against movements in the US dollar which means gold prices are inversely proportional to changes in strength of the US dollar. When the US dollar strengthens, gold prices in India tend to fall and when US dollar weakens, gold price rises.
• Import costs – In India, huge demand for gold is primarily met through gold imports, which means that import rates affect the gold prices within the country. Higher the cost of imports, greater will be the prices of gold.
• Interest rates on banks fixed deposits – Fixed deposit of banks is the most popular investment option chosen by millions of Indians after gold. When the FD rates fall, investors prefer to invest their money in gold as an alternative investment option. Therefore, when the demand for gold rises, the gold rates also increases.
• Economic stability – The gold price generally rises at the time of global economic crisis, as gold is considered as a stable asset to invest upon compare to the other riskier assets. Investors tend to pull their money out of riskier investment and invest into gold. Also, gold has higher liquidity which continues to hold value at the time of instability also.
• Seasonal price – In India, demand for gold increases during auspicious occasions, festivals and marriages. With the increase in demand for gold, the gold rates also increase.
• Inflation – Gold price in India increases at the time of inflation. Since gold is bought to hedge against inflation, gold prices tend to rise when inflation is on upward trend. Current gold rate is 50,150 for 22 carat.
• Demand-supply – Domestic production and supply of gold is limited in India. Major constraints in the global supply of gold tend to raise the gold prices. Similarly, when there is a decrease in the supplies of gold globally, it makes the metal price dearer in India.
• International prices – When gold prices increase in the international market, gold value in India also tends to increase as well. For example, when the central banks specially in US and Europe buys gold as a hedge against inflation, the price of gold moves upwards globally.

Gold rates vary across different cities in India mainly due to

• Local Taxes – The local tax rate differs from state to state. Some states levy higher taxes on gold than the others. This is one of the main reasons why gold rate is higher in some cities.
• Gold Associations – Local gold associations have enough power to fix the gold rates and in case of larger cities including Mumbai and Chennai gold rate is primarily impacted by the same reason. Due to this reason, the price of gold changes from one city to another.
• Quantity of gold purchased – Purchasing gold in larger quantities tend to decrease the gold price. Therefore, in larger cities where larger volumes of gold are purchased, gold prices tend to be lower.
• Transportation Costs – India imports most of its gold by sea. Probably this is the least important factor, but the transportation of gold from one location to another requires tight security arrangements and such expenditures potentially affect the gold prices locally.

Below given are the various forms of gold options which are available to buyers in India are

• Physical Gold Jewellery/Bars and coins – The primary method by which most of the Indian household’s purchases and store gold is in the physical form of gold jewellery, gold bars and gold coins. Investment in gold has become questionable after other forms of gold investments came into effect. If you invest in gold jewelry, there are chances that you will get a lower value at the time of resale as there is no surety that gold prices today will remain the same tomorrow as well.
• Gold Exchange Traded Funds (Gold ETFs) – A gold ETF is an electronic form of purchasing gold used to track the domestic physical gold price. They represent physical gold in dematerialized form. One gold ETF unit is equal to 1 gram of gold and is backed by physical gold of very high purity. They are usually traded on the National Stock Exchange of India (NSE) and Bombay Stock Exchange Ltd (BSE). When you redeem gold ETF you don’t get physical gold but the cash equivalent. Trading of gold ETFs takes place through a dematerialized account (Demat) and a broker, which makes it an extremely convenient way of electronically investing in gold.
• Gold Mutual Funds – Gold mutual funds are like open-ended funds. Investors may invest any amount of money at any time. The process of investing in gold mutual fund is easier than gold ETFs as it does not require a demat account. Investors can also use the SIP (Systematic Investment Plan) route to invest in gold funds, which is not possible with gold ETFs.
• Sovereign Gold Bonds (SGBs) – SGBs are government security gold bonds denominated in grams of gold. They are used as substitutes for holding physical gold. Investors will have to pay the issue price of the bonds in cash and it will be redeemed in cash on maturity. These bonds are generally issued by Reserve Bank on behalf of Government of India.

Following are the do’s and don’ts that you must consider while buying gold

Do’s	Don’ts
Always check the purity of gold – One should always check the purity of gold at the time of purchasing gold jewellery. The easiest way to check for purity is to look for BIS hallmark. A hallmarked piece of jewellery will tell you the official proportion of the metal.	Avoid purchasing stone-studded jewellery – Always try to avoid purchasing the jewellery studded with precious or semi-precious stones than a simple gold piece because you are paying more than it’s worth. Always check the exact net gold weight before buying the stone-studded jewellery.
Cross check the gold pricing – Always ensure to cross check the gold prices before visiting the shop for purchasing gold jewellery. The price of gold keep changing from day to day based on the market rate. All jewellery stores display the daily bullion rates for the consumers to calculate the gold price. You can type ‘Gold rates for today’ in the google tab to know about the current gold prices of India.	Avoid selling to other jewellers – Always ensure to avoid selling your jewellery to other jewellers from which you have not purchased because they may cheat you by not telling the exact resale value of your jewellery. So, it is always better to visit the same store to know the exact resale value.

You can convert the gold rates in different units of weight and mass. While every metal has a different density and weight, you can know the approximate value of each metal by conversion of gold rates in different weights.

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

Buying gold is a big investment, thus ensuring the quality and purity of gold is important. Thereby to check that the gold bought is not fake, one can follow the below-mentioned steps:

• Scratching test: This test is done by starching the gold against a ceramic plate. If the gold is fake, it will leave a grey of a black scratch, if real the scratch will be golden.
• The acid test: The acid test is performed using nitric acid. However, ensure that the test is performed under an expert’s supervision.
• Magnetic test: Gold does not hold any magnetic properties. Thus, checking the value of gold with a magnet can ensure whether the gold is pure or based on cheap metals.
• The density of gold: Apart from checking the purity of gold, it is equally important to check the gold’s density. Thus, check the weight of the ornament, the bar, or the gold coin to ensure that you are paying the right value of gold.

The precious yellow metal or sona as it is commonly called remains a significant status symbol, especially in Indian weddings and continues the same way irrespective of escalating gold prices. These are some of the factors that determine gold rates in India.

• Currency: The price of USD currency is one of the predominant factors that affect the gold rates in India. As the value of USD( U.S dollar) climbs down, the price of a gold rate falls worldwide. The value of Indian currency also plays a stake in gold rates in India. As the rupee becomes weaker, the gold price rises.
• International Factors: Other International factors that determine the gold rate in India are global economic development, volatile prices and fluctuations in the market due to other reasons.
• Demand for Gold: The global demand for the gold and demand for gold in India also affects the price of gold in India. For instance, as the demand rises, there is an imbalance in the demand-supply chain, and as a result, the gold rates also rise and similarly vice-versa.
• Gold Reserve: The Central Bank of every country maintains a stock of gold reserve that impacts the gold rates. In India, as the Reserve Bank of India, acquire more gold for reservation, it leads to an increase in gold rates.

Hallmarking is the process of certification of purity of gold by the authorised body. At the same time, the gold rates of hallmarked gold jewellery and the rate of gold without hallmark does not have any significant difference. It protects the consumers from adulteration and also makes it obligatory for the jewellers to conform to the legal standards of purity and fitness.

This is the common formula used to calculate the gold prices in India:

Final price of the jewellery = Price of 22 KT gold X ((weight in grams) + Making charges + GST at 3 per cent on (the price of jewellery + making charges)

Along with holding cultural significance investing in the gold asset( sona) is also a good option because of the following reasons:

• Provides liquidity: One of the primary reasons why people invest in the gold to ensure liquidity in the financial emergency. It is one of the hard assets which can be easily sold when you require funds. However, a lot of times you may not be able to get the same returns as the price of the gold keeps fluctuating continuously.
• Prove hedge against inflation: In the times of increasing inflation, gold can help you to overcome the financial crisis and thus proves as a hedge against inflation. It is because gold rates remain unaffected at the time of inflation.
• Easy investments: People who have just started making investments may feel relaxed with investment in gold as the process to invest in gold is easy, unlike other investments like real estate, mutual funds, shares etc.
• Wealth Creation: Gold can also be used as a symbol of wealth as in many cultures it is transferred from one generation to another as a legacy.

Paytm provides a gold accumulation price under which investors can buy gold online at live gold prices. It is easy to invest in the gold anytime and anywhere, and moreover, you can easily sell the gold at the current prices by transferring the money in your bank accounts. While it does not work as a systematic investment plan which means you cannot earn interest on gold, it is yet safe to invest in gold through Paytm.

Following are the benefits and features of digital Paytm's gold:

• Paytm allows you to buy gold for as low as Rs. 1 with your Paytm account.
• With Paytm you can buy 24 K, 999.9 fitness level gold online at the current gold rates.
• Investment in gold can be made 24*7* 365 days, irrespective of bank holidays.
• Investors can sell gold at the current gold prices through Paytm, and the amount gets transferred to the bank account.
• Under the gold accumulation plan of Paytm, you can redeem gold anytime.
• To see the live gold prices visit Paytm App or access Paytm through other modes such as websites.

24 Karat gold is considered as the purest form of gold and is 99.9 pure. It does not contain any other metal. On the other hand, 22 Karat gold also donated as 22K gold contains 91.67% of pure gold.

Here is the basic difference between 22 Karat & 24 Karat Gold:

24K Gold	22K Gold
24 Karat gold contains 24 99% of gold	22 Karat gold contains 91.67% gold
This form of gold is considered too soft to make any jewellery and is thus mostly suited for investment purpose	22 K gold is harder as it contains other metals such as copper and zinc.
Pure gold or 24K gold is used for medical and electrical devices.	It is used in making jewellery and coins
The price of 24 K gold is the highest	22 K gold is less expensive than 24K.

The gold price in India is affected due to change in the following factors:

Inflation: As the inflation rate becomes high in India, the demand for gold increases and as a result, the prices of sona( gold) also rises. It is the reason why investors prefer gold as a hedge against inflation.

Changes in the global market: In India, most of the raw gold is imported from overseas, which is then used for making gold ornaments. Thus, the global movement affects the gold prices in India. Moreover, in any political crisis, there is more interest in purchasing gold as the demand for gold rises.

Changes in any economic policies: With the introduction of new economic reforms such as a change in the taxation system, the prices of gold also get impacted. For instance, gold became more expensive when the GST of 3% was fixed on the gold.

Interest rates of other financial products: As the interest rate on other financial products increases or decreases the demand and supply chain of gold also get affected, which in turn affects the gold prices as well.

Control of gold reserves by the RBI: Every central bank maintains the stock of gold to control the inflation. Thus, as RBI keeps excess gold reserves, the prices of gold also shoot up.

Checking the quality of gold is one of the most significant factors while buying gold. You can determine the quality of gold by checking the purity of gold using hallmarking. According to 'The Bureau of Indian Standards' (BIS), which is an accrediting agency, you must look for the following components on your jewellery.

• BIS Mark: Any jewellery which is hallmarked contains the BIS logo and indicates that it is tested in an authorised laboratory.
• Karat: To identify the hallmark jewellery, you must look for the letter K along with the number on the jewellery. 24K gold is called pure gold or 100 per cent gold.

Along with that, you must also look for the hallmarking centre number and jeweller's identification mark on your jewellery to assess its purity.

✅What is the current price of gold?

The current gold price is ₹ 50,150 for 22 carat gold.

✅What is 916 gold?

916 gold is another name for 22 carat gold. 916 basically denotes the purity of gold in the final product that is 91.6% pure gold in 100 gram gold. Current 22 ct gold price or 916 gold value today is ₹ 50,150.

✅What is the difference Between 22k and 24k Gold?

24-karat gold – 24-karat gold is also known as pure or 100% gold, this form of gold has no trace of other metals and known to be 99.99% pure gold. This form of gold is superior to 22-karat gold and is slightly more expensive. 24-karat gold bars come with a guarantee resale, due to the high liquidity and demand of gold in the market.
22-karat gold – This form of gold is 91.67% pure and it also contains two parts of alloyed metals like silver and copper. This gold is commonly marketable in ornamental form and is cheaper than 24-karat gold.

✅How to check the purity of gold?

There are different ways through which we can check purity of gold in India

• Examine the jewellery – When you are looking out for selling your gold jewellery, always try to check the stamp put by the reputed jeweller with its purity data by placing it under magnifying glass.
• Look for the BIS Standard Mark - BIS is the benchmark for purity standards for gold in India. Every jewellery item will carry its own BIS standard mark.
• Approach a jeweller – If you are unable to figure out the exact purity of your gold on your own, it is advisable to visit a jewellery showroom to get your piece tested.

✅How much gold are you getting for your money?

Usually at the time of purchasing gold jewellery, several additional charges are also levied from the customers such as making and wastage charges. So, before making the actual payment, ensure that you know the value of the gold you are buying. Keeping track of current gold rates can help you to get a good return on your investment.

✅Why should you buy gold?

Gold has always been considered a good and safe form of investment in India. Gold are used as a hedge against funds during the time of economic instability. Investors tend to maintain at least a portion of their assets in the form of gold as they are highly liquid in comparison to other riskier assets. However, before investing in gold, one should always look for ‘Gold rates for today’ as this would help to keep a tab on current gold prices.

✅What is the impact of GST on Gold?

With the implementation of GST on July 1st, 2017, a uniform GST will be applicable to gold transactions across India, which is likely to reduce the interstate differences in prices of gold significantly. The move is likely to bring more transparency for its buyers and tax across any arbitrage opportunities. The government has introduced a GST tax rate of 3% on gold. With the introduction of 3% GST on gold, the gold prices have become expensive as earlier there was 1% service tax and 1% VAT on gold.

✅What is 1 gram gold rate today in India?

22ct gold price today for 1 gm stands at ₹ 5,015 and gold price for 24 carat for 1 gm is ₹ 5,033.

✅What is the price of 23 carat gold today?

23 carat gold rate today is ₹ 50,240

✅Which gold is best quality?

The best quality gold is 24 carat gold. The 24 carat gold price today is ₹ 50,330.

✅What is hallmark in gold jewellery?

Hallmark indicates the fineness of gold and guarantees its purity. Its used with the aim of safeguarding the interest of buyers and establishing that particular jewelry adheres to international standards. Whenever you buy any gold jewelry, make sure it has a hallmark on it, suggesting its purity.

✅What is the difference between KDM and Hallmark Gold?

Hallmark is a sign that reflects the fineness of gold and guarantees its purity. Bureau of Indian Standards (BIS) issues the hallmark sign on gold jewelry. It certifies that the particular gold jewelry meets international standards. The gold hallmark seal includes:

• BIS logo
• Retailers logo
• Assaying centers logo
• Purity in carat.

Cadmium soldered gold jewelry is popularly known as KDM jewelry. It consists of 92% gold and 8% cadmium. However, due to health hazards associated with the cadmium for artisans, KDM jewelry is not popular. BIS banned the use of cadmium and replaced it with copper and other metals. Although KDM will still be used, as the solder is 92% percent pure gold.

✅What is one sovereign of gold?

One sovereign of gold is 7.98 grams in weight, out of which 7.32240 grams are pure gold. The remaining weight is copper that gives sovereign coins their distinctive color.

✅Is 22k gold same as 916?

Yes, 22k is similar to 916. 22k equals to 22/24=91.6% of gold and is denoted as 916.

✅How many carats is 916 gold?

916 gold is equal to 22 carats gold.

✅Which is more pure gold 22k or 24k?

24k is the purest form of gold and precisely contains about 99.9 % of gold. On the other hand, 22k includes 91.67% of gold.

✅What is the price of 1 gram of gold?

The price of 1 gram of 24k gold and 22k gold for 18th Sep 2020, is ₹ 5,033 and ₹ 5,015 respectively.

✅How do you price gold?

The price of gold is measured in carats, and carat value denotes the purity of gold. 24k is considered as the purest gold and contains precisely 99% of gold.

✅What is 1 kg gold price in India?

The 1 kg gold price in India is different for 24 carats and 22 carats hallmark gold. The price in India today is ₹ 50,33,000 for 24-carat gold and it is ₹ 50,15,000 for 22 carats gold.