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Gold Rate Today

Gold Price in India

Last Updated 28th Jul 2021

Gold Price 24 Carat Gold Price 10 gram 22 Carat Gold Price 10 gram
Gold Rate Today ₹ 47,840 ₹ 46,840
Gold Rate Jul 2021
Average Rate ₹ 48,810 ₹ 46,144
Highest Rate ₹ 51,710 ₹ 49,200
Lowest Rate ₹ 46,680 ₹ 44,000
  • Gold rates have increased in 2021. View latest Gold Rates for 24 Carat in India.
  • Gold rates in India are affected by factors like global market conditions, the strength of US dollars, demand, supply, and local market conditions.
  • Past trends in the gold price for the last 3 years are mentioned in the table below.

Today Gold Price India

₹ 46,840

Gold Price Today

City wise Gold Prices 24ct Gold Price Today – Per 10 Gram 22ct Gold Price Today – Per 10 Gram
India Gold Rate 47,840    0.38% 46,840    0.39%
Delhi Gold Rate 51,220    0.43% 46,950    0.43%
Gurgaon Gold Rate 48,650    0.06% 46,330    -0.09 %
Ahmedabad 49,300    0.41% 47,300    0.42%
Bangalore 48,880    0.45% 44,800    0.45%
Chandigarh 49,500
46,400
Chennai 49,320    0.37% 45,210    0.38%
Hyderabad 48,880    0.45% 44,800    0.45%
Kolkata 49,950    1.55% 47,250    0.79%
Mumbai 47,840    0.38% 46,840    0.39%
Pune 49,450    0.30% 46,180    0.28%
Guwahati 48,810    -0.02% 46,510    0.06%
Lucknow 51,220    0.43% 46,950    0.43%
Surat 49,300    0.41% 47,300    0.42%
Nagpur 47,840    0.38% 46,840    0.39%
Vadodara 47,980    0.46% 46,540    0.45%

Today Gold Rate in India

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. The price of gold is different for Multi Commodity Exchange, it is for the people who wants to do trading in gold.

MCX : The Multi Commodity Exchange or MCX is a largest commodity exchange market in India, based in Mumbai. Through MCX, investors can trade gold as a commodity in this market, with different bullion options to choose from. To open a MCX account, an investor needs KYC documents and income proof. The citywise rates of gold are different than the MCX gold rate. Today’s MCX gold rate is ₹ 46,840, gold of the highest purity was sold at ₹ 47,840 per 10 grams.

Know about Gold in India in the table below:

24ct Gold Price 2021

Months Lowest Price 24 Carat Gold – ₹ per 10 grams Highest Price 24 Carat Gold – ₹ per 10 grams
July 2021 47,190 48,480
June 2021 46,740 49,310
May 2021 45,160 47,800
April 2021 44,370 46,250
March 2021 43,980 45,940
February 2021 45,930 49,450
January 2021 48,800 51,350

24ct Gold Price 2020

Months Lowest Price 24 Carat Gold – ₹ per 10 grams Highest Price 24 Carat Gold – ₹ per 10 grams
December 2020 46,920 50,370
November 2020 47,240 51,230
October 2020 48,900 50,200
September 2020 48,250 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

916 Gold Rate in 2021

Months 10 Grams Lowest 916 Gold Rate 10 Grams Highest 916 Gold Rate
July 2021 46,190 47,480
June 2021 45,740 48,310
May 2021 44,160 46,800
April 2021 43,370 45,250
March 2021 42,980 44,940
February 2021 44,930 48,450
January 2021 47,800 50,350

916 Gold Rate in 2020

Months 10 Grams Lowest 916 Gold Rate 10 Grams Highest 916 Gold Rate
December 2020 47,050 49,370
November 2020 46,850 50,650
October 2020 48,900 49,800
September 2020 48,350 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

Factors affecting Gold Prices in India

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 prize in India.

  • 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 the US dollar's strength. When the US dollar strengthens, the goldrate in India tends to fall, and when the US dollar weakens, the gold price rises.
  • Import costs – In India, huge demand for gold is primarily met through gold imports, which means that import rates affect the country's gold prices. Higher the cost of imports, the greater will be the prices of gold.
  • Interest rates on banks fixed deposits – The 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 increase.
  • Economic stability – The gold rate generally rises at the time of the global economic crisis. Gold is considered a stable asset to invest in compared to the other riskier assets. Investors tend to pull their money out of riskier investment and invest in gold. Also, gold has higher liquidity which continues to hold value at the time of instability also and impact indian gold rate today.
  • 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, the gold prices tend to rise when inflation is on an upward trend. The current gold rate is ₹ 46,840 for 22 carat.
  • Demand-supply – Domestic production and supply of gold are limited in India. Major constraints in the global supply of gold tend to raise gold prices. Similarly, when there is a decrease in gold supplies 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. For example, when the central banks, especially in the US and Europe, buy gold as a hedge against inflation, gold prices move globally.
  • Gold Reserve – The Central Bank of every country maintains a gold reserve stock that impacts the gold rates. In India, as the Reserve Bank of India acquires more gold for reservation, it increases gold rates.

Gold Prices and U.S Dollar Correlation

Below-mentioned is two ways how the price of the dollar affects the gold rate in India:

  • Impact of Dollar Rate on Gold Rate: - US Dollar and Gold Rates share an inverse relationship. When the US dollar strengthens, gold prices in India tend to fall, and when the US dollar weakens, the gold price rises. It is because the falling dollar increases the value of currencies of other countries which in turn increases the demand for gold.
  • Impact of Dollar-Rupee Equation on Gold Price: – The change in the rupee-dollar equation also affects the gold rates in India. As the rupee weakens against the dollar, the demand for gold appreciates in the Indian currency and similarly vice-versa.
Gold Rate India

Why does the Gold Rate vary across different cities in India?

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 aj ka gold rate locally.
Main Video

Sovereign Gold Bond Scheme

SGBs or Sovereign Bonds are government security gold bonds denominated in grams of gold and are used as substitutes for holding physical gold. Compared to physical gold, the cost to purchase or sell this form of gold is low as they do not have any GST or storage charges. If you are an Indian resident, either individual, Trusts, HUF, you can invest in SGB.

Gold reserves with top 10 countries

The Central bank of every country holds the gold reserve along with the currencies for future use. These reserves lead to a rise in gold prices. As per the latest data, the United States has the highest Gold Reserve of 8133 Tonnes. After the U.S, Germany holds the second highest gold reserve of about 3362 Tonnes. The table below mentions the gold reserves of different countries.

Country Latest Gold Reserve (Tonnes)
United States 8133
Germany 3362
Italy 2452
France 2436
Russia 2299
China 1948
Switzerland 1040
Japan 765
India 677
Netherlands 612

What are the various gold options available to buyers in India?

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.
Gold Rate India

Do’s and Don’ts while buying gold

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.
Gold Weight Conversion Table

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

How to know if you are buying Real/Pure gold?

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.

Gold

How are hallmarked gold prices determined in India?

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)

Why is gold a good option to invest in India?

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.

Difference Between 22 Karat & 24 Karat Gold

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 denoted 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 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

How to Check Purity of Gold?

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.

FAQs

What is the current price of gold?

The current gold price is ₹ 46,840 for 22 carat gold.The price of gold is different for Multi Commodity Exchange, it is for the people who wants to do trading in gold. Gold futures on MCX were at ₹ 47,840 per 10 grams.

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 ₹ 46,840.

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.

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 ₹ 4,684 and gold price for 24 carat for 1 gm is ₹ 4,784.

What is the price of 23 carat gold today?

23 carat gold rate today is ₹ 47,340

Which gold is best quality?

The best quality gold is 24 carat gold. The 24 carat gold price today is ₹ 47,840.

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 28th Jul 2021, is ₹ 4,784 and ₹ 4,684 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 ₹ 47,84,000 for 24-carat gold and it is ₹ 46,84,000 for 22 carats gold.

How many grams means 1 Tola?

A Tola is a traditional unit of weight used in India and South Asia to allow the fair trade of grain and precious metals. It is also called as Tolah or Tole. One Tola is equivalent to 11.7g in the metric system.

What is the difference between the ETFs and physical Gold?

Below are the major difference between the ETFs and physical Gold:

Parameters Physical Gold Gold ETFs
RequirementIndividuals are required to purchase the physical gold. It is an open-ended exchange traded fund. And individuals compulsorily need a Demat Account.
InvestmentPhysical gold is available in the form of biscuits of 10 grams and requires huge investment.It is available in small quantities.
Wealth TaxWealth tax of 1% is levied, if an individual holds gold costing more than ₹ 30 lakhs Wealth tax is not applicable in Gold ETFs
PricingPrices are not fixed and vary from jeweller to jeweller. Priced as per International standards.

Will gold prices fall?

After hitting high for few months gold price has started falling. The reason behind the fall in the price is rise in US dollar and treasury yields, cut in customs duty and upbeat manufacturing data in the country also contributed to the slide in gold prices. These are some of the factors due to which the gold prices fall.

Which country has the cheapest gold?

The countries which have the cheapest gold are United Arab Emirates (UAE), Thailand, India and Switzerland. However, as per the gold prices at the end of 2020, Hong Kong had the cheapest gold rate.

What are the methods for buying gold coins in India?

If you want to buy gold coins in India then you can purchase it from bullion traders, gold jewellers, Stock Holding Corporation of India , e-tailers, Metals and Minerals Trading Corporation of India and some banks and NBFCs also offer gold coins.

How gold rates in India change?

Gold rates in India are affected by factors like global market conditions, the strength of US dollars, demand, supply, and local market conditions. The change in gold rate is seen due up and down among any such factor or all the factors. If dollar price increases then gold rate falls and vice-versa. These factors and gold rate have an inverse relationship.

How is gold brought into India?

Currently, India contributes an insignificant 0.75 per cent to the world gold production. The gold is produced in three gold fields in the country, namely Kolar Gold Field, Kolar district, Hutti Gold Field in Raichur district (both in Karnataka) and Ramgiri Gold Field in Anantpur district (Andhra Pradesh). Also, gold is imported from the other countries but only the Directorate General of Foreign Trade (DGFT) are permitted to import gold to India.

Hassles with melting your old gold jewellery?

It is not recommended to melt your old gold jewellery because when you do it you tend to loose some part of your gold jewellery. And when you make it again then you may have to add atleast 50% of new metal or there will be spill in casting of a new jewellery.

Why checking gold prices today is important?

It is necessary to check aaj ka sone ka bhav especially if you wish to buy a gold jewellery because no body wants to pay extra money. Not only that but gold rate India also helps in determining the market condition. For example 1 gram gold rate in india today is ₹ 4,684 and last month it was ₹ 4,690.

What is the history of gold prices in India in the last 5 decades?

In past five decades the gold prices have seen a huge surge. In the year 1967 the 24ct gold price was ₹ 63.25 and 24ct gold price today is ₹ 47,840. The gold price trend has historically been on the rise however, it is still that gold is a safest investment option.

Are there taxes on gold in India?

In India taxes are levied on gold. If you buy a gold jewellery you will have to pay Goods and Service Tax (GST) which includes VAT, service tax, excise duty and several other indirect taxes. You will have to pay 5% as GST.

What are the advantages of investing in gold?

There are various advantages of investing in gold because it shows positive result even during inflation, covenant way to diversify the investment portfolio, avail tax benefits, and you can easily redeem your funds.


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