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Gold Rate Today In India

India is one of the world's largest consumers of gold, from weddings to festivals, gold is used almost every time we celebrate. On the other hand, gone are the days when women used gold for mere adornment as an investment in gold is now universally recognised as one of the most effective ways to multiply savings.

Since time immemorial gold has been in use in the form of currencies and even today the importance of this golden metal is such that people from all walks of life use it for wealth creation. Considering the demand for gold, the gold price or rate keeps fluctuating.

Today Gold Price in Major Indian Cities

City22 Carat Gold Price Today24 Carat Gold Price Today
Vizianagaram ₹57,600₹62,840
Kurnool ₹57,600₹62,840
Kakinada ₹57,600₹62,840
Proddatur ₹57,600₹62,840
Nellore ₹57,600₹62,840
Visakhapatnam ₹57,600₹62,840
Vijayawada ₹57,600₹62,840
Ranchi ₹57,650₹62,890
Patna ₹57,650₹62,890
Kolhapur ₹57,600₹62,840
Nanded ₹57,600₹62,840
Ahmednagar ₹57,600₹62,840
Latur ₹57,600₹62,840
Amravati ₹57,600₹62,840
Solapur ₹57,600₹62,840
Jalgaon ₹57,600₹62,840
Thane ₹57,600₹62,840
Nashik ₹57,630₹62,870
Nagpur ₹57,600₹62,840
Pune ₹57,600₹62,840
Varanasi ₹57,750₹63,000
Ghaziabad ₹57,750₹63,000
Jhansi ₹57,750₹63,000
Gorakhpur ₹57,750₹63,000
Allahabad ₹57,750₹63,000
Meerut ₹57,750₹63,000
Raipur ₹57,750₹63,000
Lucknow ₹57,750₹63,000
Rourkela ₹57,600₹62,840
Berhampur ₹57,600₹62,840
Cuttack ₹57,600₹62,840
Kolkata ₹57,600₹62,840
Kozhikode ₹57,600₹62,840
Thrissur ₹57,600₹62,840
Kochi ₹57,600₹62,840
Udaipur ₹57,750₹63,000
Jodhpur ₹57,750₹63,000
Jaipur ₹57,750₹63,000
Khammam ₹57,600₹62,840
Nizamabad ₹57,600₹62,840
Karimnagar ₹57,600₹62,840
Hyderabad ₹57,600₹62,840
Ambala ₹57,750₹63,000
Faridabad ₹57,750₹63,000
Gurgaon ₹57,750₹63,000
Delhi ₹57,750₹63,000
Shimla ₹57,750₹63,000
Jammu ₹57,750₹63,000
Amritsar ₹57,750₹63,000
Ludhiana ₹57,750₹63,000
Chandigarh ₹57,750₹63,000
Bhubaneswar ₹57,600₹62,840
Karur ₹57,600₹62,840
Shimoga ₹57,600₹62,840
Kumbakonam ₹57,600₹62,840
Hosur ₹57,600₹62,840
Udupi ₹57,600₹62,840
Gulbarga ₹57,600₹62,840
Belgaum ₹57,600₹62,840
Nagercoil ₹57,600₹62,840
Erode ₹57,600₹62,840
Mangalore ₹57,600₹62,840
Salem ₹57,600₹62,840
Mysore ₹57,600₹62,840
Madurai ₹58,150₹63,440
Coimbatore ₹58,150₹63,440
Chennai ₹58,150₹63,440
Bangalore ₹57,600₹62,840
Amritsar ₹57,750₹63,000
Ratlam ₹57,650₹62,890
Jabalpur ₹57,650₹62,890
Surat ₹57,650₹62,890
Bhopal ₹57,650₹62,890
Indore ₹57,650₹62,890
Ahmedabad ₹57,650₹62,890
15-Jul-2024
Gold Price
₹63,000/10g
Day22 Carat24 CaratChange
Today₹57,750₹63,000+0.1%
Yesterday₹57,750₹62,9400.0%
Above Price as per 10 gm
gold_img
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Today 22 Carat Gold Rate in India

Day1 gram8 gram10 gram100 gramChange
Today Price₹5,775₹46,200₹57,750₹5,77,5000.0%
Yesterday Price₹5,775₹46,200₹57,750₹5,77,5000.0%

Today 24 Carat Gold Rate in India

Day1 gram8 gram10 gram100 gramChange
Today Price₹6,300₹50,400₹63,000₹6,30,000+0.1%
Yesterday Price₹6,294₹50,352₹62,940₹6,29,4000.0%

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**Disclaimer - The graph is based on hypothetical data and is meant only for concept understanding purposes.

Historical Gold Rates in India

MonthsLowest Price (24 Carat) Gold rate/ 10gramHighest Price (24 Carat) Gold rate/ 10gram
Feb,2024₹56,120₹63,970

Factors Affecting Gold Price In India

Gold demand in our country is so high that India represents 25% of worldwide gold demand. The gold prices in India keep changing especially during the wedding season due to the rapid surge in demand at the time. There are many other factors too that affect the gold price in India. Thus, listed below are some of the factors that affect the gold price in India that gold investors must keep in mind while purchasing gold in India.

  • Inflation: As compared to currency, the price of gold surges during the period of inflation and vice versa. This is because the price of commodities increases during inflation, thereby affecting gold prices too. Many investors thus use gold to hedge inflation as this golden metal shines, even more, when inflation hits.
  • Value of US Dollar: The relationship between the rupee and the US dollar is another important factor that affects the value of gold in India. Gold price in India and the value of US dollars have an inverse relationship to play as the moment the US dollar strengthens, the value of gold in India depreciates and vice versa.
  • Festivals: Indian festivals are incomplete without the use of gold, just like weddings in India. The price of gold rises during festivals like Diwali, Akshay Tritya, etc, as during this time demand for gold is exceptionally high. The inability to meet the demand-supply equation is what tends to affect the price of gold during Indian festivals.
  • Cost of Imports: The demand for gold in India is mainly met by imports. As a result of which the import costs heavily affect the gold price in India. If the import cost increases or decreases, the price of gold also varies accordingly.
  • Political Turmoil: During political turmoil or wars, the price of most financial assets falls down. In a situation like this when times are highly uncertain and unpredictable, people tend to invest more and more in gold as a safe haven, which in turn shoots up the price of gold.
  • Bank Interest Rates: The more the rate of interest, the lower the rate of gold. The reason for this is that people tend to sell gold in order to acquire cash when the rates become high. On the other hand, when the interest rate decreases, the rate of gold inversely rises.

In addition to these, there are several more global and domestic factors that have a role to play in affecting the gold rates, however, the bottom line still remains the same gold is one of the best modes of financial investment.

Sovereign Gold Bond Scheme And Investment

Gold is a precious and auspicious metal in India that is often prone to theft or burglary. Thus, in order to escape such a situation as well as earn greater interests, the government of India launched an alternative to the physical gold which is called the Sovereign Gold Bond. But, before digging more into it, let’s first understand what the Sovereign Gold Bond Scheme is.

What is the Sovereign Gold Bond Scheme?

On behalf of the Government of India, the Reserve Bank of India launched the Sovereign Gold Bond Scheme in 2015. As the name already suggests, the gold bonds are basically denominated per grams of gold. The interest rate for this is 2.5% per annum which is paid on a semi-annual basis and the tenure for the scheme is 8 years. However, investors can make an exit in the 5th, 6th, or 7th year of the scheme.

Benefits of Sovereign Gold Bond Scheme

As compared to physical gold, there are a bunch of benefits of the Sovereign Gold Scheme, some of which are enumerated below:

  • A scheme like this helps is cost-effective as compared to physical gold. The reason is that since these are digital bonds, it saves the effort as well as money to safeguard physical gold in banks.
  • Sovereign Gold Bond Scheme investing is also passive income, which means the investor receives money as part of the interest rate.
  • Sovereign Gold Bond Scheme also protects investors from the risk of purity and hefty making charges that are incurred upon buying physical gold.

In a nutshell, it is right to say that individuals who are looking for long-term investment can surely opt for buying the Sovereign Gold Bond Scheme instead of physical gold.

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FAQs

  • How is the hallmarked gold rate today determined in India?

    The rate of hallmarked gold in India is like any other gold and thus the price remains the same. However, the only difference is that hallmarked gold possesses high quality and thus it is wise to buy hallmarked gold anywhere in India.

  • How is gold an asset?

    Gold is one of the safest assets in India and is used to hedge inflation and even protect investors during turbulent times. Thus, many people invest in gold as it offers the most protected haven against financial instability.

  • How is gold price determined in India?

    Today, gold price in India is determined by several factors including inflation, US dollar value, interest rates, global demand for gold, and a few more. All these factors affect the price of gold in India either in a positive or negative manner.

  • How to keep your gold safe in India?

    Many people tend to keep their gold in bank lockers to safeguard their priced gold from robbery. On the other hand, many people also buy ETFs which are electronic forms of gold as doing so eliminates the risk of robbery or even fraud.

  • Are there restrictions on gold imports in India?

    Yes, gold imports in India are subject to restrictions as you are eligible to carry a maximum of only 1 kg of gold to India.

  • What is the import duty of gold in India?

    The import duty of gold in India keeps varying and at present, it is set at 10%. In case the import duty rises, the cost of gold also goes up and adversely reduces the purchasing of gold. It is thus better to buy gold when import duties are comparatively less.

  • Why is the gold price increasing in India?

    A natural resource like gold is available in limited quantities and thus when there is a mismatch between the demand and supply, the gold price increases. Further, when the US dollar decreases, the gold price surges, or when there are high demands during the festivals, even then the price of gold increases in India.

  • How is the gold price in India impacted by QE?

    QE or Quantitative Easing is another primary factor that affects the price of gold in India. An increase in QE also results in increasing the price of gold in India.

  • Why does the gold price vary in different cities in India?

    The price of gold varies in different cities in India depending on the factors such as taxes, demand-supply, local associations, and a few more.

  • What is the magnetic test to check gold purity?

    There are different methods of checking the purity of gold, the most common being the magnetic test. In case there is a metal mixed with gold, then it easily gets attracted to the magnet, thus proving that the gold is not pure.

  • What are the different purity levels in India?

    Gold’s purity is measured in the form of karat, and the purest gold is 24 karat. On the other hand, 22 karat gold is also available which is a mix of gold and alloy in the ratio of 1:1. Then, there is 18 karat gold which consists of gold and metal in a ratio of 3:1. There are other options too such as 14 karat gold, 10 karat gold, and 6 karat gold.

  • How to buy gold coins?

    Gold coins can be easily purchased from jewellery shops. However, when you buy gold coins, it is always advisable to check the purity of the gold coin you are buying.

  • What is the demand for gold in India?

    The demand for gold in India is significantly high as compared to other countries as any wedding or Indian festival seems incomplete without the use of gold. In fact, India is one of the largest consumers of gold in the world and accounts for 25% of the total consumption.

  • How does the product affect the gold price in India?

    Whenever the production of gold falls, the gold price will also eventually face a downfall. However, also note that at present the production of gold and demands are met and China ranks as the largest producer of gold in the world.

  • How is gold measured in India?

    Gold is measured in the form of grams or troy weight and these are the accepted modes of measuring gold.

  • What is the difference between carat and karat?

    Carat is an accepted unit of measurement for diamonds, gems, and other precious metals. On the other hand, karat is used to measure the purity of gold.

  • What is the difference between 22k and 24k of gold?

    The only difference between 22k and 24k of gold is that 22k gold is 91.67% pure and on the other hand, 24k gold is 99.99% pure.

  • Why is gold considered so valuable?

    Buying gold means that the price of gold will only rise in the long term and thus it is considered a good investment tool. Gold is also considered extremely valuable as it is a versatile metal and can be used in different forms such as gold coins, jewellery, and so many more.

  • What does the Indian gold reserve imply?

    Indian gold reserve implies the amount of gold that is held by the Central Bank of India. 

     

  • How is gold used as an investment tool in India?

    Indians invest in gold by buying gold jewellery or Gold EFTs, Sovereign Gold Bond Scheme, and many others.

  • What are the advantages of investing in gold?

    Some of the advantages of investing in gold are it aids to overcome the financial crisis and also serves as loan collateral. In addition, gold investment is also used to hedge inflation.

  • Has gold investment in India delivered returns?

    Yes, gold investment in India has delivered decent returns which is evident from the fact that there has been a significant increase in the price of gold in India.

  • How is gold traded in India?

    Gold is traded in India either through gold spot contracts or gold future contracts. In the former gold is sold and delivered in an instant, on the other hand, according to gold future contacts, gold is bought and sold at a later stage.

  • What are the benefits of trading gold on MCX?

    MCX is one of the leading exchanges in India to trade gold. The most common benefits of trading gold on MCX are that it offers high liquidity and offers investors a choice to contract in as many as four sizes.

  • What are the taxes on gold in India?

    There are tax liabilities on gold in India, for instance, if you possess gold whose worth exceeds 30 lakhs, then you are supposed to pay a certain amount as tax.

  • What is the total tax payable on gold in India?

    After the introduction of GST, the total tax payable in India is 14%.

  • How is income tax calculated on gold?

    In any case, if an individual makes a profit after the sale of gold, then they are subject to pay income tax in such a case. 

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