Gold Rate in India

 

India is the largest consumer of gold in the world, accounting for almost one quarter of the world’s total consumption. In India people primarily purchase gold for investment purposes and as jewellery. Traders use gold as an instrument for trading. This is commonly called as bullion trade. These investments are usually determined by the gold rates prevailing at that time.

 

 

Today's Gold Rate (per 10gms)

Gold Rate Chennai Mumbai Delhi Kolkata Kerala Bangalore Hyderabad Gulf
22-Carat 29270 30570 29700 30330 28500 28700 29330 121.32
24-Carat 31304.81 32695.19 31764.71 32438.50 30481.28 30695.19 31368.98 129.75
Change (%) -0.2% -0.1% -1% -0.46% 0.88% -1.2% 0.07% 0.78%

 

Today's Silver Rate

Cities Price(Rs.) Change (%)
Chennai Rate in
Mumbai Rate in
Delhi Rate in
Kolkata Rate in
Kerala Rate in
Bangalore Rate in
Hyderabad Rate in

 

 

Factors that affect gold price in India

  • a. Strength of US dollar
  • b. Global Economic stability
  • c. Inflation
  • d. Season & Occasions
  • e. production costs
  • f. International prices
  • g. Import costs
  • h. supply

 

 

 

Gold measurements

Gold is measured in grams and troy weight. (Troy ounces, million ounces, grams, kilograms, tonnes, short tonne, metric tonnes, tolas etc.)

Karat is used to represent purity when gold is mixed or alloyed with other base metals such as copper. 24K or 24 karat gold is pure gold. Fineness is to represent gold parts per thousand.

 

What is the difference between Carat and Karat?

Carat - It is a unit of weight used to measure precious gems such as diamonds as well as pearls. 200 milligrams or 0.2 grams make a metric carat. Carats are abbreviated to ct. Carats are often mistaken to denote size.

Karat - It is a unit of purity used to measure gold. 24 karat gold denotes pure gold. When gold is mixed with another metal the purity is diluted. The purity is then expressed as the parts of gold out of 24. E.g. 22 karat gold (mixed with copper) will be 22 parts gold and 2 parts copper. Gold being soft is alloyed with another metal, usually copper, to attain form. Karat is abbreviated to kt.

Difference between 22K and 24K Gold :

Karats represent the purity of gold. Gold being a very malleable metal is too soft to attain form on its own. It is usually alloyed with another metal, mostly copper, in order to attain form. The purity of the gold is then represented in karats as the parts of gold present out of 24.

24 karat gold is 99.99% pure gold whereas 22 karat gold is 91.67% pure. 22 karat gold means, the alloy consists of 22 parts gold and 2 parts of the alloyed metal.

24k gold is priced higher than 22k gold being purer, however, some people prefer 22k gold being more durable. Import duties are generally lower for 24k gold and higher for 22k gold.

 

 

 

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