Gold Rate Today, Gold Price

Gold is an important possession and asset in every household in India. People use it often as jewelry and purchase gold coins and bars. On occasions such as weddings, celebrations, anniversaries, etc. gold is used for gifting. Even if people do not buy gold for investment to create liquidity during inflation, they will somewhere spend on gold assets as a token of pride, hobby collection, cultural significance, and more. This is why it is more than just a precious metal in the country. As such, it is imperative to stay updated with gold prices in India and the gold rate today so that you can buy and sell gold by knowing the exact market price in your region and for the day.

Today 22 Carat Gold Price Per Gram in Mumbai (INR)

Stay informed with the latest gold rate updates - What are today's gold rates for 22 carat in India

Gram	Today For 22k	Yesterday For 22k	Price Change
1 gram	₹ 5,310	₹ 5,360	₹ -50
8 gram	₹ 42,480	₹ 42,880	₹ -400
10 gram	₹ 53,100	₹ 53,600	₹ -500
100 gram	₹ 5,31,000	₹ 5,36,000	₹ -5,000

Today 24 Carat Gold Rate Per Gram in Mumbai (INR)

Stay informed with the latest gold rate updates - What are today's gold rates for 24 carat in India

Gram	Today For 24k	Yesterday For 24k	Price Change
1 gram	₹ 5,793	₹ 5,847	₹ -54
8 gram	₹46,344	₹ 46,776	₹ -432
10 gram	₹ 57,930	₹ 58,470	₹ -540
100 gram	₹ 5,79,300	₹ 5,84,700	₹ -5,400

Gold Rate in Mumbai for Last 10 Days (10 g)

Track gold rate trend in Mumbai for the last 10 days - 10 gram rates for 22 carat and 24 carat

Date	22k	24k
Feb 3, 2023	₹53,100 ( -500 )	₹57,930 ( -540 )
Feb 2, 2023	₹53,600 ( 600 )	₹58,470 ( 650 )
Feb 1, 2023	₹53,000 ( 500 )	₹57,820 ( 550 )
Jan 31, 2023	₹52,500 ( -150 )	₹57,270 ( -170 )
Jan 30, 2023	₹52,650 ( 0 )	₹57,440 ( 0 )
Jan 29, 2023	₹52,650 ( 0 )	₹57,440 ( 0 )
Jan 28, 2023	₹52,650 ( 150 )	₹57,440 ( 170 )
Jan 27, 2023	₹52,500 ( -600 )	₹57,270 ( -660 )
Jan 26, 2023	₹53,100 ( 400 )	₹57,930 ( 440 )
Jan 25, 2023	₹52,700 ( 0 )	₹57,490 ( 0 )

Maximum gold demand comes from the rural and agricultural background and sections of the country. But with time gold investment in non-physical form is also increasing among the people living in urban areas. Thus, knowing the gold rate in the current times will give you an approximation of returns to expect from it at the present, and if there is any interest rate on it, you can enjoy better benefits. On this page, we will take you through live gold price in India and daily gold rates and keep you informed about other trending topics about this precious yellow metal.

What is the Relation Between Inflation and Gold Rates in India?

The gold interest rates will go higher when inflation increases. Gold price falls when the interest rates increase. Investors usually sell gold to purchase investment products that give a fixed yield. They also keep a natural hedge in mind in case the gold prices fall. So, if you are planning to invest in physical gold, keep these parameters in consideration. One thing to note is the interest rate we are talking about is of the US and not India.

What is the Purity of Gold?

Gold is alloyed or mixed with other metals such as silver, zinc, copper, palladium, nickel, or copper. The cheapest gold available in the market is alloyed with copper and silver and is known as rose gold, pink gold, or green gold. The one mixed with nickel, zinc, and palladium is known as white gold, which is more expensive than yellow gold mixed with zinc, copper, and silver.

The purity of gold is defined by carats. And that depends on how much mixture is there in the gold. Below is a list of purity measures for gold in carats.

24 carats -99.9%
23 carats -95.6%
22 carats -91.6%
21 carats -87.5%
18 carats -75.0%
17 carats -70.8%
14 carats -58.5%
10 carats -41.7%
9 carats -37.5%
8 carats -33.3%

How to Note the Difference Between 22 Karats and 24 Karats Gold?

Gold price in India is more for 24 Karats gold than 22 Karats gold. 24 Karats is the purest form of gold. It is 99.9 percent pure. 22 Karats means the purity level is 91.67 percent. And 18 Karats gold means 75 percent purity, and the rest amount in all is a mix or alloy of other metals. Abroad, gold purity is also judged by the fineness of the precious metal. Sometimes the color of the metal also may give a fair idea about gold purity.

22-karat gold is less bright and lively in appearance than 24 Karat gold. Thus, 22 Karats gold is a bit darkish and 24 Karats gold is more yellowish and alive. The addition of other meals will change the color of the gold. For instance, if the gold has more nickel in combination, then the color of the gold will be white.

How is Gold Rate Per Gram Determined?

Know more about gold rate per gram decision:

In India, if the rupee value goes down against the dollar, then the gold price in India per gram will increase. So, keep a check on the movement of currency. This will give you an idea of what can happen with the gold rate in India. Local tariffs also affect the prices.
Demand for gold in the global arena also matters. If the demand is low, the gold rate will fall, and vice-versa. The demand is also seen from central banks in the country and Gold Exchange Traded Funds. Supply also has an influence. If more gold is discovered and mined, then the focus will be to sell the metal.
The international aspects influencing the price of the metal are economic growth, volatility of policies, and strength of the dollar against other currencies.
If the government policies are such that they do not encourage gold consumption, especially when the current account is on the rise, so in that case, the gold rate per gram may increase.
Duties and taxes imposed in the country on gold transactions will affect the gold rate today.
If the interest rate in powerful countries such as the United States, is higher, then the rate for gold will fall, and otherwise.
No trading happens for gold on Sunday, so the price of gold does not change on this day.

How is the Hallmarked Gold Rate Decided in India?

Hallmark ensures the purity of gold. But there is no difference in gold price of normal gold and hallmarked gold.

What is the 916 Hallmarked Gold Rate in India?

The finesse of gold is 91.6 grams of pure gold in 100 grams of this precious metal. But that measure includes alloy. So, 916 gold is basically 22-karat gold. Before purchase, look for KDM, hallmark, manufacture date of the asset, stamp by the jeweler, etc.

Why Invest in Gold Assets?

Liquidity is high for gold assets. You can sell gold in India any time in physical form and get funds. But the actual cost of gold is not always possible to obtain when selling gold in its physical form. The deduction is for the making charges, if not hallmarked then the gold rate in India when selling may fall further. Gold purchase is also a good way to hedge against inflation. It is thus advisable to have some amount of gold investment done.

And when you have a gold asset with you, especially jewelry, you can also get a gold loan instantly on it. The disbursal happens the same day or in just a few hours, which is a lot faster than funds against real estate and other physical assets. Gold bonds offer good interest rates. Gold sovereign bonds also give some amount of return. Gold ETFs listed on National Stock Exchange are also a fine option against buying physical gold for investment.

If you plan to invest in gold, preferably go for the bonds and ETFs as there is no issue of storage and theft here. The Reserve Bank of India and other institutions have several schemes for gold ETFs and gold sovereign bonds. Also, you get to earn an interest, which physical gold will not give.

What is the Impact of Quantitative Easing on Gold Prices in India?

QE or Quantitative Easing is when cash flow is increased in the economy to encourage consumption. So, Central Banks around the world purchase securities and that causes extra cash flow in the system. The cash also paves the way for gold investments globally, hiking the price of this precious metal. Thus, the increase and decrease of QE also affect the gold rate today.

Who Imports Gold in the Country?

Almost all the gold that is in circulation in India is imported as the country does not mine this precious metal anymore. In the past, Kolar in Karnataka was a mine, but now it does not operate. Imported gold prices are used to decide the gold price in India at 22 carats. The major importers of the said metal in the country are private sector banks, government sector banks, and private companies. Here is a list of some of the importers who also have a say in proposing the wholesale gold rate in India:

Minerals and Metal Trading Corporation in India
Punjab National Bank
State Bank of India
Bank of India
YES Bank
Union Bank in India
Bank of Baroda

Charges that apply to imported gold are GST, Import duties, etc. Bullion association then decides the gold rates today at wholesale and retail. The current Basic Customs Duty is 12.5% of 100,000.

Can I Get Gold with Me from Abroad?

If you are arriving in India from abroad, then as a female passenger, you can carry gold worth Rs. 1 lakh. The same is worth Rs. 50,000 for a male passenger. Children can also carry gold because there is an import allowance for them. It is best to carry the purchase receipt along. At the maximum, you can bring 1 kilogram of gold into the country.

Why Does the Government Discourage Gold Consumption?

As gold is imported, it is paid in terms of the dollar. And this means gold imports drain the dollar and forex reserves in India. The government has thus launched sovereign gold schemes to reduce the purchase of physical gold by people.

What is the Method for Buying Gold Coins in India?

You can buy gold grams in different quantities in India. There are gold coins of 1 gram, 2 grams, 4 grams, and henceforth for up to 10 grams. The coin can be plain or bear some design or image. But all that should matter to you is the purity of the precious metal. Jewelry shops, centers, banks, and financial institutions sell gold coins these days.

You may also go for gold bars, but these are usually expensive. Do purchase from a trustable place and collect the final receipt and keep it safe with you. You can also look into sovereign gold bonds, gold ETF bars, Swiss gold coins that are almost tamper-proof cover, and others based on your needs and desires.

What is the Safe Way to Sell Gold in India?

Before you sell gold in India, ensure you have an Identity Card such as PAN Card and other government-recognized address and identity proof with you. Carry the receipt of the gold purchased, if possible, to the buyer, because this will give an idea of the authenticity of the metal besides the hallmark. Specialized places that buy and sell gold have a Karat meter to check the purity of gold. The gold is purchased on gold selling rate for the day. Jewelry shops, banks, recognized institutions, and several others are safe places to sell gold in the country.

What is Taxation on Gold in India?

When you buy and sell gold in India for a profit, then capital gains tax will apply. Also, if the value of gold is over Rs. 30 lakhs, then you have to bear the wealth tax. It is better to follow the taxation rules and pay tax on gold when necessary. Otherwise, if the tax authorities find you faulty, you will have to shell out a higher amount later.

Gold Rate FAQs

1. How to Measure the Purity of Gold?

The units of gold measurement are from milligrams, grams, and kilograms, to metric tonnes. Karat on the other hand is the standardized measure of gold purity in India and is certified with a hallmark. There are non-metric measures as well such as tola, sovereign, and troy ounce (31.1034768 grams accounts for 1 troy ounce).

Pure gold is made sturdier with other metals to cover up for its softness, otherwise, it is not possible to construct jewelry.
24-karat gold is 99% pure and usually available in solid forms such as gold coins and bars.
Jewelry is mostly carved from 10 Karat (41.7% pure), 14 Karat (58.5% pure), 18 Karat (75% pure), and 22 Karat (91.3% pure) gold.

2. Why is it Important to Get an Invoice for Gold Purchase?

Make sure to leave the store with a valid invoice for your gold purchase. Here are the reasons why this is important:

The bill will carry the exact amount charged for the gold jewelry or asset and the taxation and making charges listed.
It will act as proof of purchase that can be asked by income tax personnel or for any legal matter if the asset ownership is questioned at any time.
· Also, while selling gold or carrying it oversea, you will require the original invoice in some cases. It will also assist in calculating the capital gains tax on the sale.

3. Why Do Gold Rates Change Across Cities in India?

Different state taxes influence the gold rate. As the GST rate is fixed on gold, different local cesses make up for the gold price for a city. Another factor is the difference in the gold demand. The influence of gold associations at places may also mark a change in the gold rate in different cities of India.

Gold prices are higher at places where the demand for this precious metal is higher, and vice-versa. Also, transportation costs along with import duties account for the final price of gold. For instance, port cities such as Mumbai or Chennai will have different rates against inland regions such as Bangalore or Delhi. The transportation cost by sea and air do vary as well.

4. What Are the Safe Storage Options for Gold?

Gold storage is the biggest worry for consumers. This is true for the physical gold asset at the least because of their expensive value. Here is how to store the gold safely:

The most feasible option is renting a bank locker to safeguard the gold. Some people even get password-protected lockers or vaults in their homes to protect their assets.
But if you want to avoid the hassles of storage, then you can purchase gold in electronic form.
Not only does it disable the asset from the threat of theft, but saves on the locker rent as well.

5. Is KDM and Hallmarked Gold the Same?

Hallmark symbolizes the fineness and purity of the gold as issued by the BIS (Bureau of Indian Standards). Hallmarked gold attests that the gold is compliant with international standards for the asset. But KDM jewelry is not the same as hallmark gold. KDM is cadmium-soldered jewelry and not that widely used because of the health risks associated with cadmium metal.

BIS has already banned cadmium. The KDM jewelry contains 8% cadmium and 92% gold. Instead of cadmium now copper and other metals are used in gold jewelry. Yet as the KDM gold is 92% pure, it is still preferred by many people.

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