Gold Rates for 22 Karat Gold Across Leading Cities in India
Here are the latest gold rates across some of the popular cities in India:
|Gold Price in Popular Cities in India||Price per 10 grams (22 karat/carat)|
*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
Know about Today's Gold Price in India
India is the largest consumer of gold in the world, accounting for almost a quarter of the world’s total consumption. It is viewed as a solid instrument for investments, and even traders who are into commodities trading, invest in gold bullion. These investments are usually dictated by the current gold rates prevailing in the economy.
Gold Rate in India change daily and depend on several factors. Some of the factors that determine gold prices in India are market conditions globally, value of the rupee against the dollar, and demand and supply.
Historical Gold Price in India
Here are the prices of gold in India over the last year:
|Months||Lowest Price 24 Karat Gold – ₹ Per 10 Grams||Highest Price 24 Karat Gold – ₹ Per 10 Grams|
January 2023 Gold Rate in India
|Parameter||Gold price (24 karat)|
|January 1 Rate||Rs.5,429 per gram|
|January 23 Rate||Rs.5,612 per gram|
|Highest Rate in January||Rs.5,612 per gram on 23 January|
|Lowest Rate in January||Rs.5,402 per gram on 2 January|
December 2022 Gold Rate in India
|Parameter||Gold price (24 karat)|
|December 1 Rate||Rs.5,234 per gram|
|December 31 Rate||Rs.5,360 per gram|
|Highest Rate in December||Rs.5,397 per gram on 19,20 December|
|Lowest Rate in December||Rs.5,234 per gram on 1 December|
November 2022 Gold Rate in India
|Parameter||Gold price (24 karat)|
|November 1 Rate||Rs.4,998 per gram|
|November 30 Rate||Rs.5,213 per gram|
|Highest Rate in November||Rs.5,213 per gram on 15 and 17 November|
|Lowest Rate in November||Rs.4,998 per gram on 1 November|
Determination of Hallmarked Gold Rates
The prices of standard gold and hallmarked gold are the same. The main difference between hallmarked gold and standard gold is purity. Purity is ensured via hallmarking.
Factors that Impact Gold Prices in India
Some of the factors that determine Gold Prices in India are given below:
- Import costs - Since demand is primarily met through gold imports, import costs affect the gold rate in India. Higher the costs, the higher the price of gold.
- Interest rates on bank fixed deposits - Bank fixed deposits are the go-to investment option for Indians. It is only rivalled by investments in gold. When FD rates fall, investors prefer moving their money to gold. Hence, the demand for gold rises and thereby prices.
- Strength of the US dollar - When the US dollar weakens, gold rates in India rise and gold prices in India fall when the US dollar strengthens. Since, India buys its gold from foreign countries, and when the US dollar strengthens against the Indian rupee, it makes purchases of gold (usually done in USD) more expensive.
- Global economic stability - Gold prices rise during economic instability as gold is considered a safer asset than others. People tend to move their money out of riskier assets into gold. Other assets bear the risk of being significantly devalued, whereas gold with high liquidity continues to hold value even during times of crisis.
- Seasonality - In India, demand for gold during festivals, marriages, and other auspicious occasions. Prices tend to be higher during these times.
- Inflation: Since gold is bought to hedge against inflation, gold prices tend to rise when inflation is on an upward trend.
- International prices - In general, when gold rates are on an upward trend, globally, gold prices in India also move upwards. Many central banks, especially in the US and Europe, hold substantial gold reserves. Prices move upward when these banks or other financial organizations buy more gold.
- International gold prices are hugely affected by the prices fixed on the London Gold Market, twice a day, i.e., once at 10:30 a.m. and once at 3 p.m. USD is the currency generally used when quoting prices, although it is fixed in Pound Sterlings and Euros as well.
- Production costs - Mining companies sometimes increase prices on production costs. This is reflected in the price of gold imported into India.
- Supply - Domestic production and supply are limited in India. Supply constraints can push prices upwards. Similarly, lower supplies of gold globally can make the metal dearer in India.
Sovereign Gold Bond Scheme
You can purchase Sovereign Gold Bonds from a commercial bank listed in India to avoid theft, fraud, etc. This will help you to avoid theft or fraud. An interest rate of up to 2.50% p.a. is provided if you purchase a bond. The Reserve Bank of India will determine the price for the Sovereign Gold Bond.
Sovereign Gold Bonds can be purchased at a post office and the Stock Holding Corporation. However, the interest earned from Sovereign Gold Bond Scheme is taxable.
Storing Gold in India
A bank locker can be hired if you wish to invest in gold. Even though bank lockers may be expensive, they are safe. You can also purchase gold in electronic form. Gold can be bought in bulk in the form of ETF. Purchasing gold in electronic form will protect against theft.
Gold Import in India
If you come to India from abroad, a certain amount of gold can be brought back. Rs.1 lakh worth of gold can be brought back by female passengers, while Rs.50,000 worth of gold can be brought back by male passenger. The maximum amount of gold that can be brought back to India is 1 kg. However, duty will be levied and will depend on the value of the yellow metal.
Gold Demand in India
Over the last few years, the demand for gold in India has increased significantly. Apart from purchasing physical gold, individuals can invest in gold ETFs and e-gold.
Process to Purchase Gold Coins
Gold coins in the country can be purchased in several grams. Up to 10 grams of gold coins can be purchased. It is important that you check the purity before purchasing gold coins. Certain banks supply gold coins. Tax is applicable if gold coins are purchased using a credit card. Gold coins can be purchased from jewelry shops as well.
Why is the Gold Rate Different in Different Cities in India?
Gold rates vary across different cities in India. The key reasons for this are:
- Taxes - State taxes differ from state to state. Some states levy higher taxes than others. This is one of the reasons why gold is more expensive in some cities than others.
- Demand - Owing to different population sizes and varying demographics, demand for gold also varies. Discounts are usually offered on larger volumes. So gold prices in cities like Mumbai are lower, given the more significant quantum of transactions.
- Carriage - Indian imports a bulk of its gold requirements by sea. Gold prices in port cities, e.g., Chennai, are lower than those in interior cities, e.g., Delhi, because of the absence of inland transport charges.
- Local associations - Cities have gold associations, which have a say in setting the prices. This will also account for differences in gold prices between cities.
Gold measurements in India
Gold is measured in grams and troy weight. (Troy ounces, million ounces, grams, kilograms, tonnes, short tonne, metric tonnes, tolas, etc.)
Karat represents 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. (18K gold would be 18 of 24 karats out of 1,000 parts or fineness of 750).
What is the Difference Between Carat and Karat?
Carat is a unit of weight used to measure precious gems such as diamonds and pearls. Two hundred milligrams or 0.2 grams make a metric carat. Carats are abbreviated to ct. Carats are often mistaken to denote size.
Karat is a unit of finesse or 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 two parts copper. Gold being soft, is alloyed with another metal, usually copper, to attain form. Karat is abbreviated to kt.
What is the Difference Between 22k and 24k Gold?
Karats represent the finesse or purity of gold. Gold, a very malleable metal, is too soft to attain form on its own. It is usually alloyed with another metal, mainly copper, to attain form. The purity of the gold is then represented in karats as the parts of the 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 two 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.
Indian gold reserves
This is the amount of gold held by India’s Central Bank. Referred to as store value, it is against these reserves that currency is printed and circulated in the economy. Besides providing value to currency, these reserves act as security for amounts due to depositors or trading partners.
Gold as an Investment in India
Some of different ways of investing in gold are mentioned below:
- Gold bars
- Gold coins
- Multi Commodity Exchange
Investments in gold commodities, ETFs, funds and stocks can be done online adding another dimension to gold investments in India.
Digital Gold in India
With the world going digital, it is no surprise that gold has followed the digital trend. When you buy digital gold, you will be investing in pure gold, the physical equivalent of which will be securely stored by the seller in high-security vaults. The service provider should provide an invoice for the digital gold purchased, along with a vault balance reflected in the buyer's account.
You can sell the digital gold price at live market rates whenever you wish. You can also choose to take home the digital gold that was purchased. This can be taken in the form of jewelry or coins of equivalent value, but after adjusting the packaging and making charges. There is no overall limit to how much digital gold you can buy, although there is a daily limit of Rs.2 lakh worth of gold.
You can buy digital gold through several jewelers with tie-ups with the three licensed entities to sell digital gold in India - Digital Gold India (SafeGold), MMTC PAMP, and Augmont Goldtech. You can also buy digital gold through UPI payment apps such as PhonePe, Google Pay, PayTM, etc. However, brokerage firms have been barred by SEBI from selling digital gold. And also, check the prices of silver in India today.
Gold Trading as a Commodity in India
Gold is traded through spot contracts or derivative contracts, i.e., investors can trade in gold without possessing its physical form.
- Gold spot contracts are whereby gold is bought and immediately delivered (i.e., sold and delivered right away).
- Gold futures contracts are whereby gold is bought and sold at a later date as per the contract. Unlike most other commodities, gold futures are traded at spot prices and not at prices influenced by demand and supply.
Gold is traded as a commodity on three major commodity exchanges in India:
- Multi Commodity Exchange (MCX)
- National Commodity & Derivatives Exchange (NCDEX)
- National Spot Exchange (NSEL)
Gold Futures Contracts on MCX
MCX is India’s leading commodities exchange and a leading exchange to trade in gold. Contracts traded here offer significant liquidity and offer investors the option of contracts in four different sizes as outlined below with their other key features:Gold
- Ticker GOLD
- Trades during 6 months of the year i.e. February, April, June, August, October, December (Monday - Saturday)
- 1 contract = 1 kg of gold
- Initial margin: 4%
- Daily price limit: 3%
- Upper limit on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Ticker GOLDM
- Trades in all 12 months i.e. January to December (Monday - Saturday)
- 1 contract = 100 grams of gold
- Initial margin: 4%
- Limits on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Ticker GOLDGuinea
- Trades in all 12 months i.e. January to December
- 1 contract = 8 grams of gold
- Limits on positions: Up to 2 MT or up to 250,000 contracts at one time
- Trades in months as specified by the exchange
- 1 contract = 1 gram of gold
- Limits on positions: Up to 2,000,000 contracts at one time
Information is now available online from many sources, both authoritative as well as informational. This facilitates decision-making to save time and effort. Besides the latest gold rates and factors that affect gold prices, information is available on gold production, trades, different forms of gold (physical and paperless), leading jewelers, etc. Experts also publish their views on gold as an asset as well their outlook on the performance of gold.
Gold Weight Conversion Table
|To convert from||To||Multiply by|
|Troy ounces||Penny weights||20|
|Troy ounces||Avoirdupois ounces||1.09714|
|Avoirdupois ounces||Troy ounces||0.911458|
|Short tonne||Metric tonne||0.9072|
Which is the best investment option: Physical Gold, Gold ETFs, or Sovereign Gold Bonds?
In this section, we talk about all three investment options pertaining to gold and determine which of these is better.
|Paramaters||Physical Gold||Gold ETFs||Sovereign Gold Bonds|
|Liquidity||High||High||Bonds can be purchased at banks|
|Safety||Low compared to bonds and ETFS||High, as ETFs can be stored in the DEMAT account||High, as bonds can be stored in the DEMAT account|
|Loan||Can be availed||Can be availed||No loans can be availed|
|Investment||Short-term||Small quantities can be purchased and maintenance is low||Small quantities can be purchased and maintenance is low|
|Tax||Long Terms Capital Gains is applicable in case the investment is for than three years. In case the investment is for less than three years, tax that is levied will depend on the tax slab of the individual.|
|However, in case you invest in Sovereign Gold Bons and the investment amount is redeemed after maturity, no tax has to be paid on the gains.|
Taxes on Gold in India
Gold as a commodity attracts taxation in India, and depending on what it is used for; the taxes levied on the resource differ.
Tax on Purchase of Gold
Most gold in India is imported, resulting in gold being subject to customs duty. The customs duty payable on gold stands at 10% of the total value of the gold. In addition, processing charges associated with purchase would be taxed at 5%.
The sale of Gst on gold in India brings it under the purview of GST (Goods and Services Tax), that was introduced in 2017. The GST on gold was set at 3%. As a result, the total tax payable on gold stands at 14% at present.
Hyderabad gets first Gold ATM in India
The first Gold ATM, called Goldsikka ATM, has been inaugurated in Hyderabad. Gold coins can be bought with the help of credit cards and debit cards. Five kilogram options and eight quantity options are provided. Gold coins from 0.5 grams to 100 grams can be purchased. The capacity of each ATM is five kilograms. Individuals can visit the ATM to purchase gold rather than jewellery stores.
FAQs on Gold Price Today in India
How many grams in one tola gold?
Tola is a Hindi term used to measure gold. One tola gold is equivalent to 10 grams of gold.
Which gold is best 22k or 23k?
22-karat and 23-karat gold are not the purest forms of gold. In its purest form, the precious yellow metal is not very strong and unsuitable for jewelry-making. Usually, 22-karat gold is used for making gold ornaments. However, if a customer is looking for high-purity gold jewelry, 23-karat gold is a good option. Since the purity is higher, the price of 23-karat gold is also slightly higher than 22-karat gold. However, the price is lower than 24-karat gold.
What is 24 karat and 22 karat gold?
Karat is the unit used to determine the purity of gold. 24 karat is pure gold and does not contain any impurities. It is mainly used for gold coins, bars, and electronic and medical devices. 22 karat gold, on the other hand, is an alloy wherein 91.67% is gold and the remaining is a mixture of metals like zinc, silver, nickel, etc. These impurities in the 22-karat gold make the metal more potent, allowing it to be used for making jewelry.
Why do gold rates fluctuate in different cities in India?
The main reason behind the varied rates of gold across different cities and states in India is the addition of transportation charges for the precious metal. In addition to that, the rates also vary depending on the discount provided for bulk purchases. The transportation charges added to the price of gold led to fluctuating rates across the country during the same period.
Is 22K gold same as 916 gold?
Yes, 22-karat gold and 916 gold are the same. 916 denotes the percentage of pure gold in the 22-karat gold alloy. Of 100 grams of 22-karat gold, 91.6 grams is pure gold, and the remainder is a mix of other metals. In other words, 916 stands for 91.6% gold or 22/24 karat purity.
Which is preferable out of 22K and 24K Gold?
The preference in terms of 22-karat gold and 24-karat gold depends on the purpose of the gold. 24 karat is the purest form of gold and is used for making gold bars, gold coins, medical and electrical devices, etc. However, 24-karat gold, being brittle, is not a very good option for making jewelry. 22 karat is a preferable option for making gold jewelry as the mixture of alloys makes the metal more substantial and a better choice.
Will the gold price keep changing in India?
Yes, the gold price in India will keep changing. Gold prices change based on fluctuations in the market, government tariffs, duties, etc.
How is hallmarked gold rate in India determined?
The price of gold is fixed every day. It depends on two main factors- parts of gold in the jewelry (22KT or 18KT) and the type of metal used to mix with the gold.
Who imports and how is 22 carat gold Price in India?
Gold is imported into India by the Bank of Baroda, State Bank of India, Bank of India, Union Bank of India, Yes Bank, Punjab National Bank, and Minerals and Metal Trading Corporation of India.
Which is better physical gold or digital gold?
Physical gold can be held as it is a universal finite currency and is held by most central banks. You can also buy or sell digital gold units quickly anytime and anywhere, and they can be used as collateral for your online loans.
Is digital gold taxable?
Yes, Digital Gold Price will be taxed at 30%.
Is it profitable to invest in digital gold?
If you have invested in digital gold (24K 99.9% pure gold), the chances of loss are low; however, it does exist.
Is GPAY gold safe?
GPAY gold is safer to store gold as compared to physical gold.
Can I buy gold without GST?
GST is levied on both physical gold and digital gold.
Which form of gold is best for investment?
Sovereign Gold Bonds are a safe way to buy digital gold as the Reserve Bank of India issues them.
What is digital gold investment?
Digital gold is virtual gold, and you can buy the gold without having to hold the metal physically.
How many grams is Tulam gold?
Tulum gold is 11.6638038 grams.