Today gold price in india is 37,640.00 rupees per 10 grams
In India, there is a sentimental value associated with gold. The yellow metal symbolizes prosperity and wealth. Gold jewellery is so dear to Indian women that they cant enough of it. Since gold is an important part of auspicious celebrations, the sale of gold increases drastically around Diwali. Gold rate changes every day; if you want to buy gold, simply type today gold rate in google search box and conduct a Google search. Keeping up with the current gold rate is a must if you wish to hit the el dorado.
Gold ornaments are quite popular in our country. The shopping for Indian weddings is incomplete without gold. The best thing about gold is that it can be easily sold in case there is a financial crunch.
While gold fascinates Indian women, it attracts investors as well. For investment purposes, investors buy gold coins, gold bars, gold ETFs etc. Investment experts recommend not buying gold jewellery for investment purposes. It is because when gold jewellery is purchased; it attracts additional charges in the form of making charges.
Today gold price is affected by various factors such as demand and supply, market scenarios across the globe and the strength of US dollar etc. Additionally, the price of gold differs in various cities across India as well. Various factors such as taxes, demand, carriage, local associations etc. affect the gold price in different cities.
Trend of Gold Rate in India for June 2019 (rates per gram for 22/24 carat gold)
Trend of Gold Rate in India for May 2019 (rates per gram for 22/24 carat gold)
Trend of Gold Rate in India for April 2019 (rates per gram for 22/24 carat gold)
Trend of Gold Rate in India for March 2019 (rates per gram for 22/24 carat gold)
Trend of Gold Rate in India for February 2019 (rates per gram for 22/24 carat gold)
Trend of Gold Rate in India for January 2019 (rates per gram for 22/24 carat gold)
India has a long standing affinity to gold. It is the metal of the gods, and gods of the metals! It is the indication of the long lasting and evergreen heritage of this traditional country. Anything made of gold is regarded infinitely precious and hence, commands respect.
The heavier the gold, the more prestigious the status is thought to be. Most of the women in India prefer gold to diamonds, and the gold market in India is always loaded with fresh and vivid designs. Also, in comparison to diamond, the current gold rate is lesser, and hence, more bought.
Buying gold in India is pretty easy in the sense that you can find genuine gold jewellery shops almost everywhere. From large franchise to smaller shops, gold is everywhere. You can get the standard 22 carats gold, the intermediate 23 carats gold, as well as the pure 24 carats gold, in this golden country. However, before heading to the nearest jewellers, do search for Gold Rate Today or Today gold rate on Google for the latest price of gold.
This is entirely your choice. Gold rings, earrings and necklaces, there is plethora of options available. From heavy and gorgeous ones to light and simple ones, you can buy anything made of gold, if you budget allows you to do so.
For ages, the Indian population has had a fascination for gold. It is the most cherished metal, and it is flaunted in the form of jewellery at every occasion. The gold rate today in India is not standard. The gold price oscillates based on fluctuations in the market.
There are several factors that influence the gold price today in India. The top most reason is the geo-political distress in and around the country. When the Presidential elections were held in the United States, the price of gold initially rallied sharply and then fell again. It was because the investors became aware of the fact that equity shares were performing better. Later on, it became crystal clear that the newly elected Presidents policies might be volatile, due to that, gold prices hiked again.
There are several factors that might continue to keep the current gold rates volatile this year.
Also, the performance of a currency is also a big determinant of the price of gold today. In this regard, the most important currency is the USD. If the USD climbs up, gold rates are likely to move down worldwide. A lot is at stake due to Indian currency as well. It specifically relates to gold rates in India. You should keep a tab on current gold rate in India. Domestically, when rupee is stronger, gold prices are lower.
The price of gold in India is predominantly dependent on the global prices of the metal. Most of the gold in the Indian markets in imported. When there is a change in the global rate of gold, the import values are altered accordingly. The market price of gold in India is a direct reflection of the import prices.
Almost all nations have their central banks. These governing banks of major countries hold back the metal along with currencies for future use. The Reserve Bank does this too. When these banks all over the world acquire more gold for reservation, it leads to a rise in the rate of gold.
There are specific reasons for a rise in consumer demand for gold. In India, it is the wedding season or festivities. When the demand is more, there is an imbalance in the demand-supply ratio. This leads to a rise in the gold prices.
Apart from the above-mentioned reasons several other determinants influence the current gold rate in India. At any given point of time, the gold price today will also depend on the interest rates of certain financial services and products. No matter the price, the yellow metal has remained precious over the years and will continue that way irrespective of the oscillating prices.
There isnt any difference between hallmarked gold rate today and normal gold rate. Any gold seller doesnt charge extra money if you buy hallmarked gold. The rate at which the hallmarked gold and the normal gold are sold is the same. The sole and most important difference is that you are ensured of purity when you buy hallmarked gold.
The important thing to keep in mind is that hallmarked gold price in India does not differ when it comes to the pricing. The difference lies in the quality of the metal used. When you buy gold, buy good quality gold. It is good to buy the hallmarked gold as it ensures the quality. Many investors have raised their opinions on the less number of hallmarking centres available in our country. This is an important issue that needs to be addressed by our government so that number of hallmarking centres can be increased. This will be of great help to the consumers across India.
The gold price today in India is determined by the following factors:
Currency- When the rupee slips against the dollar, India gold rate rises up.
International Factors- These factors include slowdown of the global economic development, volatile policies, dollar becoming stronger against different currencies etc.
Global Demand for Gold- Global demand for gold plays a crucial role in determining the price of gold in India. In case the demand is robust, the prices would rise and vice-versa.
Interest Rates- The rate of interest is a crucial factor that affects the gold rates in India. When the rate of interest in countries such as America increases, current gold rate in India falls and when it falls, the gold rates increase.
Government Policies- There are times when the government discourages the purchase of gold. For instance- when the gold prices are high, the government discourages any investments in gold. It is done in order to make sure that there isnt any problem with the deficit.
Prices- High price of gold discourage the consumption in our country. Off late, the price of gold in India has increased.
Now, India doesnt mine gold. Places such as Kolar in Karnataka once used to be gold mines and now are closed. India imports approximately all of its required gold requirements. The imported gold rate is used to determine the 22-karat gold rate in India. Gold importers, such as government banks, private banks, and many private companies etc. fix the wholesale gold prices in India.
When gold is imported in India, the importers add import duties, VAT etc., and then they sell it to the wholesalers, who retail it to the retailers across India. The price of gold is decided by the bullion association. Gold prices dont change often during the day.
Quantitative easing is widely known as QE. It is another component that impacts gold rates in India. In quantitative easing, there is money supply in the economy for enhancing the consumption. Global central banks buy securities which lead to the extra money supply in the economy. This extra money supply finds a way into global gold investments, which pushes the prices of the metal higher.
An increase in the QE affects the gold rate today in India, which affects all the form of gold inclusive of the popular 916 gold rates in India. Off late, QE happening around the world is not that much. The US is done with its QE phase and there is some kind of easing happening in the countries such as Japan along with the Europe through the various central banks.
At present, it seems very unlikely there will be QE in that country. When the world economy will face any liquidity issues, gold rates could fall in the trade. Along with QE, there are some other components that lead to gold rallying. The withdrawal of QE will bring a fall in the gold prices. The US is now winding down its QE; there could be chances that gold rates in India could be impacted.
The demand for gold in India has increased by 15% in the initial quarter of the financial year to 123.5 tonnes, leaving a sign of hope for positive return. If we compared with the last year, the total gold demand stood for 107.3 tonnes, owing to the jewellers strike over excise duty introduction. As per World Gold Council estimation, gold demand increased by 18% in the first quarter to Rs. 32, 420 crore, which was just Rs 27,540 crore in Q1 2016. Heres a sneak peek on how the demand changes over time:
If you are keen to invest in gold, youll get a plethora of investment options in India. But before investing in gold, you need to be clear about certain things such as why you are investing, the tax liability, the other investment options and everything that you aspire to know about gold. Gold trading has picked the pace within a short span of time by offering favourite investment avenues in India. Though Indian gold market witnessed a stagger in the initial phase of this year regarding Indian Gold Rate, the stalwarts say this is a transitory phase that will pass by soon.
Here are various gold options you can avail in India to invest for good returns:
Jewellery: Buying jewellery every now and then is just like a tradition. In India, some rituals urge to wear or buy jewellery. This way you can invest in gold and can keep it for future use. However, one disadvantage associated with this is that the making charge is included in the buying cost and at the time of selling it, you might get the lesser amount or have to compromise on the making charge if you sell it to the same jeweller from whom you bought it. Because there is no guarantee that the gold price today will remain the same the very next day.
Gold Coin & Bars: Investing in gold coins and bars is trending these days. But be careful while buying. You should only prefer buying it from jewellers or authorised banks. The only difference is that banks sell gold coins and bar but they cannot buy it again. Jewellers, on the other hand, sell the gold and can buy it back from you as well.
Gold ETF: ETF stands for Gold Exchanged Traded Fund, a type of mutual fund which invests in gold and its units are being listed on the stock exchange. If you are seeking to invest in ETF in India, you need to purchase it from the stock exchange by simply opening a demat and trading account. The brokerage fee will be borne by you at the applicable ROI. Further, you need to pay the fund management charge as per the stock exchange norms.
Gold Mutual Fund: Gold Mutual Funds invest in gold ETFs on your behalf. You can invest here just like you invest in other mutual fund schemes. Also, SIP investment is probable in gold mutual funds. But keep this mind:
Needless to say, before buying or investing in any of the above-mentioned options, a web search today gold rate would be a wise decision. Doing this will help you keep tabs on the current gold rate.
If you want to invest in physical gold, you should go by the current gold rate. Switch to Sovereign Gold Bonds as they are a much better option. Buying SGB eliminates various risks such as theft, fraud etc. which is why you should consider purchasing gold bonds from top-listed commercial banks. These bonds offer you a nominal interest rate of 2.75% and can be redeemed at the rate specified by the Reserve Bank of India.
SGB can be purchased from the Stock Holding Corporation as well as post offices. There are investors who dont wish to invest in the bonds since the interest earned comes under tax scrutiny. However, you can enjoy 2 benefits from SGB. First, you get capital appreciation; second, you get regular interest. Hence, investors get to enjoy dual benefits. However, the liquidity of SGB is often questioned and is considered to be very poor. Currently, the NSE-listed bonds are priced at Rs. 28,200 per 10 gms.
SGB is a hit because of its rate of interest, but due to its lock-in period, SGB is disliked by investors.
Yes, you heard it right. Now its possible to buy digital gold through the mobile platform Paytm in association with MMTC – PAMP. You check the gold rate today and easily buy and sell gold digitally in the most convenient manner. It is called the Gold Accumulation Plan (GAP).
Under the Gold Accumulation Plan, a customer can buy 24 Karat / 999 fineness gold through Paytm. The prices are applicable as per the current rate of gold in the market.
The Stock Holding Corporation platform under the GAP, allows its customers to carry out gold transactions as low as Rs 1,000 and in multiples of Rs. 100 afterward. Moreover, you can buy gold as low as Re.1. It permits online transactions of gold in fractions of 0.1 grams as well.
Digital Gold transactions on Paytm do not work as a systematic investment plan or a collective investment scheme. Hence, you will not earn any interest such as gold bonds.
It offers the option to buy gold either in grams or in rupees as per your convenience
The customer can buy for a minimum value of Re 1
The gold can be sold or purchased any day/ anytime even on bank and public holidays
And the minimum amount of gold one can redeem is 0.001 gram ( as per the gold rate)
Live gold prices are inclusive of foreign exchange conversion, taxes, foreign exchange conversion, and customs duty and are offered on per gram basis. The prices are exclusive of making charges, product manufacturing, and delivery charges. And the prices are updated frequently
The transaction price is valid for a maximum of 6 minutes
The best way to store your gold is to stash it safely in a bank locker. Rent a bank locker and keep your gold guarded. But bank-lockers have their own pros and cons. Theyre a bit expensive, but they are the safest option. Yet, every time you need to access your gold, you will have to visit the bank. And on bank holidays and Sundays, you cannot access your bank locker. While it is the safest option, there is no guarantee against fire or theft.
To sort this problem, it is recommended to buy gold in its electronic form. Electronic gold is safe against fire or theft. It is ideal for investors looking for long-term savings in gold.
The best thing about buying e-gold is that it helps you in keeping a tab on India gold price. As gold prices in India havent been at their best, keeping a watch on the gold rate today is the best way to track today gold prices.
Gold reserves play an important role in the countries and the individuals too. As per the Statista, The United States has more than 8,000 metric tons of gold, which makes it the largest Gold Reserves as of March 2019. US gold reserves are twice that of Germanys gold reserves and thrice the gold reserves of France and Italy. China is in the sixth position for its gold reserves. As far as mining is concerned, China leads than any other country in the world.
In 2016, the total gold reserves in the U.S.A constitute to 75.3 % of the central bank holdings and in China, it constitutes only 2.3%.
After China, it is Australia who holds the largest gold mine reserves and is the 2ndlargest producer of gold in the world. Interestingly, India stands at the 11thposition with its gold reserves of 554 tonnes. France, China, Russia, and Switzerland rank higher than India. During the financial crisis, it is the Gold reserves that help the countries.
Gold serves as an investment asset for the governments and helps in recuperating from recession or inflation.
Physical gold, gold ETFs, Sovereign Gold Bonds are the various options for investment in gold. These three gold instruments track the rate of this metal.
One might have to face storage-related issues.
Electronic gold, hence, requires no storage space. No worries.
Again with Sovereign Gold Bonds, there are no such worries.
No interest can be enjoyed. Thats why a lot of investors consider gold as non-yielding bullion.
No interest rate. But, the return varies over financial firms that offer gold ETFs
Going for a gold bond ensures that some interest will be enjoyed. That rate of interest is stipulated by the Reserve Bank of India.
As an electronic form of gold, safety is assured.
Buying sovereign gold bonds means you need not worry about theft or destruction. It is a win-win deal.
If you are traveling to India from abroad and gold is one thing youd like to bring with you, then you need to know how gold is imported to India. Here is the criterion for duty-free import of gold:
You can ask your kids to carry the yellow metal if they are eligible as per the import allowance, but only if they have stayed abroad for at least a year.
People coming to India from overseas have a few import-related questions in their mind. The prices are based on the rates defined by the government for gold import.
Indian government discourages import of gold in India. Its because the gold purchased in dollars drains the Forex reserves of India. The Indian government has come up with Sovereign Gold Scheme in order to make sure the demand for physical gold is reduced. Because it might not be feasible to continue doing the same, the government has come up with various alternatives to serve this purpose.
The purity of Gold is measured through a unit called Karat. There is a belief that higher the karat, purer the gold is. You will get a variety of gold options such as 22 karat, 24 karat, 18 karat. You should be prudent before making any investment especially in case of 22 and 24 karat gold and their difference. Also, thorough check of current price of gold cannot go amiss. To do so, simply search for India Gold Rate in your browser search bar.
Not 100% pure gold, up to 92% is pure gold and remaining part is preservative metals such as zinc, silver or other metals.
It is cheaper than 24 karat gold with less weight
It offers guaranteed resell globally due to liquidity of gold and extreme demand
The colour of gold is changeable by mixing other metals like alloy
It cannot be used directly in making ornaments or jewellery
Though it is best for jewellery making but not recommended for diamond or gemstone studded jewellery.
Despite the differences, they both are considered as the pure form of gold due to the percentage they offer. However, if you are in quest of investing in gold bars, 24-karat gold makes more sense owing to its robust and resell benefit.
Gold price is not steady. Today gold rate may vary from yesterday owing to a few factors that have an extensive influence on rise or decrease of gold rate in India. Lets look at a few of them. Here we go:
Due to its steady nature, the investors prefer to use gold over currency. It results in an increase of the demand for gold when inflation is high. The price of gold also tends to shoot up with the increasing demand for gold among the investors and customers. This, in turn, affects gold rate today in India, further affecting the hike or dip.
The global movement may affect the today gold price in India. India being the largest importer, gold is being imported today from each part of the world. Hence, when import rates change owing to a global movement, some it holds a significant impact on gold price in India. Since any political disturbance may influence the value of currency or financial products, gold is considered as a safe sanctuary by the investors. It is often noticed that an interest for purchasing gold increases during a political crisis than a normal time. This situation is called as Crisis Commodity as customers tend to buy more gold, trailing the confidence in the government and the market.
Central banks, in most cases, have the right for gold reservation. Reserve Bank of India is one such institution which can hold a gold reserve. When central banks do so or procuring gold in excess, the today gold rate goes up. It is due to the rise in the flow of cash in the market but the supply goes down.
Jewellery has always been placed in a special category in India, mostly among the women. And when it comes in the form of gold, it is icing on the cake. Be it a wedding, festivals, birthdays, wearing gold jewellery is kind of a fashion here that has been followed since ages. There are festivals when the gold price goes up like Diwali due to the increasing demand for gold, and when demand and supply are unable to balance each other out, it results in rising gold rates. Again, the demand doesnt end here. Even in electronic items like TV, computers, GPS etc. it has been used in small quantity. In India, gold is a medium of showing off your status, as a gifting element, which, by any means, increases its demand day by day. Gold rate today plays an important role in sale and purchase of gold jewellery and ornaments.
Interests rates imposed on financial products and services also affect the gold rate today. If interest rate increases, customers seek to sell gold to obtain cash and on the other hand, a rise in the supply of gold leads to the reduced price of gold and vice-versa.
Gold rates have slightly gone up as 3% of Goods and Services Tax (GST) is being imposed on gold jewellery. Before GST, gold jewellers used to pay 1.5 excise duty, 1.2% VAT and 10% as customs duty on the gold purchase, which comes around 12.43% tax. After 3% GST came into practice, the jewellers are now paying 10% for import duty, 18% tax for making charges, which was zero before GST. And this effectively comes to 15.67%. However, with the constant protest of Indian Jewellery Council, the government later fixed the tax on making charges at 5%. The buyers now also have to pay an extra 3.24% tax as per GST rule while buying Gold jewellery.
There are a few components, which play a crucial role in affecting the India gold rate in a positive or negative way. Here are the 5 reasons why gold rate today is different as compared to 10 years ago.
– Demand is the sole reason why the rate of gold changes every day on a regular basis. When the supply of gold is constant and its demand increases during the festive/marriage season, the gold price increases.
– On an average, the global gold production is approx. 2,500 tonnes during any given year as compared to the total gold circulation across the globe which is approx. 165,000 metric tonnes. The applicable gold price is affected by the production cost of the additional gold.
– The combination of the different features make gold a perfect choice for various industrial usages. As the consumption of these industrial products increases, the demand for gold also increases. In India, 50 percent of the gold demand arises from the jewellery sector. During the festive season, the demand for gold increases that leads price increases.
– The gold reserves at the central bank ensure that the deficit financing doesnt devaluate the currency so that hyperinflation is kept at bay.
– In our world, no economy is self-sufficient and each country depends on another country for some kind of goods or services. In these situations, the key player in the world economy is the US Federal Reserve and each country has its own central bank. When these central banks introduce any measures which are considered as erratic then, many investors go for safer options such as gold instead of paper currency so that they have some tangible security. This leads to increase in the gold rates.
What are the Various Gold Options Available to Buyers?
Physical gold is available in 24 karats, which is considered as the purest form of gold. The 22 karat is the jewellery grade gold and 18 karat is less precious.
Jewellery (with/without precious gems/stones)
– It comes with purity issues, safe keeping issues along with the manufacturing charges. Gold rate is different from the exchange traded price.
– They can be of historic nature if they are collected from any archaeological digs. The coins minted under the Central Bank guarantee the purity which is available in different denominations from 2 grams-50 grams.
– Minted by RBI at designated mints, these are guaranteed to be pure and these are available through the selected banking institutions only.
Commodity trading is a new development in our country and gold has become one of the key commodities that is being traded in the commodity exchanges of India. One can go for gold trading through the 3 dedicated commodities exchanges:
These three exchanges are present across the country and they offer electronic trading or settlement systems. These exchanges are governed by the Forward Markets Commission.
MCX India deals in the future trade of gold along with a wide range of different commodities. At present, MCX offers various gold future contracts alternative for the investors looking forward to an investment:
– It has a trading unit of 1 kilogram and the maximum order size is 10 kilograms. The highest permissible open position for a person is higher of 5 metric tonnes for all the gold contracts coupled together or 5 percent of the market wide open position.
– It has a trading unit of 100 grams and a maximum order size is 10 kilograms. The maximum permissible open position for a person and for a member dealing collectively with all the clients is same as that for Gold Futures Contracts.
– Every gold guinea contract constitutes of a smaller amount of 8 grams and it is targeted at people with a small capital base. Starting from a low amount, the maximum permissible open position is at metric tonne for all the gold contracts clubbed together or 5 percent of the market wide open position for the individual customers.
– It involves only 1 gram of gold per unit as it is designed specifically for the small investors. The maximum permissible open position is same as the above contracts. One can buy up to 20,00,000 Gold Petal Contracts.
– Its a contract based on the international price that designed particularly for the requirements of exporters, jewellers, refiners, and larger bullion market participants. It is a new product from MCX which was launched in July 2015.
Before you sell your gold, you need to keep a few pointers in your mind so that you get best of the best deal.
: In order to be eligible to sell your gold to a reputed jeweller and getting the maximum value from your investment, you must keep the original invoice with you.
: Before you sell your gold, make sure you get its value checked twice or thrice so that nobody can cheat you.
: Before you sell your gold, its important that you get it hallmarked. In case your jewellery isnt hallmarked then get its purity checked. Also, compare the purity and price with Gold Rate Today to get an idea of the price you may be offered in exchange.
: Make sure that you sell your jewellery at a reputed store so that you get a fair price.
There are multiple ways to check the purity of gold.
: Pure gold always carries a stamp. Reputed stores stamp the jewellery with purity scale. To check the purity of your gold, simply place it under the magnifying glass and check for the hallmark stamp.
: BIS is used as a benchmark stamp for the purity of gold. Every legal jewellery item will carry this stamp on it.
: You can check the purity of your gold by noticing any discolouration or not. If your piece is only gold plated, it will start showing a different metal under it and colour will be faded.
: We are aware the fact that gold is non-magnetic. So, if it pulls towards the magnet, its not real. However, it never shows 100% result, as sometimes non-magnetic metals are used with pure gold as well. To perform this test you will require a strong magnet that you may find in a hardware store or in regular things such as purse latches, old unused hard drive or childrens toys.
Gold rates are determined by international gold rates and ideally, it should be the same across the count