Precious Metals

What is the price of gold in India today?

Shreya Matta

Shreya Matta

September 14, 2022

Gold has over the years been a perfect hedge against inflation. Investors are increasingly looking at gold as an important investment. Goodreturns is providing India gold rate today herewith for our reader’s informational purposes only. The gold rates are updated today and sourced from reputed jewelers in the country.

Gold holds a significant place in the hearts and minds of Indians. It is not just a precious metal but also a symbol of wealth, prosperity, and cultural significance. As the demand for gold remains high, many people are curious about the current price of gold in India.

As of today, the price of gold in India fluctuates based on various factors such as international market trends, import duties, taxes, and the value of the Indian rupee against other currencies. To get an accurate and up-to-date price, it is best to refer to reputable sources like financial news websites, commodity exchanges, or visit a local jeweler.

How are the hallmarked gold rates today in India determined?

An important thing is that there is no difference between the normal gold rate and the hallmarked gold rate. Nobody charges extra for giving you a hallmarked gold rate. It is the same rate at which normal gold is sold. The only difference is that you are ensured of purity when you buy normal gold.

Hallmarked Gold Rates vs Normal Gold Rates:

1) No difference in gold rates

2) Ensured purity through hallmarking

3) You have to take the precious metal to the essaying centers

4) Less essaying centers available in the market

5) Stringent quality practice established at the testing centers

6) Focus on swift expansion of the essaying centers for the smaller jewelers to make the best use of it.

The one thing that we need to mention is that the hallmarked gold 22k carat rate today in India does not differ in its pricing. What does argue is the quality of the precious metal. Investors have voiced their opinion on the poor number of hallmarking centers in the country, which needs to be addressed at the very earliest by the government of India. There is an urgent need to start more hallmarking centers so that quality gold is taken to all consumers in the country.

Why should we invest in Gold?

Gold prices today surges in Delhi, Chennai, Kolkata, and Mumbai on 28 July 2020Gold as an Asset Gold, the precious metal is one of the most sought-after assets during turbulent times. The investment in precious metals has grown across the globe year on year basis. Since 2001, the metal has witnessed a growth of around 15% every year.

The unique property of the jewelry metal of safe haven has renewed focus on effective risk management since the financial crisis in 2008-2009.

Gone are the days when gold was used as an ornamental metal adorned by women during festivities and celebrations. The changing pace of economic growth has driven even institutional investors to invest in this asset which acts as a:

  • source of long–term returns
  • diversifier that negates losses during volatility in stock markets
  • prominent liquid assets and handy at turbulent times
  • hedge against inflation and currency debasement
  • outshining metal when equities and debt tumble in the stock markets

It has a dual nature as an investment option and a luxury good. The value of metal has grown phenomenally over the years and hence the metal is one of the safest bets to invest in as an asset.

How is the Gold Rate today in India per gram arrived at?

1) Currency: If the rupee slides against the dollar gold rates in India per gram becomes expensive.

2) International factors: Volatile policies, slowing global economic growth, and dollar strength against a basket of currencies.

3) Global demand for gold: If the demand is not robust prices would fall. On the other hand in times of good demand prices of gold would gain.

4) Interest rates: When interest rates in major countries like the US go higher, gold prices fall, and when they fall gold prices  go higher.

5) Government policies: Sometimes the government also discourages the consumption of gold. For example, this happens when prices are rising and the current account is swelling. These days the government discourages the use of gold, so as to ensure that there are no problems with the deficit.

6) Prices: High gold rates today in India have also discouraged consumption in the country. Recently, the rate of gold in India moved higher to Rs 29,000 per 10 grams.

Todays Gold Price in India : 22 & 24 Carat Gold RateNew Measures that will impact Gold Rates in India

There are many measures that tend to impact gold price today in India. The foremost among these is the

  • Geopolitical tensions – Take the simple case of the recent Presidential elections in the United States. First, gold rates rallied sharply and then fell all over again, as investors realized that equity shares were moving ahead and they sold into gold. It later became clear that the new President’s policies are maybe volatile which further saw gold rates climbing all over again.
  • Movement of the currency – Amongst these, the most important is the US dollar. When the US dollar moves higher, gold rates tend to move lower. However, a lot depends on the Indian currency, since it particularly relates to the gold rate in India. A stronger rupee means a cheaper gold price in India, so go ahead and buy if the rupee falls.
  • One of the biggest risks of course would be the fast and furious pace at which the US Federal Reserve raises the interest rates in India. The faster the movement, the faster would gold prices fall.
  • Demand and Supply for gold – The demand of course come from places like the Gold Exchange Traded Funds, as also from the central banks in the country. Now on the supply side, if there are more discoveries and more amount of mining is done, it leads to further selling pressure on the metal. Now, this comes to the usual international factors that impact the prices.
  •  Government policies include the duties and taxes that are made applicable from time to time. After the Union Budget, there were some modifications made to the excise and other duty changes that were done. This resulted in the gold rate soaring higher in India and also in turn impacting the sales of jewelry in India. In fact, as we write interest rates in the US are hardening and this could impact the gold rate in India.

How does Gold Rates in India change?

Gold rates in India, depend on a host of factors, including:

International gold prices, currency rate movements, and also the local tariffs – When international prices of the gold move higher, gold rates in India see a change. The gold price today would always be different than what you see yesterday. Gold rates in India, however, do not change on a Sunday, as there is no trading that is done. If you are looking at today’s Indian gold rate, do not forget to visit our portal and check the updated rates.

Now let us understand each of the factors separately.

When inflation goes higher, gold prices tend to fall. This is because there are worries that interest rates would rise when inflation gains momentum in the economy.

One big determinant of gold rates in India is the currency movement, so watch for early morning trade of the movement of the rupee against the US dolllar, which is another big factor.

The biggest of these of course is the ability to of international prices to move. The greater the political tensions, threats of was and other factors, the bigger would be the momentum of the gold movement in India. This is because we see global demand gathering steam, which is why the domestic prices also tend to move in tandem.

All in all, it is a good move for the precious metal in the coming days. So always check the rates before you buy into gold.

Hallmarked Gold 916 Rate Today in India

Before discussing the 916 hallmarked gold rate, it is important to understand what this 916 hallmarked gold in India means. So you take 91.6 grams of pure gold in 100 grams of gold that includes alloy and arrive at 916, as simple as that. In simple terms, 916 gold means 22 karats gold. The most gold rate for 916 hallmarked can easily be got from your local jeweler. You can regularly check the Gold Rates in India here.

The other important aspect to understand is hallmarked gold and KDM, which are a must to check before buying gold in India. We have provided all the gold rates in India for 916 hallmarked gold. Do not forget to look for things like the date of manufacture of the gold, the stamp of the jeweler, etc., before you buy hallmarked gold in India. This way you are certain of the purity of the gold that you are buying.

Staying Updated with Gold Prices

To stay updated with the current gold prices in India, you can follow these steps:

  1. Check Financial News Websites: Reputable financial news websites often provide live updates on gold prices. They offer real-time data and analysis to help you make informed decisions.
  2. Visit Commodity Exchanges: Commodity exchanges such as the Multi Commodity Exchange (MCX) provide live gold price information. You can access their websites or mobile applications to get the latest updates.
  3. Consult Local Jewelers: Local jewelers are well-versed in the current gold market and can provide you with accurate pricing information. However, it is advisable to cross-check the information from other sources as well.

Final Thoughts

Gold prices can fluctuate throughout the day, so it’s essential to verify the latest rates before making any decisions. Whether you’re considering buying or selling gold, staying informed about the current prices will help you navigate the market more effectively.

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