Gold Price in India Today (24K, 22K & 18K) per Ounce, Gram & Tola 2024
If you’re looking to invest in gold or buy gold jewelry for personal use, here’s all the important information you might need before you buy. Find the latest 24-carat and 22-carat gold prices in India here and compare them to make an informed decision. All prices are updated today and are in line with industry standards.
Gold has been an excellent hedge against inflation for many years. Investors are increasingly looking at gold as a prime investment. Updated Gold Price provides gold prices in India only for the information purposes of our readers. These gold rates are updated today and sourced from reputed jewelers in the country. You can also check the Gold Price in India on Diwali 2024.
Today Gold Prices in India
Today the gold rate in India is 61,775.69 per gram. Gold price in India is 22 thousand 72,061.64 per tola. Find Live Gold Prices in India 1 Kg, 24K Per Ounce, 24K Per 10 Grams, Gold 22K Per Tola.
| GOLD UNIT | GOLD PRICE IN INDIA | GOLD PRICE IN US DOLLAR (USD) |
|---|---|---|
| Gold 24K per Ounce | INR 192,147.11 | $2,304.22 |
| Gold 24K per 10 Grams | INR 61,775.69 | $740.81 |
| Gold 22K per 10 Grams | INR 56,627.72 | $679.08 |
| Gold 24K per Tola | INR 72,061.34 | $864.16 |
| Gold 22K per Tola | INR 66,056.23 | $792.15 |
Understanding Gold Prices in India
In India, gold prices are typically quoted in Indian Rupees (INR) per gram (g). Here are some key terms to remember:
- Spot Price: This is the global market price for the immediate delivery of gold. It’s the benchmark, but you won’t find it directly for purchase.
- Gold Purity: Measured in karats (K), with 24K being the purest gold. Prices generally increase with higher purity.
- Making Charges: These are fees charged by jewelers for crafting gold into jewelry. They can vary depending on the design and craftsmanship.
- Hallmark: Look for the Bureau of Indian Standards (BIS) hallmark on gold jewelry to ensure purity.
Current Gold Price in India
Today, the price of gold in India stands at the cost of purchasing one gram or one ounce of 24-karat gold in India’s bustling jewelry markets and bullion dealerships. However, it’s important to note that gold prices can fluctuate throughout the day due to various factors, so staying informed is crucial for making informed decisions.
Factors Influencing Today’s Gold Price
Global Economic Trends
- Currency Movements: Gold prices are intricately linked to currency values, especially the US dollar. Fluctuations in major currencies can impact the price of gold in India.
- Interest Rates and Inflation: Changes in global interest rates and inflation expectations can influence investor sentiment towards gold as a hedge against currency depreciation and inflationary pressures.
Cultural Significance
- Festivals and Celebrations: Gold demand tends to surge during festivals and auspicious occasions such as Diwali and weddings, influencing prices.
- Traditional Value: Gold has deep cultural significance in India, often passed down through generations as a store of value and symbol of prosperity.
Domestic Demand and Supply
- Investor Sentiment: Local investor sentiment towards gold, influenced by economic conditions and geopolitical events, can drive demand and prices.
- Jewelry and Industrial Demand: India is one of the world’s largest consumers of gold, with demand stemming from both the jewelry and industrial sectors.
Implications for Consumers and Investors
Jewelry Purchases
- For Indians looking to purchase gold jewelry, today’s gold price provides valuable information on the cost of their desired pieces. Monitoring price trends can aid in making informed purchasing decisions.
Investment Opportunities
- Investors may view today’s gold price as an opportunity to enter or exit the market based on their investment objectives and risk tolerance. Gold can serve as a hedge against market volatility and currency fluctuations.
Long-Term Wealth Preservation
- Despite short-term fluctuations, gold has historically maintained its value over the long term, making it an attractive option for individuals looking to preserve their wealth and purchasing power.
What Makes Gold Prices Move in India?
Global factors influence gold prices in India, but some local aspects also play a role:
- Global Gold Market: Fluctuations in global supply and demand significantly impact the price.
- Import Duties and Taxes: Government-imposed taxes and duties on imported gold can add to the final price paid by consumers.
- Festival Demand: Gold purchases surge during festivals like Diwali and Akshaya Tritiya, pushing prices upwards.
- Rupee Exchange Rate: The value of the Indian Rupee (INR) relative to other currencies like the USD can affect the gold price quoted in INR.
The Indian Gold Market
India is the world’s largest consumer of gold, with a strong cultural affinity for the metal. This high demand can sometimes lead to slightly higher prices in India compared to the global spot price.
Remember: Gold prices can fluctuate daily. Before buying, check current prices in your city, consider purity and making charges, and compare quotes from different jewelers.
Know About Gold Price
24 Carat Gold
Gold in its purest form is considered to be 24 carats. Pure gold or 24-karat gold indicates 99.9% purity and does not contain any other metals. 24-carat gold is used to make gold coins, bars, etc. There are various other purities for gold and they are measured relative to 24 carats.
22 Carat Gold
22-carat pure gold is perfect for jewelry making. It is 22 parts gold and two parts silver, nickel, or some other metal. Alloying with other metals makes gold harder and more suitable for jewelry. 22-karat gold often reflects 91.67 gold purity.
Gold Weight Conversion Table
Check the table below to find out the price of gold in different units. Gold is often measured in grams, kilograms, troy ounces, baht, and tons.
| To Convert From | To | Multiply By |
|---|---|---|
| Troy ounces | Grams | 31.1035 |
| Troy ounces | Grains | 480 |
| Kilograms | Troy ounces | 32.1507 |
| Grams | Troy ounces | 0.032151 |
| Kilograms | Tolas | 85.755 |
| Kilograms | Bahts | 68.41 |
Physical Gold vs. Gold ETFs vs. Sovereign Gold Bonds
Physical gold, Exchange Traded Funds (ETFs), and Sovereign Gold Bonds are some of the gold investment options, which have long been the choice of various investors.
| Physical Gold | Gold ETFs | Sovereign Gold Bonds | |
|---|---|---|---|
| Storage | Gold ETFs are taxed as non-equity funds. Short-term gains and long-term gains are taxed as per the tax slab. | ETFs are electronic and hence there is no need for storage or fear of theft. | No physical storage is required and can be traded securely. |
| Interest | There is no interest to enjoy. Gold is thus considered a safe but dead investment by many. | There is no interest rate to enjoy but returns on investment can vary. | Can enjoy some rate of interest. |
| Tax | Wealth tax is levied on gold if its value exceeds Rs. 30 lakhs | Gold ETFs are taxed as non-equity funds. Short-term gains and long-term gains are taxed as per tax slab. | Sovereign gold bonds are taxed if sold before maturity. There is no tax on capital gains if they are held till maturity. Any interest earned is taxed. |
Conclusion
Today’s gold price in India serves as a barometer of economic health, cultural values, and global market dynamics. Whether you’re considering purchasing gold jewelry for a special occasion or investing in gold bullion for long-term wealth preservation, understanding the factors driving gold prices can empower you to make informed decisions. As you navigate the golden landscape of India’s economy, keep an eye on today’s gold price and its implications for your financial goals and aspirations.
