LabhGrow

Live Gold Rate Today in India

Find the latest 24 Karat gold prices in India. The rate is updated once a day from international markets.

Disclaimer: The gold and silver rates displayed on this app/website are for informational purposes only and are sourced from various external market feeds. While we strive to provide accurate data, prices may vary due to local market conditions, GST, making charges, and city-specific tariffs. LabhGrow, its developers, and owners are not responsible for any financial loss or decision made based on this information. Users are strongly advised to consult with their local jeweler or a certified financial advisor before making any purchase or investment. Prices are subject to change without notice.

Frequently Asked Questions about Gold Rate in India

The live gold rate in India is determined by a combination of several factors, making it a dynamic and constantly changing figure. The core components are:

  1. International Gold Price: This is the primary driver. The price is set in London by the LBMA (London Bullion Market Association) and traded globally in US dollars per troy ounce. We convert this international rate into Indian Rupees per 10 grams.
  2. USD-INR Exchange Rate: Since gold is traded in US dollars, the exchange rate between the US Dollar and the Indian Rupee plays a crucial role. If the Rupee weakens against the Dollar, the price of gold in India increases, and vice versa.
  3. Import Duties: India imports most of its gold. The Indian government levies customs duty on imported gold, which is added to the price. This duty is a significant part of the final cost.
  4. Local Jewellers Associations: In India, major jewellers associations in different cities (like Mumbai, Chennai, Delhi) determine the final daily rate for their members based on all the above factors. This is why the rate can vary slightly from city to city.

The 'K' stands for Karat, which is a unit of purity for gold. A higher Karat number means higher purity.

  • 24 Karat (24K): This is the purest form of gold, considered to be 99.9% pure. It is very soft and has a bright yellow colour. Due to its softness, it is not suitable for making regular jewellery. It is primarily used for making gold bars, coins, and in electronics.
  • 22 Karat (22K): This is the most common purity used for making gold jewellery in India. It consists of 22 parts gold and 2 parts of other metals like silver, zinc, or copper. These other metals are added to make the gold harder and more durable for jewellery. 22K gold is approximately 91.67% pure.
  • 18 Karat (18K): This type of gold contains 18 parts gold and 6 parts of other metals, making it 75% pure. It is even more durable than 22K gold and is widely used for making diamond and other gemstone-studded jewellery, as it holds the stones more securely.

Gold prices fluctuate daily due to a complex interplay of global and local economic factors. Key reasons include:

  • Global Demand and Supply: Like any commodity, the price is influenced by global demand (from investors, central banks, and industries) and supply (from mining and recycling).
  • US Dollar Strength: Gold is often seen as an alternative to the US dollar. When the dollar weakens, gold prices tend to rise, and vice versa.
  • Economic Uncertainty: During times of economic instability, political turmoil, or stock market volatility, investors flock to gold as a "safe-haven" asset, which drives up its price.
  • Inflation: Gold is considered a hedge against inflation. When inflation is high, the value of currency decreases, and people prefer to hold gold, increasing its demand and price.
  • Central Bank Policies: The actions of central banks, especially the US Federal Reserve, regarding interest rates can significantly impact gold prices. Higher interest rates make other investments more attractive, which can lower gold prices.

Hallmarking is the process of officially certifying the purity of gold and silver jewellery. In India, this is done by the Bureau of Indian Standards (BIS).

A hallmarked piece of jewellery will have three marks:

  1. BIS Logo: A triangular mark.
  2. Purity/Fineness Grade: For example, 22K916 for 22 Karat gold.
  3. 6-digit Alphanumeric Code: This is the Hallmark Unique Identification (HUID) number, which is unique to each piece of jewellery.

Importance: Hallmarking is crucial because it protects you, the consumer, from being cheated on the purity of gold. It ensures that you get the quality you are paying for. As of 2021, the sale of hallmarked gold jewellery is mandatory in most districts in India.

In India, the Goods and Services Tax (GST) is applied to gold purchases in two stages:

  1. On the Value of Gold: A GST of 3% is levied on the total value of the gold (price of gold + making charges).
  2. On the Making Charges: If the jeweller charges making charges separately, a GST of 5% is applicable on the making charges. However, most jewellers include the making charges in the total value and charge a flat 3% GST on the final bill.

For example, if the value of your gold ornament (including making charges) is ₹50,000, you will pay a GST of ₹1,500 (3% of ₹50,000), making the total bill ₹51,500.