Today Gold Rate

Array ( [0] => Array ( [date] => 2018-01-22 [city] => delhi [22_c_1_gm] => 2910.00 [24_c_1_gm] => 3112.30 [last_updated] => Last Updated: 22 Jan 2018, 12:22:41 PM ) [1] => Array ( [date] => 2018-01-21 [city] => delhi [22_c_1_gm] => 2895.00 [24_c_1_gm] => 3096.26 [last_updated] => Last Updated: 20 Jan 2018, 12:23:44 PM ) )

22nd Jan 2018


Today MCX gold price in rupees per 10 grams.

Today gold price in india is 31,123.00 rupees per 10 grams
(10 grams = 1 tola gold)

22 Carat Gold
Rs. 29,100.00
24 Carat Gold
Rs. 31,123.00

Gold Rate Today in India (in Rs/1 gm)

Last Update on 22 Jan 2018, 12:22:41 PM

Gold Rate Gold Rate In BangaloreGold Rate In ChennaiGold Rate In DelhiGold Rate In HyderabadGold Rate In KeralaGold Rate In Mumbai
22 Carat 2823.002878.002910.002878.002785.002951.00
24 Carat 3019.253078.083112.303078.082978.613156.15

Price of Gold in Different Cities

Gold Price in India

Over the ages, Gold has occupied a predominant place in human life. It symbolises wealth, power and prosperity. It is precious and it has fascinated many cultures to lead towards progressive development. Gold has a significant importance in our lives. It is being used almost all the major civilisations in the world.

At the same time, gold is bought as ornaments to enhance the beauty of a bride, and it is indeed a wise decision to invest in gold. The moment you decide to invest in this prized asset, you should keep your eyes and ears open, as gold rate today tends to fluctuate depending on the market condition. The handy nature has increased the demand for gold over the period. Again, the supply is also stable and the flexibility and trust that gold owns cannot be possessed by other metal. Hence, it has been a perfect hedge against inflation since ages. Gold rate in India always creates curiosity among the common masses.  Hence, to deal with the uncertainty, here are some startling facts about gold rate that you might not be aware of!

Today 22 & 24 Carat Gold Price Chart

22 & 24 Carat Gold Rate in India for Last 10 Days

22 January 2018 Rs. 2910.00 Rs. 29100 Rs. 3112.30 Rs. 31123
21 January 2018 Rs. 2895.00 Rs. 28950 Rs. 3096.26 Rs. 30962.6
20 January 2018 Rs. 2895.00 Rs. 28950 Rs. 3096.26 Rs. 30962.6
19 January 2018 Rs. 2895.00 Rs. 28950 Rs. 3096.26 Rs. 30962.6
18 January 2018 Rs. 2915.00 Rs. 29150 Rs. 3117.65 Rs. 31176.5
17 January 2018 Rs. 2915.00 Rs. 29150 Rs. 3117.65 Rs. 31176.5
16 January 2018 Rs. 2900.00 Rs. 29000 Rs. 3101.60 Rs. 31016
15 January 2018 Rs. 2900.00 Rs. 29000 Rs. 3101.60 Rs. 31016
14 January 2018 Rs. 2900.00 Rs. 29000 Rs. 3101.60 Rs. 31016

Comparison of 22 K & 24 K Gold Rates in India

Historical Price of Gold Rate

The Glittering Gold of India

India's Inclination towards 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 commands respect.

The heavier the gold, the more prestigious a post you automatically escalate to. Most of the women in India prefer gold to diamonds, and the gold market in India is always loaded with fresh and vivid designs.

Buying Gold in India

Buying gold in India is pretty easy in the sense you can genuine gold jewellery shops almost everywhere. From large franchise to smaller shops, gold is everywhere here. You get the standard 22 carats gold, the intermediate 23 carats gold as well as the pure 24 carats gold in this golden country.

What Do You Buy?

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.

22 & 24 Carat Gold Rate Today

Common Factors that Determine Gold Prices in India

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 fluctuates based on the markets.

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, gold rates 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 President's policies might be volatile, due to that, gold prices hiked again.

There are several factors that might continue to keep 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 gold rates in India. Domestically, when rupee is stronger, gold prices are lower. 

Global Changes in Gold Prices

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.

The Gold Reserve Measure

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.

An Overall Demand

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 gold rate in India. At any given point of time, the current gold rate 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.

How is Hallmarked Today Gold Rate Determined in India?

There isn’t any difference between hallmarked gold rate today and normal gold rate. Any gold seller doesn’t 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.

How is the Per-Gram Today Gold Price in India Arrived at?

Price of gold in India is determined by the following factors:

  1. Currency - When the rupee slips against the dollar, India gold rate rises up.

  2. International factors - These factors include slowdown of the global economic development, volatile policies, dollar becoming stronger against different currencies etc.

  3. 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.

  4. 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.

  5. 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 isn’t any problem with the deficit.

  6. Prices - High gold rates discourage the consumption in our country. Off late, the price of gold in India has increased.

How is 22-Karat Gold Price in India Determined and Who Imports it?

Now, India doesn’t 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 don’t change often during the day.

Impacts of QE on Gold Price Today in India

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.

Demand for Gold in India Goes Up 15% in 2017

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. Here’s a sneak peek on how the demand changes over time:

Demand for Gold

                   Year-wise Hike




Jewellery demand

79.8 tonnes

16% rise at 92.3 tonnes

Value of jewellery demand

20,484 crore

24, 220 crore with 18% hike

Value term gold investment demand

7,050 crore

8,200 crore, 16% hike


14 tonnes

Went up by 3% to 14.5 tonnes

Imports during January-March 2017

127.4 tonnes

Rose by 112% to 270.1 tonnes

Why is Gold a Good Option to Invest in India?

If you are keen to invest in gold, you’ll 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:

  1. You’ll have to pay annual management charges for Gold ETF
  2. Annual management charges to be paid for FOD Scheme

Investing in Sovereign Gold Bond Scheme

If you want to invest in physical gold, you should go by the current gold price. 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 don’t 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.

Store your Gold Safely in India

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. They’re 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 haven’t been at their best, keeping a watch on the gold rates is the best way to track gold prices.

Physical Gold vs. Gold ETFs vs. Sovereign Gold Bonds

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.


Physical Gold

Gold ETFs

Sovereign Gold Bonds


 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. That’s 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.


Needs a safe storage space.

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.

The Gold Import: India

If you are traveling to India from abroad and gold is one thing you’d 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:

  1. For Male Passengers- Male passengers can’t carry gold worth more than Rs. 50 thousand.
  2. For Female Passengers- Female passengers can’t carry gold worth more than Rs. 1 Lakh. 

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. It’s 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. 

22 Karat and 24 Karat Gold: Know the Difference

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.

24 Karat Gold

22 Karat Gold

It has no trace of other metal

Marketable in jewellery or decorative form

Known as 99.95 pure gold

Not 100% pure gold, up to 92% is pure gold and remaining part is preservative metals such as zinc, silver or other metals.

Slightly expensive than the other

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

Gold colour is pure yellow and untainted

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.

Not bendable in its original and pure form

It can be easily shaped into 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.

Factors Influencing Gold Price in India

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. Let’s look at a few of them. Here we go:

Influence of Inflation Rate

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.

Global Movement

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.

Government Gold Reserves

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 doesn’t 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 increase its demand day by day.

Interest rate trends

Interests rates imposed on financial products and services also affect the gold rate. 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.

GST Imposed on 24 Karat Gold

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.

How Gold Prices Move in India and Globally?

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.

  1. Demand/Supply - Demand is a sole reason why the rate of any good including 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. 

  2. Global Production - 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.

  3. Industrial Uses and Jewellery - 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.

  4. Central Bank Controls - The gold reserves at the central bank ensure that the deficit financing doesn’t devaluate the currency so that hyperinflation is kept at bay.

  5. Economic Instability - 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.

Here are the common formats for buying gold.

  1. 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.

  2. Gold Coins - 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.

  3. Gold Bars - Minted by RBI at designated mints, these are guaranteed to be pure and these are available through the selected banking institutions only.

Gold Trading as a Commodity in India

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:

  1. Multi Commodity Exchange of India Ltd.
  2. National Multi Commodity Exchange of India Ltd.
  3. National Commodity and Derivative Exchange

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.

Gold Futures Contracts on MCX

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:

  1. Gold - 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.

  2. Gold mini - 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.

  3. Gold guinea - 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.

  4. Gold petal - 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.

  5. Gold global - It’s 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.

How to Sell Gold in India?

Before you sell your gold, you need to keep a few pointers in your mind so that you get best of the best deal.

  1. Retain invoice: 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.

  2. Get it evaluated: Before you sell your gold, make sure you get its value checked twice or thrice so that nobody can cheat you.

  3. Check the purity of gold: Before you sell your gold, it’s important that you get it hallmarked. In case your jewellery isn’t hallmarked then get its purity checked.

  4. Pick a trusted shop: Make sure that you sell your jewellery to a reputed store so that you get a fair price.

How to Check Purity of Gold

There are multiple ways to check the purity of gold.

  1. Look for the Hallmark Stamp: 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.

  2. BIS Standard Mark: BIS is used as a benchmark stamp for the purity of gold. Every legal jewellery item will carry this stamp on it.

  3. If there is Any Discolouration: 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.

  4. Try with a Magnet: We are aware the fact that gold is non-magnetic. So, if it pulls towards the magnet, it’s 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 children’s toys.

Gold Weight Conversion Table

To convert from


Multiply by


Troy ounces


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Troy ounces


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Million ounces






Troy ounces

Penny weights


Troy ounces

Avoirdupois ounces


Avoirdupois ounces

Troy ounces


Short tonne

Metric tonne



Troy ounces



Latest Gold News

Gold Price Marginally Lower in India

Gold rates in India, recently, saw a price surge with a minor rally seen by the gold price in the global market. This price surge was registered in both 22 Karat gold and 24 Karat gold, as the investment in gold continued to be in a sustained trend. We are likely to see a sustained uptrend in the next a few days.

Since investors continued to show their best interest in the yellow metal, spot gold trading prices stood at $1245 per ounce in the global marketplaces. Investors are proactively showing their interest in bitcoins and equities, and the gold price is unlikely to go downside in the recent days.

The movement of the dollar is quite relevant and the same has been quite week in the last a few days. This could lead to significant drop in the gold price in India – roughly around Rs. 27,000. Gold price in cities like Chennai and Bengaluru is much lower in comparison to the rest of India.

Now, both 22 Karat gold and 24 Karat gold have moved in tandem, in the same direction. Some recent reports by experts and analysts state that there has been increased demand for gold biscuits and gold coins in India.

Indian Bullion Refiners to have Gold Sourcing Standards soon

India is planning on implementing sourcing standard for gold refiners across the country after the new guidelines passed by the Organization for Economic Cooperation and Development (abbreviated as OECD).

The norms for unrefined gold, in the first phase, will stipulate that it’s not imported from gold mines that employ children at the lower level, do fund terrorist activities, or support activities against the nation.

In its first meeting, the working committee decided that the regulatory model will be in line with the LBMA (London Bullion Market Association) and operate under the supervision of the government. Post implementation of these guidelines, Indian gold refiners will be recognized in the International market and efficiently meet the expectations of overseas clients, banks and customers altogether.

Since India holds the largest share of gold in the world (in the region of 25k tonnes), there should be a separate norm because gold sold in India is quite old. Indian bullion refineries have been given time until May 2018 to register themselves with the Bureau of Indian Standards.

Gold Demand in Gujarat Remains Subdued this Wedding Season

The consumption of gold in Gujarat, this wedding season, is recorded to be slow due to the impacts of GST and restricted cash flow ensuring assembly election. Gold traders and jewelers across the city are also not expecting a rise in the demand for the yellow metal.

The secretary of Bullion Federation, based out of Ahmedabad said that the flow of money is being watched closely by the administration. The government is also scanning cash transactions of over Rs. 50,000 and asking for invoices right on the spot. This consequently has slowed down the flow of money across Gujarat. The assembly election is scheduled to take place on 9th and 14th of December.

Not all but some jewelers in the city are offering the doorstep delivery of jewelry to their customers, aiming at eliminating the odds of any problem customers might have to face.

In the fourth quarter of 2016, the demand for gold grew 3 percent to 244 tonnes particularly affected by the prices softening. Gold demand in the fourth quarter of 2017 is expected to be equivalent to that in that last year, particularly in the wedding season, which, however, is certainly better than that during the period of Dhanteras and Diwali.

The 3 percent rise in GST will certainly affect gold demand going forward, as consumers and traders are not yet prepared.

Sovereign Gold Bond Price Fixed at Rs. 2961 per gram

The government of India, on Monday, fixed the per gram price of the brand new series of SGBs (Sovereign Gold Bonds) at Rs. 2,961. Government and the Reserve Bank of India have collectively decided to provide Rs. 50 per gram discount to investors who apply online and make payment digitally.

Arun Jaitley, Finance Minister of India, states that the coming subscription starts on November 13, 2017 and lasts until November 15, 2017 at a fixed price of Rs. 2,961 per gram. The settlement date will be November 20, 2017.

Being a part of the SGB Calendar, announced till December, this round is spread across 12 weeks.

The subscription is open between October 9 and December 27, Monday to Wednesday every week and the settlement can be made on the very first working day of the next week.

The first tranche as per the schedule closed a month ago, i.e. on October 11.

Gold Demand Expected to Increase in India this Wedding Season

The demand for gold in India is expected to see a surge, as the peak wedding season is coming and jewelers across the country are pretty excited to bag a high premium. Recently, gold price in India and China was lackluster while in Singapore, the lure of this precious metal remained quite stable.

India is the second-largest consumer of gold and the ornaments made out of this yellow metal are an essential part of Indian weddings. Jewelers in India charged a premium of $3 per ounce over the official domestic prices, remained unchanged since last week, which includes10 percent import tax.

A Mumbai-based jeweler said that the wedding season has just started in the country. The wedding dates in the next few weeks will boost demand for gold.

As per a dealer with a private sector bank, there has been a fall in gold import by export houses nationwide in the last few weeks. This is why the market is in premium in spite of moderate demand.

For jewelry exporters in India, gold export norms have been tightened, restricting them to export this precious metal while keeping aside its sale it in the domestic market.

Gold Price Dips as Dollar Regains After U.S Senate approves Budget Plan 2018

Gold prices fell on Friday due to the dollar price rose after the U.S Senate gave a green signal to the budget plan for the financial year 2018. This move will ease the way for Republicans to follow a tax-cut package without asking for Democratic support.

Gold price had declined by 0.4% cent to $1,284.06 an ounce by 0700 GMT. It declined 1.6% for the week. The December delivery for US gold futures went down at $1,285.50 per ounce, which is a 0.3% shortfall.

The vote on the budget measure was passed on Thursday by 51 to 49 by the Reupblican-dominated Senate. This will add up to $1.5 trillion to the federal shortfall to pay for the proposed tax cut over the next decade. INTL FCStone analyst Edward Meir predicts that owing to Senate vote, the dollar is up, which in the near future will pave the way for a bill of tax reforms.

The American Central Bank i.e. U.S. Federal Reserve is anticipated to raise its benchmark rate of interest in December for the third time. Higher rates will increase the dollar’s value which in turn will affect the paper-currency dominated gold.

As per sources , US President Trump was in favour of Fed Governor Jerome Powell, as Fed chair had considered on the dollar and supported gold rices. In his recently concluded interviews with the five candidates for the fed chair, he indicated a decision will be announced as early as next week.

While OCBC analyst Barnabas Gan observed that the gold market has been moderately quiet lately.This indicates nothing but that geopolitical risks and changes may influence and boost demand for precious assets such as gold and Japanese Yen.

On the other hand, European Central Bank is all set to start pruning its monthly asset purchases from 60 billion euros to 40 billion by January.

However, all three precious metals saw weekly decline as Silver slipped 0.2 per cent to $17.17 an ounce, while Platinum saw a marginal rise of 0.1 per cent to $922.50 an ounce and palladium rose to 0.5 per cent at $963.25 an ounce.

Gold Imports in India Rise 31% in September, says GFMS

The gold imports in India rose by 31 percent as compared to that last year, as jewelers across the country have hiked their purchases looking ahead at the festival in the month of October.

Being the second largest nation across the worldwide, India is supposed to lend support to global prices that trading close to the highest level, which could eventually lead to the wide trade deficit of the country. As per Sudheesh Nambiath, Senior Analyst at GFMS, the gold imports in India in the month of September were 48 tonnes.

Since gold purchase comes under PMLA (Prevention of Money Laundering Act) began in August, the September figure is reported to be lower as compared to the average monthly purchases of 75 tonnes in 2017. A Mumbai dealer said that the demand was weak in Dussehra because of the PMLA.

The customers had to provide their PAN detail or tax code for purchase transaction(s) of over Rs. 50, 000 and jewelers were required to keep that record for PMLA, which led to buyers’ hesitant and subsequent less sale of gold.

Generally, gold demand rises in the final quarter due to the festivals like Diwali and Dussehra as well as due to the wedding season.

Gold Sales Expected to Skyrocket on Dhanteras as Government Eases the KYC Norms

Those planning to invest in gold on the auspicious occasion of Dhanteras are certainly in for a treat. In a recent move, the government of India eased the KYC norms for buying Gold in India, revealed various sources on the Internet.

According to sources, the government has decided to revoke its orders mandating jewellery dealers to collect PAN and Aadhaar cards details of the buyers purchasing Gold, silver and other jewelleries for more than INR 50,000. This decision was taken in the GST Council meeting held on the 6th of October 2017.

India is one of the world's largest gold consumers and records consumption of around 900-1,000 tonne Gold each year. And a major portion of the import is consumed during Diwali and Dhanteras.

Dhanteras is observed as one of the most auspicious days for purchasing silver gold, jewelleries or other valuables and is celebrated with much aplomb across a large part of the country.

In the wake of these changes, Gold sales are expected to experience an upswing this Diwali. Industry experts are hopeful of a 15% increase in Gold sales as against same period last year. The improvement in Gold sales will definitely be a big relief for Gold sellers who were experiencing consistent losses due to fewer consumers and a steady downfall in Gold rates.

Last Diwali, gold sales witnessed a steep rise of almost 25% owing to the high demand and fairly low Gold rates, reveal online sources.

Gold Might Soon be Excluded from Trade Agreements

As per recent reports, India’s gold imports have almost tripled to $15.24 billion or Rs. 97,665 crore during April-August, as compared to $5.08 billion during the same period last year. Such a surge in gold import has caused alarm in the government, as this spike has worsened the country’s current account deficit.

Government understands that provisions of trade agreements are being abused to import gold at a very low or even zero duty and hence is planning to exclude the precious yellow metal from such trade agreements in future.

The matter has been discussed between the ministries of finance and commerce to negotiate trade agreements, the government official said. As per current rulebook, 10% basic customs duty is charged on gold imports from the countries with which India doesn’t have any trade agreement.

For a period of April-August 2017, the current trade deficit of India is pegged at $63.1bn, which is compared to the $34.3bn for the same period of the last year. Undoubtedly, GST implementation affected the gold imports to go high, leaving the government worried.

Dollar Recovery Shoves Gold Down from One-year High

The gold rate cut down on Monday, after reaching its zenith in over a year, in the last session, as a result of the fast recovery of dollar rates in last week.

It was reported that the gold rate was down 0.7% at 1,337 USD, an ounce by 0053 GMT. It ascended to 1,357.54 on September 8, 2017. It is the highest gold rate since August last year.

Mark To, research head, Hong Kong's Wing Fung Financial Group, said that the major determinates of gold rate last week were the ongoing geopolitical tension. However, no crisis triggering event was noticed and there were fewer chances for the rise in gold prices.

The US dollar, on Monday, won an official pardon from risk aversion, after North Korean dictator Kim Jong Un made a decision to have a party that weekend rather launching another missile. In his recent speech, Mark To said that he has planner to go long on the dollar for a week or more but not for too long. The reason he mentioned was the major determinates, whereas the tensions related to geopolitical tensions are there. He also mentioned that slowing of the hike in interest rate and other reduction measures are going to be with them as well.

Gold Rate in India Slips Due to Dollar Bounces Back

Gold price in India has a significant impact on the gold market and it tends to fluctuate rapidly. As per the recent report, gold rate in India is set to witness a fall owing to a firm Dollar. As Dollar increased after a positive US economic data, it has contributed to a fall in gold price in India by 0.4% and traded around 1,302 USD per ounce. As we already know, the foreign markets have a momentous influence on Indian gold price and since August last year, dollar went up by 0.3Y to 111.615, which was the strongest.

The recent meet between USA, North Korea and Central Bank on gold ended on a negative note. However, despite this negative sign, gold rate this month is quite at a higher side. The latest gold price indicates that this time gold prices are trading at 29,000 and this is an elevated rate as compared to the regular gold rate in India.

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