Gold Rate Today7043 views
- Want to check gold rates before buying the yellow metal?
- Check today's 22K and 24K gold price in India
Gold rate stands at INR 50,110 for 22 Carat and INR 51,110 for 24 Carat per 10 gram in the morning session today. As the day goes on, the rate might change depending on the trade of the yellow metal. However, the rate you see above won’t be the same across the country. So, we have listed out today’s gold rates across different cities, the price movement for the last 10 days and much more on this page. Keep reading!
Table of Contents
- 1 Today’s Gold Rate in India
- 2 How Can You Buy Gold in India?
- 2.1 So What are the Extra Costs Associated with Buying Gold?
- 2.2 Can I Buy Gold Online at Wishfin?
- 2.3 But How Can I Buy Gold at Wishfin?
- 2.4 What is the Gold Rate Today in Commodity Exchanges?
- 2.5 What Exactly are Gold Futures?
- 2.6 Why are Gold Prices Rising?
- 2.7 Economic Uncertainty Caused by the COVID-19 Pandemic
- 2.8 Geopolitical Tension Between US and China
- 2.9 Stimulus Plan Announced by the European Union
- 2.10 Weakening Rupee Against the Dollar
- 2.11 Will Gold be in Demand as Prices are Rising?
Today’s Gold Rate in India
Gold rates, however, don’t remain the same throughout India. They vary from one city to another based on different tax levies and other factors. Plus, the 22ct gold rate will be different from the 24ct gold rate in India. Let’s check out today’s gold rates in India.
22K Gold Rate Today in India
|Day||Gold Price (1 Gram)||Gold Price (10 Gram)|
|October 23, 2020||INR 5,011||INR 50,110|
|October 22, 2020||INR 5,010||INR 50,100|
|Daily Price Change||Up by INR 1||Up by INR 10|
24K Gold Rate Today in India
Don’t fret, we’ve got the data ready for you! Check out the gold price chart in the table below to know the same.
|Day||Gold Price (1 Gram)||Gold Price (10 Gram)|
|October 23, 2020||INR 5,111||INR 51,110|
|October 22, 2020||INR 5,110||INR 51,100|
|Daily Price Change||Up by INR 1||Up by INR 10|
Gold Rates Across Major Indian Cities
Gold rates that you saw above will change from one city to another depending on different tax levies and other factors. Let’s check out the rate across major Indian cities for 22K and 24K gold per 10 gram as on as on 25 October 2020.
|City||22K Gold Rate (10gm)||24K Gold Rate (10gm)|
|Delhi||INR 49,620||INR 54,130|
|Mumbai||INR 50,110||INR 51,110|
|Kolkata||INR 50,120||INR 51,720|
|Chennai||INR 47,210||INR 51,500|
|Bangalore||INR 47,210||INR 51,500|
|Hyderabad||INR 47,210||INR 51,500|
|Pune||INR 50,110||INR 51,110|
22ct and 24ct Gold Rate in India for Last 10 Days
Gold prices have been steadily rising over the last ten days to breach the 50,000 mark per 10 gram in both 22ct and 24ct categories. Let’s check out the table below to know the gold rate per 10 gram for the last ten days.
|Date||22ct Gold Rate (10gm)||24ct Gold Rate (10gm)|
|October 23, 2020||INR 50,110||INR 51,110|
|October 22, 2020||INR 50,100||INR 51,100|
|October 21, 2020||INR 50,120||INR 51,120|
|October 20, 2020||INR 49,640||INR 50,640|
|October 19, 2020||INR 49,920||INR 50,920|
|October 18, 2020||INR 49,510||INR 50,510|
|October 17, 2020||INR 49,500||INR 50,500|
|October 16, 2020||INR 49,530||INR 50,530|
|October 15, 2020||INR 49,550||INR 50,550|
|October 14, 2020||INR 49,600||INR 50,600|
22 and 24 Carat Gold Rate in India for Last 6 Months
Gold prices have been rising continuously over the last 6 months in both domestic and global markets owing to various factors such as economic uncertainty, geopolitical tension between the economic powerhouses, weakening rupee, etc. Let’s check out the table below to know how the rise has been during this period.
|Month||Date||22 Carat Gold Price (10 Gram)||24 Carat Gold Price (10 Gram)|
|September 2020||September 1, 2020||INR 50,750||INR 51,750|
|September 30, 2020||INR 48,950||INR 49,950|
|August 2020||August 1, 2020||INR 52,500||INR 53,500|
|August 31, 2020||INR 50,500||INR 51,500|
|July 2020||July 1, 2020||INR 39,770||INR 43,700|
|July 31, 2020||INR 51,110||INR 52,110|
|June 2020||June 1, 2020||INR 46,070||INR 47,070|
|June 30, 2020||INR 47,350||INR 48,350|
|May 2020||May 1, 2020||INR 45,300||INR 47,020|
|May 31, 2020||INR 46,010||INR 47,010|
|April 2020||April 1, 2020||INR 40,560||INR 42,580|
|April 30, 2020||INR 45,050||INR 46,770|
Why is the 22K Gold Rate Lower Than That of 24K?
24K denotes complete purity as 24 parts of the gold are pure gold with no other metal included in them. Whereas, 22K gold rates are lower than that of 24K because the former has some portions of other metals as well. The 22K gold contains 91.67% of pure gold and other metals cover the remaining portion. That’s why you can see the gold rate for today in 22K being different from 24K in the gold price chart. And this trend continues…
How Can You Buy Gold in India?
During the lockdown from March 25 to May 31, 2020, almost everything was shut including jewellery stores in India. But now with lockdown restrictions getting eased drastically over the last 2 months, they all are open for buying gold jewellery. The gold rate shown above may vary from the one you get at the jewellery based on how different local bullion markets function. Different state governments can have different levies on the yellow metal, so the eventual gold price will differ.
So What are the Extra Costs Associated with Buying Gold?
The gold price chart you saw above mirrors the international gold prices. This is used as a tool to arrive at live gold rates across many cities in India. The eventual rate of gold will see the addition of import duty and value-added tax levied on the yellow metal, margins charged by the banks on import, live gold rates on the MCX, coordination between bullion associations and big dealers of different cities. So, unlike international markets, consumers in domestic markets have had to pay more.
Can I Buy Gold Online at Wishfin?
You can buy 24K 99.9% pure gold at Wishfin, a premier online financial marketplace having serviced over 35 million customers across loan and investment space. Besides purity, there are several other benefits when buying gold at Wishfin. Let’s check out all such benefits below.
- Purity Guaranteed – Wishfin has tied up with Augmont, which has NABL certified and BIS accredited refineries in India
- Topmost Security – The gold you buy at Wishfin is stored in lockers by the market leader in secure logistics and vault services i.e. Brink’s. Along with that, you also get the benefit of IDBI Trusteeship Services that ensure your gold is put safely in lockers throughout.
- Price Transparency – Live gold prices can be seen flashing on the screen, thereby ensuring greater transparency. You can even sell it at the right price.
But How Can I Buy Gold at Wishfin?
You can buy gold in a few simple steps mentioned below.
- Click on ‘Login’
- Enter your mobile number
- Enter a One-time Password (OTP) received on your mobile number
- Click on ‘Verify OTP’
- Mention your full name as per bank records
- Write the Pincode
- Mentioning email ID is optional
- Tick on the checkbox stating that you have read the Terms and Conditions
- Click on ‘Save Details’
After all this, you will create an account for you. Post the account creation, you will need to do the following to buy gold.
- Mention the value or weight of gold you want to buy
- Either way, you will get to know the worth of gold at the prevailing market price
- Click on ‘Proceed to Buy’
- A page will appear showing the value for gold purchase, GST amount levied at 3% of the purchase price, and the total purchase amount
- Click on the ‘Pay’ button that will also have the amount on it
- After that, choose from various payment options such as Cards, net banking, mobile wallet and UPI
For the transaction to go through successfully, you need to buy gold for a minimum value of INR 100. You can see the value and weight of gold bought in your transaction history. The ‘Transaction History’ icon is placed on the left side of your name. Remember, you need to login to see all that.
Similarly, you can sell your gold holdings after 7 days of purchase by clicking on the ‘SELL GOLD’ icon. You could see the LIVE Sell Price tracker. You can choose to sell gold either by weight or amount. Tick on the checkbox stating that you have read terms and conditions and click on ‘Proceed to Sell’. You will get the money credited to your account.
What is the Gold Rate Today in Commodity Exchanges?
Gold futures have reached INR 50,845 per 10 gram today at Multi Commodity Exchange (MCX).
What Exactly are Gold Futures?
Gold can be bought and sold instantly or traded in futures. With futures, gold is traded for delivery in the future at the current gold price. The day on which the exchange happens is called the ‘Settlement Day’. A buyer has to pay the agreed price to get the delivery of gold from the seller. Usually, the agreement is made between the buyer and seller around 3 months before the date of the proposed delivery. As there remains some time for the delivery of gold whose price can fluctuate daily, both sellers and buyers may move away from the deal. If the gold prices surge, the seller might not go ahead with the deal. On the other hand, if the gold prices dip, the buyer might move away from the deal as agreed. To prevent such an incident, the concept of margin money is introduced. The margin money requirement depends much on market conditions. On the whole, it can be 2-20% of the value you transacted at. This margin money is lodged with the central clearer that prevents both the parties to walk away from the deal.
Why are Gold Prices Rising?
The price of gold today is more than INR 52,000 for 10 grams, climbing nearly 24% from INR 42,200 for the said quantity on March 30, 2020. A lot of factors are contributing to the sustained rally in gold prices. Let’s check out such factors.
Economic Uncertainty Caused by the COVID-19 Pandemic
Whenever there’s uncertainty in the economy, people look to invest in gold. Following the same story this time around, a lot of us have started buying gold and that has pushed up the gold prices. Economies around the world are reeling under the effect of disruptions caused by the COVID-19 pandemic; the Gross Domestic Product (GDP) of India is forecast to be in the negative zone, industries such as aviation, travel and MSME are likely to be hit hard as per the Reserve Bank of India (RBI) survey. Even as stocks have recovered smartly from the lows when the COVID-19 outbreak began, a lot of investors are still shy from investing in equities. With so much uncertainty around, investments have flocked to the safe heaven of gold.
Geopolitical Tension Between US and China
The gold rate of today is an after-effect of the geopolitical tension that exists between the two largest economies in the world – the United States of America and China. The forced closure of embassies in Chengdu and Houston has only intensified the tension between these two powerful economies.
Stimulus Plan Announced by the European Union
The 750 billion euros recovery package announced by the European Union has also firmed up the rate of gold in the last few days. All eyes are on the US whose policymakers are also looking to devise an economic recovery plan.
Weakening Rupee Against the Dollar
India is the largest gold importer in the world by getting supplies of nearly 800-900 tonnes of yellow metal every year. So, the determination of gold rates in India is dependent on the exchange rate. If the rupee weakens against the dollar or any other global currency, the price of gold will rise in rupee terms. Rupee, which was around 45 against the dollar in 2011, has fallen to about 75 now. Such a drastic fall has led to high gold prices. To reduce the current account deficit (CAD), the government hiked the import duty on gold to 12.50% from 10% in July 2019. This hike has also resulted in increasing the gold rates in India.
If market analysts are to be believed, the rally in the gold prices is likely to continue for around a year considering there’s no vaccine in sight for the deadly Coronavirus disease and the slackening demand in general.
Will Gold be in Demand as Prices are Rising?
The high prices of gold generally lead to low demand for the yellow metal. But since festive and marriage seasons are about to kick off in India, a lot of consumers will most likely buy gold and use them in such functions.
Note – Gold prices are sourced from various news journals such as Economic Times, Live Mint, Good Returns, Fresherslive, etc.