How Gold Rate Fluctuates in India?

Gold is a product whose rates go up and down every day. The volatility in the gold rate helps you make the right decision to buy gold. What is the gold rate today? Is it good to buy gold today? Let’s find out about the gold rat and its importance in the gold purchase. Read this article to know what rate is gold today.

22 Carat Gold Rate Today

Weight

Gold Rate (INR)

1 gram

5,350

8 gram

42,800

10 gram

53,500

100 gram

5,53,000

24 Carat Gold Rate Today

Weight

Gold Rate (INR)

1 gram

5,470

8 gram

43,760

10 gram

54,700

100 gram

5,47,000

Note: Gold Rate represented in the table above is of date 7th August 2020

Why to Check the Gold Rate for Purchase?

In Indian traditions buying gold in the form of jewellery, coins etc. is auspicious for every occasion such as a wedding or a puja for Akshaya Tritya, Dhanteras and Diwali. Although you must have your local jeweller that has the best selection for you, would you consider the gold rate while buying it or not. You should not blindly trust your jewellery with the price of gold. As there are so many factors that can affect your gold price such as making charges, value of gems, gold rate, etc. 

Final price of the gold jewellery is done by the formulae given below. 

Gold Price of (22 KT or 24 KT) gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

Things you should check while buying gold 

Purity of gold:- Gold jewellery is available to customers in different Carats. The measure of purity of gold is done by the gold carat.  By this measure of weight you can estimate its price. The purest form of gold is 24 carat. Most popular form of gold available in jewellery is 22 carat which contains 91.6% of gold and other more durable substances are added to it to make it strong.

Gold Rate Today:- You should check the gold rate before you buy gold. It can help you negotiate with the jeweller. So you can’t be a fraud by any jeweller and can buy gold at a reasonable price. 

For example: If the price of gold is INR 3,300 per gram, the cost of 22-carat gold would be INR 3300 X 22/24 = INR 3,025 per gram.

Making charges:- There are many tricks by which customers are followed by the jewellers when they buy gold. Sometimes to increase the gold price they add more making charges on which you can’t negotiate with the jeweller. So don’t fall in these traps while buying gold. First, check the gold rate and then calculate it with the making charges which is INR 30 to 60 per gram of gold. And the making charges will depend on the jewellery you purchase.

Now, whenever you are going to buy gold, always check what the gold rate today and then estimate the approximate price as per your budget.

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