Gold Rate Today in India: How Daily Gold Prices Are Set
The gold rate today in India is the daily benchmark price for 24-karat and 22-karat gold, published by the India Bullion and Jewellers Association (IBJA) and tracked live on the Multi Commodity Exchange of India (MCX). Daily gold prices in Indian rupees move with three forces: the global gold price in US dollars, the rupee-dollar exchange rate, and the customs duty on gold imports set by the central government. Gold rates differ by city because of local taxes and making charges, but the IBJA and MCX figures act as the reference for every Indian gold market.
What does "gold rate today" mean in India?
Gold rate today in India is the per-gram or per-10-gram price of gold quoted on a given trading day. The India Bullion and Jewellers Association (IBJA) publishes a morning and evening rate. The Multi Commodity Exchange of India (MCX) provides a continuously updating spot and futures price during the trading session.
Two purities are quoted in most cities. The first is 24-karat (99.9% pure), which is the form used for investment bars and coins. The second is 22-karat (91.6% pure), which is the standard for Indian jewellery because pure gold is too soft to mould.
How daily gold prices are set in India
The daily gold price in India is built from three inputs.
- Global spot price. The London Bullion Market Association (LBMA) auction sets a US-dollar reference twice a day — the AM and PM fix. Indian rates follow this benchmark.
- Rupee-dollar exchange rate. A weaker rupee raises the rupee price of gold even if the dollar price is flat. The Reserve Bank of India (RBI) publishes the reference rate each working day.
- Customs duty and GST. The Government of India levies a customs duty on imported gold, plus a 3% Goods and Services Tax (GST) on the sale price. The Union Budget can change the customs duty band.
The MCX gold contract trades from 9:00 am to 11:30 pm IST. Its price reflects all three inputs in real time during these hours.
Where to check today's gold rate
Three categories of source publish the daily gold rate in India.
- Exchanges: The Multi Commodity Exchange of India (MCX) shows the live spot and futures price.
- Industry bodies: The India Bullion and Jewellers Association (IBJA) publishes a morning and evening rate that jewellers use to set their selling prices.
- Banks and refiners: The State Bank of India (SBI) and large refiners post a daily indicative rate for retail buyers.
Aggregator sites republish these figures, but the IBJA and MCX values are the authoritative reference.
Why gold rate today varies by city
Gold rate today in Bangalore, Chennai, Delhi, Hyderabad, Mumbai, and Jaipur can differ by a small margin even though the underlying spot price is identical. Three factors create the gap.
- Local taxes: Some states levy an octroi or state-level duty on gold movement.
- Making charges and wastage: City-wise jeweller pricing customs add a percentage over the spot price.
- Demand patterns: Cities with stronger wedding-season demand often see a tighter retail spread over the IBJA rate.
The MCX gold futures price is uniform across India because it is exchange-traded.
24-karat vs 22-karat gold rate
| Purity | What it means | Common use |
|---|---|---|
| 24-karat (999) | 99.9% pure gold | Investment bars, coins, sovereign gold bonds, ETFs |
| 22-karat (916) | 91.6% pure gold mixed with 8.4% alloy | Jewellery (rings, chains, bangles) |
| 18-karat (750) | 75% pure gold | Studded and lightweight jewellery |
The 22-karat rate is mathematically derived from the 24-karat rate by multiplying by 0.916. A change in the 24-karat rate moves the 22-karat rate by the same percentage.
How traders track gold in India
Two main instruments give Indian investors direct exposure to gold prices.
- MCX Gold and Gold Mini futures: Standard contracts of 1 kilogram and 100 grams. Both are cash-settled or deliverable and regulated by the Securities and Exchange Board of India (SEBI).
- Sovereign Gold Bonds (SGBs) and Gold ETFs: Issued by the RBI on behalf of the Government of India (SGBs) until early 2024 or by mutual funds (Gold ETFs). Both track the gold rate today closely and trade on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).