If you're planning to invest in gold (jewelry, coins, and bars), it's crucial to have the most up-to-date information about daily gold price in India. Keeping track of daily gold prices can help you in better investment.
The gold rate in India is influenced by multiple key factors which include international gold prices, the exchange rate between the Indian Rupee and the US Dollar, and local demand, particularly during major festivals such as Diwali and Dhanteras, global economic developments and etc.
As of today, the gold rate in India is ₹78,199 per 10 grams for 24-carat, ₹72,042 per 10 grams for 22-carat and ₹58,944 per 10 grams for 18-carat gold
Why Gold Is Important ?
Gold is deeply ingrained in Indian culture, symbolising wealth and prosperity. Its prices in India are influenced by international rates, exchange rates, and domestic demand. Recently, gold prices have been volatile, with a significant rise during and after the Covid-19 pandemic.
The cultural and sentimental value of gold drives consistent demand, especially during weddings and festivals like Diwali and Dhanteras. In the recent Union Budget, the Indian government reduced customs duty on gold imports. This decision is expected to boost legal imports, benefit the jewellery industry, and potentially increase tax revenues.
Gold's enduring demand in India, combined with strategic government measures, ensures its continued significance in the economy.
How to Check Gold Purity?
There are several ways to check the purity of gold.
1. Hallmark Certification: The most reliable way to check the purity of gold is to look for hallmark certification. In many countries, this is a standard practice. In India, the Bureau of Indian Standards (BIS) certifies the purity of gold jewellery. Hallmarked gold comes with a BIS logo, purity grade, and the jeweller's identification mark.
2. Karat System: Gold purity is often measured in karats (K). Pure gold is 24 karats (24K). The higher the karat number, the purer the gold. Common purities include 24K, 22K (91.6% pure), and 18K (75% pure).
3. Electronic Gold Tester: Jewellers use electronic gold testers that can provide quick and accurate results. These devices measure the electrical conductivity of the gold to determine its purity.
4. Density Test: Jewellers also measure the volume and weight of the piece of gold, calculate its density to check for authenticity. Gold has a high density (19.32 g/cm³).
Which Gold Is Best?
The "best" gold depends on the intended use and personal preference. Here are some considerations
1. 24K Gold
*Purity: 99.9%
*Pros: Highest purity, retains its value well, best for investment
*Cons: Soft and malleable, prone to scratches and deformation, not ideal for everyday wear
2. 22K Gold
*Purity: 91.6%
*Pros: High purity, good for jewellery, retains value
*Cons: Still relatively soft, can get scratched with heavy use
3. 18K Gold:
*Purity: 75%
*Pros: Durable, good balance between purity and strength, less prone to tarnishing, suitable for daily wear. Used for jewellery with intricate designs
*Cons: Less pure, lower intrinsic value compared to higher karat gold.