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How To Calculate Gold And Silver Prices In India:


Gold is global asset and prices should be uniform across the world.So base price in United States is considered and depending upon currency value of respective country,prices of Gold and silver are decided.

Basic gold prices are in terms of troy-ounce and get converted into grams.Then after using Dollar-rupee conversion factor and adding import duty gold prices are decided.

Current Gold Prices In US:  $1750 / Ounce.

1 Troy-ounce : 32.15 Grams.

Current Gold prices in Grams: 1750 / 32.15 = $54.50 / gram.

Dollar To Rupee Currency convesrion factor :: 1 USD : 49 Rs.

S0,Current Gold Prices In Grams in Indian rupees: 54.10 x 49 = 2670.05

+ Import Duty [2%] .Duty is applicable on the base rate declared by Govt time to time.Current Gold import base price is $499.

Please Note : While writing this post import duty on Gold was 2%.As per updates on 21st January 2013,Import Duty on Gold & Platinum have revised to 6% from current 4%.

Silmilarly we can calculate the prices for silver.

Current silver in US : $34 / Troy-ounce

Converted in Kg : $34 * 32.12 =$1092/ Kg

Multiplying by currency factor: 1092 * 49 =53,511….in Indian rupees.

+ Import duty [6%].Duty is calculated on base rate declared by Govt time to time.

 

Calculation can be done in Excel directly:

 

 

Indian prices for Gold are in 10 Grams for Gold and per kg for silver.

Currency conversion rate and base price of gold in dollar are the entered variables and output is current value of gold in India.There is some error in manually calculated and that calculated in excel.it may be because while manually calculating we have not considered complete decimals.

Above prices are for 99.99% pure gold[24 karat].Prices change accordingly purity factor.


Category: Commodities

Tagged: , ,

12 Responses

  1. urvish rathod says:

    i want to know about market data effects in mcx market.what is can be impact for mcx.

  2. Venkat says:

    Gold conversion
    I have 21.6 carat 66.940 grms gold
    How many grams it will be when we convert in to 22 carat gold

  3. Venkat says:

    Gold conversion problem
    I have 21.6 carat 66.940 grms gold
    How many grams it will be when we convert in to 22 carat gold

  4. raj says:

    i want to know the live gold rate rss feeds,and
    that rss feed display only gold rate not the discription

  5. rohit says:

    current ideas for silver rate

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