15 Apr 2022 3 min read Investing (Grow Money)

How to Calculate Gold Rate?

Calculate the Gold Jewellery Price

The gold rate is determined by the current market price of gold, which can fluctuate daily. To calculate the gold rate, you need to know the current market price per gram or ounce. You can find this information on various websites or through a gold rate calculator. Here's a simple formula to calculate the gold rate:

Gold Rate = Current Market Price × Weight of Gold

For example, if the current market price is ₹50,000 per gram and you have 10 grams of gold, the gold rate would be:

₹50,000 × 10 = ₹500,000

20 Carat Gold Price

20-carat gold, also known as 20-karat gold, is 83.33% pure. The price of 20-carat gold can be calculated using the same formula as above. For instance, if the current market price is ₹50,000 per gram, the price of 20-carat gold would be:

₹50,000 × 0.8333 = ₹41,665

How to Calculate Making Charges on Gold

Making charges are the fees charged by jewelers for crafting gold jewelry from raw gold. These charges can be calculated in two ways:

Cost Per Gram of Gold: The price of gold is fixed per gram, and the weight of the gold is multiplied by the rate to arrive at the making charges per gram. For example, if the making charge is ₹500 per gram and you buy 10 grams of gold, the making charge would be:

₹500 × 10 = ₹5,000

Percentage: The making charge is calculated as a percentage of the total gold weight. For example, if the making charge is 10% and you buy 10 grams of gold at ₹50,000 per gram, the making charge would be:

₹50,000 × 10% = ₹5,000

Gold Rate Calculator

A gold rate calculator is an online tool that helps you determine the current value of your gold based on the current gold rates in the market. It takes into account the weight, purity, and current market price of gold to provide an accurate estimate. You can find gold rate calculators on various websites.

Conclusion

Calculating gold rates and making charges can seem complex, but with the right tools and information, it becomes much easier. By using a gold rate calculator and understanding the factors involved, you can make informed decisions when buying or selling gold jewelry.

FAQs:

How is the gold price calculated?

Gold Price=Current Market Price per Gram+Making Charges+Taxes+Other Fees

How to calculate the 24-carat gold rate from 24 carat to 22 carat?

Formula is = 22 Carat Gold Price = 24 Carat Gold Price × 22 / 24

How to calculate the 1-gram price?

Formula: 1 Gram Price = Total Gold Price / Weight in Grams

How much is GST on gold?

3% GST on gold jewelry in India.

How to identify 22k and 24k gold?

22k gold is 91.67% pure, while 24k gold is 99.99% pure. 22k is more yellow and less soft than 24k.

Can I buy gold without GST?

No, GST is mandatory on gold purchases in India.

How to check gold purity?

Use a BIS hallmark, or gold testing kit, or visit a certified jeweler.

How much GST is 10 grams of gold?

Multiply the gold price by 10 grams and then by 3%. Formula: GST on 10 Grams = Gold Price × 10 × 0.03

What is the formula for the gold price?

Formula: Gold Price = Current Market Price per Gram × Weight + Making Charges + Taxes + Other Fees.

How many grams is in 1 tola?

1 tola = 11.66 grams.

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