How we calculate our gold rates
Our sources, our formulas, and why two gold-rate websites rarely show the same number
Where the 24K price comes from
Our 24K price is the benchmark rate published by the India Bullion and Jewellers Association (IBJA), which we receive through the metals.dev data API. IBJA is the reference rate that many banks, gold loan companies and jewellers use as a starting point. It already reflects the international gold price, the rupee–dollar exchange rate and India's customs duty on imported gold. It does not include GST or making charges.
We record the rate twice on each trading day, after IBJA's morning and afternoon publications (Monday to Friday). IBJA polls the physical market between 11:30 AM and 12:00 noon and again between 4:30 and 5:00 PM, and displays the resulting rates shortly afterwards. On weekends and market holidays you will see the last trading day's rate, and the timestamp at the top of every page tells you exactly when it was recorded.
If the IBJA feed is ever unavailable, we fall back to the MCX price, and if that is also missing we show an estimate based on the international spot price. Every page labels which source is being used, so you can tell when you are looking at an estimate.
How 22K and 18K prices are worked out
Lower karats are priced by their gold content. 22K jewellery gold is 91.67% pure (marked 916 in the BIS hallmark) and 18K is 75% pure (marked 750). So:
| Karat | Gold content | Formula | Example if 24K = ₹15,000/g |
|---|---|---|---|
| 24K | 99.9% | Benchmark rate | ₹15,000 |
| 22K | 91.67% | 24K × 0.9167 | ₹13,750 |
| 18K | 75% | 24K × 0.75 | ₹11,250 |
City rates
Gold costs about the same across India. Local jewellers' associations in some states publish their own daily board rate — AKGSMA does so for the whole of Kerala, and Chennai jewellers work to a rate circulated by the city's association — and those boards can sit a little above or below the national benchmark on any given day.
We apply no city premium. Every city page on this site shows the national IBJA benchmark, unadjusted. Earlier versions of this site added small estimated premiums for Chennai, Kochi and Hyderabad; we removed them in October 2026 because we could not substantiate them. When we compared published Chennai (MJDTA) and Kerala (AKGSMA) board rates on 22 October 2026, both stood at ₹13,235 per gram for 22K — identical to each other and to the rupee.
This means the city pages differ in their local market information, not in their headline number. If we ever reintroduce a city adjustment it will be because we have measured one against published local board rates over a sustained period, and we will say so here and on the affected page.
Why our rate may differ from other websites
It is normal to see differences of up to a few percent between gold-rate websites at the same moment. The common reasons are:
- Different reference prices. Some sites use the IBJA benchmark, some use the live MCX futures price, and some publish rates collected from local jewellers, which usually include a retail margin.
- Timing. Gold trades all day. A site updated at 9 AM and one updated at 5 PM can show different numbers even if both are correct.
- What is included. Some figures include 3% GST or a dealer premium; ours do not.
- Rounding of 22K. Some sites calculate 22K as 91.6% of 24K and others as 91.67%, which changes the 10-gram price by about ₹100.
What you will actually pay at a jeweller
The rate on our pages is the value of the metal only. A jeweller's bill adds making charges (commonly a percentage of the metal value or a fixed amount per gram) and GST.
A note on how GST is applied, because it is more than one rate. When finished jewellery is sold as a single item, it is treated as a composite supply and 3% GST applies to the whole amount — metal and making together. That is the case our calculator models. However, where a jeweller itemises making charges separately on the invoice, those making charges are widely reported to attract 5% GST while the metal is taxed at 3%. Ask your jeweller which way the bill is being raised; on a large purchase the difference is not trivial.
Here is a worked example on the composite basis for a 10-gram 22K chain when 22K gold is ₹13,750 per gram and making charges are 12%:
| Gold value (10 g × ₹13,750) | ₹1,37,500 |
| Making charges (12%) | ₹16,500 |
| Subtotal | ₹1,54,000 |
| GST (3%) | ₹4,620 |
| Total | ₹1,58,620 |
The gold calculator on each city page does this arithmetic for you. For tips on checking that the purity you pay for is the purity you get, see our guide to BIS hallmarks and HUID.
See it applied
The method on this page produces the live rates shown for Chennai, Mumbai, Delhi, Kolkata and Kochi, and every figure we have recorded is listed on the gold price history page.
Found a mistake?
If a rate on our site looks wrong, please tell us with the page, the time you saw it, and the rate you expected. We investigate every report.