A gold rate calculator, also known as a gold price 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 helps calculate the value of your gold items, such as jewellery, quickly and accurately.
This calculator takes into account various factors, including the current gold rate per gram, the weight of the gold item in question, etc. By inputting these details, you can instantly ascertain the approximate value of your gold in Indian rupee (INR).
How gold rate calculator works?
The gold rate calculator functions by inputting the weight and purity of gold items. The gold price calculator then computes the current gold price to determine their market value. This enables users to estimate the worth of their gold jewellery accurately.
Benefits of using a gold rate calculator
Using a gold rate calculator offers several advantages for individuals involved in gold transactions:
- Accurate valuation: It provides precise estimations of the current market value of gold assets, facilitating informed decision-making.
- Time and effort saving: By swiftly computing values based on weight and purity, it eliminates the need for manual calculations, saving time and effort.
- Enhanced transparency: Clear and standardized valuations promote transparency in transactions, reducing the risk of disputes.
- Price comparison: Users can compare prices across different sources, ensuring they receive fair deals and maximise their returns.
- Financial literacy: It educates users about the factors influencing gold prices and their impact on asset valuation, enhancing financial knowledge.
Using a gold rate calculator helps in accurate valuation, transparency, price comparison, and improved financial literacy, making it an indispensable tool for gold investors and enthusiasts.
Whether you are looking to assess the value of your gold jewellery, plan your investments, or make informed buying or selling decisions, a gold price calculator is a handy tool that provides quick and accurate estimates, making it an essential resource for anyone dealing with gold.
What is the formula for gold value calculator?
Jewellers employ the following formula to calculate gold rates:
Final Jewellery Price = Gold Price per Gram (22 or 18 Carat) × Weight in Grams + Making Charges per Gram + Goods and Services Tax (GST) on (Jewellery Price + Making Charges).
To illustrate, consider this scenario:
For example, the gold rate quoted by the jeweller is:
Price for 10 grams of 22-carat gold = INR 32,000
Price for 1 gram of 22-carat gold = INR 3,200
Weight of the gold item: 15 grams
Making charge = INR 350 per gram
GST = 3% (flat rate)
Using these figures, the total price of the jewellery would be: INR 3,200 × 15 grams + (15 grams × INR 350) = INR 48,000.
Applying GST @ 3% on this total yields: INR 48,000 + 3% = INR 49,440.
Thus, the jewellery purchase requires a payment of INR 49,440.
Benefits of using gold rate calculator in gold loan
Utilising a gold rate calculator for gold loans offers several benefits. Firstly, it provides borrowers with an accurate estimation of the value of their gold assets, facilitating informed decision-making. Secondly, it saves time and effort by swiftly computing the current market value based on weight and purity. Additionally, it promotes transparency in transactions by offering standardised valuations, reducing the risk of disputes. Moreover, it empowers borrowers to compare prices across different sources, ensuring fair deals. Overall, the gold rate calculator enhances efficiency, transparency, and confidence in gold loan transactions.
FAQs
You can determine the gold loan interest by subtracting the principal loan amount from the total outstanding. You can also use a gold loan interest rate calculator to know about the same and learn how the interest rate alters the interest payable and the total outstanding amount.
How to calculate the price of gold? ›
Jewellers employ the following formula to calculate gold rates: Final Jewellery Price = Gold Price per Gram (22 or 18 Carat) × Weight in Grams + Making Charges per Gram + Goods and Services Tax (GST) on (Jewellery Price + Making Charges).
How to convert 24K gold to 22k gold formula? ›
whether you need pink gold either white gold or yellow gold.
- 9600 mg (24Carat) gold+400 mg copper.= 10gms of 22 carat pink gold.
- 9600 mg (24carat ) gold+400mg Silver=10 gms of 22 carat white gold.
- 9600 mg of (24 carat )gold+400 mg of Brass= 10 gms of 22 carat yellow gold.
For example, if someone has 10 grams of 22-carat gold and the per gram rate is INR 4000, the total market value of the gold items is INR 40,000. This means that he or she can borrow up to INR 30,000 (75% of the total market value) against the gold ornaments.
What is the interest rate for 5 lakh gold loan? ›
Gold loan rates in India start from a low of around 7.35% and go upwards to 20% per annum or more. So, the EMI for Rs 5 lakh gold loan priced at 7.35% per annum stands at around Rs 10,300 per month for five years. This means the total interest payout would be about Rs 1.2 lakh over the five-year period.
What is the formula for old gold rate calculation? ›
Q: What is the formula of the old gold rate calculation? Ans: Value of Gold in the sample = (Weight of Gold x Purity of Gold x Rate of Gold today) / 24( in terms of carat purity). Value of Gold in the sample = (Weight of Gold x Purity of Gold x Rate of Gold today) / 100.
What is the formula for calculating gold number? ›
The gold number is calculated by knowing the number of milligrams of protective colloid which is sufficient to prevent the coagulation of 10 ml of standard gold solution when 1 ml of 10% solution of sodium chloride is added to it. This concept of gold number was given by Zsigmondy.
How many gram is in 1 tola? ›
One tola is equivalent to 11.6638 grams or 180 grains. In the local context, Tola is the preferred unit of measurement for gold and silver items.
How much weight is in 1 tola gold? ›
1- How many grams of gold is equivalent to 1 Tola? Ans- 1 Tola is equivalent to approximately 11.7 grams of gold. However, Indian jewellers round it out to 10 grams for ease of calculation.
How to know if gold is 22K or 24K? ›
Purity: 24K signifies 99.9 % purity and 22K is approximately 91 percent pure gold, with the other 9% consisting of other metals such as copper, silver,zinc, etc. Durability: While 24K gold is brilliant in colour, the jewellery (if made) with 24K gold won't be as durable as 22K gold jewellery.
24-carat gold is 100% pure ∴ 22 parts out of 24 part in 22-carat gold ∴ Percentage = 2224×100=110012%=91812%=9123%
How much is gold weight worth? ›
Gold Prices Today
| Gold Spot Prices | Today | Yesterday |
|---|
| Per Ounce | 2,319.82 | 2,328.79 |
| Per Gram | 74.59 | 74.88 |
Formula for calculating simple interest
You can calculate your total interest by using this formula: Principal loan amount x interest rate x loan term = interest.
Is gold loan interest rate fixed or variable? ›
This rate typically varies depending on factors such as the lender's policies, prevailing market conditions and the loan-to-value ratio.
What is the interest rate of gold price? ›
To summarize, gold prices tend to strengthen when the real interest rate is low, and that usually occurs during periods of high inflation or substantial monetary easing. The real interest rate has a negative correlation with gold prices.
What is the interest rate for the Fed gold loan? ›
This gold loan scheme from the Federal Bank offers the lowest gold loan interest rate among all other schemes, starting at 8.15% per annum. Additionally, borrowers have the option to choose bullet repayment, where they can repay the entire corpus at the end of the tenure without any monthly interest payments.
