It is worth noting that silver price in India is determined by international prices, which move in either direction. Silver price also depends on currency movement of the Rupee against the Dollar. If the Rupee falls against the Dollar and international prices remain stable, silver will become more expensive.
How is gold price today in India per gram arrived at?
India does not mine gold. In fact, places like Kolar in Karnataka, which once used to mine gold are now closed. So, India imports almost all of its gold requirements. We use imported gold prices to arrive at 22 carats gold price in India.
There are a host of importers of gold into India. Most of these are some of the top government owned banks, private sector banks and also many private companies In fact, the list of private companies have also gone-up in the last many years.
Take a look at some of the major imports of gold into India, who ultimately have a hand in fixing the gold prices in India for the wholesale gold rates in India. 1) State Bank of India 2) Bank of Baroda 3) Union Bank of India 4) Bank of India 5) Punjab National Bank 6) Yes Bank 7) Minerals and Metal Trading Corporation of India These are just a small part of the list of gold importers in the country.
Once these importers import the gold, they add the component of import duties, VAT etc., and sell the same to some of the wholesalers, who then retail the same to the retailers in the country. Now, how the prices of gold is determined in India, is part of the jobs of the bullion association, who arrives at the live gold prices in India.
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Though we say live gold prices in India, they do not change very often during the day. Largely the imports take place based on the requirements of the imports. These days imports have gone much higher then they used to be in the past and the government is doing its utmost to curb imports of gold. However, it has not been that easy, given the fact that the desire for gold continue to be solid in India.
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However, gold demand has almost fallen flat in 2017 and it would be interesting to see where we are heading in the next few weeks. There has also been a concerted effort to largely discourage the use of gold. How far that would be successful is difficult to say. At the moment, we are having a number of schemes, that would help to curb the use of gold in the country. Most of these schemes have their own advantages and disadvantages.
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