About Gold Rate Calculator
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.
The gold rate calculator serves multiple purposes, such as:
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Determining value:
It allows you to calculate the worth of your gold assets, helping you make informed decisions when selling, pawning, insuring, or even securing a gold loan against your gold
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Investment planning:
If you are an investor, you can use it to estimate the current value of your gold holdings, aiding in portfolio management.
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Buying and selling:
Buyers and sellers can negotiate prices based on real-time calculations, ensuring fair transactions.
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Comparison:
You can compare the calculated value with market rates to assess potential gains or losses.
Disclaimer
The calculator’s results are indicative in nature and are subject to change after the physical valuation of gold.
The calculator does not intend to provide its users/ customers with outputs certified by Bajaj Finance Limited (“BFL”) or are a warranty, obligation, commitment or undertaking, professional and financial advice by BFL, under any circumstances. The calculator is only a tool to help users/ customers get results of different illustrative scenarios generated from data input by a user/ customer, and its use is completely at the user/ customer’s risk. BFL is not responsible for any errors in any results from the usage of the calculator.
Frequently asked questions
A gold rate calculator enables you to choose a weight unit (e.g., gram) and karat (e.g., 22k). Afterward, you can click the calculate button. The calculator will then provide you with an estimation of the latest gold rates, helping you determine the value of your gold items with ease.
A gold karat represents the purity level of gold, with 24C gold being 99% pure, and 22C gold being an ideal choice for jewellery. The formula to calculate karats is simple: carat/24. For instance, 22C gold can be calculated as 22/24, which equals 0.916 or 91% pure gold, often referred to as 916 gold. Therefore, products like 22C gold are stamped with the 916 seal to indicate their purity.
To calculate gold price using a gold rate calculator, input the weight and purity of the gold item. The calculator then computes its market value based on the current gold rate. This process provides an accurate estimation of the gold's worth, aiding in informed buying, selling, or loan decisions.
To calculate scrap gold price, first determine the weight and purity of the gold item. Then, multiply the weight by the purity percentage to find the pure gold content. Finally, multiply the pure gold content by the current market price of gold per gram. Additional factors like refining costs may also affect the final price.
In India, to calculate the price of 1 gram of gold, multiply the current gold rate per gram by the purity percentage of the gold item. For instance, if the current gold rate is ₹4,000 per gram and the gold item is 22-carat (91.6% pure), the price for 1 gram would be ₹4,000 × 0.916 = ₹3,664.
