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 do you calculate gold rate? ›
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.
What is the interest rate per gram of gold loan in Bajaj Finance? ›
Bajaj Finance offers competitive gold loan interest rates, ranging from 9.50% to 28% per annum.
How much gold loan per 10 gram? ›
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.
How much is the EMI for a 5 lakh gold loan? ›
Interest Rate
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.
Which gold loan is best? ›
Summary: Best Gold Loans In 2024
| Company | Forbes Advisor Rating | Personal Gold Loan RoI |
|---|
| Central Bank of India | 4.5 | 8.45% to 8.55% |
| State Bank of India | 4.4 | 8.60% |
| Punjab and Sind Bank | 4.4 | 8.60% |
| Punjab National Bank | 4.4 | 9% |
5 more rowsGold Karat Values
The karat value (K) of a gold item measures the purity of its gold. In other words, it measures the ratio of pure gold to alloy metals. 24K gold is 100% pure. 12K gold has 12 parts gold and 12 parts alloy metal, or 50% purity.
What is the conversion rate for gold? ›
1 XAU = 2,579.174453 USD Sep 14, 2024 21:40 UTC.
Is Bajaj Finance available for gold? ›
Anyone can apply for a Bajaj Finserv Gold Loan, as long as they meet the basic eligibility parameters. If you are an Indian citizen aged between 21 and 70, you can apply for our gold loan. All you need is your pure gold jewellery, valued at 22-karat, at your disposal.
What is Bajaj gold loan? ›
A gold loan is a form of a secured loan. It may be a good option if you already have an ongoing loan. You can apply for one by pledging the gold jewellery you may have at your home. Walk into the nearest Bajaj Finserv Gold Loan Branch in your city.
At current prices of gold, the borrower would have to provide about 27.18 grams of gold jewellery to the lender as collateral to take out a loan of Rs 1 lakh. Assuming the interest rate at 10% per annum and the tenure of one year, the total interest to be paid would be Rs 5,499 and the EMI would be Rs 8,791.
What is a gold loan calculator? ›
A Gold Loan Calculator is a tool that helps estimate the Loan amount that you can avail by pledging gold as collateral. It considers factors like purity of gold, current market rate and Loan To Value ratio.
How to gold calculator? ›
Calculate the value of the gold content: To do this, multiply the weight of the pure gold by the current market price of gold. For example, if the current market price of gold is rs50 per gram and the jewellery contains 7.5 grams of pure gold, the value of the gold content would be 7.5 x rs50 = rs375.
How to calculate loan interest? ›
To calculate interest rates, use the formula: Interest = Principal × Rate × Tenure. This equation helps determine the interest rate on investments or loans. How do you calculate borrowed interest? Calculate borrowed interest using the formula: Interest = Principal * Rate * Time.
How can I calculate the interest rate on a loan? ›
How To Calculate Interest On A Loan
- Key Takeaways: ...
- Principal loan amount x interest rate x loan term = total interest. ...
- Total amount owed / number of monthly payments = monthly payment amount. ...
- $40,000 x 0.06 x 5 = $12,000. ...
- $52,000 / 60 = $867 per month. ...
- Principal balance x interest rate = annual interest amount.
Is the Interest Rate on Gold Loans fixed or variable? Gold Loan Interest Rates can either be fixed or variable, depending on the lender's terms. Fixed rates remain constant throughout the Loan Tenure, while variable rates can change, based on market conditions.
What is the interest rate of gold price? ›
Interest rates and gold tend to move inversely
However low it goes, it should be good for gold. Studies show that interest rates and gold prices tend to have an inverse relationship, so falling rates should only send gold prices up further.
What is the interest rate for the Fed gold loan? ›
| Federal Bank Gold Loan Highlights |
|---|
| Interest Rates | General Gold Loan: Floating interest rates – 8.99% p.a. onwards; Fixed interest rates – 9.79% p.a. onwards Fed Smart Saver Gold Loan – 8.15% p.a. onwards |
|---|
| Collateral | Pledge of 22 carat gold ornaments |
| Loan Tenure | 1 year to 3 years |
| Loan Amount | Rs 1,000 to Rs 1.5 crores |
1 more rowAug 26, 2024
