Gold Prices in India

Let’s break it down simply.

At a point of time, International quoted price is $5060/oz

Theoretical price from the international quote was:

👉 ~₹14,958 / gram (pure conversion from $5060/oz @ 91.94)

But you’re seeing:

👉 ₹17,217 / gram in India

That’s a difference of roughly ₹2,260 per gram (~15%).

Here’s where that extra comes from 👇

This kind of gap is very normal for gold prices in India.

✅ 1. Import Duty (biggest factor)

India charges ~15% total import duty on gold (basic customs + agriculture cess).

That alone adds:

₹14,958 × 15% ≈ ₹2,240

You’re already almost at your observed difference just from this.

✅ 2. GST (3%)

After import duty, 3% GST is applied:

This adds another ~₹450 per gram.

(Some platforms show prices including GST, some exclude it.)

✅ 3. Premiums + logistics

On top of taxes:

• Bank / bullion dealer premium
• Transport + insurance
• Hedging costs
• Inventory risk

Usually adds ₹100–300/g.

✅ 4. Purity assumptions

International price = 24K (99.99%)

Indian listed prices may include:

• 24K with GST
• or slightly adjusted purity benchmarks

Small but noticeable impact.

📌 In short

Your math is correct.

The jump from ₹14,958 → ₹17,217 is mainly:

� Import Duty (~15%)

�GST (3%)

� Dealer premiums

This is why Indian gold is structurally more expensive than global spot.

Quick formula :

A realistic Indian gold estimate:

International INR price × 1.18 to 1.20

(18–20% covers duty + GST + premiums)