Gold and Silver Price: How the 24K, 22K and 18K Gold Rate Is Calculated, Why It Changes, and a Gold Price Calculator
The 22K gold rate is the 24K rate multiplied by 0.916, and the 18K rate is the 24K rate multiplied by 0.75: that is exactly how IBJA, India's benchmark, sets them. This guide shows the rates for 24K, 22K, 18K and silver, how a jeweller's bill is built on them, the nine things that move gold and silver prices, what they did this month, and a calculator that works out your bill with making charge and GST.
Google searches for "gold rate" hit their highest point of the week at 9:30 this morning, and "silver rate today Delhi" has been one of the most searched money terms in India all week. The questions behind them are simple: what is the price of 24K, 22K and 18K gold, why is a jeweller's rate different, and why did prices fall this week? This guide answers each one from the benchmark itself, the India Bullion and Jewellers Association (IBJA) rate, and ends with a calculator you can use at the counter.
Written on 26 October 2026. Indian rates are IBJA's opening (AM) rates for 26 October and its rates for the days before, all before GST and making charges. The world price is the LBMA Gold Price (morning auction, in dollars); the rupee is FBIL's reference rate; the year-on-year change is from RBI's Sovereign Gold Bond redemption prices. Rates change twice every working day, so use the calculator with the day's rate. This explains how prices are set; it is not advice to buy or sell.
₹1,41,290 — 10 g of 24K (999) gold · ₹1,29,422 — 10 g of 22K (916) · ₹1,05,968 — 10 g of 18K (750) · ₹1,95,050 — 1 kg of 999 silver · −3.5% — gold since 19 October; silver fell −6.9% · +18.8% — gold over a year, on RBI's gold bond prices. All IBJA, before 3% GST.
Gold rate today: 24K, 22K and 18K at a glance
| Purity | Hallmark grade | Gold in it | IBJA rate, 10 g | 1 gram | 1 gram with 3% GST |
|---|---|---|---|---|---|
| 24K | 999 | 99.9% | ₹1,41,290 | ₹14,129 | ₹14,553 |
| 22K | 916 | 91.6% | ₹1,29,422 | ₹12,942 | ₹13,330 |
| 18K | 750 | 75.0% | ₹1,05,968 | ₹10,597 | ₹10,915 |
| 14K | 585 | 58.5% | ₹82,655 | ₹8,265 | ₹8,513 |
| Silver | 999 | 99.9% | ₹1,95,050 a kg | ₹195 | ₹201 |
These are IBJA's opening rates for Monday 26 October 2026, "without 3% GST and making charges", as IBJA itself states. Jewellers quote their own board rates, usually close to these, and add the making charge and GST on top. The 22K rate is the one that matters for most jewellery; 24K is for coins and bars; 18K is common in diamond and studded jewellery.
How the 24K, 22K and 18K gold price is calculated
Step 1: the 24K rate comes from the world price
India imports almost all its gold, so the 24K rate starts with the world price in dollars and is turned into rupees:
World price in $ an ounce ÷ 31.1035 (grams in a troy ounce) × rupees to the dollar × (1 + import duty) ≈ the Indian 24K price a gram, before GST.
Here it is with the figures for 19 October 2026. The LBMA Gold Price that morning was $4,168.15 an ounce, which is $134.01 a gram. At FBIL's reference rate of ₹94.77 to the dollar, that is ₹12,700 a gram at the world price. IBJA's 24K rate that day was ₹14,641 a gram, 15.3% higher. Almost all of that gap is the import duty: ₹12,700 plus 15% is ₹14,605, within ₹36 of IBJA. The rest is the local premium or discount that dealers charge, which changes with demand.
Step 2: 22K and 18K are the 24K rate times the purity
Pure gold is too soft for most jewellery, so it is mixed with copper, silver or zinc. The carat says how much of the piece is gold, out of 24 parts:
| Carat | Parts gold, out of 24 | Gold purity percentage | IBJA's rate is the 24K rate × | 26 October, 10 g |
|---|---|---|---|---|
| 22K | 22 | 91.67% in theory; 91.6% by hallmark (916) | 0.916 | ₹1,41,290 × 0.916 = ₹1,29,422 |
| 18K | 18 | 75% (750) | 0.75 | ₹1,41,290 × 0.75 = ₹1,05,968 |
| 14K | 14 | 58.5% (585) | 0.585 | ₹1,41,290 × 0.585 = ₹82,655 |
These multiplications reproduce IBJA's published 22K, 18K and 14K rates to the rupee, on every day we checked. So if you know the 24K rate, you know the others: 22K = 24K × 0.916, and 18K = 24K × 0.75.
Step 3: the jeweller's bill
A jewellery bill has three parts: the metal at the day's rate for its purity, a making charge (a percentage of the metal value or a fixed rupee amount a gram), and GST at 3% on the metal and the making charge together.
| Item | 10 g 22K chain, 12% making | 5 g 18K ring, 12% making |
|---|---|---|
| Rate a gram (26 October, before GST) | ₹12,942 | ₹10,597 |
| Metal value | ₹1,29,422 | ₹52,984 |
| Making charge | ₹15,531 | ₹6,358 |
| GST at 3% | ₹4,349 | ₹1,780 |
| Total bill | ₹1,49,301, or ₹14,930 a gram | ₹61,122, or ₹12,224 a gram |
The chain costs 15.4% more than the gold in it. If it is sold back, the jeweller pays for the gold at that day's 22K rate, usually less a deduction; the making charge and the GST do not come back.
Gold price calculator: 24K, 22K and 18K, with making charge and GST
Type in the day's 24K rate (from IBJA or your jeweller), the weight and the making charge. The calculator works out the rate for the purity you choose, the making charge, the GST and the total. Switch to silver for a silver bill.
Why gold and silver prices change: the nine reasons
Every move in the Indian price can be traced to one of these. The first three set the price mechanically; the rest move it by changing what buyers around the world want.
| # | Reason | How it moves the price | What it did in October 2026 |
|---|---|---|---|
| 1 | The world price in dollars | One-for-one: a 1% fall in London is about a 1% fall in India | LBMA gold fell from $4,168 on 19 October to $4,027 on 23 October, −3.4%. IBJA's 24K rate fell −3.4% over the same days. This was the main cause of the week's fall |
| 2 | The rupee–dollar rate | A weaker rupee makes gold dearer in rupees, a stronger one cheaper | The rupee strengthened from ₹96.61 (FBIL, 9 October) to ₹94.77 (19 October), which alone made gold about 1.9% cheaper in rupees |
| 3 | Import duty | Added on top of the landed price | 15% since 13 May 2026, up from 6%: basic customs duty doubled from 5% to 10% and the agriculture cess rose from 1% to 5%. Against 6%, this adds about 8.5% to every Indian gold and silver price |
| 4 | Interest rates | Gold pays no interest, so when bonds pay more, gold loses some appeal | The US Federal Reserve raised rates on 16 September and meets again on 27 and 28 October; the US 10-year yield was 5.00% on 23 October. The RBI raised the repo rate to 5.50% on 7 October |
| 5 | War and crisis | Buyers move to gold when they are afraid, which pushes it up | The West Asia conflict has kept buyers nervous all year; the May duty increase was reported as a step to curb gold imports and protect the rupee |
| 6 | Crude oil and inflation | Dear oil raises inflation and weakens the rupee, both of which lift gold in rupees | Brent crude has been above $100 a barrel for weeks |
| 7 | Investment demand | Central banks, ETFs and coin buyers add to demand when they buy and subtract when they sell | Moves the world price in reason 1 |
| 8 | Season and local demand | Dhanteras, Diwali and the wedding season raise jewellers' demand, so the local premium over the import parity price can rise | Dhanteras falls on Friday 6 November |
| 9 | For silver: industry | Much of the silver mined goes into factories (solar panels, electronics, vehicles), so silver also follows the economy and swings more than gold | Silver fell 6.9% in the week, twice as much as gold; a kilo of gold now buys 72 kilos of silver, up from 70 on 19 October |
GST at 3% is not a reason the price changes, but it is part of what you pay: it applies to the metal and the making charge on every purchase.
Will gold rate decrease in coming days?
Nobody can say, and anyone who claims to know is guessing. What can be said is how much each driver moves the Indian price, so you can read the news yourself:
| If this happens | The Indian 24K rate moves about |
|---|---|
| The world price falls 5% | −5%, about ₹7,000 on 10 g at today's rate |
| The rupee weakens by ₹1 to the dollar (about 1%) | +1%, about ₹1,500 on 10 g |
| The import duty is cut back from 15% to 6% | −7.8% at once, about ₹11,000 on 10 g |
| The Fed's decision on 27–28 October surprises the market | Through the world price: a cut tends to lift gold, a hike to weigh on it |
Over a year, the direction has been up: RBI's gold bond redemption price, which averages IBJA's 24K rate over three days, was ₹14,725 a gram for 15 October 2026 against ₹12,394 a year earlier, a rise of 18.8%. Over a week, it fell 3.5%. Short-term moves are noise; what you pay above the metal value, the making charge and GST, is the part you control.
Silver rate today and how it is priced
Silver is quoted by the kilo. IBJA's 999 silver rate for 26 October 2026 is ₹1,95,050 a kilo, which is ₹195 a gram before GST and about ₹201 a gram with 3% GST. A 100 g silver article with an 8% making charge costs ₹19,505 for the metal, ₹1,560 making and ₹632 GST: ₹21,697. Silver has the same three price setters as gold (the world price, the rupee and the 15% duty), but its industrial use makes it swing more: on 19 October the kilo rate was ₹2,09,467, so the week's fall was ₹14,417 a kilo.
How to check that you get the purity you pay for
- Hallmark. Hallmarking is compulsory in 380 districts for six grades of gold jewellery: 14K, 18K, 20K, 22K, 23K and 24K (9K is a voluntary grade). Each piece carries the BIS mark, the purity (for example 22K916) and a six-character HUID code.
- Verify the HUID. Enter the code in "Verify HUID" in the BIS CARE app. It shows the purity and the jeweller who sold it. More than 60 crore pieces had been hallmarked with HUID by March 2026.
- Read the bill. It should show the weight, the purity, the rate a gram, the making charge and GST separately. If the rate on the bill is the 24K rate but the piece is 22K, you are paying 9% too much for the metal.
Frequently Asked Questions
What is the gold rate today for 24K, 22K and 18K? IBJA's opening rates for 26 October 2026, before GST, are ₹1,41,290 for 10 g of 24K (999), ₹1,29,422 for 22K (916) and ₹1,05,968 for 18K (750): ₹14,129, ₹12,942 and ₹10,597 a gram. Add 3% GST, and a making charge on jewellery.
What is the purity percentage of 22 carat gold? 91.6%. Mathematically 22 parts out of 24 is 91.67%, but the hallmark grade is 916, meaning 916 parts of gold in 1,000. The rest is copper, silver or zinc for strength.
What is the purity percentage of 18 carat gold? 75%: 18 parts out of 24, hallmark grade 750. It is harder than 22K, which is why it is used for studded and diamond jewellery.
How is the 18K gold price calculated? Multiply the 24K rate by 0.75. On 26 October 2026, ₹1,41,290 × 0.75 = ₹1,05,968 for 10 g, exactly IBJA's 18K rate. For 22K, multiply by 0.916.
How much does 1 gram of 22K gold cost with GST? On IBJA's rate for 26 October 2026, ₹12,942 before GST and ₹13,330 with 3% GST. Jewellery costs more because of the making charge, which is also taxed at 3%.
Why is the gold price falling? In the week to 26 October, gold fell 3.5% in India mainly because the world price fell: the LBMA price dropped 3.4% between 19 and 23 October, and the rupee had already strengthened from ₹96.61 to ₹94.77 to the dollar. Over a year, the price is still about 18.8% higher.
Will gold rate decrease in coming days? No one can know. Watch the world price, the rupee, the US Federal Reserve's decision on 27 and 28 October, and any change to the 15% import duty; a cut back to 6% would lower Indian prices by about 7.8% at once.
Why is my jeweller's gold rate different from IBJA's? IBJA's rate is a wholesale benchmark before GST and making charges. Jewellers set their own board rate near it, add a making charge, and charge 3% GST on both. Some quote the 24K rate on the board and the 22K rate on the bill.
Is GST charged on making charges, and is it 3% or 5%? When you buy jewellery from a jeweller, the making charge is part of the price of the jewellery, so 3% GST applies to the whole bill, metal and making charge together. Some websites quote 5% on making charges; a different rate applies only to a separate job-work service, such as when you give your own gold to a jeweller to be made into jewellery, not to a jewellery purchase.
What is the silver rate today? IBJA's 999 silver rate for 26 October 2026 is ₹1,95,050 a kilo, ₹195 a gram before GST and about ₹201 with 3% GST, down 6.9% from ₹2,09,467 on 19 October.
What is the import duty on gold in India? 15% since 13 May 2026: basic customs duty of 10% and agriculture infrastructure cess of 5%. It was 6% before that.
Sources
The rules and figures in this article can be checked against these official sources.
- Daily gold and silver rates India Bullion and Jewellers Association
- LBMA Precious Metal Prices: the LBMA Gold Price, set twice a day in London, in US dollars an ounce (last month shown publicly) London Bullion Market Association
- Reference rates: rupees per US dollar, euro, pound and yen Financial Benchmarks India (FBIL)
- India: import tariff increases on gold and silver products, 13 May 2026 (Customs notification 15/2026, basic customs duty 5% to 10%) Global Trade Alert
- Premature redemption price for SGB 2019-20 Series V, due on 15 October 2026 Reserve Bank of India
- Premature redemption price for SGB 2019-20 Series V, due on 15 October 2025 Reserve Bank of India
- Mandatory hallmarking: districts and caratages covered, 13 March 2026 Ministry of Consumer Affairs, through the Press Information Bureau
- Mandatory hallmarking orders and the list of districts Bureau of Indian Standards
- GST rates on goods and services CBIC
- FOMC statement, 16 September 2026 US Federal Reserve
- Daily Treasury yield curve rates US Department of the Treasury
- Monetary Policy Statement 2026-27: resolution of the Monetary Policy Committee, 5 to 7 October 2026 Reserve Bank of India
- Europe Brent spot price FOB, daily US Energy Information Administration