Gold Rate Today (26th April 2024)

Gold rates in India are a reflection of global economic trends and local market dynamics. As of 26th April 2024, the price for 22 karat gold stands at ₹6663 per gram, while 24 karat gold, also known as 999 gold, is priced at ₹7270 per gram.

Stay informed with our comprehensive guide to making informed investments in gold, understanding market fluctuations, and discovering the best places to buy gold in India.

What is gold? It is called the costliest Metal In the world

Gold symbolized as Au from the Latin ‘aurum’ meaning ‘shining dawn’, is renowned for its distinct lustrous yellow hue and has been treasured by civilizations for millennia. Its allure stems from its rarity and the complex, costly process of mining and refining, which contribute to its high value. Historically, gold’s malleability and resistance to corrosion made it ideal for coinage and jewelry, establishing it as a symbol of wealth and status.

Beyond aesthetics, gold’s practical applications in electronics and aerospace due to its conductivity and resistance to tarnish further drive demand. As a finite resource, the scarcity of gold ensures its position as a precious metal and a hedge against economic volatility, solidifying its status as one of the costliest metals in the world.

Types of Gold Available in the Market Across the Globe

• Physical Gold: This includes jewelry, coins, bars, and artifacts. Jewelry is often made of 22-carat gold, which contains about 91.6% pure gold.
• Gold ETFs (Exchange Traded Funds): These are paper or dematerialized forms of gold investment, where you buy gold in electronic form.
• Gold Mutual Funds: Investments made in gold mining companies or in gold ETFs
• Sovereign Gold Bonds: Issued by the Reserve Bank of India, these bonds are another form of digital gold with an assured interest.
• Digital Gold: An option to invest in gold in small amounts digitally, which can later be converted into physical gold.

Each type of gold investment has its benefits and considerations, such as liquidity, costs, and risks associated with physical possession. When it comes to purity, gold is measured in carats, with 24-carat being the purest form, containing 99.9% gold. However, for durability in jewelry, 22-carat gold is preferred due to its alloy composition.

The difference between 24k, 22k, and 18k gold lies in their purity and composition:

• 24k Gold: This is pure gold, with a purity of about 99.9%. It’s the highest quality of gold, and because it’s the softest, it’s not typically used for jewelry that’s worn daily.
• 22k Gold: Composed of 22 parts gold and 2 parts other metals, usually copper and silver, making it about 91.67% gold. It’s durable and has a rich, warm color, making it commonly used in jewelry. However, it’s not ideal for heavy-studded pieces as it’s softer than lower-karat gold.
• 18k Gold: This alloy contains 18 parts gold and 6 parts other metals, such as silver, copper, and zinc, translating to 75% gold. It strikes a balance between purity and strength, making it suitable for fine jewelry that’s more resistant to wear and tear.

Most renowned brands for purchasing gold jewelry:

1. Tanishq: Known for its craftsmanship and variety of designs, Tanishq is a prominent name in the Indian gold market
2. Malabar Gold & Diamonds: Offers a wide range of gold, diamond, and platinum jewelry and is known for its product service and easy exchange offers
3. PC Jewellers: This brand is popular for its diverse range of gold jewelry designs suitable for various occasions
4. Joyalukkas: A global brand that has won the trust of customers for its quality and design.