{"id":21644,"date":"2026-10-12T16:28:24","date_gmt":"2026-10-12T15:28:24","guid":{"rendered":"https:\/\/metalsradar.com\/glossary\/spot-price\/"},"modified":"2026-10-12T16:28:24","modified_gmt":"2026-10-12T15:28:24","slug":"spot-price","status":"publish","type":"page","link":"https:\/\/metalsradar.com\/in\/glossary\/spot-price\/","title":{"rendered":"Spot Price"},"content":{"rendered":"<div class=\"mrf-gl\"><p class=\"gl-def\">The spot price is what one troy ounce of gold or silver costs right now in the wholesale market, quoted in US dollars. Indian buyers see it converted into rupees per gram or per 10 grams, and many follow the daily IBJA rate as the domestic benchmark.<\/p><aside class=\"panel gl-live\"><p class=\"gl-live-h\">\ud83c\uddee\ud83c\uddf3 Today in India<\/p><div class=\"gl-row\"><span>Gold, 1 troy ounce (spot)<\/span><b>399,118 INR<\/b><\/div><p class=\"gl-src\">Data as of 12.10.2026, updated daily.<\/p><a class=\"btn primary\" href=\"https:\/\/metalsradar.com\/in\/cheapest-gold-coins\/\">Compare gold coin prices \u203a<\/a><\/aside><div class=\"gl-body\"><h2>Who sets the spot price?<\/h2><p>Nobody sets it on their own. Spot is the running result of trades between banks and bullion houses, mainly in London's wholesale market for 400 oz <a href=\"lbma}}\">Good Delivery<\/a> bars, and on futures exchanges in several countries. The quote is in US dollars per <a href=\"troy-ounce}}\">troy ounce<\/a> and moves all through the trading week.<\/p><p>Do not confuse it with the LBMA Gold Price, a reference figure fixed by auction twice a day in London and used in contracts. In India those auctions land in the afternoon and evening: 15:00 and 19:30 IST during British summer time, 16:00 and 20:30 IST otherwise.<\/p><h2>From dollars per ounce to rupees per 10 grams<\/h2><p>To get an INR figure, multiply the dollar price per ounce by the rupee exchange rate, divide by 31.1035 for one gram, and multiply by 10. Fixed-number example: if gold were 3,000 US dollars per ounce and one dollar bought 85 rupees, the metal would be worth about 81,984 rupees per 10 g. If the rupee weakened to 88 per dollar, the same dollar price would mean about 84,878 rupees. So a weaker rupee lifts the Indian gold price even when the dollar price does not move. These are illustration numbers; follow the live <a href=\"\/in\/charts\/gold-price\/\">gold price in INR<\/a> and <a href=\"\/in\/charts\/silver-price\/\">silver price in INR<\/a>.<\/p><h2>IBJA rates: India's daily benchmark<\/h2><p>Many Indian buyers check the rates of the India Bullion and Jewellers Association (IBJA), a Mumbai-based association. According to IBJA:<\/p><ul><li>it publishes an opening (AM) and a closing (PM) rate each working day,<\/li><li>gold rates are per 10 grams, for 999, 995, 916, 750 and 585 purity, and silver is per kilogram,<\/li><li>the rates are without 3% GST and making charges,<\/li><li>no rates are published on Saturdays, Sundays or central government holidays,<\/li><li>its gold rates are the benchmark for issuing Sovereign Gold Bonds under notifications of the Ministry of Finance and the Reserve Bank of India.<\/li><\/ul><p>IBJA rates are domestic rates, so they can differ from a straight conversion of the international price.<\/p><h2>The rate is not the price of a coin<\/h2><p>Neither spot nor the IBJA rate is something a shopper can pay. Both value raw metal. A 5 g coin in a sealed card has been refined, minted, packed and couriered, the seller keeps a margin, and GST of 3% goes on top. Everything above the metal value is the <a href=\"premium}}\">premium over spot<\/a>. When you sell, the buyer pays less than its own selling price, and that gap is the <a href=\"spread}}\">bid-ask spread<\/a>. So instead of chasing the rate, ask how many rupees above it the final delivered price sits. Our ranking of the <a href=\"\/in\/cheapest-gold-coins\/\">cheapest gold coins in India<\/a> is built around that question.<\/p><\/div><h2>Related terms<\/h2><p class=\"gl-chips\"><a class=\"gl-chip\" href=\"https:\/\/metalsradar.com\/in\/glossary\/premium-over-spot\/\">Premium Over Spot<\/a> <a class=\"gl-chip\" href=\"https:\/\/metalsradar.com\/in\/glossary\/bid-ask-spread\/\">Bid-Ask Spread<\/a> <a class=\"gl-chip\" href=\"https:\/\/metalsradar.com\/in\/glossary\/lbma-good-delivery\/\">LBMA Good Delivery<\/a> <a class=\"gl-chip\" href=\"https:\/\/metalsradar.com\/in\/glossary\/troy-ounce\/\">Troy Ounce<\/a><\/p><section class=\"mrf-faq\"><h2>FAQ<\/h2><div class=\"faq-list\"><details open><summary><h3>What is today&#039;s gold rate in India based on?<\/h3><\/summary><div class=\"a\"><p>It follows the international price in US dollars per troy ounce, converted at the rupee exchange rate; IBJA publishes a daily domestic benchmark per 10 grams.<\/p><\/div><\/details><details><summary><h3>Why is the jeweller&#039;s price higher than the IBJA rate?<\/h3><\/summary><div class=\"a\"><p>IBJA rates exclude 3% GST and making charges, and the jeweller adds both plus its own margin.<\/p><\/div><\/details><details><summary><h3>Does IBJA publish rates every day?<\/h3><\/summary><div class=\"a\"><p>No, IBJA says it does not publish rates on Saturdays, Sundays or central government holidays.<\/p><\/div><\/details><\/div><\/section><details class=\"gl-src-list\"><summary>Sources<\/summary><ul><li><a href=\"https:\/\/ibjarates.com\/\" rel=\"nofollow noopener\" target=\"_blank\">India Bullion and Jewellers Association (IBJA): daily gold and silver rates<\/a><\/li><li><a href=\"https:\/\/www.lbma.org.uk\/prices-and-data\/precious-metal-prices\" rel=\"nofollow noopener\" target=\"_blank\">LBMA: Precious metal prices<\/a><\/li><li><a href=\"https:\/\/www.lbma.org.uk\/good-delivery\/about-good-delivery\" rel=\"nofollow noopener\" target=\"_blank\">LBMA: About Good Delivery<\/a><\/li><\/ul><\/details><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":0,"featured_media":0,"parent":21632,"menu_order":6,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"footnotes":""},"class_list":["post-21644","page","type-page","status-publish","hentry"],"taxonomy_info":[],"featured_image_src_large":false,"author_info":{"display_name":"","author_link":"https:\/\/metalsradar.com\/in\/"},"comment_info":0,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/metalsradar.com\/in\/wp-json\/wp\/v2\/pages\/21644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/metalsradar.com\/in\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/metalsradar.com\/in\/wp-json\/wp\/v2\/types\/page"}],"replies":[{"embeddable":true,"href":"https:\/\/metalsradar.com\/in\/wp-json\/wp\/v2\/comments?post=21644"}],"version-history":[{"count":0,"href":"https:\/\/metalsradar.com\/in\/wp-json\/wp\/v2\/pages\/21644\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/metalsradar.com\/in\/wp-json\/wp\/v2\/pages\/21632"}],"wp:attachment":[{"href":"https:\/\/metalsradar.com\/in\/wp-json\/wp\/v2\/media?parent=21644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}