MCX�s gold price is quoted in INR for10 grams and Silver is quoted in 1 kilogram respectively. International gold/silver price is quoted in troy ounce.
For gold and silver MCX price is dependent on:
- International Price
- USD to INR rate conversion
- Quoted unit for Gold and Silver
- Troy Ounce to Grams Conversion
- Supply and Demand for Gold and Silver in MCX Trading
- Quoted unit for Gold in MCX Exchange = 10 grams
- One Troy Ounce = 31.1034768 grams; So 1 gram = 1/31.1034768 Troy Ounce
- For international gold price, go to www.pricegroup.com (example: 1268 USD per troy ounce)
- For USD to INR conversion, go to www.xe.com and get the latest prices (example: 1 USD = 46.3410 INR)
- Gold Price Calculation Formula for 1 gram = (International Gold Price) x (USD to INR rate conversion) / (Troy Ounce to Grams Conversion)
1 gram gold = (1268 x 46.3410) / 31.1034768 INR
= (58760.388) / 31.1034768 INR
= 1889.1 INR
Note: Since MCX price is quoted in INR for 10 grams, multiply 1889.1 X 10 = 18891 INR.= (58760.388) / 31.1034768 INR
= 1889.1 INR
How to calculate Silver Price?
- Silver Price Calculation Formula for 1 gram = (International Silver Price) x (USD to INR rate conversion) / (Troy Ounce to Grams Conversion)
- Quoted unit for Silver in MCX Exchange = 1 kilogram, which is equal to 1000 grams
- One Troy Ounce = 31.1034768 grams; So 1 gram = 1/31.1034768 Troy Ounce
- For international silver price, go to www.pricegroup.com (example: 20.5 USD per troy ounce)
- For USD to INR conversion, go to www.xe.com and get the latest prices (example: 1 USD = 46.3410 INR)
1 gram silver = (20.5 x 46.3410) / 31.1034768 INR
= (949.9905) / 31.1034768 INR
= 30.5429 INR
Note:
Since Silver price is quoted in INR for 1 kilogram, multiply 30.5429 X 1000 = 30542.9 INR.= (949.9905) / 31.1034768 INR
= 30.5429 INR
Related Links:
Indian Rupee Exchange Rate
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