This document provides the gold and silver rates for the current year, the past 10 assessment years, and historical rates from April 1, 1981, and April 1, 2001. These rates are crucial for valuing investments in financial statements. For gold (995 standard 24 carats), the rates ranged from Rs. 1,670 per 10 grams in 1981 to Rs. 59,512 in 2023. Silver (9,9960 touch) rates similarly increased from Rs. 2,715 per kilogram in 1981 to Rs. 71,582 in 2023. The rates for each assessment year show fluctuating trends in the market. For example, gold saw significant jumps in 2011 and 2020, while silver prices peaked in 2011 and 2022. Additionally, the value of gold ornaments should be reduced by 14 to 20% when calculating their worth based on the prevalent practice in the bullion market. Reductions account for soldering, melting losses, and dealer profit margins. This historical pricing data helps in accurate asset valuations and financial reporting. Wealth tax may apply to silverware and utensils under certain conditions.
Gold and Silver rates
Closing rates of Gold and Silver are relevant to reinstate the Investment in financial statements. In this write up, a list of Gold and Silver rates as prevailed on the last day of last 10 yea
Gold and silver rates for the current year, last ten assessment years and on April 1, 1981/2001
| Assessment year/ valuation date | Gold rates1 (995 standard 24 carats) (per 10 gms.) | Silver rates (9,9960 touch) (per 1 kg.) | Assessment year/ valuation date | Gold rates1 (995 standard 24 carats) (per 10 gms.) | Silver rates (9,9960 touch) (per 1kg.) |
| Rs. | Rs. | Rs. | Rs. | ||
| 1-4-1981 | 1,670 | 2,715 | Asst. Yr. 2011-12 | ||
| 31-3-2011 | 20,775 | 56,900 | |||
| Asst. Yr. 2012-13 | |||||
| 31-3-2012 | 28,040 | 56,290 | |||
| Asst. Yr. 2013-14 | |||||
| 31-3-2013 | 29,610 | 54,030 | |||
| Asst. Yr. 2014-15 | |||||
| 31-3-2014 | 28,470 | 43,070 | |||
| Asst. Yr. 2008-09 | Asst. Yr. 2015-16 | ||||
| 31-3-2008 | 12,125 | 23,625 | 31-3-2015 | 26,245 | 37,825 |
| Asst. Yr. 2009-10 | Asst. Yr. 2016-17 | ||||
| 31-3-2009 | 15,105 | 22,165 | 31-3-2016 | 28,340 | 36,990 |
| Asst. Yr. 2010-11 | Asst. Yr. 2017-18 | ||||
| 31-3-2010 | 16,320 | 27,255 | 31-3-2017 | 28,950 | 42,000 |
| Asst. Yr. 2018-19 | |||||
| 31-3-2018 | 30,680 | 38,355 | |||
| Asst. Yr. 2019-20 | |||||
| 31-3-2019 | 31,640 | 37,245 | |||
| Asst. Yr. 2020-21 | |||||
| 31-3-2020 | 43,000 | 39,200 | |||
| Asst. Yr. 2021-22 | |||||
| 31-3-2021 | 44,013 | 62,862 | |||
| Asst. Yr. 2022-23 | |||||
| 31-3-2022 | 51,278 | 66,990 | |||
| Asst. Yr. 2023-24 | |||||
| 31-03-2023 | 59,512 | 71,582 |
Notes :
1. Value of gold contained in gold ornaments should be reduced by 14 to 20 per cent of ruling rates of standard gold, as per the practice prevalent in the bullion market and the amount of reduction has to be worked out in the following manner :
| Plain gold bangles and ornaments made of solid gold | Other gold ornaments | |
| Difference in value between 24 carats of standard gold and 22 carats of gold ornaments (gold ornaments are generally made of 22 carats of gold) | 8.33% | 8.33% |
| Soldering made of copper, silver, etc., used in making ornaments | 2.5% to 5% | 8.33% |
| Shortage of gold in melting, mint charges payable to Government, expenditure on freight, insurance, etc., of sending gold ornaments to approved mint for conversion into standard gold bars | 1.25% | 1.25% |
| Margin of profit of the dealer when ornaments are sold in market | 2% | 2% |
| Total reduction | 14.08% to 16.58% | 19.91% |
2. Silverwares, utensils, etc., is liable for wealth-tax.
3. Conversion table:
| 10 grams | = | 0.857 tola | 1 tola | = | 11.664 grams |
| 1 kilogram | = | 85.734 tolas | 10 tolas | = | 116.638 grams |
[As amended by Finance Act, 2024]
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Dear Team TaxGuru,
Greetings from Women’s Synergy! This is in appreciation of your articles and posts from time to time which we found very useful, informative and educative as well. We would like to know if you could be one of our knowledge resource partners along Financial Literacy and related fields for lay women registered in our platforms and consider conducting some workshops for our women or build up training modules for dissemination among prospective women or Train-the-Trainer programs etc. for such women registered with us, so that this also becomes an excellent pretext for synergy creation for development among women along other fronts as well? If inclined to this proposition of ours, could you please connect with us @ womensynergy@gmail.com or 9711073161 where some deeper thoughts could be taken forward towards such a prospect for our women’s groups.
Thanks, looking forward to Synergies! Best! Vaidehi Krishnan, Founder, Women’s Synergy, Delhi-NCR-Bengaluru (A registered non-profit Trust for empowering women from an eclectic mix of backgrounds through ‘Synergies & Symbiotic Relationships’ Mob: 9711073161; http://www.facebook.com/womensynergy
GOLD RESERVES ARE KY BAROMETER FOR ECONOMIC INDICATORS FROM THE ANCIENT RULE OF KINGS/EMPIRES TO CURRENT RBI FOR BACK UP TO ACCEPTANCE OF CURRENCY NOTES.GOLD CONSIDERED BEST-SAFE AND EASY TO HIDE IN VOLUMES INVESTMENT EASILY MARKETABLE AFTER ANY NUMBER OF YEARS HENCE HUGE SCOPE FOR SMUGGLE AND BEYOND DETECTION FOR ANY KIND OF TAXES.
MERE THE PRICE INDICATOR OF RS. 1670 IN 1981 TO RS.30680 IN 2018 SOWN THAT ON AN AVERAGE THE PRICE INCREASE OVER PAST 38 YEARS IS 46% PER ANNAM WHICH NO OTHER SOURCE OF INCOME CAN MATCH THAN AGRICULTURAL INCOME/SPECULATION
may I know minimum purchase price of gold in year 1987-88 that I can use for capital gain calculation ??
Please let me know, what can be the minimum and maximum making charges for both hand made and machine made ornaments on 22 & 24 carat gold?
Thanx & Regards,
Rajen Chowdhury,
Contact # 9432389280.
All amendments of group 1 IPCC for may 2015
Dear Sir,
The table stops with 31.03.2008, whereas it will more useful if the rates till 31.03.2014 are given
CA. M. Lakshmanan, Madurai.