A gold rate from Lahore, Mumbai, Dubai and New York can look wildly different even on the same day. Part of the reason is currency, but a big part is that each market quotes its price for a different weight.
Which unit each market uses
| Market | Usual unit | Weight |
|---|---|---|
| Pakistan, Nepal | Tola | 11.664 g |
| Bangladesh | Bhori or vori | 11.664 g |
| India | 10 grams | 10 g |
| Sri Lanka | Pavan | 8 g |
| Gulf countries, Malaysia, UK | Gram | 1 g |
| US, Canada, Australia, world markets | Troy ounce | 31.103 g |
Convert any rate to a price per gram
Divide the rate by the weight of its unit in grams:
- Per tola: divide by 11.664.
- Per 10 grams: divide by 10.
- Per pavan: divide by 8.
- Per troy ounce: divide by 31.103.
Once every rate is per gram, you can compare markets fairly, after converting the currency.
Example
If 24K gold in India is INR 75,000 per 10 grams, that is INR 7,500 per gram. A tola weighs 11.664 grams, so the same rate is about INR 87,479 per tola.
Why local prices differ from the world price
Even after converting units and currency, local prices rarely match the international rate exactly. Import duties, taxes, local demand and the exchange rate used by dealers all add a premium or discount. That is why it is best to use the rate from your own local market when valuing your gold.
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