How the gram price is derived
Although Indian shops quote per gram, the global market quotes gold in US dollars per troy ounce. One troy ounce equals exactly 31.1034768 grams, so the pure gold (24K) gram price is the ounce price divided by 31.1034768, converted to INR at the live exchange rate. Lower purities are then a simple multiplication: 22K/916 is the 24K gram price × 0.9167, and 18K is × 0.75.
Indian dealers traditionally quote gold per 10 grams rather than per ounce. The domestic rate includes import duty and GST on top of the international price converted at the USD/INR rate, and MCX gold futures in Mumbai provide the local reference market.