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Gold prices in India are influenced by four main factors: international spot prices (LBMA London), the USD/INR exchange rate, India's 15% import duty, and local demand especially during festival and wedding seasons.
MCX gold futures trade in 1 kg lots on the exchange. Physical gold sold by jewellers follows IBJA rates but adds making charges and GST. MCX prices are a good real-time indicator but physical prices may differ by ₹500–₹1,500 per 10 grams.