How is gold rate calculated in India?

Indian gold rate is derived from the international spot price in USD per troy ounce, converted to INR using the day's exchange rate, then divided by 31.1035 to get the per-gram rate. Import duty (currently 6%), GST (3%), and a small jeweller margin are added. IBJA publishes the official wholesale reference twice daily, at noon (AM) and 6 PM IST (PM session).