How to calculate, Gold & Silver, international prices and MCX price, parity and disparity?

Assume Gold is at $1229 an ounce and Silver at $16.98 an ounce in the international market. How much should the ideal MCX price be?

There is always a difference if I multiply the USDINR rate and try to calculate. So I am assuming there is more to it than just multiplying the USDINR rate with the Gold/Silver $ rate.

Any fixed formula to calculate this parity/disparity.

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I have also put up the below on this link along with the formulae used: 

  Gold       Silver    
  Spot in $ (per troy oz) 1,229.00     spot in $ (per troy oz) 16.98  
Add CIF in dollars 3.00   Add CIF in dollars 0.15 CIF: Cost - Insurance & Freight
    1,232.00       17.13  
Multiply 32.1507 (1 troy oz =31.1gm)     Multiply 32.1507     
  Dollars per kg 39,609.66     Dollars per kg 550.74  
  995 prices 39,415.56          
Multiply Currency Rate 62.64   Multiply Currency Rate 62.25  
    .          
  Rs per kg 2,468,990.41     Rs Per kg 34,283.66  
               
Add Customs duty 257,294.00   Add Customs duty 3,547.16  
  Cess 7,718.82     Cess 106.41  
  Landed Cost per kg 2,734,003.23     Landed Cost per kg 37,937.23  
               
Add Bank Cost(0.10%) 2,734.00   Add Bank Cost(0.10%) 37.94  
               
  Final wholesale Price per kg 2,736,737.23     Final wholesal Price per kg 37,975.17  
               
  Final Price per 10 gms 27,367.37          
               
  MCX Price 26,678.00     MCX Price 37,623.00  
               
  Parity/(disparity) 689.37     Parity/(disparity) 352.17  
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Damn good one . . .Nithin . . .shared it in my FB group . . .

@Nithin, Thanks a lot, never knew such a thing existed.

Nithin ji awsesome , can i get same one like this for copper or can u give me the details where can i get these so that i can calculate it on myself.

SIR ,
Can you please help…as to how to find cif of gold/ silver?
Or can you just help with a numerical example.

The MCX price depends on dollar rate. If we see the trend of gold rates in India, we can find that its rising. http://www.paisabazaar.com/gold-rate/