Tarzan
February 13, 2015, 4:34pm
#1
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.

3 Likes

nithin
February 13, 2015, 5:05pm
#2
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

12 Likes

Damn good one . . .Nithin . . .shared it in my FB group . . .

sudesh
February 14, 2015, 7:03pm
#4
@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.

Tarzan:

price

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/

Check out the updated calculations on this post:

The price difference in MCX & international market commodity rates depends on how MCX calculates the Indian Rupee price from the foreign contracts used as reference. Check out the below note that has been shared by the MCX team for calculating the price of energy, gold & other metal contracts.
Energy
MCX Crude oil contract: The due date rate is the settlement price, in Indian rupees, of the New York Mercantile Exchange’s (NYMEX) Crude Oil (CL) front-month contract on the last trading day of the…

Hello
I would like to know the preset import duty on silver for deriving mcx price