Gold Pulse
The readings an Indian bullion desk actually watches: international spot and futures for both metals, the EFP spread between them, the rupee legs, landed cost against the live domestic rate, the duty components, and the gold-silver ratio measured three ways.
Updated · the board refreshes continuously while the market is open.
Published by AIB Market Data Desk, All India Bullion, Zaveri Bazar, Mumbai ·How these rates are made
Reference data, not advice. Costing and duty rows are calculated benchmarks that depend on the assumptions behind them, not traded prices. All India Bullion publishes market data and does not give trading or investment advice.
35 readings · grouped view
International metal
Spot and the nearest international contract for each metal, and the EFP spread between them — the premium or discount of futures over physical.
Currency
The rupee legs that convert a dollar metal price into an Indian one. A move here shifts the domestic rate even when the dollar price has not moved.
Indian gold
The domestic gold rate, the landed cost it should theoretically trade at, and the difference between them — the live premium or discount of the Indian market.
Indian silver
The same three readings for silver: domestic rate, landed cost, and the gap between them.
Gold-silver ratios
How many units of silver one unit of gold buys, measured on spot, on international futures and in the Indian market. The three diverge when domestic premiums differ between the metals.
Benchmark fixes
The London benchmark fixings — gold twice a day, silver once — which settle contracts and are the reference most physical business is priced against.
Gold duty
The duty-paid component of the gold price: the fixed reference, the live reading, the gap between them, and the same split in dollar and rupee terms.
Silver duty
The same duty breakdown for silver.
Energy
Crude and gas costings, carried on the same board because energy is the clearest read on the inflation expectations that move precious metals.
How to read this board
Every cell shows a live value with its change against the previous close underneath, in both absolute terms and as a percentage of the current value. A cell flashes when it moves — blue on an uptick, red on a downtick — so the board can be watched rather than read.
The percentage is calculated against the value itself rather than against the previous close. On rows where the move is large relative to the level — the EFP and DIFF rows especially, which sit near zero and can change sign — that is the figure that carries meaning, and it is the same convention the All India Bullion app uses, so the two always agree.
The chain runs top to bottom. International spot sets the base; the EFP tells you what futures add over it; the rupee legs convert that into Indian money; duty is added to give the landed cost; and the DIFF rows show how far the real domestic market has drifted from that landed cost. When DIFF moves sharply without a matching move in spot, the news is local — demand, supply or policy — rather than global.
Questions, answered
Gold Pulse — what these readings mean
What is EFP in gold and silver?
EFP stands for Exchange for Physical. It is the spread between the international futures contract and the spot price of the same metal — effectively what the market charges to hold metal to the futures delivery date, covering financing, storage and insurance. A widening EFP usually means the cost of carry or the demand for physical delivery has risen; a negative one means futures are trading below spot, which is unusual and normally signals a squeeze in the physical market.
What does 'costing' mean on this board?
Costing is the landed cost: what a metal should theoretically cost in India once the international price is converted at the rupee rate and import duty and associated levies are added. It is a calculated benchmark, not a traded price. Comparing it with the actual domestic rate is how a dealer tells whether the Indian market is trading at a premium or a discount to its import parity.
What is the GOLD DIFF or SILVER DIFF figure?
It is the domestic rate minus the landed cost — the live premium or discount of the Indian market against import parity. A positive figure means the metal is trading above what it would cost to import, which typically reflects strong local demand or tight supply. A negative figure means the opposite, and is common when imports are heavy or demand is weak. It is one of the most watched readings in Indian bullion because it leads changes in the physical market.
What is the gold-silver ratio?
It is how many units of silver one unit of gold buys. This board shows it three ways — on international spot, on international futures and in the Indian market — because the three diverge whenever the domestic premium differs between the two metals. A high ratio means silver is cheap relative to gold; a low one means the reverse. Traders use the gap between the three readings to judge which market is pricing the relationship differently.
What are the AM and PM fixes?
They are the London benchmark fixings: a price set through an auction process twice a day for gold and once a day for silver. Much of the world's physical bullion business is contracted against a fix rather than against a live screen price, which is why they are carried here alongside the live readings.
What do the duty rows show?
They break out the duty-paid component of the metal price: a fixed reference figure, the live reading, the difference between the two, and the same split expressed in dollar and rupee terms. Import duty is set by policy rather than traded, so when it changes the Indian price steps without the international price moving. Those step days are marked on the site's historical charts for the same reason.
Is this a trading recommendation?
No. All India Bullion publishes market data and does not give investment or trading advice. These are reference readings from the bullion market, provided for information. Prices move, calculated figures depend on the assumptions behind them, and nothing on this page is a recommendation to buy or sell anything.
How often does this board update?
Continuously, while the market is open. Each cell carries the live value and its change against the previous close; a cell flashes when its value moves — blue when it ticks up, red when it ticks down. Outside market hours the board holds the last published readings.
