how to convert Gold comex price to SHFE Gold price

ashu1234

Well-Known Member
#4
Simply multiply comex ounce gold rate by USDCNY rate which is 6.11 currently
So if you multiply current gold rate in USD which is 132x with rate 6.1166
it gives you rate in CNY =8053.7 per ounce, keeping other factors as constant as they don't change daily.
Hope it helps.
 

Tamil trader

Well-Known Member
#5
Simply multiply comex ounce gold rate by USDCNY rate which is 6.11 currently
So if you multiply current gold rate in USD which is 132x with rate 6.1166
it gives you rate in CNY =8053.7 per ounce, keeping other factors as constant as they don't change daily.
Hope it helps.
how will you calculate MCX Gold price and Silver price?
 

ashu1234

Well-Known Member
#6
how will you calculate MCX Gold price and Silver price?
There is a forumla for calculating gold price. To understand the conversion first thing to note that international gold is quoted in troy ounce and one troy ounce equals to 31.1034768 grams. so to convert in 1 gram we divide international rate to this figure. After conversion we multiply this by current usdinr rate and lastly added are series of taxes which are levied on gold by the government.
So in short MCX rate(10 grams) = (comex price / 31.1034768 x usdinr) + Taxes(take it as constant for easier calculation).
If you notice on terminal under "commodity exchange messages" parity price(conversion equation) which is the same for any commodity is given daily.
Hope this info helps.
 

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