Gold rate in Melbourne today
The 24K gold rate in Melbourne today is AU$ 198.78 per gram, AU$ 198.78 per gram and AU$ 2,318.51 per tola. Rates on this page are recalculated throughout the trading day, so the figure you see is the one in force right now.
For jewellery buyers the more relevant grade is 22 karat, currently AU$ 182.21 per gram. Twenty-one karat, common in Gulf-style designs, is AU$ 173.93, and 18 karat — the standard for diamond and stone settings — is AU$ 149.08. Twenty karat, occasionally quoted for lighter pieces, works out at AU$ 165.65 per gram.
Silver in Melbourne is trading at AU$ 3.01 per gram for 999 fine, or AU$ 93.55 per troy ounce.
The Melbourne gold market
Melbourne trades at one of the wider premiums in the country over the national floor — 1.35% — which reflects how far imported metal has to travel to reach Australia and how much competition there is between dealers once it does. The market serves Melbourne and its immediate catchment.
Where Melbourne sits against the rest of Australia
Of the 5 Australia markets we price, Melbourne is currently the 2nd cheapest .
That gap is not a markup anyone chose. The metal costs the same everywhere on earth at any given second — what differs is the cost of getting a physical bar onto a counter in Melbourne: freight from the point of import, insurance in transit, security and storage, and how many dealers compete locally. The live national ranking shows every market side by side.
Buying gold in Melbourne
With fewer competing showrooms than the metros, quotes here vary more than they would in Mumbai or Chennai, so comparing two or three is worth the time. Check the BIS hallmark and verify the six-digit HUID in the BIS Care app before paying — hallmarking coverage is less consistent outside the major markets.
Whatever else you do, get four figures separately before agreeing anything: the metal rate for the exact karat you are buying, the making charge, the wastage percentage, and the tax. With those four, two shops become directly comparable. With a single all-in price, they cannot be — and a shop unwilling to break it down has told you something about the price.
One more local reference point: at current Melbourne rates a gram of 24K gold costs about 66× a gram of 999 silver.
Before you buy or sell in Melbourne
These cost people more money than the rate itself does, and each is worth two minutes:
- Making charges, not the gold rate, are what differ between shops. How they are calculated, and why a low charge with high wastage can cost more than the reverse.
- Check the karat before you check the price. What the stamps guarantee and which tests actually prove anything — the magnet test only works in one direction.
- Understand where the number comes from. The full chain from dollar spot to the board outside your jeweller, with today's live figures at each step.