Gold and silver prices on October 9: Gold and silver prices have been changing on daily basis and today there has been a gain in Gold and silver rates following the trend in international markets as the dollar skidded and hopes of an economic stimulus grew.
Gold futures on MCX NSE 1.06 % were up 0.79 percent or Rs 394 at Rs 50,569 per 10 grams. Silver futures dipped 1.59 percent or Rs 960 to Rs 61,479 per kg.
In the spot market, gold prices in the national capital rose Rs 82 to Rs 51,153 per 10 grams on Thursday tracking gains in the global market, Silver also gained Rs 1,074 to Rs 62,159 per kilogram.
Globally, gold prices edged higher, supported by a weaker dollar and optimism over a new US coronavirus relief aid after President Donald Trump said talks with Congress have restarted. Spot gold rose 0.3 percent to $1,898.31 per ounce by 0054 GMT. US gold futures were up 0.4 percent at $1,902.60.
The world’s central banks sold more gold in August than they bought, the WGC said, ending a year-and-a-half-long run of monthly gold accumulation and helping stall a rapid rise in gold prices.
Silver rose 0.4 percent to $23.93 per ounce, platinum gained 0.6 percent to $867.06, and palladium was up 0.3 percent to $2,379.29.
Know why Gold and Silver rate increases or decreases
Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.
How Gold rate is calculated?
As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)
How many times gold rates change in a day?
As the yellow metal gold is traded at Multi Commodity Exchange where the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.