On Wednesday, Gold rates increased following the global rates. On MCX, the gold rates have decreased by Rs. 570 to Rs. 52,250 while the silver rates are at Rs. 62,000 with a hike of Rs 1300.
In Delhi, the price of 22-carat gold is up by Rs. 500 to Rs. 49,400 per 10 gm and that of 24-carat gold is stable at Rs. 53,350 In Chennai, the gold rate was at Rs 48,450 with a hike of Rs. 439 per ten grams of 22-carat gold and that of 24-carat is at Rs. 52,850 with a hike of Rs. 470.
The gold rates in Kolkata is at Rs 49,920 per 10 gram of 22-carat with Rs. 540 hike and the rate of ten grams of 24-carat is at Rs. 52,830. In Mumbai, the gold rates have been at Rs. 49,420 and Rs. 50,420 per ten grams of 22-carat and 24-carat respectively with a hike of Rs. 440.
Why the gold rates increase and when do they decrease?
Gold prices increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. Investors to get out of risk are putting the money on gold despite the rate of interest is more on deposits. 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. Presently, the gold prices have come down due to the US-China dispute.
How many times gold rates change in a day?
Disputes between countries, and demand and supply, etc may trigger changes in the prices at every minute. Gold rates vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.
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 jewellry = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges) Making charges vary depending on the style of the ornament you require as it takes time and work while machine-made jewellery costs less than man-made ones.
What is Carat? and How the purity of gold is measured?
While carat is a measure of purity of gold. There are three types of carat, 24 carat, 22 carat and 18 carat. The 24 carat gold consists of total 24 parts gold where as 22 carat contains 22 parts gold and 2 parts other elements line copper to form the jewelry, while the 18 carat has 18 parts gold and 6 parts copper and other elements. The purity is calculated by dividing the carat by 24 and multiplying it with 100. The 24 carat home is said to be 100 per cent pure while the 22 carat constitute 91.67 percent pure.