Gold Rates and Silver rates, October 19:
Gold rates in the Indian domestic markets have spiked up slightly today. On MCX, the gold rates have by Rs 10 to Rs 52,210. Talking about the silver rate, the price is at Rs 61,700.
When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges. With few countries announcing the coronavirus stimulus package, the gold rate gained the momentum.
In Bangalore for ten gram of 22-carat is at Rs 47,860 after a increased and that of 24 carat gold is at Rs 52,210 with an hike of Rs 10. While the gold rate in Hyderabad was at Rs 46,810 with an increase of Rs 10 per ten gram of 22 carat gold and that of 24 carat is at Rs 51,060 with a fall of Rs 10.
Gold rate in Kerala are at Rs 46,810 per 10 gram of 22 carat with a hike of Rs 10 and the rate of ten grams of 24 carat is at Rs 51,060 with a hike of Rs 950. While in Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs 46,810 and Rs 51,060 per ten grams of 22 carat and 24 carat respectively.
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 whGGolere 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.