Gold Rates and Silver rates, October 20: Gold rates in the Indian domestic markets have come down today. Talking about the silver rate, the price is at Rs 61, 951. On MCX, the gold rates have decreased to ₹50,586. The gold rate in Delhi for 22-carat is ₹49,344 and 24 carat gold is at Rs. 53,824. In Chennai, the gold rate of 22 carat gold is ₹48,840 and of 24 carat is at Rs. ₹₹51,080,
The gold rates in Kolkata is at Rs ₹49,866per 10 gram of 22 carat and the rate of 24 carat is at Rs. ₹51,396. Talking about Mumbai, the gold rates have been at Rs. ₹49,594 and Rs. 50,534 per ten grams of 22 carat and 24 carat respectively.
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
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.