Gold and silver prices have been fluctuating for months. On October 14, Gold price in India struggled after a sharp fall in the previous session while silver edged higher. On MCX, December gold futures were up 0.19% to ₹50,343 per 10 gram while silver futures moved 0.3% higher to ₹60,738 per kg.
In the previous session, gold prices had slumped ₹850 per 10 gram while silver had plunged ₹2,600 per kg. In global markets, gold prices were little changed today but remained below the key $1,900/ounce psychological level.
A stronger US dollar weighed on the precious metal. Spot gold was trading at $1,892.80 per ounce, after declining 1.6% in the previous session. The dollar index was steady today after rebounding from a
three-week low on Tuesday.
Among other precious metals, silver rose 0.2% to $24.22 per ounce while platinum was up 0.5% at $869.05.
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.