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Home » business » Gold Rates and Silver rates, October 16: Yellow metal price rises today

Gold Rates and Silver rates, October 16: Yellow metal price rises today

Gold prices in India on Friday, October 16 have gone up following the global rates. On MCX, the gold rates have increased to ₹50,685.

By Newsd
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Gold and silver rates today slashes in Delhi, Chennai, Kolkata, Mumbai on 08 October 2020

Gold prices in India on Friday, October 16 have gone up following the global rates. On MCX, the gold rates have increased to ₹50,685. The gold rate in Delhi for 22-carat is ₹49,286 and 24 carat gold is at Rs. 53,776. In Chennai, the gold rate of 22 carat gold is ₹48,437 and of 24 carat is at Rs. ₹52,867.

The gold rates in Kolkata is at Rs ₹49,807 per 10 gram of 22 carat and rate of 24 carat is at Rs. 52,787. Talking about Mumbai, the gold rates have been at Rs. ₹49,649 and Rs. 50,649 per ten grams of 22 carat and 24 carat respectively.

Today, silver price in India has gone down which is 61,451 rupees per kilogram.

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.

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