Gold and silver rates today hike in Bangalore, Hyderabad, Kerala, Visakhapatnam 5 October 2020
Gold and silver rates today hike in Bangalore, Hyderabad, Kerala, Visakhapatnam 5 October 2020
Gold and Silver rates today, 5 October: Gold rates have been on a surge for last three days and continued the same trend on Monday. On MCX, the gold rates have surged by Rs. 10 to Rs. 52,100 while the silver increased by Rs. 10 to Rs. 61,200. The gold rates have increased inline with global markets where the investors eyed to catch up the profits with US stimulus bill. Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges. Here are the yellow metal prices at different cities.
In Bangalore, the price of 22-carat gold is at Rs. 47,760 per 10 gm with an increase of Rs. 10 and that 24 carat gold is hiked by Rs. 10 to Rs. 52,100. In Hyderabad, the gold rate was at Rs 48,510 with a hike of Rs. 10 per ten gram of 22 carat gold and that of 24 carat is at Rs. 52,910 with a surge of Rs. 10.
The gold rates in Kerala are at Rs 46,710 per 10 gram of 22 carat and the rate of ten grams of 24 carat is at Rs. 50,960. While in Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs. 48,510 and Rs. 52,910 per ten grams of 22 carat and 24 carat respectively.
| City | 22 carat Gold (10gms) | 24 carat Gold (10gms) | silver (1kg) |
| Bangalore | Rs. 47,760 | Rs. 52,100 | Rs.61,210 |
| Hyderabad | Rs. 48,510 | Rs. 52,910 | Rs.61,210 |
| Kerala | Rs. 46,719 | Rs. 50,960 | Rs 61,210 |
| Vizag | Rs. 48,510 | Rs. 52,910 | Rs.61,210 |
How many times gold rates change in a day?
As the yellow metal gold is traded at Multi Commodity Exchange where the gold rates changes 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. Amid 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 jewellery = 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. Gold is regarded as a safe investment-asset and acts as a good hedge against inflation. It has become the go-to-investment-avenue for millions of investors.