Gold and silver rates today surges in Bangalore, Hyderabad, Kerala, Visakhapatnam on 16 September 2020

Gold and silver rates today, 16 September 2020: The gold rates have been increasing from the last week in the Indian markets following the prices in global markets. On MCX, gold futures have hiked by Rs. 550 to Rs. 53,450 per 10 gram while silver futures have also been on increasing side with a surge of Rs. 700 to Rs.69,000 per kg. Going by the global markets, the increase in dollar price and spurt in coronavirus cases have effected the prices and incurred losses with spot gold down by approximately 0.2 per cent at $1928 per ounce. The high prices in the Asian countries is mainly due to the resumption of economic activities. However, the investors believe that the Gold tends to benefit from stimulus measures from central banks. However, going by the gold rates per the day, here are the rates.

The Gold rates in Bangalore have surged today after being stable for last couple of days. Going by the prices on Tuesday, gold rate per ten grams of 22 carat priced at 49,000 with a hike at Rs. 500 and per ten grams of 24 carat is at Rs. 53,450 with an increase of Rs. 550.

The gold rates in Hyderabad on Wednesday surged by Rs. 450 to Rs 49,520 per ten grams of 22 carat and the gold rate of 24 carat is at 54,020 with Rs. 490 hike. In Kerala, gold rate have been at Rs 47,700 per ten gram of 22 carat while ten grams of 24 carat gold at Rs. 52,040 with a surge of Rs. 300 and Rs. 330.

The gold rates in Visakhapatnam of Andhra Pradesh have been at Rs. 49,520 and Rs. 54,020 per ten grams of 22 carat and 24 carats with a hike of Rs. 450 and Rs. 490.

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.