Gold rate in Hyderabad, Bangalore, Kerala, Visakhapatnam today slashes on 31 October 2020

Gold rate today on 31 October: Gold rate in Indian domestic markets have continued to fall at all major cities on Saturday. On MCX, the gold rate have fell by Rs. 50 to Rs. 51,640 while the silver rate is at Rs. 60,200 with a fall of Rs. 2210. Gold rates 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. Amid Coronavirus pandemic, the gold rate have remained choppy for the last two months trading low.

Gold rate in Bangalore for ten gram of 22-carat is remained at Rs. 47,340 with Rs. 40 fall and that of 24 carat gold is at Rs. 51,640 with a fall of Rs 50. While the gold rate in Hyderabad was at Rs 47,340 with a fall of Rs. 70 per ten gram of 22 carat gold and that of 24 carat is at Rs. 51,650 with a fall of Rs. 70.

The gold rate in Kerala are at Rs 46,850 per 10 gram of 22 carat and the rate of ten grams of 24 carat is at Rs. 51,110. In Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs. 47,340 and Rs. 51,650 per ten grams of 22 carat and 24 carat respectively.

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.

As the most of the country's economy was hit due to the coronavirus pandemic and the people and investors had believed that the investigation on gild is safe haven in the coming days. Despite there are speculations that the gold rates may go higher in third quarter of financial year but it is not exactly as there are various parameters that effect the prices.

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.

What is Carat? and How to Measure the purity of Gold?

While carat is measure of purity of gold. There are three types of carat, 24 carat, 22 carat and 18 carat. The 24 carat gold consists of total 24 parts gold where as 22 carat contains 22 parts gold and 2 parts other elements line copper to form the jewelry, while the 18 carat has 18 parts gold and 6 parts copper and other elements. The purity is calculated by dividing the carat by 24 and multiplying it with 100. The 24 carat home is said to be 100 per cent pure while the 22 carat constitute 91.67 percent pure. Keeping them aside lets have a look at the rates for the day at four major centres.

What is future of gold rate? Will they continue to rise?

Investors predict that the prices could go up to Rs 82,000 per 10 grams in the next two years. It is noted that the lower interest rates, negative rates in some economies, enormous amount of liquidity, which are trying to push growth due to Covid-19 are expected to increase the the price trend.

The gold price may tend to reach new heights in the coming year with the increase in demand from the public and the investors believing it as a safe haven. Despite the pandemic situation for last six months, the gold rates have been on positive side. It is likely that the gold rates may reach Rs. 82,000 for ten grams. The gold prices in the first half of the year 2020 has been increased by 25 percent due to the increase in global rates. The global gold rates are high in the last a few months amid sharp losses in the dollar. The stimulus measures, robust investor inflows have also contributed for the rise in prices.