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Gold and silver rates today increases in Delhi, Chennai, Kolkata, Mumbai on 16 September 2020
Gold
The gold rates on Wednesday have edged higher today in Indian markets on September 16 with an increase in global rates.
Gold and silver rates today, 16 September 2020: The gold rates on Wednesday have edged higher today in Indian markets on September 16 with an increase in global rates. On MCX, gold futures hiked by Rs.500 to Rs. 53,450 per 10 gram while silver futures were at Rs.69,000 per kg with Rs. 700 hike.
Meanwhile, the Gold rates in Delhi have seen a hike of Rs. 460 per ten gram of 22 carat and Rs. 500 per ten grams of 24 carat gold respectively taking the prices to Rs. 50,460 and Rs. 55,040.
In Chennai, the gold rates have increased by Rs. 490 to Rs. 49,530 per ten grams of 22 carat while the gold rate of ten grams of 24 carat hiked by Rs. 500 Rs. 54,030
Gold rates in Kolkata, stood at Rs. 50,910 per ten grams of 22 carat with a hike of Rs. 490 and for ten gram of 24 carat the rate surged by Rs. 490 to Rs. 53,610. While the gold rates in Mumbai the commercial capital have witnessed a hike of Rs. 550 for both 22 carats and 24-carat gold taking the prices to Rs. 50,450 and Rs. 51,450.
| City | 22 carat Gold (10gms) | 24 carat Gold (10gms) | silver (1kg) |
| Delhi | Rs. 50,460 | Rs. 55,040 | Rs.69,000 |
| Chennai | Rs. 49,530 | Rs. 54,030 | Rs.69,000 |
| Kolkata | Rs. 50,910 | Rs. 53,610 | Rs.69,000 |
| Mumbai | Rs. 50,450 | Rs. 51,450 | Rs.69,000 |
Going by the global markets, the ring 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 weak prices in the Asian countries is maiy due to the less demand from the consumers as they have been effected financially. 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.
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 gram jewelry charges + GST at 3% on
(Price of jewellery + making charges). Making charges vary depending on the style of the ornament you require jewelry time and work while machine-made jewellery costs less than man-made ones. All in all, 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.
