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Gold and silver rates today goes up in Bangalore, Hyderabad, Kerala, Visakhapatnam 11 October 2020

Gold and silver rates today goes up in Bangalore, Hyderabad, Kerala, Visakhapatnam 11 October 2020
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Gold

Highlights

  • Gold rates in Indian domestic markets have increased on Sunday following the global rates.

Gold and Silver rates today, 11 October: Gold rates in Indian domestic markets have increased on Sunday following the global rates. On MCX, the gold rates have increased by Rs. 400 to Rs. 52,470 while the silver increased by Rs. 1500 to Rs. 62,900. 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. 48,100 per 10 gm with a hike of Rs. 370 and that of 24 carat gold is hiked by Rs. 370 to Rs. 52,470. In Hyderabad, the gold rate was at Rs 48,810 with a surge of Rs. 390 per ten gram of 22 carat gold and that of 24 carat is at Rs. 53,240 with a hike of Rs. 420.

The gold rates in Kerala are at Rs 47,250 per 10 gram of 22 carat with a hike of Rs. 300 and the rate of ten grams of 24 carat is at Rs. 51,550 with a hike of Rs. 330. While in Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs. 48,810 and Rs. 53,240 per ten grams of 22 carat and 24 carat .respectively.

City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Bangalore Rs. 48,100 Rs. 52,470 Rs.62,900
Hyderabad Rs. 48,810 Rs. 53,240 Rs.62,900
Kerala Rs. 47,250 Rs. 51,550 Rs 62,900
Vizag Rs. 48,810 Rs. 53,240 Rs.62,900

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.

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