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Gold and silver rates today hikes in Bangalore, Hyderabad, Kerala, Visakhapatnam 7 October 2020

Gold and silver rates today hikes in Bangalore, Hyderabad, Kerala, Visakhapatnam 7 October 2020
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Gold and silver rates today hikes in Bangalore, Hyderabad, Kerala, Visakhapatnam 7 October 2020

Highlights

Gold and Silver rates today, 7 October: Gold rates after remaining choppy for last couple of weeks had surged on Wednesday.

Gold and Silver rates today, 7 October: Gold rates after remaining choppy for last couple of weeks had surged on Wednesday. On MCX, the gold rates have hiked by Rs. 520 to Rs. 52,250 while the silver increased by Rs. 1300 to Rs. 62,000. The gold rates have increased following the global markets wherein 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. 47,900 per 10 gm with a hike of Rs. 480 and that 24 carat gold is up by Rs. 520 to Rs. 52,250. In Hyderabad, the gold rate was at Rs 48,450 with a surge of Rs. 430 per ten gram of 22 carat gold and that of 24 carat is at Rs. 52,850 with a fall of Rs. 470.

The gold rates in Kerala are at Rs 46,850 per 10 gram of 22 carat with a fall of Rs. 450 and the rate of ten grams of 24 carat is at Rs. 51,100 with a hike of Rs. 500. While in Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs. 48,450 and Rs. 52,850 per ten grams of 22 carat and 24 carat respectively.

City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Bangalore Rs. 47,900 Rs. 52,250 Rs.62,000
Hyderabad Rs. 48,450 Rs. 52,850 Rs.62,000
Kerala Rs. 46,850 Rs. 51,100 Rs 62,000
Vizag Rs. 48,450 Rs. 52,850 Rs.62,000

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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