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Gold and silver rates today in Bangalore, Hyderabad, Kerala, Visakhapatnam 12 October 2020

Gold and silver rates today in Bangalore, Hyderabad, Kerala, Visakhapatnam 12 October 2020
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Gold

Highlights

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

Gold and Silver rates today, 12 October: Gold rates in Indian domestic markets have increased on Monday following the global rates. On MCX, the gold rates have increased by Rs. 10 to Rs. 52,480 while the silver increased by Rs. 1500 to Rs. 62,910. 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. 48,110 per 10 gm with a hike of Rs. 10 and that of 24 carat gold is hiked by Rs. 10 to Rs. 52,480. In Hyderabad, the gold rate was at Rs 48,820 with a surge of Rs. 10 per ten gram of 22 carat gold and that of 24 carat is at Rs. 53,250 with a hike of Rs. 10.

The gold rates in Kerala are at Rs 47,260 per 10 gram of 22 carat with a hike of Rs. 10 and the rate of ten grams of 24 carat is at Rs. 51,560 with a hike of Rs. 10. While in Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs. 48,820 and Rs. 53,250 per ten grams of 22 carat and 24 carat respectively.


City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Bangalore Rs. 48,110 Rs. 52,480 Rs.62,910
Hyderabad Rs. 48,820 Rs. 53,250 Rs.62,910
Kerala Rs. 47,260 Rs. 51,560 Rs 62,910
Vizag Rs. 48,820 Rs. 53,250 Rs.62,910

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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