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Gold and silver rates today in Bangalore, Hyderabad, Kerala, Visakhapatnam, Delhi, Mumbai on 31 August 2020

Gold and silver rates today in Bangalore, Hyderabad, Kerala, Visakhapatnam, Delhi, Mumbai on 31 August 2020
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Gold

Highlights

Gold and silver prices on Monday hiked slightly in domestic markets in India.

Gold and Silver prices today, 31 August, 2020: Gold and silver prices on Monday hiked slightly in domestic markets in India. The price of yellow have been affected due to the US China business deals and strengthening of US dollar. On MCX, Gold futures have been increased by Rs. 10 at Rs. 52,940 while the silver rate has been hiked by Rs. 10 to 65,370. MCX is nothing but the Multi Commodity Exchange where the metal items are offered for trading such as gold, diamond and none ferrous items just like the BSE for other commodities.

The Gold rates in Bangalore had remained choppy for the last couple of weeks while the current gold rate in Bangalore has remained at Rs. 48,540 per ten grams of 22 carat and ten grams of 24 carat gold increased by Rs. 10 to 52,940.

The gold rates in Hyderabad the cosmopolitan city had witnessed a fall of Rs. 10 to Rs 49,140 per ten grams of 22 carat and the gold rate of 24 carat also seen a fall of Rs. 10 to 53,600.

In Kerala, there is high rate of gold investors. Gold rate in Kerala have been at Rs 47,020 per ten gram of 22 carat gold while ten grams of 24 carat gold at Rs. 51,320 with a fall of Rs. 10.

The gold rates in the to be executive capital Visakhapatnam of Andhra Pradesh have been at Rs. 49,130 and Rs. 53,600 per ten grams of 22 carat and 24 carats.

City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Bangalore Rs. 48,540 Rs. 52,940 Rs.65,370
Hyderabad Rs. 49,140 Rs. 53,600 Rs.65,370
Kerala Rs. 47,020 Rs. 51,310 Rs.65,370
Vizag Rs. 49,130 Rs. 53,600 Rs.65,370

Meanwhile, the Gold rates in Delhi have increased by Rs. 10 per ten gram of 22 carat and per 24 carat gold respectively taking the prices to Rs. 50,020 and Rs. 54,550.

In Chennai, the gold rates have decreased sharply by Rs. 10 to Rs. 49,130 per ten grams of 22 carat while the gold rate of ten grams of 24 carat also decreased by Rs. 10 to Rs. 53,600 with Rs. 10 increase.

Gold rates in Kolkata, stood at Rs. 50,430 per ten grams of 22 carat with increase of Rs. 10 and for ten gram of 24 carat also increased by Rs. 10 to 53,130. The gold rates in Mumbai the commercial capital have increased by Rs. 10 for both 22 carats and 24-carat gold taking the prices to Rs. 50,470 and Rs. 51,470.

City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Delhi Rs. 50,020 Rs. 54,550 Rs.65,370
Chennai Rs. 49,130 Rs. 53,600 Rs.65,370
Kolkata Rs. 50,430 Rs. 53,130 Rs.65,370
Mumbai Rs. 50,470 Rs. 51,470 Rs.65,370

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.

Why the gold rates increase and when do they decrease?

Gold tends to increase when people prefer investing in gold due to the inflation and concerned about the risks in the financial system. The Investors to get out of risk are putting the money on gold despite the rate of interest is more on deposits. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, increase in dollar value and other tensions between the countries. Off late the gold prices have coming down due to the US China dispute.

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.

Where the gold rates are cheap in the country?

The gold rates generally bhave sane value but there are countries where the price is low such as Dubai, Bangkok, Hong Kong, Cochin And Zurich Switzerland.

What is the reason for gold rates spiking up?

The yellow metal is doing a good performance in the first half of the year 2020 as said earlier. The gold has increased by 25 percent from last march, which soared to nine year high of Rs. $1856

Despite equity markets in the world rebounded sharply from March lows, amid the Covid-19 pandemic and the ultra-low interest rate have enhanced the gold prices. However, Gold prices in India are subjected to change depending on the international prices.

Is Gold a safe haven?

As the gold is an traditional and integral part of wedding ceremonies in India hencebit is considered as a safe haven for investors. The investors turn to gold whenever there is a fall in stock markets real estate and bonds fall across the world. One of the factor behind this performance is that the supply growth of gold has changed little over time with increase of gold by approximately 1.6 per cent per year over the past 20 years.

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

Investors predict that the prices could go up to Rs 65,000 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 price trend.

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