Gold and silver rates today slash in Bangalore, Hyderabad, Kerala, Visakhapatnam, 26 August 2020
Gold and silver prices on Wednesday have seen a continuous fall in domestic markets in India.
Gold and Silver prices today, 26 August 2020: Gold and silver prices on Wednesday have seen a continuous fall 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 decreased by Rs. 370 at Rs. 53,300 while the silver rate has been declined by Rs. 1190 to 65,510. 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.
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.
The Gold rates in Bangalore had remained choppy for the last couple of weeks while the current gold rate in Bangalore has decreased by Rs. 340 to Rs. 48,860 per ten grams of 22 carat and ten grams of 24 carat gold also decreased by Rs. 370 to 53,300.
The gold rates in Hyderabad the cosmopolitan city had witnessed a fall with Rs. 540 to Rs 49,490 per ten grams of 22 carat and the gold rate of 24 carat also seen a fall of Rs. 520 to 54,060.
In Kerala, there is high rate of gold investors. Gold rate in Kerala have been at Rs 47,810 per ten gram of 22 carat gold while ten grams of 24 carat gold at Rs. 52,210 with a fall of Rs. 390.
The gold rates in the to be executive capital of Andhra Pradesh have been at Rs. 49,490 and Rs. 54,060 per ten grams of 22 carat and 24 carats with a fall of Rs. 540 and Rs. 520.
|22 carat Gold (10gms)||24 carat Gold (10gms)||silver (1kg)|
|Bangalore||Rs. 48,860||Rs. 53,300||Rs.65,510|
|Hyderabad||Rs. 49,490||Rs. 54,060||Rs.65,510|
|Kerala||Rs. 47,810||Rs. 52,210||Rs.65,510|
|Vizag||Rs. 49,490||Rs. 54,060||Rs.65,510|