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Gold and silver rates today slashes in Bangalore, Hyderabad, Kerala, Visakhapatnam 2 October 2020

Gold and silver rates today slashes in Bangalore, Hyderabad, Kerala, Visakhapatnam 2 October 2020
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Gold

Highlights

Gold rates have been slashed on Friday.

Gold and Silver rates today, 2 October: Gold rates have been slashed on Friday. On MCX, the gold rates have fell by Rs. 120 to Rs. 51,890 while the silver also rallied by Rs. 200 to Rs. 61,200. The gold rates have increased inline with global markets where 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 declined to Rs. 47,560 per 10 gm with an decrease of Rs. 120 and that 24 carat gold is down by Rs. 120 to Rs. 51,890. In Hyderabad, the gold rate was at Rs 48,260 with a fall of Rs. 80 per ten gram of 22 carat gold and that of 24 carat is at Rs. 52,650 with a slash of Rs. 80.

The gold rates in Kerala down by Rs. 90 to Rs 46,610 per 10 gram of 22 carat and the rate of ten grams of 24 carat is at Rs. 50,870 with a fall of Rs. 90. While in Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs. 48,260 and Rs. 52,650 per ten grams of 22 carat and 24 carat respectively.

City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Bangalore Rs. 47,560 Rs. 52,890 Rs.61,200
Hyderabad Rs. 48,260 Rs. 52,650 Rs.61,200
Kerala Rs. 46,610 Rs. 50,870 Rs 61,200
Vizag Rs. 48,260 Rs. 52,650 Rs.61,200

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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