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Gold and silver rates today surges in Delhi, Chennai, Kolkata, Mumbai on 11 September 2020

Gold and silver rates today surges in Delhi, Chennai, Kolkata, Mumbai on 11 September 2020
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Gold

Highlights

The gold rates have edged higher today in Indian markets on September 11 with an increase in global rates.

Gold and silver rates today, 11 September 2020: The gold rates have edged higher today in Indian markets on September 11 with an increase in global rates. On MCX, gold futures hiked by Rs.200 percent Rs. 54,820 per 10 gram while silver futures also fell by Rs. 100 to Rs.68,560 per kg. Going by the trends, the gold rates in the previous session, have fallen by 0.5 percent and surged now while silver futures had surged to maximum level. However, gold and silver rates have been choppy and came down from August highs.

Meanwhile, the Gold rates in Delhi have seen a hike of Rs. 200 per ten gram of 22 carat and 24 carat gold respectively taking the prices to Rs. 50,250 and Rs. 54,820 with an hike of Rs. 220.

In Chennai, the gold rates have increased by Rs. 160 to Rs. 49,250 per ten grams of 22 carat while the gold rate of ten grams of 24 carat also increased by Rs. 170 to Rs. 53,720.

Gold rates in Kolkata, stood at Rs. 50,500 per ten grams of 22 carat with a hike of Rs. 100 and for ten gram of 24 carat the rate slashed by Rs. 880 to Rs. 53,200. While the gold rates in Mumbai the commercial capital have witnessed a fall of Rs. 10 for both 22 carats and 24-carat gold taking the prices to Rs. 49,490 and Rs. 50,490


City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Delhi Rs. 50,250 Rs. 54,820 Rs.68,569
Chennai Rs. 49,250 Rs. 53,720 Rs.68,560
Kolkata Rs. 50,500 Rs. 53,200 Rs.68,560
Mumbai Rs. 49,490 Rs. 50,490 Rs.68,560

Going by the global markets, the ring dollar price and spurt in coronavirus cases have effected the prices and incurred losses with spot gold down by approximately 0.2 per cent at $1928 per ounce. The weak prices in the Asian countries is maiy due to the less demand from the consumers as they have been effected financially. However, the investors believe that the Gold tends to benefit from stimulus measures from central banks. However, going by the gold rates per the day, here are the rates.

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.

All in all, 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. Gold returned over 25 percent return in seven months to its investors in 2020.


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