- Cong accused of looting Rs 20K cr via LRS scheme
- Work hard for 40 days: Naidu to TDP-JSP cadre
- KCR announces nominees for four LS seats
- Can't get away by simply saying sorry: Govt
- ISRO chief diagnosed with cancer on Aditya-L1 launch day
- Shehbaz Sharif takes oath as Pakistan PM
- Increasing women workforce key for India to become $7 trn economy
- SC restores Trump to ballot
- Bribery not protected by legislative privileges: SC
- Haley beats Trump in Washington DC in first primary win
Gold rate in Delhi, Chennai, Kolkata, Mumbai today on 16 October 2020
Gold rate on Friday have gone up.
Gold rate today on 16 October: Gold rate on Friday have gone up. On MCX, the gold rates have increased by Rs. 70 to Rs. 51,980 while the silver rates are at Rs. 61,000 with a fall of Rs. 1000. Gold rate in Delhi for 22-carat has surged by Rs. 10 to Rs. 49,260 and that of 24 carat gold is at Rs. 53,740 with a hike of Rs. 10. In Chennai, the gold rate was at Rs 48,350 with a fall of Rs. 10 per ten gram of 22 carat gold and that of 24 carat is at Rs. 52,750 with a fall of Rs. 40.
The gold rates in Kolkata is at Rs 49,750 per 10 gram of 22 carat with Rs. 10 increase and the rate of ten grams of 24 carat is at Rs. 52,770 with a hike of Rs. 10. In Mumbai, the gold rates have been at Rs. 49,550 and Rs. 50,550 per ten grams of 22 carat and 24 carat respectively with a fall of Rs. 50.
|22 carat Gold (10gms)
|24 carat Gold (10gms)
What is Carat? and How purity of gold is measured?
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.
As the most of the country's economy was hit due to the coronavirus pandemic and the people and investors had believed that the investigation on gild is safe haven in the coming days. Despite there are speculations that the gold rates may go higher in third quarter of financial year but it is not exactly as there are various parameters that effect the prices.
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.