Gold rate in Hyderabad, Bangalore, Kerala, Visakhapatnam today remains choppy on 16 October 2020

Gold rate today on 16 October: Gold rate in Indian domestic markets have increased slightly on Friday. On MCX, the gold rate have increased by Rs. 70 to Rs. 51,980 while the silver decreased by Rs. 1000 to Rs. 61,000. Gold rate 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. Amid Coronavirus pandemic, the gold rate have remained choppy for the last two months trading low. However, with few countries announcing the coronavirus stimulus package, the gold rate gained the momentum.

Gold rate in Bangalore for ten gram of 22-carat is at Rs. 47,650 after a hike of Rs. 70 and that of 24 carat gold is hiked by Rs. 70 to Rs. 51,980. While the gold rate in Hyderabad was at Rs 48,350 with a slash 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 rate in Kerala are at Rs 46,950 per 10 gram of 22 carat and the rate of ten grams of 24 carat is at Rs. 51,200 without change. While in Visakhapatnam, the gold rates have followed the Hyderabad trends with Rs. 48,350 and Rs. 52,750 per ten grams of 22 carat and 24 carat respectively.

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.

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 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.