Gold and silver prices today surges in Bangalore, Hyderabad, Kerala, Visakhapatnam 30 July 2020

Gold and Silver prices today, 30 July 2020: Gold and silver prices have been on hike for the last ten days at all major cities in India. As the wedding season has arrived, the gold enterpreneur has increased the prices. On MCX, Gold futures have increased by Rs. 300 to Rs. 54,350 while the silver also surged by Rs. 50 to Rs. 66,050 on Thursday.

What is MCX?

MCX is a 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. The above mentioned MCX futures shows that it will trade at those prices.

What is Carat? & How to Calculate Gold Purity?

While coming to what the carat is, it is the measure of the purity of the gold. There are three types 24 carats, 22 carat, and 18 carat. The 24-carat gold consists of total of 24 part gold whereas 22 carat contains 22 parts gold and 2 parts other elements 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 percent pure while the 22 carat constitute 91.67 percent pure. Keeping them aside let's have a look at the rates for the day at four major centers.

The gold prices in Bangalore per ten grams of 22 carat surged by Rs. 300 to Rs. 49,850 and ten gram of 24-carat gold also increased by Rs. 300 to 54,350 respectively.

The gold prices in Hyderabad have increased by Rs. 370 per ten grams of 22 carats to Rs. 50,740 while the price of 24 carats is at Rs. 55,310 with a hike of Rs. 370. The gold prices in Kerala increased by Rs. 250 to Rs. 49,250 and rate of ten grams of 24 carats at Rs. 53,700 with a hike of Rs. 250.

The gold rates in Visakhapatnam have stood at Rs. 50,740 and Rs. 55,310 per ten grams of 22 carat and 24 carats with a hike of Rs. 370.