Gold and silver prices today surges in Bangalore, Hyderabad, Kerala, Visakhapatnam 1 August 2020

Gold and Silver prices today, 1 August 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 entrepreneur has increased the prices. On MCX, Gold futures have increased by Rs. 50 to Rs. 55,010 while the silver also slashed by Rs. 2010 to Rs. 65,010 on Friday. While going by what the MCX is, its nothing but the 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.

While coming to the measure of the purity of gold, it is measured in carats. There are three type of carat, 24 carat, 22 carat and 18 carat. The 24 carat gold consists of total 24 part gold where as 22 carat contains 22 parts gold and 2 parts other elements line copper to form the jewellery, 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 per cent pure. Keeping them aside lets have a look at the rates for the day at four major centres.

The gold prices in Bangalore per ten grams of 22 carat surged by Rs. 60 to Rs. 50,510 and ten-gram of 24-carat gold also increased by Rs. 60 to 55,010 respectively.

The gold prices in Hyderabad have increased by Rs. 230 per ten grams of 22 carats to Rs. 51,260 while the price of 24 carats is at Rs. 55,830 with a hike of Rs. 230. The gold prices in Kerala increased by Rs. 350 to Rs. 50,000 and rate of ten grams of 24 carats at Rs. 54,450 with a hike of Rs. 400.

The gold rates in Visakhapatnam have stood at Rs. 51,260 and Rs. 55,820 per ten grams of 22 carat and 24 carats with a hike of Rs. 230.