Gold and silver rate today surges in Hyderabad, Bangalore, Kerala, Visakhapatnam 24 July 2020

Gold and Silver prices today, 24 July 2020: Gold rate on Friday have continued to hike for the third consecutive day and the silver prices have also rose hugely. On MCX, Gold futures have increased by Rs. 350 to Rs. 51,920 while the silver has surged by Rs. 3050 to Rs. 62,000. The MCX is 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 is three types of carat, 24 carat, 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 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 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 centres.

The gold prices in Bangalore per ten grams of 22 carat surged by Rs. 350 to Rs. 47,620 and ten gram of 24-carat gold also increased by Rs. 350 to 51,920 respectively.

In Hyderabad, the gold prices have increased by Rs. 300 per ten grams of 22 carats to Rs. 48,150 while the price of 24 carats is at Rs. 52,500 with a hike of Rs. 300. The gold prices in Kerala increased by Rs. 150 to Rs. 46,750 and rate of ten grams of 24 carats at Rs. 50,980 with a hike of Rs. 150.

The gold rates in Visakhapatnam have stood at Rs. 48,150 and Rs. 52,500 per ten grams of 22 carat and 24 carats with a hike of Rs. 300.