Gold and silver prices today declines in Bangalore, Hyderabad, Kerala, Visakhapatnam, 23 August 2020

Gold and Silver prices today, 23 August, 2020: Gold and silver prices on Sunday have seen a fall at major metropolitan cities. On MCX, Gold futures have decreased by 0.20 percent to Rs. 56,140 while the silver decreased by Rs. 700 to 67,100. 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 purity of gold, it is a 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 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.

The other factors that resulted in hike in gold prices are weaker U.S. dollar and concerns over the global economic recovery. On the other hand. Concerns over the economic damage caused due to the pandemic where the economy has shrank in the second quarter leading to increase of gold prices.

The Gold Rate in Bangalore has been increasing day by day. The current gold rate in Bangalore has decreased by Rs. 100 to Rs. 49,500 per ten grams of 22 carat and ten grams of 24 carat gold decreased by Rs. 110 to 54,000.

The gold rates in Hyderabad the cosmopolitan city had witnessed a fall on gold rates, which has decreased by Rs. 360 to Rs 50,480 per ten grams of 22 carat and the gold rate of 24 carat also seen a fall of Rs. 400 to 55,060. In Hyderabad, the gold rates are increasing for the last couple of weeks amid the wedding season across the two states.

In Kerala, there is high rate of gold investors, hence, the gold rates are increasing. Gold rate in Kerala have been at Rs 48,610 per ten gram of 22 carat gold while ten grams of 24 carat gold ar Rs. 53,030 with a hike of Rs. 10.

The gold rates in the largest city of Visakhapatnam, which is said to have become executive capital stood at Rs. 50,480 and Rs. 55,060 per ten grams of 22 carat and 24 carats .