Gold and silver prices today hikes sharply in Bangalore, Hyderabad, Kerala, Visakhapatnam 3 August 2020

Gold and Silver prices today, 3 August, 2020: Gold and silver prices continue to hike for the tenth consecutive day in Indian markets taking the price of yellow metal to all time high. Also, the wedding season has arrived and the gold enterpreneurs has been revising the prices accordingly with demand. On MCX, Gold futures have increased by Rs. 250 to Rs. 55,250 while the silver also surged by Rs. 10 to Rs. 65,120 on Sunday. While going by what the MCX is, it 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 gold prices in Bangalore per ten grams of 22 carat surged by Rs. 10 to Rs. 50,660 and ten gram of 24-carat gold also increased by Rs. 20 to 55,260 respectively.

The gold prices in Hyderabad have increased by Rs. 10 per ten grams of 22 carats to Rs. 51,790 while the price of 24 carats is at Rs. 56,500 with a hike of Rs. 10. The gold prices in Kerala increased by Rs. 20 to Rs. 50,210 and rate of ten grams of 24 carats at Rs. 54,770 with a hike of Rs. 10.

The gold rates in Visakhapatnam have stood at Rs. 51,790 and Rs. 56,500 per ten grams of 22 carat and 24 carats with a hike of Rs. 10.