Gold and silver rates today surges sharply in Bangalore, Hyderabad, Kerala, Visakhapatnam, 24 August 2020

Gold and Silver prices today, 24 August, 2020: Gold and silver prices on Monday have seen a slight hike in domestic markets in India. The price of yellow have been affected due to the US China business deals and strengthening of US dollar. On MCX, Gold futures have been at Rs. 56,150 while the silver rate has been hiked by Rs. 10 to 67,110. 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 carat is measure of purity of gold. There are three types of carat, 24 carat, 22 carat and 18 carat. The 24 carat gold consists of total 24 parts 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.

Gold rates vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

The Gold rates in Bangalore had remained choppy for the last couple of weeks while the current gold rate in Bangalore has increased by Rs. 10 to Rs. 49,510 per ten grams of 22 carat and ten grams of 24 carat gold also increased by Rs. 10 to 54,010.

The gold rates in Hyderabad the cosmopolitan city had witnessed a sligh hike with Rs. 10 to Rs 50,490 per ten grams of 22 carat and the gold rate of 24 carat also seen a hike of Rs. 10 to 55,070.

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. 53,040 with a hike of Rs. 10.

The gold rates in the to be executive capital of Andhra Pradesh have been at Rs. 50,490 and Rs. 55,070 per ten grams of 22 carat and 24 carats with a slight hike of Rs. 10.