Gold and silver price: On 22nd August 2020( Friday), the prices of gold and silver have seen a huge hike. The MCX( Multi Commodity Exchange) where the metal items are given for trading such as diamond, gold, and other ferrous items like the BSE of other commodities of future of gold is at Rs. 56,240 and of silver, it is Rs 67100.
The purity of gold is measured in carrots. There are three types of carots,24 carats( whole 24 part of gold and it’s 100% pure gold), 22 carats gold ( 22 parts of gold and other 2 parts of other elements like copper, this is 91.67% pure) and 18 carats( 18 parts of gold and other 6 parts of copper and some other elements). By dividing the carat by 24 and multiplying it with 100, we get the purity of gold.
The rates of these at 4 major centers on 22nd August 2020:-
The prices or the rate of gold is increasing day by day in Bangalore. For every ten grams of 24 carats gold, you have to pay Rs. 54,100 and for every ten grams of 22 carats gold the rate is Rs. 49,600.
The cosmopolitan city, Hyderabad has seen an increase over the last couple of weeks due to the ongoing wedding season across the two states. However, even when the wedding season gets over the rates will remain as it is. The rate of 24 carat gold in Hyderabad is Rs. 55,460.
The gold rates in Kerala are increasing rapidly as the state has a high rate of gold investors. The rate for every ten grams of 24 carats gold is Rs. 53,020 while for every ten grams of 22 carats is Rs. 48,610.
The largest city of Vishakhapatnam which has a coastline too is also expected to become the executive capital soon. Rs. 50,840 is the rate for every ten grams of 22 carats gold and the rate for every ten grams of 24 carats gold is Rs. 55,460.
However, the price of silver in all the four states remains the same i.e Rs. 67,810 for every 1kilograms.