Gold and silver prices today remain choppy in Bangalore, Hyderabad, Kerala, Visakhapatnam, 18 August 2020

Gold and Silver prices today, 18 August, 2020: Gold and silver prices, which are fluctuating day by day has seen a fall at some places on Tuesday and hiked at the other places. On MCX, Gold futures have increased by Rs. 30 to Rs. 54,220 while the silver also surged by Rs. 890 to Rs. 68,900. 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.

Some of the factors that were the reasons for the 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.

It is revealed by analysts that the gold price is expected to come down and been at volatile currently due to the announcement of the first Coronavirus vaccine by Russia.

The gold prices in Bangalore per ten grams of 22 carat has seen a hike of Rs. 40 to Rs. 49,700 and ten gram of 24-carat gold also hiked by Rs. 30 to 54,220 respectively.

The gold prices in Hyderabad have decreased by Rs. 310 per ten grams of 22 carats to Rs. 50,700 while the price of 24 carats is at Rs. 55,320 with a hike of Rs. 340. The gold prices in Kerala have decreased by Rs. 200 per ten gram of 22 carat gold to Rs. 49,010 and rate of ten grams of 24 carats at Rs. 53,500 with a fall of Rs. 190.

The gold rates in Visakhapatnam have stood at Rs. 51,700 and Rs. 55,320 per ten grams of 22 carat and 24 carats with a drop of Rs. 310 and 340.