Gold and silver prices today falls in Bangalore, Hyderabad, Kerala, Visakhapatnam, 20 August 2020

Gold and Silver prices today, 20 August, 2020: Gold and silver prices on Thursday have seen a huge hike. On MCX, Gold futures have decreased by Rs. 120 to Rs. 56,240 while the silver also slashed by Rs. 3000 to Rs. 68,100. 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.

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 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 been stable at Rs. 50,760 per ten grams of 22 carat and Rs. 55,280 per ten grams of 24 carat gold.

The gold rates in Hyderabad the cosmopolitan city had seen a price fell by Rs. 110 on Thursday to 51,570 and the gold rate of 24 carat also fell by Rs. 120 to Rs. 56,240. In Hyderabad, the gold rates are increasing for the last couple of weeks amid the wedding season across the two states. However, after wedding season is over, the gold rates have remained choppy.

Gold rate in Kerala soared to Rs 49,300 with a fall of Rs. 700 per ten gram of 22 carat gold while ten grams of 24 carat gold had decreased by Rs. 720 to Rs. 53,780. In Kerala, there is high rate of gold investors, hence, the gold rates are increasing.

The gold rates in the largest city of Visakhapatnam, which has coastline and is said to become executive capital have stood at Rs. 51,570 and Rs. 56,240 per ten grams of 22 carat and 24 carats.