Gold and silver prices today surges in Bangalore, Hyderabad, Kerala, Visakhapatnam, 19 August 2020

Gold and Silver prices today, 19 August, 2020: Gold and on Wednesday have seen a huge hike. On MCX, Gold futures have increased by Rs. 1050 to Rs. 55,270 while the silver also surged by Rs. 2200 to Rs. 71,100. 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.

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 Rate in Bangalore has been increasing day by day. The current gold rate in Bangalore has seen a hike of Rs. 1060 per ten grams of 22 carat taking the price to 50,760 and gold rate of ten grams of 24 carat is stood at Rs. 55,280 with a hike of Rs. 1060. Gold Price in Bangalore are revised daily.

The gold rates in Hyderabad the cosmopolitan city had seen a price hike by Rs. 980 on Wednesday to 51,680 and the gold rate of 24 carat also hiked by Rs. 1050 to Rs. 56,370. In Hyderabad, the gold rates are increasing for the last couple of weeks amid the wedding season across the two states. Despite the wedding season has ended, the gold rates in Hyderabad are being hiked.

Gold rate in Kerala soared to Rs 50,010 with a hike of Rs. 1010 per ten gram of 22 carat gold while ten grams of 24 carat gold had rose to Rs. 1020 to Rs. 54,510. 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. 51,680 and Rs. 56,370 per ten grams of 22 carat and 24 carats .