Gold prices today surges in Delhi, Chennai, Kolkata, and Mumbai, 18 August 2020

Gold prices today, 18 August 2020: Gold prices on Tuesday have increased slightly. The price have hiked at major cities from the last week. On MCX, Gold futures increased by Rs. 30 to Rs 54,220 while the silver has also surged by Rs. 890 to Rs. 68,900 today. MCX is a 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 what the carat is, it is the measure of the purity of the gold. There are three types 24 carats, 22 carat, and 18 carat. The 24-carat gold consists of total of 24 part gold whereas 22 carat contains 22 parts gold and 2 parts other elements 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 percent pure while the 22 carat constitute 91.67 percent pure. Keeping them aside let's have a look at the rates for the day at four major centers.

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.

In the country's capital, Delhi, gold prices have been at Rs. 51,160 per ten grams of 22 carat and the price of ten grams of 24 carat is at 55,100 with a hike of Rs. 10. While in Chennai, the gold prices stood at Rs. 50,700 per ten grams of 22 carats and ten grams of 24 carats remained at Rs. 55,320 with a fall of Rs. 310 and Rs. 340.

In Kolkata, the yellow metal has stood at Rs. 51,820 per ten grams of 22 carat with a hike of Rs. 60 and Rs. 54,520 per ten gram of 24 carat with a hike of Rs. 70. The gold prices in the commercial capital Mumbai have hiked by Rs. 280 for both 22 carats and 24-carat gold taking the prices to Rs. 51,510 and Rs. 52,510.