Gold prices today surges in Delhi, Chennai, Kolkata, and Mumbai on 23 July 2020

Gold prices today, 23 July 2020:  Gold prices on Thursday have surged. On MCX, Gold futures increased by Rs. 850 to Rs 49,950. while the silver has surged by Rs. 3,350 to Rs. 58,950 today. The gold and silver prices have been choppy for last one month. As many could wonder what the MCX is about, which 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. The above mentioned MCX futures shows that it will trade at those prices.

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 jewellery, 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 centres.

In the country's capital, Delhi, gold prices have been at Rs. 48,750 pet ten grams of 22 carat and the price of 10 grams of 24 carat is at 49,950 with an increase of Rs. 850. While in Chennai, the gold prices increased by Rs. 760 making the price stood at Rs. 47,850 per ten grams of 22 carats and ten grams of 24 carats remained at Rs. 52,200 with an increase of Rs. 830.

In Kolkata, the yellow metal has stood at Rs. 49,350 per ten grams of 22 carat with hike of Rs. 870 and per ten grams of 24 carat gold is at Rs. 50,750 with a hike of Rs. 870. The gold prices in the commercial capital Mumbai have seen an increase of Rs. 600 for both 22 carats and 24-carat gold taking the prices to Rs. 48,700 and Rs. 49,700.