Gold prices today surges sharply in Delhi, Chennai, Kolkata, and Mumbai on 17 July 2020

Gold prices today, 17 July 2020: Gold prices per 22 carat and 24 carat have rose sharply on Friday. On MCX, Gold futures have increased by 0.1 percent to Rs 48,180 while the silver has slashed by Rs. 200 to Rs. 52,800 on Friday. 

In the country's capital, Delhi, gold prices have been stable at Rs 47,950 for ten gram of 22 carat and the price of 10 gram of 24 carat is at 49,150 While in Chennai, the gold prices increased by Rs. 50 making the price stood at Rs. 46,180 per ten grams of 22 carats and ten grams of 24 carats remained at Rs. 51,470 with an increase of Rs. 180

In Kolkata, the yellow metal has stood at Rs. 48,490 per ten grams of 22 carat and Rs. 50,060 per ten grams of 24 carat gold with a hike of Rs. 140. The gold prices in the commercial capital Mumbai have seen a decrease of Rs. 400 for both 22 carats and 24-carat gold taking the prices to Rs. 47,500 and Rs. 48,500.

What is MCX?

However many don't know what the MCX is all about. The 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. MCX is the largest commodity exchange for gold and silver-based in Mumbai founded in the year 2003.

What is Carat?

While coming to what the carat is which is the measure of the purity of the gold. There are three types 24 carat, 22 carat, and 18 carat. The 24-carat gold consists of a 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.