Gold rates today fell in Delhi, Chennai, Kolkata, and Mumbai, 26 August 2020

Gold rates today, 26 August 2020: Gold rates have decreased at all metro cities on Wednesday. On MCX, Gold futures have been trading at Rs 53,300 while the silver also slashed by Rs. 1190 to Rs. 65,100 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...

Gold rates in Delhi have decreased by Rs. 440 per ten grams of 22 carat and 24 carat gold respectively taking the prices to Rs. 50,260 and Rs. 54,880 with a decrease of Rs. 430.

In Chennai, the gold rates have increased sharply by Rs. 540 to Rs. 49,490 per ten grams of 22 carat while the gold rate of ten grams of 24 carat also decreased by Rs. 520 to Rs. 54,060.

Gold rates in Kolkata stood at Rs. 50,640 per ten grams of 22 carat with a fall of Rs. 460 and Rs. 450 decreased per ten grams of 24 carat gold to 53,360. The gold rates in Mumbai the commercial capital have decreased by Rs. 350 for both 22 carats and 24-carat gold taking the prices to Rs. 50,360 and Rs. 51,360. 

What is Carat? and How Measure the purity of Gold?

While coming to what the carat is, it is the measure of the purity of the gold. There are three types 24 carats, 22 carats, and 18 carats. 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 carats constitute 91.67 percent pure. Keeping them aside let's have a look at the rates for the day at four major centers.

Why the gold rates increase and when do they decrease?

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. Investors to get out of risk are putting the money on gold despite the rate of interest is more on deposits. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange where the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world. Amid disputes between countries, and demand and supply, etc may trigger changes in the prices at every minute. Gold rates vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweler to jeweler. Final price of the jewelry = Price of gold X (Weight in grams) + Making charges + GST at 3% on

(Price of jewelry + making charges)

Making charges vary depending on the style of the ornament you require as it takes time and works while machine-made jewelry costs less than man-made ones.

Where the gold rates are cheap in the country?

The gold rates generally have the same value but there are countries where the price is low such as Dubai, Bangkok, Hong Kong, Cochin, And Zurich Switzerland.