Gold rates today slashes in Delhi, Chennai, Kolkata, and Mumbai, 23 August 2020

Gold rates today, 23 August 2020: Gold rates have increased at all metro cities on Sunday. On MCX, Gold futures decreased by Rs. 100 to Rs 56,140 while the silver has also surged by Rs. 700 to Rs. 67,100 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. .

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.

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.

Gold rates in Delhi has been on increasing side in making profits to the investors. Gold rates in Delhi on Sunday have increased by Rs. 10 per ten gram of 22 carat and 24 carat gold respectively taking the prices to Rs. 51,010 and Rs. 55,610.

In Chennai, the gold rates have followed the prices that of Hyderabad where it has seen a decreased by Rs. 360 to Rs. 50,480 per ten grams of 22 carat while the gold rate of ten grams of 24 carat also fell in Chennai with Rs. 410 to Rs. 55,070.

Gold rates in Kolkata, stood at Rs. 51,430 per ten grams of 22 carat with a hike of Rs. 1090 and Rs. 1110 decreased per ten gram of 24 carat gold to 54,130. The gold rates in Mumbai the commercial capital have decreased by Rs. 20 for both 22 carats and 24-carat gold taking the prices to Rs. 50,960 and Rs. 51,960.