Gold rates today rises sharply in Delhi, Chennai, Kolkata, and Mumbai, 24 August 2020

Gold rates today, 24 August 2020: Gold rates have increased at all metro cities on Monday. On MCX, Gold futures have been trading at Rs 56,140 while the silver also surged by Rs. 10 to Rs. 67,110 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.

Gold rates vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

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 increased sharply by Rs. 10 to Rs. 50,490 per ten grams of 22 carat while the gold rate of ten grams of 24 carat also hiked in Chennai with Rs. 410 to Rs. 55,080.

Gold rates in Kolkata, stood at Rs. 51,430 per ten grams of 22 carat with a hike of Rs. 10 and Rs. 10 increased per ten gram of 24 carat gold to 54,130. The gold rates in Mumbai the commercial capital have increased by Rs. 10 for both 22 carats and 24-carat gold taking the prices to Rs. 50,960 and Rs. 51,960.