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Gold rate in Delhi, Chennai, Kolkata, Mumbai today hikes on 23 October 2020

Gold rate today
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Gold rate in Delhi, Chennai, Kolkata, Mumbai today hikes on 23 October 2020

Highlights

Gold rate today on 23 October: Gold rate on Friday have hiked.

Gold rate today on 23 October: Gold rate on Friday have hiked. On MCX, the gold rates have been at Rs. 51,490 while the silver rates are at Rs. 63,000 with a fall of Rs. 500. Gold rate in Delhi for 22-carat has surged by Rs. 10 to Rs. 49,610 and that of 24 carat gold is at Rs. 54,120 with Rs. 20 increase. In Chennai, the gold rate was at Rs 47,200 per ten gram of 22 carat and that of 24 carat is at Rs. 51,490 with a hike of Rs. 150 and Rs. 160.

The gold rates in Kolkata is at Rs 50,110 per 10 gram of 22 carat and the rate of ten grams of 24 carat is at Rs. 51,710. In Mumbai, the gold rates have been at Rs. 50,100 and Rs. 51,100 per ten grams of 22 carat and 24 carat respectively with a fall of Rs. 20.


City
22 carat Gold (10gms) 24 carat Gold (10gms) silver (1kg)
Delhi Rs. 49,610 Rs. 54,110 Rs.63,000
Chennai Rs. 47,200 Rs. 51,490 Rs.63,000
Kolkata Rs. 50,110 Rs. 51,710 Rs 63,000
Mumbai Rs. 50,100 Rs. 51,100 Rs.63,000

What is Carat? and How purity of gold is measured?

While carat is measure of purity of gold. There are three types of carat, 24 carat, 22 carat and 18 carat. The 24 carat gold consists of total 24 parts gold where as 22 carat contains 22 parts gold and 2 parts other elements line copper 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 per cent pure while the 22 carat constitute 91.67 percent pure. Keeping them aside lets have a look at the rates for the day at four major centres.

Why the gold rates increase and when do they decrease?

Gold tends to increase when people prefer investing in gold due to the inflation and concerned about the risks in the financial system. The 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, increase in dollar value and other tensions between the countries. Off late the gold prices have coming down due to the US China dispute.

As the most of the country's economy was hit due to the coronavirus pandemic and the people and investors had believed that the investigation on gild is safe haven in the coming days. Despite there are speculations that the gold rates may go higher in third quarter of financial year but it is not exactly as there are various parameters that effect the prices.

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