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Gold Rate in ChennaiWhy to Buy Gold on Dhanteras
Gold is a hugely important commodity in Chennai, the capital of South-Indian state Tamil Nadu. Chennai ranks above all other cities and towns in India when it comes to gold trade. This cosmopolitan city boasts the maximum number of sales and purchases of gold in India.
In keeping with the rest of the country, the people of Chennai purchase gold mainly in the form of jewelry. Needless to say, there are a number of jewelry establishments spread in and around the city to meet this demand. Gold rates or prices are updated on a daily basis and can be obtained from those dealing in gold or online via many financial sites.
India imports most of its gold requirements from abroad. Chennai which doesn’t have any significant gold production also contributes to the country’s need to substantiate gold demand through imports. Even though gold is bought as jewelry, it is done for reasons beyond ornamentation. Such purchases form a part of many buyers’ investment portfolio.
Trend of Gold Rate in Chennai for September 2016 (rates per gram for 24karat gold)
|1st September rate||Rs.3,120 per gram|
|30th September rate||Rs.3,176 per gram|
|Highest rate in September||Rs.3,197 per gram on 8th September|
|Lowest rate in September||Rs.3,120 per gram on 1st September|
September '16 - Week 1 and 2 (1st to 10th)
- Gold gained this week playing off global cues that favored the metal.
- Gold traded at Rs.3,210 per gram on 1st September.
- Rates continued to climb till 8th September when gold touched Rs.3,197 per gram.
- Gold gained at the beginning of the week as slow economic data dampened prospects of a Fed rate hike this month. But as the expectations of the hike coming soon heighten again, gold slipped by 9th September.
September '16 - Week 3 (11th to 17th)
- Gold rates dropped this week as the global market played off the hawkish comments from the U.S. Federal Reserve officials that an interest rate hike in September is highly possible.
- Gold traded at Rs.3,181 per gram on 11th and shed Rs.35 by the end of the week.
- Domestic demand was subdued as the gold lost its appeal.
- Gold was at a low price of Rs.3,146 per gram on 17th September.
September '16 - Week 4 (18th to 24th)
- Gold rates climbed this week based on bullish trends in the global markets.
- Gold traded at Rs.3,146 per gram on 18th September.
- Prices climbed gradually as domestic demand was firm in light of global trends and the festive season.
- On 24th September, gold prices touched Rs.3,193 per gram.
- Pressure of a Fed rate hike has been eased as the U.S. Federal Reserve has put the hike on hold.
September '16 - Week 5 (25th to 30th)
- Gold prices tumbled this week in view of the dollar gaining strength.
- With the U.S. presidential elections in full swing, the Fed rate hike has been put on the back burner.
- Gold traded at Rs.3,193 per gram on 25th September, and reached its lowest for the week on 28th September, trading at Rs.3,155 per gram.
- Domestic demand from jewellers and stockists was reduced.
|1st July rate||Rs.3,201 per gram|
|31st July rate||Rs.3,142 per gram|
|Highest rate in July||Rs.3,229 per gram on 3rd August|
|Lowest rate in July||Rs.3,148 per gram on 8th August|
August '16 - Week 1 (1st to 7th)
- Gold rates rose as the week began, bolstered by growing demand and a weak Dollar.
- Gold traded at Rs.3,210 per gram on the 1st and at Rs.3,171 per gram on the 7th of August.
- Prices fell as equities and the Dollar rose towards the end of the week on strong NFP data.
August '16 - Week 2 (8th-14th)
- The second week of August was shinier for the yellow metal.
- Gold traded at Rs.3,148 on 8th August and climbed to Rs.3,181 by the end of the week.
- Owing to the dollar slipping, gold rates rose. Coupled with sluggish U.S. retail data, a Fed rate hike doesn’t seem likely.
- Prices soared to Rs.3,198 per gram on 10th August, the highest for the week, owing to an increase in domestic retail demand, and despite weakening trends in the overseas market.
August '16 - Week 3 (15th-21st)
- Gold traded quite steadily through the third week of August.
- The gold rate was Rs.3,181 per gram on 15th August.
- Gold prices were on the rise owing to sustained demand from the domestic jewellers owing to the upcoming festive season.
- The price of gold stood at Rs.3,200 per gram at the end of the week, indicating a slight increase.
August '16 - Week 4 (22nd-28th)
- Gold prices dropped through the week owing to a stronger dollar.
- Steady demand in the domestic market as the festive season approaches helped gold maintain its rates.
- Gold traded at Rs.3,184 per gram on 22nd August and fell to Rs.3,164 per gram by the end of the week.
August '16 - Week 5 (29th-31st)
- Gold dropped this week as the dollar gained strength.
- Gold traded at Rs.3,156 per gram on 29th and 30th of August.
- As the U.S. released fresh upbeat payroll data, the U.S. Federal Reserve is more confident of a rate hike this year.
- Gold dropped to a two-month low as the demand in the domestic market was sluggish as well.
|1st July rate||Rs. 3,069 per gram|
|31st July rate||Rs. 3,214 per gram|
|Highest rate in July||Rs. 3,214 per gram on July 30 and 31|
|Lowest rate in July||Rs. 3,075 per gram on July 3|
July'16 - Week 1 and 2 (1st to 10th)
- Owing to global cues, gold prices stayed relatively steady with a slightly inclining trend going into the month of July.
- The month opened at Rs.3,129.50 on 1st July and traded at Rs.3,162.50 on 11th July.
- The incline can be attributed to the Brexit vote and growing expectations of the central banks providing further monetary stimulus to the market.
- Positive U.S. job data supported the dollar sending gold prices down on July 8th.
July'16 - Week 3 (11th to 17th)
- Gold prices fell slightly during this period, dipping from the previous week as demand dropped marginally.
- Prices were recorded at Rs.3,155 per gram on the first day of the week and Rs.3,146 per gram on the last day of the week.
- Prices fell towards the middle of the week, however the difference in prices between the first and last days of the week was Rs.9 only.
July '16 - Week 4 (18th to 24th)
- Gold rates have been on a steady decline since the release of surprisingly strong U.S. economic data.
- Gold traded at Rs.3,140 on 18th July and jumped up to Rs.3,148.50 on 19th, the highest for the week.
- Gold rates then fell, reaching its lowest on 21st July at Rs.3,123.50.
- Gold seemed to pick up by the end of the week but overall, weak trends in the global market coupled with muted demand in the domestic market have kept gold prices low.
July‘16 - Week 5 (25th to 31st)
- Gold rates were recorded at Rs.3,118.50 on the 25th of July, and prices fluctuated until the 29th as marginal gains were written off by subsequent losses.
- On the 30th of July, prices rose to Rs.3,214 and remained unchanged for another day, thus closing the month at that figure per gram.
|1st June rate||Rs.2,934|
|30th June rate||Rs.3,105|
|Highest rate in June||Rs.3,180 on 27th of June|
|Lowest rate in June||Rs.2,916 on 3rd of June|
Jun'16 - Week 1 (1st to 5th)
- In Chennai, gold rates seemed to fall at the beginning of the month but suddenly increased quite significantly.
- Owing to the global trends and the speculations of a rate hike from the U.S. Federal Reserve dying out, the demand for gold has increased, thus allowing prices to increase.
- Gold traded at Rs. 2,934 on 1st June and closed at 2,974 on 5th June.
- The jump in prices is predicted to continue on the back of surprisingly weak data on U.S. jobs.
Jun'16 - Week 2 (6th to 12th)
- 1st day of the second week of June.
- There was no change in the price of gold on the 7th of June as gold traded at Rs. 2,968 per gram.
- Gold price shot up to Rs. 3,039 on the last two days of the second week, 11th and 12th of June.
Jun'16 - Week 3 (13th to 19th)
- Gold opened the week at Rs. 3,064 per gram on the 13th of June.
- The prices rose further as the week progressed as gold hit its highest for the month on the 16th of June at Rs. 3,122 per gram.
- Gold ended the week at Rs. 3,087 per gram on the 19th of June.
Jun'16 - Week 4 (20th to 26th)
- Due to a steady demand for this precious metal, as the month came neared the end, there was an increased noticed in the price of gold.
- Gold opened at Rs. 3,076 per gram at the beginning of the week.
- Due to decreased expectations of interest rate hike by the U.S. Federal Reserve, the price of gold continued to increase steadily despite a few minor fluctuations here and there.
- The lowest price of gold during the entire week was seen on the 23rd of June at Rs. 3,023 per gram.
- This increase in prices is predicted to continue due to surprisingly weak data on U.S. jobs.
Jun'16 - Week 5 (27th to 30th)
- Gold rates were somewhat constant during the week, with minimal changes recorded in trading.
- Prices were recorded at Rs.3,180 on the 27th of June and Rs.3,105 on the 30th of June.
- The overall decline in prices between the first and last day of the last week of June was Rs.75.
|1st May rate||Rs. 3,069 per gram|
|31st May rate||Rs. 2,914 per gram|
|Highest rate in May||Rs. 3,075 per gram on May 3|
|Lowest rate in May||Rs. 2,899 per gram on May 30|
May'16 - Week 1 (1st to 7th)
- Gold rates were somewhat constant during the week, with minimal changes recorded in trading.
- Prices were recorded at Rs.3,069 on the 1st of May and Rs.3,050 on the 7th of May.
- Prices did not vary by much during the week as global and domestic cues ensured that prices remained stable.
May ‘16 - Week 2 (8th to 14th)
- Gold rates were somewhat constant during the week, with minimal changes recorded in trading.
- Prices were recorded at Rs.3,073 on the 8th of May and Rs.3,051 on the 14th of May.
- Prices did fluctuate, but not by much during the week as global and domestic cues ensured that prices remained somewhat stable.
May ‘16 - Week 3 (15th to 21st)
- Gold rates varied during the third week of May, but losses were recorded on most day of this seven-day period.
- Prices were recorded at Rs.3,051 on the first day of the week and Rs.3,015 on the last.
- Despite marginal losses on the third, fifth and last day of trading, the difference between prices on the first and last day of the week was only Rs.36.
May ‘16 - Week 4 (22nd to 28th)
- Gold rates declined at a steady pace through the last week of May.
- Gold prices were recorded at Rs. 3,015 on the 22nd of May and Rs. 2,916 on the 28th of May.
- With the growing expectations of a hike in gold rates, the prices have been steadily declining. There is also a decrease in demand from the gold coin makers and industrialists.
May ‘16 - Week 5 (29th to 31st)
- Gold rates were constant during the week, with few changes witnessed in trading.
- Prices declined as the month progressed, closing at Rs. 2,914 per gram on the last day of the month.
- Fluctuation in prices were not very significant due to domestic and global cues ensuring the stability of gold rates.
|1st April rate||Rs 2,870|
|30th April rate||Rs 3,069|
|Highest rate in April||Rs 3,069 on 30th|
|Lowest rate in April||Rs 2,869 on 4th|
|% Change||+ 6.93%|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Gold prices appreciated over the first ten days of the month as global cues predominantly affected domestic rates.
- Prices were Rs.2,877 on 1st and Rs.2,944 on 10th.
- Prices were volatile all through the weeks, with prices rising and falling on alternative days, ultimately ending Rs.67 higher till 10th.
Apr ‘16 - Week 3 (11th to 17th)
- Gold rates were in a stable range in third week’s trading.
- Prices were Rs.2,950 on 11th and Rs.2,957 on 17th.
- Prices didn’t vary by much as stable global and domestic cues kept rates in a constant range.
Apr ‘16 - Week 4 (18th to 24th)
- Gold was marginally lower in the fourth week.
- Prices were Rs.2,960 on 18th and Rs.2,958 on 24th.
- Gold rose to Rs.2,998 by 21st before losing out the gains and settling Rs.2 lower for the week.
Apr ‘16 - Week 5 (25th to 30th)
- Gold rates in Chennai picked up marginally from the previous week, with gold trading at Rs 2,962 on 25th.
- An overall increase in rates was witnessed over the week.
- Gold rates crossed the Rs 3,000 mark on 29th, closing the week at Rs 3,069.
1st March rate
31st March rate
Highest rate in March
Rs 2,991 on 8th, 9th and 10th
Lowest rate in March
Rs 2,699 on 2nd and 11th
Mar'16 - Week 1 (1st to 6th)
- Gold trading was off in Chennai in the 1st week of March as jewellers and bullion traders in the state capital went on an indefinite strike against the proposed measure from the government that 1% excise duty will be levied on jewellery.
- Prices were Rs.2,976 on 1st and Rs.2,976 on 6th.
Mar'16 - Week 2 (7th to 13th)
- There was intermittent trading of gold as jewellers continued their strike against proposed measures of levying 1% excise duty on non-silver jewellery sales and PAN details for transactions above Rs.2 lakhs.
- Prices were Rs.2,970 on 7th and Rs.2,989 on 13th, with most of the trading spots and jewellers opting to keep their shutters closed over the week.
Mar ‘16 - Week 3 (14th to 20th)
- Gold markets remained closed in the city for the most part as protests entered the 3rd week.
- Prices were Rs.2,937 on 7th and Rs.2,940 on 13th.
Mar ‘16 - Week 4 (21st to 27th)
- Gold traders were still protesting in the fourth week while jewellers were open for business for the most part.
- Prices were Rs.2,914 on 21st and Rs.2,896 on 27th.
- Prices rose to Rs.2,943 on 22nd before falling to Rs.2,896 by 25th.
- Prices were constant at Rs.2,896 for the rest of the week.
Mar ‘16 - Week 5 (28th to 31st)
- The protest by jewellers impacted gold rates, with markets witnessing changes on a daily basis.
- Gold rates ranged between Rs 2,874 on 28th and Rs 2891 on 31st, with a high of Rs 2,910 reached on 30th.
1st February rate
29th February rate
Highest rate in February
Rs.2,984 on 25th and 29th
Lowest rate in February
Rs.2,720 on 1st
Feb'16 - Week 1 (1st to 7th)
- Gold continued with its positive run from January to post profits in the 1st week of trading in February.
- Prices were Rs.2,720 on 1st and Rs.2,813 on 7th.
- Gold breached the 2,800-mark for the first time this year and touched a 9-month high, rising on the back of strong wedding seasonal demand.
- Gold prices appreciated on all days of the week, gaining Rs.93 in the process and settling at Rs.2,813 to end the week on a high.
Feb '16 - Week 2 (8th to 14th)
- Gold surged in the second week also, rising on the back of domestic demand for the ongoing wedding season, a firming global trend as well as a weaker rupee which made imports costlier.
- Prices were Rs.2,814 on 8th and Rs.2,936 on 14th.
- Gold breached the 2,900-mark and surged to a 19-month high figure of Rs.2,960.50 on 12th February, with 11 straight winning sessions being the longest period of rising this year so far.
- Prices closed at a slightly lower Rs.2,936 on 13th and 14th to end the week on a high note.
Feb '16 - Week 3 (15th to 21st)
- Gold prices continued the positive streak coming into the 3rd week of February.
- Prices were Rs.2,888.50 on 15th and Rs.2,973 on 21st.
- Gold prices appreciated for the most part of the week except for a slight dip on 17th when prices fell to Rs.2,885 from Rs.2,896.50.
- Gold breached the 2,900-mark on 18th by trading at Rs.2,918 and gained another Rs.55 over the rest of the week to settle at Rs.2,973.
Feb '16 - Week 4 (22nd to 29th)
- Gold prices appreciated towards the end of February in Chennai.
- Rates were Rs.2,928 on 22nd and Rs.2,984 on 29th.
- Gold rose at the start of the week, reaching 4-year high figures in terms of net monthly gain in price of gold.
- Gold rose on the back of firm global cues and scattered domestic buying before dipping a little towards the end of the week as domestic demand weakened.
- Gold had consecutive positive sessions till 25th to touch Rs.2,984 before dropping to Rs.2,960 by 28th.
- Prices rose by Rs.24 on 29th to end the month on a high of Rs.2,984.
|4th January rate||Rs.2,569|
|31st January rate||Rs.2,710|
|Highest rate in January||Rs.2,719 on 28th|
|Lowest rate in January||Rs.2,569 on 4th|
Jan'16 - Week 1 (4th to 10th)
- Gold prices appreciated in the first week of trading in 2016.
- Rates were Rs.2,569 on 4th and Rs.2,635 on 10th.
- Gold rates appreciated consistently from 4th to 7th by an overall margin of Rs.60 on the back of global cues and jewellers demand to take prices up to Rs.2,629.
- Prices fell marginally to Rs.2,626 on 8th before appreciating to Rs.2,635 on 9th where it stayed for 10th also.
Jan '16 - Week 2 (11th to 17th)
- Gold prices were up again in the 2nd week on the back of increased demand from jewellers stocking up for the wedding season sales.
- Rates were Rs.2,632 on 11th and Rs.2,654 on 17th.
- Gold lost value on 12th and 13th by an overall margin of Rs.39 to drop to Rs.2,593 on 13th.
- Gold prices recovered over the next two days to touch Rs.2,630 by 15th.
- There was a gain of Rs.24 on 16th which allowed gold to breach Rs.2,650 mark for the first time this year.
- Gold closed the week at Rs.2,654 by 17th.
Jan '16 - Week 3 (18th to 24th)
- Gold rates appreciated in the 3rd week on the back of firm overseas trends and increased buying from domestic jewellers to meet wedding season demand.
- Rates were Rs.2,642 on 18th and Rs.2,660 on 24th.
- Gold prices appreciated steadily on 19th, 20th and 21st to touch Rs.2,676 on 21st.
- Prices declined by Rs.18 on 22nd to Rs.2,658 before stabilizing at Rs.2,660 for the rest of the week.
Jan '16 - Week 4 (24th to 31st)
- Gold gained value in the last week of the month.
- Rates were Rs.2,678 on 25th and Rs.2,710 on 31st.
- Gold prices rose all through the week as the dollar weakened on speculation about unchanged rates from the Federal Reserve.
- Gold rose by Rs.30 on 26th before rallying some more to Rs.2,719 by 28th.
- Prices dropped to Rs.2,706 on 29th and rose marginally to Rs.2,710 to end the week and month at 2,700+ figures.
1st December rate
31st December rate
Highest rate in December
Rs.2,598 on 5th and 6th
Lowest rate in December
Rs.2,521 on 3rd
Dec'15 - Week 1 (1st to 7th)
- Gold rates appreciated in the 1st week of December.
- Prices were Rs.2,565 on 1st and Rs.2,593 on 7th.
- Gold fell by Rs.44 over the first 3 days to settle at Rs.2,521 on 3rd.
- Rates rallied over the next two days, with appreciations of Rs.24 and Rs.53 on 4th and 5th respectively to rest at Rs.2,598 by 5th evening.
- Prices stabilized in the remaining part of the week and closed at Rs.2593 on 7th.
Dec'15 - Week 2 (8th to 14th)
- Gold rates were stable overall in the 2nd week of the month.
- Prices were Rs.2,572 on 8th and Rs.2,570 on 14th.
- Gold rose to Rs.2,581 on 9th before losing the gains over the next two days to end lower at Rs.2,562 on 11th.
- Prices appreciated by Rs.21 on 12th to Rs.2,593 where it stayed on 13th also, before losing Rs.23 on 14th to end at Rs.2,570.
Dec'15 - Week 3 (15th to 21st)
- Gold rates were stable again in the 3rd week.
- Prices were Rs.2,559 on 15th and Rs.2,559 again on 21th.
- Prices declined marginally for the first 3 days consecutively to fall to Rs.2,555 by 17th.
- Gold dropped by Rs.29 on 18th to rest at Rs.2,526 before rallying on the next day to touch Rs.2,548 on 19th.
- Gold picked slightly by Rs.11 to touch Rs.2,559 on 21st.
Dec'15 - Week 4 (22nd to 28th)
- Gold rates dropped by Rs.14 overall in the 4th week.
- Prices were Rs.2,573 on 15th and Rs.2,556 on 21th.
- Gold prices declined by Rs.20 on 23rd to drop to Rs.2,553 where it stayed for 24th also.
- Gold appreciated to Rs.2,565 on 25th and remained stable there till 27th.
- Gold declined marginally on the last day of the week to drop to Rs.2,556.
Dec'15 - Week 5 (29th to 31st)
- Gold prices dropped in the 5th week.
- Rates were Rs.2,560 on 29th and Rs.2,534 on 31st.
- Prices fell by Rs.6 on 30th and Rs.20 on 31st to end at Rs.2,534.
1st November rate
30th November rate
Highest rate in November
Rs.2,682 on 2nd
Lowest rate in November
Rs.2,544 on 30th
- Gold rates fell substantially in the first week of November.
- Gold was priced at Rs.2,676 on 1st and Rs.2,608 on 7th.
- Gold rates appreciated marginally on 2nd to touch Rs.2,682.
- Rates went on a downward spree from 3rd to 7th except for 6th when gold gained Rs.2.
- The biggest drop in the week was by Rs.25 on 4th when price fell to Rs.2,636 from the previous day’s figure of Rs.2,661.
Nov '15 - Week 2 (8th to 14th)
- Gold rates dropped in the 2nd week of November.
- Gold was priced at Rs.2,608 on 8th and Rs.2,582 on 14th.
- There was an appreciation of Rs.16 on 15th when prices touched Rs.2,624.
- Prices declined steadily for all days remaining in the week.
Nov '15 - Week 3 (15th to 21st)
- Gold rates dropped marginally through the 3rd week.
- Prices were Rs.2,582 on 15th and Rs.2,570 on 21st.
- Gold appreciated to Rs.2,593 on 16th before falling over the next two days by Rs.45 to rest at Rs.2,548 on 18th.
- Rates went on to appreciate over 19th and 20th by Rs.33 to touch Rs.2,581 on 20th.
- Prices declined by Rs.11 on 21st to end the week at Rs.2,570.
Nov '15 - Week 4 and 5 (22nd to 30th)
- Gold rates declined in the final days of November.
- Gold was priced at Rs.2,571 on 22nd and Rs.2,544 on 30th.
- Rates hovered around Rs.2,570 for the most of the 4th week with marginal deviations.
- Gold declined on 28th by Rs.15 to touch Rs.2,554 from Rs.2,569 on 27th.
- There was another fall in rates on 30th when prices dropped to Rs.2,544 from Rs.2,554.
1st October rate
31st October rate
Highest rate in October
Rs.2,734 on 15th
Oct '15 - Week 1 (1st to 7th)
- Gold gained value in the first week of October.
- It was priced at Rs.2,622 on 1st and Rs.2,676 on 7th.
- There was a significant rise in rates on 3rd by a margin of Rs.42 to settle at Rs.2,666.
- Prices stabilized around the 2,650 mark over the next few days before breaching the 2,670 mark on 7th.
Oct '15 - Week 2 (8th to 14th)
- Gold rate appreciated again in the second week of October.
- Rates were Rs.2,663 on 8th and Rs.2,725 on 14th.
- Gold prices rose sharply in the next few days to breach the 2,700 level on 12th when prices hit Rs.2,702.
- Gold rate dropped to Rs.2,686 on 13th before increasing to Rs.2,725 on 14th.
Oct '15 - Week 3 (15th to 21st)
- Gold rates were stable on the whole in the third week of the month.
- Rates were Rs.2,734 on 15th and Rs.2,732 on 21st.
- Gold rate on 15th at Rs.2,734 was the highest gold rate in Chennai for October.
- Prices lost some value in the first 4 days and recovered in the next two days to breach the 2,730 mark once more.
Oct '15 - Week 4 (22nd to 28th)
- Gold rates gained value in the fourth week.
- Prices were Rs.2,711 on 22nd and Rs.2,724 on 28th.
- Prices appreciated to Rs.2,721 on 23rd before losing value on 24th to rest at Rs.2,702.
- Rates were stable for the remaining part of the week, with a steep gain on the last day.
Oct '15 - Week 5 (29th to 31st)
- Gold rate declined considerably in the last 3 days of the month.
- Prices were Rs.2,708 on 29th, which declined to Rs.2,685 on 30th and further declined to Rs.2,676 on 31st.
Gold price in Chennai at the start of the month was Rs.2,702. Rates declined somewhat over the next few days but stayed above the Rs.2,670 mark by the end of the first week of September 2015. By 10th of the month prices had declined to Rs.2,639 and stayed between Rs.2,630 to Rs.2,640 for the remaining part of the week ending on 14th September.
Prices started appreciating by the middle of the 3rd week and reached Rs.2,673 by 21st of the month. Prices went through a volatile period over the next few days. Gold rate dropped to Rs.2,653 on 23rd before managing two days of appreciation to reach Rs.2,708 on 25th September.
Prices remained stable for the next three days to come to Rs.2,688 on 28th and fell to Rs.2,658 by 29th of the month. Gold rates in Chennai saw a period of volatility in the month of September, however the month beginning and end rates were at the same level. Gold rates are likely to remain volatile over the next few days. The upcoming festival season is expected to propel gold rates so if you’re planning to buy gold in the next few days, now may be a good time.
Rates are commonly depicted for 24 karat and 22 karat gold of different weights e.g. 1 gram, 8 grams, 10 grams, 100 grams, 1 kilogram,1 sovreign etc.
- Gold price trends in Chennai over the last 3 years
- Gold price trends in Chennai 2015
Gold prices have risen and fallen in line with demand and pricing of the precious metal.
24 karat prices: Over the last 3 years i.e. 2012 - 2015, gold peaked at Rs.3,276/gram on 27th Nov. 2011. It saw a steady decline over the following years before dipping to a low of Rs.2,608/gram on 18th April 2013. After a choppy performance over the next few months, it reached a new low of Rs.2,544 on 28th June 2013. It subsequently rallied to Rs.3,255/gram on 26th Aug. 2013. Prices have been on a general decline since then. On 1st Dec.2014, prices declined to Rs.2,580/gram. Despite some recovery over the following months, rates have predominantly remained below the Rs.2,800/gram mark. As of 7th June 2015, the price stood at Rs.2,703/gram.
22 karat prices: They have generally mirrored the movement of 24K prices, rising and falling at the same time. The maximum price recorded over the last 3 years was on 27th Nov. 2012 at Rs.3,064/gram and the lowest price recorded was on 1st Dec. 2014 at Rs.2,372/ gram. 22 karat gold trades lower than 24 karat gold given that it is not as pure. It has recently been hovering between Rs.2,400/gram to Rs.2,600/gram and as of 7th June 2015, the price stood at Rs.2,521/gram.
24 karat prices: The highest recorded price for 2015 between the start of the year until June 7th 2015 stood at Rs.2,865/gram on 21st Jan. 2015 and the lowest price for the same period stood at Rs.2,619/gram on 18th Mar. 2015.
22 karat prices: The highest recorded price for 2015 between the start of the year until June 7th 2015 stood at Rs.2,678/gram on 21st Jan. 2015 and the lowest price for the same period stood at Rs.2,441/gram on 18th Mar. 2015.
Rates indicated are based on a number of factors and the best indication of prevalent prices for the given dates based on prevalent information.
Gold is often bought from reputed jewelers in Chennai. Some of the key players are Tanishq, GRT, Kirtilal Kalidas, Damini, Prince Jewellery, Mehta Jewellery, Khazana Jewellery etc. They offer a wide range of gold items including ornaments, gold coins and other customized gold pieces. All stores quote the latest gold rates and are a good source of information on how the gold market is performing as dealers and customers interact during their trades. Gold bars, biscuits and coins can be purchased from banks as well but they do not offer buy-back facilities. Jewelers or gold traders will, on the other hand, buy these items from retail buyers.
As with most gold purchases across India, gold is purchased to hedge against inflation. All metros across India, including Chennai, have seen a spike in the cost of living and this is only expected to go higher. Gold has traditionally been viewed as a form of investment which holds value even during times of uncertainty, mainly because gold almost always has good resale value and can be easily sold making it a very liquid asset. In fact, gold becomes more valuable during a crisis.
Inflation erodes a person’s savings. When inflation is accounted for in calculating total returns from an investment e.g. bank fixed deposits, the effective return of the investment is adversely affected. Also, when other forms of investment are expected to underperform, investors move their money into gold.
Jewelry: Although the most popular way of investing on gold, buyers often ignore the fact that making charges and wastage are deducted when estimating how much a particular piece of jewelry is worth. A retail buyer who wishes to sell jewelry at a later date may not receive the total current gold rate after allowing for such deductions.
Residents and visitors to Chennai are always keen to know about the various jewelry shops in and around the city. Many of the country’s leading jewelers have retail outlets here. Gold rates in Chennai are important for those indulging in gold shopping. This is especially true during auspicious occasions and marriages when gold is bought in large quantities.
Gold coins: A large portion of Chennai’s gold-buying population invests in gold coins; usually 24K gold coins. One of the reasons for this is because, 24K gold, being pure, can be converted to jewelry by alloying it with other base metals. Again, well-known, established jewelers in Chennai are sought out to buy these gold coins as they can be trusted when it comes to purity of coins. If a coin is not pure, the gold rate applicable at time of sale will be as per the coin’s fineness i.e. the actual amount of purity of the coin.
- Also Check:Gold Rate in Tamil Nadu
Also Check Gold Price in NearBy Cities of Chennai
|Also Know: Silver Rate in Chennai|
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News About Chennai Gold Rate
Gold Made Modest Gains Against US Bullion Coins
The yellow metal and silver both made decent gains while gold futures climbed up. On the Comex division of the New York Mercantile Exchange, gold for December delivery increased by $1.10 which is less than 0.1% and traded at $1,256.60 an ounce. Senior commodities broker for RJO Futures, Philips Streible, stated that weak dollar is the is the reason behind unfavourable market conditions. On the other hand, gold futures climbed by 0.3% and traded at $1,258.20 an ounce. Meanwhile, silver prices settled at $17.474 an ounce.
19th October 2016
Reduction in the Gold Prices Improve Buyer Sentiments
After a period of six months, gold prices in the country have dropped below 30,000 for 10 grams. On Saturday, gold was priced at 29, 700 per 10 grams and it is likely to drop further in the days to come. An expected increase in the funds rate of the US Federal Reserve is the chief contributing factor in this price decline. Because of the price drop, a positive sentiment prevails among customers and jewelers in the gold market which will have a significant impact on gold purchases. According to the President of Choksi Mahajan Association of Jewelers, the demand for gold is on rise which will correspondingly scale up the trading process.
17th October 2016
Gold Rate Falls As Expectation Of Rate Hike Grew
Gold rates drifted as low for the first time after the Brexit vote. As dollar grew, gold rate fell below $1,300. Dollar stood on firm ground when both Loretta Mester, President of Federal Reserve Bank of Cleveland and Jeffrey Lacker, President of Federal Reserve Bank of Richmond spoke in favour of increasing the interest rates. Secondly, another reason for the decline in gold prices is due to the fall in British Pound, which fell to a 31 year low fall. Because of which the dollar gained. Jason Hamlin from Gold Stock Bull stated that it is hard to imagine gold dropping any further but with paper markets, gold traders around the world, gold rate may pick up in the future.
7th October 2016
Traders optimistic on gold sales with upcoming festival season
After experiencing a drop over the weekend, gold prices remained steady at Rs.31,200 for 10g in the beginning of the week. While, silver dropped marginally to Rs.45,450 per kg. With the advent of festival season in India, jewellers have plans to satisfy the pent-up demand for gold by waiving off a part of their margins, made through making charges. This move is expected to attract more buyers this festive season.
Gold prices have gone up by almost 24% since the start of the year, and has continued to remain at significantly higher prices in comparison to last year’s prices around the same time.
5th October 2016
Fall In Demand From Jewellers Led to Fall In Gold and Silver Prices
Due to slow demand from jewellers, the prices of gold have been reduced by Rs.80 to Rs.31,520 per 10 grams. The same trend has been observed in silver too. In case of Silver, the prices have fallen by Rs.150 to Rs.46,350 per kg. However the prices of silver coins have remained the same.
According to the traders, this fall in prices occurred mainly due to the weak trend overseas in the recent times which led to people here not choosing gold as an alternative investment.
28th September 2016
Sale of 700 kg Gold Coins Target set by MMTC
With the festive season soon approaching, jewellers have set their own targets to achieve. MMTC Ltd. is aiming at selling 700 kilograms of Indian gold coins. Indians flock to buy coins during the Dhanteras and Diwali as it marks prosperity and brings good luck. The Minerals Trading Corporation of India is a state-owned firm headquartered in New Delhi. The firm has already made preparations to produce a higher number of national coins at the Government mint located in Mumbai. During the festival of Onam, there has already been a considerable increase in the sale of these coins. The coin is viewed, not as an investment, but rather as a national product. MMTC is also setting in motion the sale of these coins in the global market through the trading network of its subsidiary MMTC Transnational Pte in Singapore.
19th September, 2016
Smuggling Crackdown on Gold, Discount Lowered
A crackdown on gold smuggling has resulted in lowering of discount on gold in the domestic market from 5% to 1% in a fortnight.
According to the officials at DRI (Directorate of Revenue Intelligence), the drive to stop smuggling gold via Kolkata, Mumbai, Ahmedabad, Chennai, and Kochi have been intensified. This move was triggered by bullion traders who brought this issue of smuggling to the notice of the finance ministry.
Traders believe that smuggling of gold can be curbed if the import duty is dropped from 10% at present to 5%. However, at present the government has beefed up security at illegal entry route
16th September 2016
Gold Prices Falls Due to US Rate Hike Speculation
After the speculation over US interest rate hike spread like wildfire, spot gold fell by around 0.3% and is currently traded at $1,324.15 an ounce. US gold futures also lost about 0.5% to $1,328 an ounce. The chances of US rate hike was 24% before Eric Rosengren, Boston Fed President spoke this week. After his speech, the chances increased by 30%. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust added that their holdings also fell by 1.12% to 939.94 tonnes of gold. On the other hand, silver prices also fell by 0.4% to $18.95 an ounce.
13th September 2016
Gold Steady on Weaker Dollar, On Track for Second Successive Weekly Gain
Gold maintained a steady rate for the week with the slip in dollar, staying on track for its second straight weekly gain. Spot gold rose 0.1%, reaching at $1,339.06 an ounce by 0425 GMT. The precious metal was expected to make a 1% gain in the week. While, U.S. gold futures remained steady at $1,342.20.
Gold is extremely dependant on rising U.S. interest rates, which improve the opportunity cost of holding non-yielding bullion along with improving the dollar, which gold is priced. The dollar index fell by 0.2% at 94.840.
12th September 2016
Gold sales dip as prices cross Rs.31,000
In the recent months, gold has fluctuated continuously. Prices of the yellow metal touched an all-time high in the past 30 months on Wednesday. 24-carat pure gold traded at Rs.31,200 per 10 grams in New Delhi, while it touched Rs.31,400 per 10 grams in Indore. This led to a significant drop in sales in the states. Usually, gold prices would surge during the festival season. But this year, prices seem to be going haywire as the market has been confused about the interest rate hike from the U.S. Federal Reserve. In addition, the Brexit vote also stirred some trouble for gold. Gold rates in the country are expected to stabilize once the festive season is upon us. The approaching wedding season would also lend some stability to the metal. But it’s hard to say if further fluctuations are inevitable.
8th September 2016
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