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|Gold price in Chennai in September 2017||Gold price in Chennai in August 2017||Gold price in Chennai in July 2017|
Gold Rate in Chennai
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 2017 (rates per gram for 24 karat gold)
September 2017 - Week 1 (1st to 10th)
- Chennai witnessed its gold rates push up in the wake of unprompted aggression on the part of North Korea.
- When the week began on September 1st, gold was priced at Rs.2,995. This was a result of weak demand from jewellers and investors.
- The 2nd and 3rd saw prices bump up slightly to Rs.2,997 per gram due to a sustained purchasing trend.
- As news about North Korea conducting its most powerful nuclear test broke out, gold rate in Chennai surged massively to go up to Rs.3,081 per gram on the 4th of September.
- Demand, however, fell on the 5th as the sudden spike in sales couldn’t be sustained. The metal was selling at Rs.3,068 per gram on the 6th but increased to Rs.3,087 per gram as trading levels increased.
- On the 8th, gold ascended to a 11-month high figure of Rs.3,102 per gram as a result of falling markets.
- The last two days of the extended week saw gold trade at Rs.3,095 per gram as purchases went down slightly due to reduced demand.
Trend of Gold Rate in Chennai for August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,926 per gram|
|August 31 Rate||Rs.2,971 per gram|
|Highest Rate in August||Rs.2,999 per gram on 29 August|
|Lowest Rate in August||Rs.2,899 per gram on 3 August|
|Overall Monthly Performance||Incline|
August ‘17 - Week 1 (1st to 6th)
- The yellow metal was priced at Rs.2,926 per gram on 1 August in Chennai as demand for gold was muted as the month began.
- Gold price in Chennai dipped to Rs.2,917 per gram on 2 August due to reduced demand from industry, as analysts anticipated news of a possible rate hike by the U.S. Federal Reserve.
- A failure to announce rate hike led to markets falling slightly, but demand for gold fell further, trading at Rs.2,899 per gram on 3 August.
- Gold rate in Chennai fluctuated for the remainder of the week, trading at Rs.2,920 per gram on 4 August before falling to Rs.2,900 per gram on 5 August.
- Gold remained steady as the week ended, trading at Rs.2,900 per gram on 6 August.
August ‘17 – Week 2 (7th to 13th)
- In Chennai, gold started the second week of August at a price of Rs.2,901 per gram.
- As demand went up slightly on the 8th, gold rate in Chennai went up to Rs.2,906 per gram and then to Rs.2,917 per gram on the 9th.
- Due to a surge in global demand, global prices saw one of the biggest rises yet as they went up by Rs.30 to trade at Rs.2,947 per gram on the 10th of August.
- Concerns regarding an ugly stand-off between the US and North Korea led the market to a frenzy which led to prices going up to Rs.2,977 per gram on the 11th.
- Demand remained the same on the last two days of the second week and gold was seen trading at Rs.2,977 per gram when the week came to an end.
August ‘17 - Week 3 (14th to 20th)
- The capital of Tamil Nadu saw a dip in the value of gold during the week as demand dipped due to overseas demand and global cues.
- Gold traded at Rs.2,962 per gram on 14 August and remained constant on 15 August as there was minimal movement across commodity markets.
- Gold rate in Chennai dipped sharply on 16 August, trading at Rs,2940 per gram as the dollar recovered amidst positive news from the Fed Reserve meeting.
- Local demand rose as the dollar fluctuated, resulting in gold trading at Rs.2,969 per gram on 17 August before falling once again to Rs.2,942 per gram on 18 August due to a sharp drop in industrial demand.
- Gold price in Chennai recovered marginally to trade at Rs.2,951 per gram on 19 August and ended the week with the rate unchanged.
August 2017 – Week 4 (21st - 27th)
- The metropolitan city of Chennai saw gold prices reflect that of India during this week.
- When the fourth week of August began, gold was trading at Rs.2,950 per gram, but went up to Rs.2,965 per gram the next day as US resumed its trifle with North Korea.
- As investors were wary of investing in the precious metal, gold prices slid down to Rs.2,963 per gram on the 23rd of August.
- On the 24th, the yellow metal prices went up marginally to Rs.2,965 per gram as concerns over US economic policy gripped the market.
- Over the last three days of the week, gold rate in Chennai remained at Rs.2,967 per gram, thanks to stable demand from the local bullion industry.
August 2017 – Week 5 (28th - 31st)
- Demand for gold in Chennai fluctuated due to volatile markets and declining interest from industry.
- Gold was priced at Rs.2,942 per gram on 28 August as demand fell sharply from the previous week due to a sudden uptake in the U.S. dollar rate.
- Gold price in Chennai rose to a monthly high of Rs.2,999 per gram on 29 August as renewed aggression by North Korea and the threat of an impending attack led investors to safe haven assets like gold.
- Local demand began to rise ahead of the festival and wedding season and kept prices stable as gold traded at Rs.2,973 per gram on 30 August.
- Demand slipped slightly as the month ended, with gold priced at Rs.2,971 per gram on 31 August
Trend of Gold Rate in Chennai for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.2,950 per gram|
|July 31 Rate||Rs.2,925 per gram|
|Highest Rate in June||Rs.2,950 per gram on 1 July|
|Lowest Rate in June||Rs.2,796 per gram on 11 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1st to 9th)
- Gold opened at Rs.2,950 per gram on the first day of July in the city of Chennai and continued to trade at this price on 2 July as well.
- This rate could not be sustained and the rate of gold reduced to trade at Rs.2,935 per gram on 3 July.
- As the week progressed, the rate of gold continued to decline and a number of variations were observed.
- Due to monetary tightening by many global central banks, the value of the U.S. dollar was quite low.
- Gold rate fell to trade at Rs.2,900 per gram on 5 July due to variations in the demand for this precious metal.
- The rate of gold recovered marginally on 6 July to trade at Rs.2,901 per gram before plunging to trade at Rs.2,875 per gram on the last two days of the first week.
July 2017 - Week 2 (10th to 16th)
- In Chennai, gold started trading on a relative high price of Rs.2,831 per gram on the 10th of July.
- As news about a rise in US job creation hit the news, bullion rate took a sudden, significant hit and prices went down to Rs.2,796 per gram on the 11th of the month.
- But, the escalation of Trump and the collusion issue with Russia took centre stage, gold prices went back up on the 12th to hit Rs.2,813 per gram.
- The next couple days saw gold price in Chennai hold a subdued trend as they went down to Rs.2,810 per gram on the 13th and then to Rs.2,803 per gram on the 14th.
- Bullion prices increased to Rs.2,818 per gram on the 15th and remained there on the 16th, as dollar value fell amidst the latest Trump scandal gripped the market.
July 2017 - Week 3 (17th to 23rd)
- Gold prices in Chennai rose exponentially in the third week as strong investor sentiment and uncertainty led to higher demand.
- Gold was priced at Rs.2,822 per gram on 17 July and rose to Rs.2,832 per gram on 18 July as demand spiked due to a low U.S. dollar.
- Geopolitical tensions and the uncertainty over the overhaul of the U.S. healthcare system led to markets vacillating, further giving an impetus to gold demand, which led to gold trading at Rs.2,845 per gram on 19 July.
- Gold rate in Chennai continued to rise in spite of poor demand from the domestic market, which was still reeling from the impact of GST on the sector.
- Gold reached Rs.2,869 per gram on 20 July as the price rise cooled off due to lower demand from China.
- Price of gold spiked to Rs.2,917 per gram on 22 & 23 July as demand once again soared in spite of data showing positive growth in Asian economies, which lowered their gold consumption.
July 2017 - Week 4 (24th to 31st):
- Gold prices in Chennai followed a similar trend to that of India with the yellow metal trading at Rs.2,918 per gram on the 24th.
- Prices fell over the next couple days, hitting Rs.2,910 per gram on the 25th and then Rs.2,897 per gram on the 26th, as domestic demand from jewellers were subdued.
- Concerns over US President Donald Trump’s administration brought about an increase in prices on the 27th. Rates went up by Rs.23 to Rs.2,920 per gram as global demand increased.
- Gold rates fell marginally to Rs.2,913 per gram on the 28th but surged the next day as concerns over a North Korean stand-off forced the market into panic mode.
- The yellow metal was trading at Rs.2,926 per gram on the 29th and, as demand remained constant, didn’t see much of a change on the 30th.
- The last day of the week and month, however, saw gold rates drop by a small margin to end the day at Rs.2,925 per gram.
|Parameters||Gold price (24karat)|
|June 1 Rate||Rs.2,977 per gram|
|June 30 Rate||Rs.2,962 per gram|
|Highest Rate in June||Rs.3,030 per gram on 7 June|
|Lowest Rate in June||Rs.2,942 per gram on 20 June|
June 2017 - Week 1 (1st-4th):
- In Chennai, gold rates followed a similar pattern to that of the Indian mainland.
- The 1st of June saw gold trading at Rs.2,977 per gram which then went down to Rs.2,965 per gram due to an unusually buoyant dollar and low demand.
- However, prices went up to Rs.2,998 per gram on 3rd due to misgivings in the US political scene.
- Add to that, the US-EU axis was also strained which led to gold prices maintaining the price of Rs.2,998 per gram when the week came to an end.
June 2017 - Week 2 (5th - 11th)
- In Chennai, gold rates seemed to increase and fall over the initial and the ending days of the week.
- On the 5th, gold was priced at Rs.3,025 per gram and then went up to Rs.3,030 per gram on the 6th as US Labour Department’s Employment Report created quite a stir.
- The 7th was carried by the momentum from the 6th as prices went up by Rs.5 to reach Rs.3,030 per gram.
- It was consolidation time when the 8th began, and gold prices went down by Rs.18 to Rs.3,012 per gram.
- Prices went down on the 9th as well to Rs.2,987 per gram as demand kept tumbling.
- After some corrections, gold prices went down to Rs.2,981 per gram on the 10th and remained the same at the end of the week.
June 2017 - Week 3 (12th-18th)
- There were a number of variations noted in the rate of gold during the third week of June in Chennai as a result of fluctuations in the demand for this metal.
- Gold traded at Rs.2,983 per gram on the first day of the third week in Chennai. This was relatively lower than the rates noted in other cities.
- Due to a fall in the demand for this metal, gold rate in Chennai reduced to trade at Rs.2,967 per gram but recovered slightly the next day to be priced at Rs.2,973 per kg.
- The gold price in chennai fell again to trade at Rs.2,963 on the 15th of June due to a fall in the demand for this metal.
- On the last day of the week, this yellow metal was priced at Rs.2,955 per gram due to a steep incline in the demand for this metal.
June 2017 - Week 4 (19 to 25)
- Gold prices in Chennai fluctuated significantly during the course of the fourth week, as prices bore the brunt of demand surges.
- Gold was priced at Rs.2,949 per gram on 19 June, with the dipping to Rs.2,942 per gram on 20 June as demand for the precious metal fell as investors pulled out of the safe-haven.
- Prices bounced back the following day, trading at Rs.2,949 per gram on 21 June before rising sharply to Rs.2,958 per gram on 22 June as markets took a sudden plunge, spiking demand for bullion.
- The price continued to rise as the week progressed, with gold trading at Rs.2,965 per gram on 23 June.
- The price dipped marginally as the week drew to a close as markets began to stabilise and the U.S. Dollar recovered in value, with gold trading at Rs.3,964 per gram on 25 June.
June ‘17 - Week 5 (26 to 30)
- The price of gold in the city of Chennai reflected the general trend seen across other Indian cities, where the gold price declined.
- Gold was priced at Rs.2,977 per gram on 26 June as markets fell due to speculation over the impact of GST. Overseas markets were also lower than expected, which led to an increase in demand for the yellow metal.
- Prices dropped sharply the following day as gold’s initial gains were negated due to reduced demand.
- Gold traded at Rs.2,957 per gram on 27 June before rising again as local demand spiked due to panic buying before GST.
- As the month ended, gold prices stabilised, trading at Rs.2,962 per gram on 30 June.
|May 1st Rate||Rs.2,984 per gram|
|May 31st Rate||Rs.2,968 per gram|
|Highest Rate in May||Rs.2,984 per gram on 1st May|
|Lowest Rate in May||Rs.2,889 per gram on 11th May|
May 2017 - Week 1 (1st-7th)
- During the first week of May, a number of variations were noted in the price of gold due to fluctuating demands.
- Gold was priced at Rs.2,984 per gram on the 1st of May and decreased marginally the next day to trade at Rs.2,952 per gram.
- Due to a fall in demand in international markets as well as a rise in the value of the U.S.Dollar, the rate of gold declined further as the week progressed.
- Gold was priced at Rs.2,947 per gram on the 3rd of May and decreased even further to trade at Rs.2,922 per gram on the 4th of May.
- As the demand for this metal plunged even further, gold closed at Rs.2,899 per gram on the 7th of May.
May 2017 – Week 2 (8th -14th)
- Gold prices in Chennai fluctuated slightly as the week began due to market uncertainty, though prices stabilised during the week.
- Gold traded at Rs.2,896 per gram on 8th May, with the price rising to Rs.2,904 per gram on 9th May, contrary to prevailing trends.
- Gold rate in Chennai fell to Rs.2,897 per gram on 10th May as demand for the metal began to drop due to strong markets.
- A decline in industrial demand also led to prices falling, as gold dropped to Rs.2,891 per gram on 14th May, registering a drop of Rs.5 per gram during the week.
May 2017 - Week 3 (15th - 21st)
- The capital city of Chennai saw a similar gold trading pattern as that of mainland India during the third week of May.
- When trading started for the week of 15th, gold was priced at Rs.2,888 per gram, which rose over the next few days due to Brexit concerns.
- On 16th, gold rates increased to Rs.2,894 per gram before going up again to Rs.2,910 per gram.
- The 18th saw one of the biggest increase in gold rates as they reached Rs.2,958 per gram amidst news of Donald Trump’s interference in a federal investigation.
- However, after the brexit woes were dealt with, gold rates seemed to consolidate as they went to Rs.2,954 per gram on the 19th.
- For the next days, i.e., the 20th and the 21st, gold rates remained unchanged at Rs.2,954 per gram.
May 2017 - Week 4 (22nd - 28th)
- Gold traded at Rs.2,956 per gram on the 22nd of May in Chennai due to sustained demand for this precious metal from jewellers.
- The gold rate in Chennai increased marginally on the 23rd to Rs.2,971 per gram. However, it could be noted that despite the Manchester blasts, the rate of gold was not affected very strongly as investors stayed in the sidelines, more or less.
- The rate of gold fell again to trade at Rs.2,956 per gram on the 24th of the month due to reduced demand for this metal. This price was noted on the 25th of May as well.
- On the 26th of May, gold was priced at Rs.2,969 per gram which was a marginal increase in the rate before further rising to trade at Rs.2,979 per gram on the last two days of the fourth week of May.
May ‘17 - Week 5 (29th to 31st)
- Gold prices in Chennai in the last week of May fluctuated due to demand vagaries, though prices declined overall.
- The yellow metal was priced at Rs.2,977 per gram on 29th May, a slight decrease from the previous week due to a continued dip in demand as jewellers reduced demand.
- Stable markets also led to a reduction in demand from investors, which led to gold trading at Rs.2,968 per gram as the month ended on 31st May, with gold falling by 0.53% over the course of the month.
|April 1st Rate||Rs.2,956 per gram|
|April 30th Rate||Rs.2,984 per gram|
|Highest Rate in April||Rs.3,035 per gram on the 22nd and 23rd of April|
|Lowest Rate in April||Rs.2,954 per gram from the 8th and 9th of April|
April 2017 - Week 1 (1st-9th)
- Gold price in Chennai started on a relatively high note and continued to increase as the week progressed.
- Gold was priced at Rs.2,956 per gram on the 1st of the month and stayed steady at this rate until the 3rd of April due to steady demand from domestic jewellers.
- Due to positive market cues, the rate of gold increased to Rs.2,987 per gram before falling the next day to trade at Rs.2,974 per gram.
- The gold rate in Chennai continued to decline over the next few days due to decreased offtake of this metal. Gold traded at Rs.2,970 per gram on the 7th of April.
- Prices declined again to trade at Rs.2,954 per gram on the 8th of April and stayed steady at this rate until the end of the first week of April.
April 2017 - Week 2 (10th-16th)
- Performance of gold rate in Chennai was the same as it was in the Indian mainland.
- On 10th, gold was trading at Rs.2,956 per gram which then went up to Rs.3,001 within a two-day span.
- When trading began on 13th, prices seemed to go up again as domestic and international demand rallied to bring prices up to Rs.3,018 per gram.
- Gold rate in Chennai went up the 14th as well as the metal was seen trading at Rs.3,028 per gram.
- When the week came to an end, gold trading prices were holding at Rs.3,040 per gram.
April 2017 - Week 3 (17th-23rd)
- As the third week of April progressed in Chennai, a number of variations were noted in the rate of gold due to varying demand for this metal.
- Gold traded at Rs.3,033 per gram on the 17th of April due to relatively low demand for this metal. However, on the 18th the price of gold fell further due to a fall in the demand to trade at Rs.3,026 per gram.
- On the 19th of April, the value of the U.S.Dollar increased marginally resulting in a fall in the price of the metal. Gold traded at Rs.3,022 per gram and plunged even further the next day to trade at a weekly low amount of Rs.3,018 per gram.
- As the week progressed, the rate of gold started to slowly recover trading at Rs.3,022 per gram on the 21st of April.
- On the last two days of the week, gold traded at Rs.3,035 per gram due to increased and steady demand for this metal.
April 2017 - Week 4 (24th-30th)
- As the fourth week of April progressed in Chennai, a number of variations were noted in the rate of gold due to varying demand for this metal.
- Gold traded at Rs.2,998 per gram on the 24th of April due to reduced demand for this precious metal from domestic markets. This rate was also seen the next day.
- As the value of the dollar went up, the price of gold fell as well to trade at Rs.2,973 per gram on the 26th of April and reduced even further the next day to trade at Rs.2,962 per gram.
- A marginal recovery was noted in the price of gold thereafter.
- On the last day of the month, gold traded at Rs.2,984 per gram due to a fall in the demand for this metal.
|March 1st Rate||Rs.2,994 per gram|
|March 31st Rate||Rs.2,942 per gram|
|Highest Rate in March||Rs.2,994 per gram on 1st March|
|Lowest Rate in March||Rs.2,906 per gram on 15th March|
March 2017 - Week 1 (1st - 4th):
- In Chennai, there was a similar pattern with regards to gold rates.
- The 1st saw gold trading at Rs.2,994 per gram which then decreased to Rs.2,992 per gram.
- On 3rd, gold prices saw quite a significant drop to reach Rs.2,961 per gram - a decrease of Rs.33 per gram.
- The week ended with the yellow metal trading at Rs.2,972 per gram, thanks to an increase in demand.
March 2017 - Week 2 (5th - 11th):
- Chennai saw a gold rate trend that was similar to the usual rate in India.
- The week began on 5th with gold priced at Rs.2,972 per gram which went down to Rs.2,971 per gram.
- On 7th, gold rates slipped up by Rs.27 to reach Rs.2944 per gram and went down again to Rs.2,931 per gram on 9th.
- Rates seemed to pick up on 10th to hit Rs.2,951 per gram but went down during the next day to trade at Rs.2,931 per gram.
- Gold prices in Chennai picked up on the last day of the week for the metal to trade at Rs.2,945 per gram.
March 2017 - Week 3 (12th-18th):
- Gold prices in Chennai started on a relatively high note but reduced as the week progressed.
- Gold was priced at Rs.2,947 per gram on 13th March and fell to Rs.2,929 per gram on 14th March owing to a fall in the demand for this precious metal.
- Prices continued to fall, as gold traded at Rs.2,906 per gram on 15th March in spite of global prices rising due to higher demand.
- The rate of gold recovered marginally to trade at Rs.2,931 per gram on 16th March as domestic demand recovered. A drop in the U.S. Dollar led to demand rising as gold traded at Rs.2,935 per gram on 17th March.
- Prices rose for the rest of the week, trading at Rs.2,940 per gram on 18th March.
March 2017 - Week 4 (19th-25th):
- In Chennai, gold rate trends remained more or less the same as it was in the Indian mainland.
- On 20th, gold was priced at Rs.2,941 per gram but went down due to a slight lack of demand on 21st to Rs.2,933 per gram.
- Rates increased significantly by Rs.44 per gram on 22nd as gold prices rallied after a short decline from the previous day.
- When business began on 23rd, gold prices went down slightly to trade at Rs.2,973 per gram and went down again on 24th to Rs.2,965 per gram as the US dollar strengthened.
- Rates remained the same over the last two days of week 4 at Rs.2,964 and continued at the same rate when the week ended.
March 2017- Week 5 (26th-31st):
- In the capital city of Tamil Nadu, Chennai, gold rate seemed to decrease as local demand didn’t keep up.
- Gold was trading at Rs.2,979 per gram on 27th before going down to Rs.2,974 per gram on 28th.
- On 29th, gold rate in Chennai went down again to Rs.2,962 per gram as local demand didn’t pick up despite a growing trend in the international market.
- When business day ended on 30th, gold prices had gone down to Rs.2,960 per gram as demand failed to pick up.
- When the last week of March came to an end, gold was trading at Rs.2,942 per gram.
|February 1st Rate||Rs.2,957 per gram|
|February 28th Rate||Rs.3,003 per gram|
|Highest Rate in February||Rs.3,014 per gram on 25th & 26th February|
|Lowest Rate in February||Rs.2,940 per gram on 3rd February|
February 2017 - Week 1 (1st-4th):
- Compared to the closing rate on January 31st, gold prices increased quite a bit as global news suggested that the yellow metal was performing well for more than a year.
- The week began with gold trading at Rs.2,957 per gram and remained the same during the 2nd as well.
- Prices, however, fell by Rs.17 per gram on 3rd for gold to trade at Rs.2,940 per gram.
- The last day of February week 1 ended with gold trading at Rs.2,944 per gram.
February 2017 - Week 2 (5th-11th)
- The price of gold fluctuated during the week due to market instability and overseas trends.
- Gold traded at Rs.2,944 per gram on 5th February as demand was stable due to strong demand from the industrial sector.
- Gold rose to Rs.2,954 per gram on 6th February as international markets were uncertain following conflicting cues from U.S. markets.
- Prices reached a high of Rs.2,989 per gram on 8th February before falling to Rs.2,946 per gram on 10th February due to wildly fluctuating markets dictating demand.
- Gold traded at Rs.2,964 per gram on 11th February, recording a weekly increase in price of Rs.20 per gram.
February 2017 - Week 3 (12th-18th)
- Gold prices in Chennai dipped as the week began due to decreasing demand but rose as the week ended.
- Gold was priced at Rs.2,964 per gram on 12th February and fell to Rs.2,959 per gram on 13th February due to a slight dip in demand.
- Prices continued to fall, as gold traded at Rs.2,953 per gram on 14th February in spite of global prices rising due to higher demand.
- Gold fell to Rs.2,947 per gram on 15th February as domestic demand was poor, but a drop in the U.S. Dollar led to demand rising as gold traded at Rs.2,980 per gram on 16th February.
- Prices rose for the rest of the week, trading at Rs.2,990 per gram on 18th February, a weekly increase of Rs.26 per gram.
February 2017 - Weeks 4 & 5 (19th-28th)
- The price of gold in Chennai fluctuated in the last two weeks of February due to market conditions.
- Gold traded at Rs.2,980 per gram on 19th February, falling to Rs.2,967 per gram on 21st February due to a fall in domestic demand.
- Prices rose to Rs.2,977 per gram on 22nd February as U.S. markets were bearish over monetary policy under the current administration.
- Prices rose to Rs.3,000 per gram on 24th February, rising to a monthly high of Rs.3,014 per gram on 25th February.
- Prices dipped as the week ended, with gold trading at Rs.3,003 per gram on 28th February.
|January 1st Rate||Rs.2,821 per gram|
|January 31st Rate||Rs.2,942 per gram|
|Highest Rate in January||Rs.2,974 per gram on 24th January|
|Lowest Rate in January||Rs.2,821 per gram on 1st & 2nd January|
January 2017 - Week 1 (1st to 7th)
- Chennai didn’t witness any fluctuations for the week when compared to the trend in most parts of the country.
- As said earlier, new year couldn’t come at a better time for gold prices as they began to soar, albeit at a miniscule level.
- On the first day of the week and year, gold traded at Rs.2,821 per gram.
- Over the 2nd and 3rd, gold prices remained the same, which increased by Rs.7 to trade at Rs.2,828 per gram.
- When the business day began on the 4th, gold prices had increased considerably by Rs.29 to trade at Rs.2,857 per gram.
- The next day on the 5th saw prices again increase to trade at Rs.2,869 per gram.
- At the end of the week on the 7th, gold rates increased further more to trade at Rs.2,872 per gram.
January 2017 - Week 2 (8th to 15th)
- Gold prices in Chennai were unchanged from the previous week, trading at Rs.2,872 per gram on 8th January as demand was stagnant.
- Prices began to rise during the week as domestic demand picked up due to the festive season.
- Gold traded at Rs.2,878 per gram on 9th January as international demand also rose due to market instability.
- The easing of the currency shortage led to greater demand for bullion across industrial and retail sectors, resulting in the gold price rising to Rs.2,914 per gram on 11th January.
- Prices continued to rise during the rest of the week, with gold trading at Rs.2,935 per gram on 12th January before the price dropped to Rs.2,926 per gram on 13th January.
- An increase in demand led to gold prices rising marginally, ending the week at Rs.2,941 per gram on 15th January to record an increase of Rs.45 per gram for the week.
January 2017 - Week 3 (15th to 21st):
- Chennai witnessed a few fluctuations during the third week of January.
- On 15th, at the beginning of the week, gold was seen trading at Rs.2,941 per gram, which later increased to Rs.2,955 per gram on the 16th.
- The 17th saw prices spike up yet again to end the business day at Rs.2,971 per gram.
- Business seemed to slow down on the 18th as prices increased by just Rs.2 to hit Rs.2,971 per gram.
- On 19th, prices fell significantly by Rs.20 which led to gold trading at Rs.2,951 per gram before continuing at the same rate on the 20th.
- The last day of the week saw gold prices get back up slightly for the metal to trade at Rs.2,962 per gram.
January 2017- Weeks 4 & 5 (22nd to 31st)
- The price of gold in Chennai was Rs.2,962 per gram on 22nd January as demand increased due to buying before the Lunar New Year.
- International markets were stable, though the U.S. Dollar fluctuated, which led to an increase in demand for gold, with prices rising to Rs.2,974 per gram on 24th January.
- Prices fell as demand dropped due to reduced demand from Asia, resulting in gold trading at Rs.2,951 per gram on 25th January.
- Prices continued to fall as the week ended, trading at Rs.2,942 per gram on 31st January.
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 Prices Fall As Dollar Recoups Losses
Gold prices dropped in early trading on Monday, September 11th, 2017 as the U.S. dollar recovered some of its value. The yellow metal traded at $1,337.61 per ounce on September 11th, 2017, a 0.7% drop from its $1,357.54 per ounce on September 8th, 2017.
Stable geopolitical conditions led to a drop in demand for the safe-haven assets, as gold futures for December delivery also fell by 0.7% to $1,341.70 per ounce.
With the Federal Reserve expected to keep interest rates unchanged as it tightens policy, there is a chance gold could continue to fall.
Silver prices were also on the decline, with the metal falling to $17.84 per ounce, a drop of 0.5% due to lowered demand from industry.
11th September 2017
Gold reaches beyond $1,300 to hit 11-month high figures
Gold prices on Monday reached a 11-month high figure of $1,315 an ounce as the US dollar fell to a 2-year-low evaluation.
Dollar rates fell due to market expectations that the US Federal Reserve would take sterner steps with regards to European Central Bank and the Japanese Central Bank.
Gold set for December delivery saw rates rise by 1.3% to settle at $1,315.30 per ounce, which as it happened was the highest price since September 30th, 2016. Further, the US-North Korea issue which took centre stage again also contributed to the significant rise in prices.
29th August 2017
Gold Prices Recoup Losses After Dollar Drops On Economic Uncertainty
The price of gold rose in trading on Wednesday, 23rd August, 2017 as the U.S. dollar rate fell. Gold futures for December delivery traded at $1,294.70 an ounce, a rise of 0.3% in day-on-day trading after suffering losses on Tuesday.
The dollar had gained as the trading day began but fell as U.S. equities supported gold and as news of a possible end to the North America Free Trade Agreement was hinted at.
This gave impetus to gold investments as markets wobbled on news of President Trump shutting down the government in an attempt to get funding for a wall along the Mexican border.
The central bankers meeting, set to begin on Thursday, 24th August, 2017 also contributed to a rise in demand for gold as investors were uncertain as to the impact the meeting would have on monetary policy.
23rd August 2017
Gold Prices Rise To 11-Month High Following North Korea Tensions
The price of gold climbed today, hovering close to $1,300 per ounce following the renewal of tensions between the United States and North Korea. Gold futures rose to $1,296.70 per ounce in trading after reaching a high of $1,299.70 per ounce earlier in the day.
Analysts have predicted that rates will remain high following the uncertainty caused by the attacks in Barcelona as well as escalating tensions in the Korean peninsula.
Gold prices have been rising steadily during the month and the upcoming meeting of global central bankers will also be keenly watched for any changes in monetary policy which could impact the gold rate.
21st August 2017
Global Gold Prices Steady As U.S. Jobs Data Awaited
Gold prices were steady after a nearly 7-week high, trading at $1,268.01 per ounce in early trading on 3rd August, 2017. The yellow metal had risen in value for most of July on the back of a weak U.S. dollar and controlled inflation.
As U.S. jobs data is awaited, the dollar stabilised somewhat in spite of the diminished possibility of an interest rate hike.
Global demand for gold also dropped by 14% in the first half of 2017 as exchange traded funds reduced purchases. Spot gold might recover marginally once U.S. jobs data is released.
3rd August 2017
Gold Prices Stabilise As Demand Increases Due To North Korean Tensions
Gold prices were steady at $1,270.98 per ounce in trading on July 31st, 2017 as tensions along the Korean peninsula led to an increase in demand for safe haven assets.
The U.S. dollar was also at historic lows, which helped boost gold prices to a nearly 7-week high.
U.S. gold futures fell marginally to $1,267.60 per ounce for delivery in August in spite of the low dollar rate.
Political turmoil in the United States coupled with poor U.S. jobs data led to the dollar struggling over the past few days, which stimulated demand for the yellow metal.
31st July 2017
Gold On The Rise As Dollar Drops
The price of gold has risen to a nearly four-month high as the U.S. Dollar has fallen to its lowest rate in 2017.
Gold traded at 1,254.31 dollar an ounce in early trading on Monday, 24th July, 2017 as the U.S. Dollar fell heavily against other major global currencies due to ongoing political crises in the United States.
With the Dollar weak, gold became less expensive for other currency holders.
Markets are also likely to be quiet during the summer, especially with the Central Bank results and data to be released.
Gold demand in Asia was muted as prices were high, with demand in India also falling due to a post-season slowdown.
24th July 2017
Gold prices started on a positive this week
As US President Donald Trump’s Russia controversy took centre stage, gold prices started the week on a high as it increased by Rs.39.
Nirmal Bang Commodities, a research firm, said that expectations of a possible drop in prices were high as gold had already hit a near four-month low in terms of prices.
It remains to be seen whether this trend will continue for most of the week, however, as conflicts in the US government are nowhere close to settling. Silver prices in India also saw some increase as demand from industries and coin makers shot up slightly when the market opened.
20th July 2017
Gold Set To Reach 4-Year High?
Gold prices could reach a 4-year high after 6 successive weeks of price gains following disappointing reports from the U.S. employment and jobs data release, according to analysts.
The price is projected to rise to $1,400 an ounce, a 4-year high for the yellow metal as the economy has failed to recover at the expected pace, which could result in the U.S. Federal Reserve leaving rates unchanged. This would impact markets as well as the dollar rate, which would have a domino effect on the gold price.
Gold traded at $1,282.11 per ounce in trading on Monday, 5th June 2017, after posting a 1% rise on Friday, 2nd June 2017.
While the Fed is projected to raise interest rates next week, analysts are not too enthused on future projections by the central bank. The general consensus is on a very cautious handling of any hike in monetary policy.
Meanwhile, gold imports by India increased four-fold in the month of May, spurred on by surging demand from jewellers before the Goods and Services Tax (GST) is rolled out. Jewellers anticipate higher costs and thus raced to stock up on inventory before the July 2017 rollout of the new tax regime.
7th June 2017
Silver & gold trade higher
Precious metals gold and silver opened at the markets on a high note as demand increased from retailers, industries and jewellers. The price of gold increased by Rs.52 and stood at Rs.28,952. While silver saw a rise in price by Rs.83 at Rs.40,420 per kg.
According to reports, prices will bounce in a range-bound manner. Prices were at a one-month high due to Asian stock market factors and political concerns around the globe. The largest gold-based exchange fund in the world SPDR Gold Trust GLD held 847.45 tonnes, the same price as the earlier day.
30th May 2017
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