Gold Rate In Chennai Today

Todays gold rate in Chennai:

  • 10g of 24K gold is 46,790 Indian Rupee
  • 10g of 22K gold is 44,560 Indian Rupee
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  • Today's Gold Rate in Chennai ( 04 Jun 2020 )

    ₹ 4,469
    Today's Gold Rate (22K) per gram

    Compare 22K & 24K Gold Rate In Chennai (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 4,469 ₹ 4,468 ₹ 1 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 35,752 ₹ 35,744 ₹ 8 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 4,879 ₹ 4,878 ₹ 1 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 39,032 ₹ 39,024 ₹ 8 ↑

    Daily Gold Rates

    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    04 Jun 2020 ₹ 4,469 ₹ 35,752 ₹ 4,879 ₹ 39,032
    03 Jun 2020 ₹ 4,468 ₹ 35,744 ₹ 4,878 ₹ 39,024
    02 Jun 2020 ₹ 4,513 ₹ 36,104 ₹ 4,923 ₹ 39,384
    01 Jun 2020 ₹ 4,510 ₹ 36,080 ₹ 4,917 ₹ 39,336
    31 May 2020 ₹ 4,509 ₹ 36,072 ₹ 4,916 ₹ 39,328
    30 May 2020 ₹ 4,473 ₹ 35,784 ₹ 4,880 ₹ 39,040
    29 May 2020 ₹ 4,432 ₹ 35,456 ₹ 4,810 ₹ 38,480
    28 May 2020 ₹ 4,432 ₹ 35,456 ₹ 4,810 ₹ 38,480
    27 May 2020 ₹ 4,545 ₹ 36,360 ₹ 4,916 ₹ 39,328
    26 May 2020 ₹ 4,545 ₹ 36,360 ₹ 4,916 ₹ 39,328

    Weekly & Monthly Graph of Gold Rate in Chennai

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    • 6 Months

    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Gold Price 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.

    Gold Rate Trend in Chennai for May 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    May 1 Rate Rs.4,670 per gram
    May 31 Rate Rs.4,916 per gram
    Highest Rate in May Rs.4,916 per gram on 26 May, 27 May and 31 May
    Lowest Rate in May Rs.4,621 per gram from 2 May
    Overall Performance Incline

    May 2020 - Week 1 (1 - 9):

    • The price of gold stood at Rs.4,670 per gram on 1st May in Chennai. Compared to the closing price of the previous week, the rate of gold was down by Rs.50 for every gram in the metropolitan city.
    • Gold rate in Chennai slipped to its lowest for the month to date the following day with a gram costing Rs.4,621. The rates were on the upward curve following that and a gram was priced at Rs.4,661 per gram on 6th May. The increase in the price of gold was accounted to brewing tensions between Washington and Beijing over the outbreak of COVID - 19.
    • In Chennai, gold closed the opening week of May at Rs.4,700 per gram. This was the highest recorded price of the gold in the city for the month to date. Gold’s overall performance in the city witnessed an incline in the rates.

    May 2020 - Week 2 (10-16):

    • For the second week of the month, gold price in Chennai opened at Rs.4,701 per gram on 10 May and the precious metal showed an overall inclining trend in its prices throughout the week in the market. On 11 May, the price of gold increased marginally to Rs.4,702 per gram.
    • However, on 13 May, gold price in Chennai showed a considerable incline in its price to Rs.4,732 per gram. The continuous rise in prices was due to increasing safe-haven demand of the metal amongst investors. With risk appetite at a low due to a sudden rise in new cases of COVID-19 all over the world, the value of the bullion increased in the market with investors shifting away from riskier assets.
    • On 14 May, gold rate in Chennai was Rs.4,741 per gram in the city of Chennai and by 15 May, the prices had increased to Rs.4,776 per gram. With increasing speculations of a recession and risks in the market, dependency on the bullion had increased amongst investors. With central banks and the Federal Reserve releasing more stimulus packages, the gold received a boost in its prices, hitting its highest price of the month and the week at Rs.4,788 per gram on 16 May, ending the week at the same price.

    May 2020 - Week 3 (17 - 23):

    • In Chennai, the southern metropolitan city of the country gold was priced at Rs.4,854 per gram on 17th May. There was an increase of Rs.66 in the price of every gram when compared to the previous week’s closing price.
    • The rates of the yellow metal increased gradually in the city over the next days. A gram of the precious metal cost Rs.4,894 on 19th May as the rates rose amid uncertainty over how economies would emerge from the slowdown. With the incline in the rates continuing over the next couple days, gold touched its highest price for the month on 21st May with a gram being retailed for Rs.4,905 in the city.
    • Gold closed the third week of May at Rs.4,869 per gram in Chennai. The rates recorded a drop of Rs.37 for every gram on 22nd May as hopes for a recovery from the economic damage caused by the restrictions because of the coronavirus pandemic dented the bullion’s safe-haven appeal.

    May 2020 - Week 4 (24 - 31):

    • In the city of Chennai, the price of the metal in the last week of the month showed continuous fluctuations due to various social and economic issues affecting gold prices in the international market. The price of the metal on 24 May was Rs.4,900 per gram and increased marginally to Rs.4,901 per gram on 25 May. Gold prices increased marginally in the country despite a declining trend in the international market with Japanese equities recorded an incline due to reports of a stimulus package.
    • On 26 May, the price of the metal increased further to Rs.4,916 per gram. The marginal inclines in gold prices were majorly due to fluctuating prices of the metal in the international market with stronger equities resulting in the lowering of gold prices. Moreover, the political tensions rising between Hong Kong and the United States of America resulted in rise in the safe-haven appeal of the metal. On 27 May, gold was priced at Rs.4,916 per gram, however, falling by more than Rs.100 to Rs.4,810 per gram on 28 May with major economies opening up for business, thus increasing risk appetite amongst investors and hopes of reviving the economy.
    • The price of the precious metal, on 29 May held steady at Rs.4,810 per gram and recovered substantially on 30 May at Rs.4,880 per gram with a dip in the dollar value and uncertainty over United States response to China. On 31 May, the metal closed the week and the month at Rs.4,916 per gram, increasing by Rs.36 and recording an overall incline in prices.

    Gold Rate Trend in Chennai for April 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    April 1 Rate Rs.4,150 per gram
    April 30 Rate Rs.4,720 per gram
    Highest Rate in April Rs.4,720 per gram on 30 April
    Lowest Rate in April Rs.4,150 per gram from 1 - 5 April
    Overall Performance Incline

    April 2020 - Week 1 (1 - 4):

    • Gold price in Chennai opened at Rs.4,150 per gram and compared to the previous closing price of the gold, there was no change in its prices. With the effect of Coronavirus increasing on the economy and in the world, gold prices fluctuated in the global markets.
    • As investors waited on the jobs data from the United States of America, gold prices had increased in the global market. But with the rising value of the dollar, the gold rate declined marginally, however, the losses were limited due to poor jobs data from the United States.
    • Gold rate in Chennai remained steady with India’s 21-day lockdown in effect, since there was no buying or selling of the metal in the physical market. At the end of the week, the metal closed at Rs.4,150 per gram on 4 April.

    April 2020 - Week 2 (5 -11):

    • Gold price in Chennai stood at Rs.4,150 per gram at the start of the second week of April, the lowest recorded price of the metal for the month till date. Compared to the closing price of the precious week, there was no change in the rates.
    • Having stayed constant for the next day, the rates increased in the metropolitan city. A gram of the 24-karat gold cost Rs.4,417 on 8th April as investors awaited the release of the U.S. Federal Reserve's policy meeting minutes and the increasing number of coronavirus-related deaths hammering the risk sentiment.
    • With the U.S. Federal Reserve announcing a massive stimulus in order to combat the economic toll of the pandemic, the rates of the gold increased substantially and recorded its highest price for the month till date on the closing day of the week i.e., 11 April. The rate in Chennai closed at Rs.4,528 in the southern city with the overall performance witnessing an inclining trend.

    April 2020 - Week 3 (12 - 18):

    • Gold rate in Chennai opened the third week of the month at Rs.4,506 per gram on 12 April and dipped marginally on 13 April to be priced at Rs.4,411 per gram. The drop in prices was majorly due to investors booking profits on the high price of the yellow metal. However, the trend of the metal in the global markets was positive showing an incline due to worries increasing about COVID-19.
    • After increasing to Rs.4,451 per gram on 14 April, gold price in Chennai increased further on 15 April at Rs.4,566 per gram closing to its 7-year high price. Investors and traders feared a global economic fallout due to the constant negative effect of Coronavirus on the economy, resulting in countries going into lockdown with no movement in any kind of trade. On 16 April, the price of the metal increased marginally to Rs.4,577 per gram.
    • On 17 April, gold price in chennai hit its highest price of the month and the week at Rs.4,598 per gram with investors fearing a global recession given the state of the economy. Even though the precious metal’s price fluctuated to a great extent with mixed trends in the economy, the price of gold dipped on the last day due to a heavier risk appetite amongst investors. At Rs.4,430 per gram, gold prices fell drastically with President Donald Trump announcing plans to reopen the economy of the United States of America.

    April 2020 - Week 4 (19 - 25):

    • Gold opened the penultimate week of April at Rs.4,421 per gram in Chennai. Compared to the closing price of the previous week, the price charged for every gram was marginally down. While the rates started slowly, gold witnessed an incline in the prices over the week.
    • The rates continued to slip in the southern city as a rout in oil markets prompted panic selling across assets and forced investors to sell precious metals to cover their losses. A gram of the precious metal cost Rs.4,411 on 22nd April in the metropolitan city.
    • The gold closed the penultimate week of the month at Rs.4,582 per gram after increasing over the last three days. The increase in the gold price was accounted to hopes of more stimulus from the U.S. as the lockdown takes a toll on the largest economy of the world and its labor market.

    April 2020 - Week 5 (26 - 30):

    • Gold price in Chennai was Rs.4,593 per gram on 26 April and increased to Rs.4,700 per gram on 27 April. The rise in prices was a result of various global factors. With the central banks all over the world providing stimulus to restart the economy, the price of the gold showed inclines in the international market. With this, the price of the metal in the country increased as well.
    • Gold was priced at Rs.4,700 per gram on 27 April, however, dipped marginally to Rs.4,691 per gram on 28 April and increased to Rs.4,701 per gram on 29 April. The constant fluctuation in prices was majorly due to the international market trends of the metal. With investors booking profits with high prices, the price of the metal had fallen marginally.
    • However, on 30 April, with gold said to be on the path to hit new highs in the international market, the price of gold in the city recorded its monthly and weekly high at Rs.4,720 per gram on the last day of the month. At the end of April, gold prices recorded an overall incline in prices with various central banks releasing monetary stimulus to restart the economy.

    Gold Rate Trend in Chennai for March 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.4,185 per gram
    March 31 Rate Rs.4,150 per gram
    Highest Rate in March Rs.4,443 per gram on 6 March
    Lowest Rate in March Rs.4,026 per gram on 19 March
    Overall Performance Decline

    March 2020 - Week 1 (01 - 07):

    • With Coronavirus and its effect on the global economy, gold prices in the first week of March showed a major inclining trend. The gold rate crossed the $1,700 per ounce mark for the first time in 7 years in the global market. The gold opened the month at Rs.4,185 per gram in Chennai. The gold prices increased marginally on 2 March at Rs.4,198 per gram, further increasing to Rs.4,215 per gram on 3 March.
    • With the United States Federal Reserve cutting interest rates, the price of the gold increased by almost 3% on 4 March. In the city, the gold was priced at Rs.4,361 per gram and the prices saw a further incline on 5 March at Rs.4,343 per gram. Even though the gold price was predicted to increase further, a strong U.S. dollar capped the gains of gold amidst increased safe-haven demand for the metal.
    • On 6 March, the gold was priced at Rs.4,443 per gram. The metal was said to be set for its best week in 8 years due to the fears of the Coronavirus along with further expectations from investors regarding another rate cut by the United States Federal Reserve. The gold closed the week at Rs.4,417 per gram in Chennai on 7 March on profit-booking by investors. The gold price declined by 1% with traders selling gold to cover up their margins.

    March 2020 - Week 2 (8 - 14):

    • Gold opened the second week of March at Rs.4,417 per gram in Chennai. There was no change in the rates when compared to the closing price of the previous week. Gold prices slipped to Rs.4,408 per gram in the metropolitan city the next day as investors sold the bullion to cover margin calls amid plummeting equity and energy markets, overshadowing the precious metal's safe-haven demand.
    • On 10 March, the rates of the yellow metal climbed in the city even though gold prices fell in the international market as risk sentiment improved and the dollar firmed on expected global support measures to ease the economic impact due to the outbreak of coronavirus across the world.
    • Gold prices in Chennai slipped considerably following that and closed the week at Rs.4,131 per gram. This was the lowest recorded price of gold for the month till date in the southern metropolitan city. The decline in the prices was accounted to traders selling the precious metal to cover margins for stock markets spooked by the global spread of coronavirus and the United States announcing a travel ban from virus-hit Europe. In Chennai, gold’s overall performance showed a decline in the prices.

    March 2020 - Week 3 (15 - 21):

    • Gold in Chennai opened the third week of the month at Rs.4,131 per gram on 15 March and increased marginally to Rs.4,160 per gram on 16 March. The rise in prices marginally as the United States of America Federal Reserve cut down rates on an emergency basis to mitigate the losses. However, the rate cut did not help boost the price of the gold in the global market.
    • On 17 March, the price of the gold dipped further to Rs.4,064 per gram with investors going back to mass selling of their assets to convert them into cash and be prepared for a crucial time in the global economy. With the U.S. Federal Reserve taking the steps required to combat the economic crisis, the gold price increased marginally on 18 March to Rs.4,136 per gram. However, investors took back the gains by cashing in their assets and the metal hit its lowest price of the week on 19 March at Rs.4,026 per gram.
    • However, the European Central Bank took adequate measures to help the economy, due to which the gold rate increased to a great extent on 20 March at Rs.4,104 per gram and increased further to Rs.4,164 per gram on safe-haven demand. However, even with its marginal rise in prices, the metal closed with a weekly decline at Rs.4,164 per gram on 21 March.

    March 2020 - Week 4 (22 - 31):

    • In Chennai, the yellow metal opened the fourth week of March at Rs.4,164 per gram. Compared to the closing price of the previous week, the rates witnessed no change in the cost of every gram in the southern metropolitan city.
    • Over the week, the rates of gold witnessed a declining trend. Gold prices slipped to Rs.4,159 per gram the next day as investors stockpiled cash, with a rising numbers of coronavirus-led national lockdowns threatening to overshadow stimulus measures from global central banks to combat the pandemic’s economic damage.
    • The drop in the prices continued over the next day before remaining constant for the rest of the week as a 21-day lockdown was imposed in the country to contain the spread of coronavirus. Gold closed the week at Rs.4,150 per gram in Chennai with the overall performance showing a declining trend.

    Gold Rate Trend in Chennai for February 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    1st February Rate Rs.4,077 per gram
    29th February Rate Rs.4,185 per gram
    Highest Rate in February Rs.4,305 per gram on 24 February
    Lowest Rate in February Rs.4,030 per gram on 6 February
    Overall Performance Incline

    February 2020 - Week 1 (1 - 9):

    • The effect of Coronavirus on the economy was immense in the month of February as the precious metal opened the month at Rs.4,077 per gram. However, in the South of India, in Chennai, the price of gold showed an incline when compared to the nation’s capital. As China’s central bank injected liquidity into the market by reducing the reverse repo rate, gold prices dipped.
    • On 5 February, the price of the metal had fallen by Rs.30 to Rs.4,040 per gram in the city. This was majorly due to talks of an antivirus drug which could possibly treat the virus. The price of the metal went down further on 6 February to Rs.4,030 per gram which was its lowest price in the week.
    • However, on 7 February, the metal’s prices recovered in the market as the virus outbreak worsened with more than 600 people dying in China alone. Investors shifted to the bullion market due to its increased safe-haven appeal and closed the week at Rs.4,093 per gram.

    February 2020 - Week 2 (10 - 16):

    • In Chennai, gold opened the second week of February at Rs.4,079 per gram. The rates of the yellow metal slipped by Rs.14 for every gram when compared to the closing price of the previous week.
    • With a fall of new coronavirus cases and improved risk appetite, gold prices eased in the southern metropolitan city. A gram of the 24-karat gold was retailed for Rs.4,057 after declining by Rs.22 since the start of the week.
    • Gold closed the week at Rs.4,120 per gram, the highest recorded price for the month of February till date. The rates increased in the latter half of the week as investors assessed the risks to the global economy due to the outbreak of coronavirus in China.

    February 2020 - Week 3 (17 - 23):

    • Gold prices in the metro city of Chennai opened the third week of the month at Rs.4,107 per gram which was a dip when compared to the previous week’s closing at Rs.4,120 per gram. This was majorly due to the rise in the value of the dollar in the global market increasing the risk appetite of investors momentarily.
    • However, the metal’s prices showed an inclining trend throughout the week, increasing to Rs.4,151 per gram on 19 February. This was due to the outbreak of Coronavirus and its increasing effect on the global economy. With an increasing number of cases and deaths being reported outside of China, safe-haven demand of the metal increased drastically.
    • After increasing to Rs.4,179 per gram on 20 February, the metal’s trend was set to cross its 7-year high in this week on increased demand all over the globe. With a steady local demand due to the wedding season, gold prices hit its highest price of the month on 23 February at Rs.4,276 per gram, closing at the same rate.

    February 2020 - Week 4 (24 to 29):

    • Gold prices in the metro city of Chennai opened the fourth week of February at Rs.4,305 per gram. Compared to the previous week’s closing price, the rates witnessed an increase of Rs.29 for every gram.
    • The rates of the yellow metal dipped to Rs.4,264 per gram in Chennai by 26 February. This was accounted to investors seeking refuge in safe-haven assets following a warning by the United States of an inevitable pandemic.
    • Over the next two days, the rates increased as investors booked profits after prices climbed more than 1% earlier in the session on mounting worries about how the coronavirus outbreak might hurt the global economy. In Chennai, gold closed the week at Rs.4,185 per gram with the overall performance showing an inclining trend.

    Gold Rate Trend in Chennai for January 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,922 per gram
    January 31 Rate Rs.4,074 per gram
    Highest Rate in January Rs.4,125 per gram on 8 January
    Lowest Rate in January Rs.3,919 per gram on 2 January
    Overall Performance Incline

    January 2019 - Week 1 (01 - 05):

    • In Chennai, the price of gold opened the month of January at Rs.3,922 per gram and decreased marginally to Rs.3,919 per gram on 2 January 2020. The price of the yellow metal is projected to hit new highs since 2010 due to geopolitical factors.
    • On 3 January, the price of gold increased to Rs.3,983 per gram due to a decrease in the value of the dollar against other currencies. The price of the metal increased further due to the remarks of President Trump on the clashes with Iran and tensions in the middle east.
    • Gold prices ended the week at Rs.4,024 per gram due to the escalation of tensions between the United States of America and the middle east. The metal showed an overall incline in the first month of the decade.

    January 2019 - Week 2(06 - 12):

    • In Chennai, gold prices opened the second week at Rs.4,091 per gram and decreased marginally to Rs.4,035 per gram on 7 January. The dip in prices was majorly due to easing tensions between Iran and the United States of America.
    • However, as United States President Donald Trump chose to ease the tensions between two countries, instead of retaliating, risk appetite increased amongst investors as they went back to the stock market. Amidst the talks between Iran and the United States, gold prices hit the highest price in the month till date on 8 January at Rs.4,125 per gram.
    • Gold prices fell quick through the rest of the week as investors shifted from the bullion to the stock market as the tensions in the Middle East faded. The precious metal closed the second week of the month at a marginally lower price of Rs.4,011 per gram on 12 January.

    January 2019 - Week 3(13 - 19):

    • Gold prices in Chennai showed an inclining trend in the third week of January. Opening at Rs.3,991 per gram on 13 January, the price of the metal dipped marginally to Rs.3,952 per gram on 15 January due to renewed optimism in the trade deal being signed between China and the United States of America.
    • On 15 January, gold rate increased and was back to being priced at Rs.3,991 per gram immediately after the trade deal was signed between the two countries. However, gold remained steady due to increasing concerns of traders on the unresolved issues in the trade deal such as retaining on tariffs on certain Chinese goods. On 18 January, the price of the metal increased to Rs.4,019 per gram in Chennai amidst strong economic data from the United States.
    • Gold traded at Rs.4,019 per gram on 18 and 19 January due to geopolitical tensions rose as a drone strike and a military attack resulted in the death of more than 100 Yemeni soldiers. With this event escalating geopolitical tensions in the Middle East, the demand for gold increased amongst investors due to safe haven appeal. On 19 January, the metal closed the week at Rs.4,019 per gram.

    January 2020 - Week 4 (20 - 26):

    • In Chennai, gold opened the fourth week of January at Rs.4,011 per gram. Compared to the previous week’s closing price, the rates fell by Rs.8 per gram in the southern metropolitan city.
    • On January 21, the rates of gold climbed to Rs.4,028 per gram in the city. The increase in the prices was accounted to investors seeking refuge in the safe-haven metal rates amidst concerns regarding coronavirus in China and tensions in the Middle East.
    • The rates of the yellow metal dropped to Rs.3,997 per gram the following day as the dollar firmed and investors assessed the risk of coronavirus becoming a global epidemic. The price of the yellow metal increased over the next few days and closed the week in Chennai at Rs.4,055 per gram with the overall performance showing an incline in the prices.

    January 2020 - Week 5 (27 - 31):

    • In the South of India, gold prices opened the fifth week of the month at Rs.4,070 per gram increasing marginally from Rs.4,055 per gram which was the closing price of the fourth week of the month. The rise in prices of the metal was majorly due to the outbreak of the deadly Coronavirus in the Wuhan province of China.
    • The price of the metal showed a declining trend in the city despite positive trends of the metal globally. As the citizens of India awaited on the Union Budget 2020, the demand for the metal was muted momentarily. On 28 January, the price of the metal was Rs.4,066 per gram and then to Rs.4,030 per gram on 29 January.
    • Gold prices had hit the weekly low of Rs.4,030 per gram on 29 January as investors in the global market awaited decisions by the United States Federal Reserve. As investors took stock of the impact of the virus on the economy, gold prices fluctuated. However, on 31 January, the price of the metal recovered and closed at Rs.4,074 per gram.

    Gold Rate Trend in Chennai for December 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,828 per gram
    December 29 Rate Rs.3,819 per gram
    Highest Rate in December Rs.3,830 per gram on 5 December
    Lowest Rate in December Rs.3,771 per gram on 11 and 13 December
    Overall Performance Decline

    December 2019 - Week 1 (1 – 8):

    • In Chennai, the prices of the yellow metal opened the final week of November at Rs.3,806 per gram. The rates saw a lot of fluctuations over the week in the metropolitan city due to various concerns.
    • As traders waited for developments regarding the trade deal between Washington and Beijing, gold prices declined to its lowest for the month on 29 November with every gram costing Rs.3,803.
    • The rates in the southern metropolitan city closed the week with a declining trend at Rs.3,828 per gram as neither country provided any clear indication regarding the trade deal.

    December 2019 - Week 2 (9 – 15):

    • In Chennai, gold opened the second week of December at Rs.3,780 per gram. Compared to the previous week’s closing price, the rates saw a drop of Rs.13 for every gram.
    • The rates dropped to the lowest for the month till date on 11 December when every gram of the yellow metal cost Rs.3,771 in Chennai as investors waited for clarity regarding fresh US tariffs on Chinese products.
    • Gold price closed the week at Rs.3,803 per gram after the prices climbed with gold’s safe-haven appeal was boosted due to political tensions in the world’s biggest economy. The overall performance of the yellow metal in Chennai was trending downwards in the second week of December.

    December 2019 - Week 3 (16 - 22):

    • In Chennai, the metal opened the week at Rs.3,796 per gram with a marginal decrease from the closing price of the second week of the month at Rs.3,806 per gram. This dip in prices as investors awaited clarity on the trade deal, risk appetite in the stock market increased.
    • In the middle of the week, the price of gold to Rs.3,814 per gram on 18 December due to increased local demand. Mixed global trends amongst the uncertainty of the trade deal and strong job data in the United States of America steadied the buying of gold to a certain extent.
    • After hitting the weekly low on 19 December at Rs.3,809 pe gram, the metal bounced back to Rs.3,817 with increased fears of the trade deal as neither of the countries couldn’t reach an agreement in the Phase 1 of the deal. The metal closed the week at Rs.3,819 per gram.

    December 2019 - Week 4 (23 - 29):

    • In Chennai, the metal opened the week at Rs.3,796 per gram with a marginal decrease from the closing price of the second week of the month at Rs.3,806 per gram. This dip in prices as investors awaited clarity on the trade deal, risk appetite in the stock market increased.
    • In the middle of the week, the price of gold to Rs.3,814 per gram on 18 December due to increased local demand. Mixed global trends amongst the uncertainty of the trade deal and strong job data in the United States of America steadied the buying of gold to a certain extent.
    • After hitting the weekly low on 19 December at Rs.3,809 pe gram, the metal bounced back to Rs.3,817 with increased fears of the trade deal as neither of the countries couldn’t reach an agreement in the Phase 1 of the deal. The metal closed the week at Rs.3,819 per gram.

    Gold Rate Trend in Chennai for November 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,892 per gram
    November 30 Rate Rs.3,828 per gram
    Highest Rate in November Rs.3,892 per gram on 1 November
    Lowest Rate in November Rs.3,803 per gram on 29 November
    Overall Performance Decline

    November 2019 - Week 1 (01-03):

    • In Chennai, gold opened the month of November on a positive trend compared to the previous month’s closing. On 1 November, the price of the metal was Rs.3,892 per gram, resulting in a Rs.35 increase due to speculation from investors after the trade deal and further interest rate cuts.
    • However, as Chinese work data improved on 2 November, the price of gold saw a minor decrease in prices at Rs.3,890 per gram.
    • On 3 November, gold prices remained steady at Rs.3,890 per gram due to steady demand in the country and a positive work trend in the United States of America.

    November 2019 - Week 2 (04-08):

    • In Chennai, gold prices lowered throughout the second week of November. Opening the month at Rs.3,892 per gram, decreased to Rs.3879 per gram by 5 November due to upbeat risk sentiment with positive cues from the market.
    • The price of the precious metal decreased further on 6 November to 3,841 per gram as investors shifted to the markets with renewed optimism regarding the trade deal between China and the United States of America.
    • On 7 November, the price of the metal increased marginally to Rs.3,860 per gram but hit the monthly and weekly low at Rs.3,817 per gram on 8 November as trade talk optimism shifted the focus of investors to the market, tarnishing the safe-haven appeal of the metal.

    November 2019 - Week 3 (09-17)

    • Gold saw a fluctuating trend in Chennai in the third week of November. Opening the week at Rs.3,812 per gram, the rates dropped to Rs.3,806 per gram on 11 November. The drop in the prices was accounted to positive developments in the trade talks between Beijing and Washington.
    • The rates of the precious metal touched a 3-month low on 12 November after an upbeat risk appetite from investors was seen in the hope of positive developments regarding the trade talks.
    • Gold prices recovered slightly in the following days as investors awaited the speech of the US president. On 14 November, a gram of gold cost Rs.3,845 in the city. However, with no clear signs of there being a trade deal, investors shifted to the bullion as a safe-haven asset before closing the week at Rs.3,827 per gram.

    November 2019 - Week 4 (18 - 24):

    • The metal’s prices in Chennai opened the fourth week of November at Rs.3,818 per gram and increased on 19 November to Rs.3,841 per gram as investors expressed concerns over the trade talks between China and the United States of America.
    • Due to the ongoing impeachment inquiry against United States President Donald Trump, and the United States Senate passing legislation in support of the protests in Hong Kong. The price of the metal was Rs.3,837 per gram on 20 November.
    • The precious metal’s prices eased slightly on 21 November as Chinese officials invited the officials from the United State of America to China to discuss the new tariffs face-to-face in order to reach an initial trade agreement. On 24 November, the metal closed the week with a declining trend at Rs.3,821 per gram.

    November 2019 - Week 5 (25 - 30):

    • In Chennai, the prices of the yellow metal opened the final week of November at Rs.3,806 per gram. The rates saw a lot of fluctuations over the week in the metropolitan city due to various concerns.
    • As traders waited for developments regarding the trade deal between Washington and Beijing, gold prices declined to its lowest for the month on 29 November with every gram costing Rs.3,803.
    • The rates in the southern metropolitan city closed the week with a declining trend at Rs.3,828 per gram as neither country provided any clear indication regarding the trade deal.

    Gold Rate Trend in Chennai for October 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    Rate on 1st October Rs.3,722 per gram
    Rate on 31st October Rs.3,857 per gram
    Highest Rate in October Rs.3,872 per gram on 26 October and 27 October
    Lowest Rate in October Rs.3,722 per gram on 1 October
    Overall Performance Incline

    October 2019- Week 1 (1-6):

    • After a lacklustre opening of Rs.3,722 per gram, gold price in Chennai rose steadily on renewed market uncertainty and festive local demand, rising to Rs.3,786 per gram on 2 October.
    • Fresh U.S. tariffs on EU goods boosted safe-haven demand among investors, as the gold rate in Chennai traded at Rs.3,818 per gram on 4 October.
    • Festive demand boosted local sales, as jewellers and retail interest resulted in the yellow metal surging to Rs.3,830 per gram when the week ended on 6 October.

    October 2019- Week 2 (7-13):

    • Gold price in Chennai opened at Rs.3,722 per gram and increased through the second week of the month due to renewed tensions for trade between China and the United States of America.
    • The gold rate in Chennai hit a high of Rs.3,848 per gram on 9 October and 10 October due to high festive demand in the country along with other global factors.
    • However, the gold faced a minor slip in prices and was priced at Rs.3,8236 per gram as Donald Trump’s remarks eased tensions between the two economic superpowers. Due to this, investors fell back to the stock market for investments.

    October 2019- Week 3 (14-20):

    • In Chennai, gold prices opened the month at Rs.3,722 per gram. However, owing to positive trends in the second week of the month, the yellow metal fared poorly in the third week due to global trends.
    • Opening the third week at a lowered price of Rs.3,822 per gram, the precious metal hit its weekly high on 15 October, priced at Rs.3,856 due to Brexit uncertainties. However, the price trends lowered marginally soon after.
    • As trade tensions eased between the United States of America and China along and investors booking profit after the European Union signed a new Brexit deal with Great Britain, the price of gold closed the week at Rs.3,849 per gram.

    October 2019- Week 4 (21-27):

    • The price of gold in Chennai opened the week at Rs.3,845 per gram with a marginal decrease compared to closing the previous week at Rs.3,849 per gram. However, due to ease in the talks between the United States of America and China’s trade deal, the prices decreased.
    • On 22 October, gold prices had decreased to Rs.3,829 per gram due to an increase in risk sentiment as investors saw positive cues in the trade talks and the Brexit crisis. However, on 23 October, gold recovered and was priced at Rs.3,846 per gram.
    • The price of the yellow metal surged to almost hit its 2-week high at Rs.3,871 per gram on 25 October due to speculations of yet another rate cut by the U.S. Federal Reserve. The metal closed the week at Rs.3,872 per gram as the local demand ahead of Diwali increased.

    October 2019- Week 5 (28-31):

    • In Chennai, gold opened the last week of October at Rs.3,869 per gram decreasing to Rs.3,836 per gram on 29 October. As the trade tensions between the United States and China eased, investors shifted back to the market along with strong dollar backing gains.
    • The price of the metal recovered marginally to be priced at Rs.3,847 per gram on 30 October 2019 due to tensions rising ahead of the United States Federal Reserve cutting down rates due to weak economic data.
    • Gold closed the week with a slight increase compared to 30 October’s price at Rs.3,857 per gram on 31 October as the United States dollar weakened in the market after the rate cuts by the U.S. Federal Reserve.

    Gold Rate Trend in Chennai for September 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,876 per gram
    September 30 Rate Rs.3,799 per gram
    Highest Rate in September Rs.3,953 per gram on 4 September
    Lowest Rate in September Rs.3,758 per gram on 19 September
    Overall Performance Decline
    Percentage Change -1.9%

    September 2019- Week 1 (1-8):

    • The month began with gold rate in Chennai trading at Rs.3,876 per gram, rising to Rs.3,904 per gram on 3 September on steady investor interest and economic uncertainty.
    • Weak U.S. economic data and falling global currencies unsettled markets and increased bullion’s safe-haven appeal, as the gold rate in Chennai surged to Rs.3,953 per gram on 4 September.
    • The Federal Reserve’s indication of a stimulus package buoyed the dollar and equities, as bullion fell to Rs.3,855 per gram on 8 September to record a weekly loss in value.

    September 2019- Week 2 (9-15):

    • Gold price in Chennai opened at Rs.3,842 per gram but weak local demand and a rise in risk appetite dampened demand for bullion, with prices dropping to Rs.3,816 per gram on 11 September.
    • A rise in U.S. Treasury yields boosted equity demand as investors reduced bullion offtake, further denting gold price in Chennai which fell to Rs.3,787 per gram on 13 September.
    • Despite local jeweller demand being steady, a rise in the dollar rate and declining overseas interest resulted in the yellow metal ending the week at Rs.3,763 per gram to record a second weekly loss.

    September 2019- Week 3 (16-22):

    • Gold price in Chennai opened at Rs.3,807 per gram but weak local demand and a rise in risk appetite dampened demand for bullion, with prices dropping to Rs.3,816 per gram on 18 September.
    • A rise in U.S. Treasury yields boosted equity demand as investors reduced bullion offtake, further denting gold rate in Chennai which fell to Rs.3,787 per gram on 20 September.
    • Despite local jeweller demand being steady, a rise in the dollar rate and declining overseas interest resulted in the gold rate in Chennai ending the week at Rs.3,794 per gram to record a second weekly loss.

    September 2019- Week 4 (23-30):

    • Rising uncertainty over geopolitical tensions failed to dent equity markets, as gold rate in Chennai bore the brunt of weak bullion sales, opening at Rs.3,791 per gram.
    • The dollar continued its recovery, climbing steadily on news of U.S.-China trade talks and stabilising industrial predictions, though gold rate in Chennai rose to Rs.3,819 per gram on 25 September.
    • Gold price in Chennai plunged to Rs.3,777 per gram on 26 September amidst a general trend towards equities, as the metal traded at Rs.3,799 per gram on 30 September to record a 1.9% loss in value during the month.

    Also Check Gold Price in Metro Cities

    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 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.

    • Gold price trends in Chennai 2015
    • 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.

    What is the current gold price trend in Chennai?

    Gold trade in Chennai has had a pretty good run since the beginning of the year. With demand for the metal improving significantly in the domestic level, the bullion markets have witnessed a gradual increase in gold prices in the last few months. According to experts, with demand from jewelleries and industrial units expected to rise in the state, gold rates in Chennai are highly anticipated to edge higher further into the year.

    How did the implementation of GST affect gold rate in Chennai?

    Prior to GST, the previous government tax policy had imposed a 12.2% tax on the precious metal. Gold attracted an import duty of 10%, value-added tax (VAT) of 1.2% and customs duty of 1%. However, with the introduction of Goods and Services Tax (GST) on 01 July 2017, the GST council has eliminated VAT and excise duty and replaced it with GST, which shall remain unaltered for all states in the country. The implementation of GST was mainly aimed to address issues of transparency and bring about a new era of consistency in gold trading. As per the new GST law, gold is assessed at 13%, out of which 10% is the import duty and the remaining 3% is the goods and services tax (GST). However, in the retail sector, an additional 5% making charge will be added on top of the 10% import duty and 3% GST.

    Different means of investing in gold in Chennai

    Chennai, as one of the major developing cities in the country, offers investors with a wide range of opportunities to invest in gold. May it be investment-oriented entities or for large jewellery purchases, people have a lot of options to invest in the bullion. Consumers can choose from a range of assets such as jewellery, gold coins, gold bullions (ingots), and gold Exchange Traded Funds (ETFs).

    Difference between KDM gold and Hallmark gold in Chennai

    Before purchasing gold, it is vital for the consumer to understand the difference between KDM gold and hallmarked gold. In simple words, gold is categorised into KDM and hallmark based on the metal used for purity and alloying of gold. Gold in its purest form is a soft, ductile and malleable form. Hence, to obtain the jewellery form, gold is put in shape by soldering with another metal with a melting point lower than that of gold such that only the solder metal melts and combines the pieces of gold. Initially, cadmium was used as the solder metal due to its low melting point and liquidity. Mixing cadmium and gold in the ratio of 8% and 92% respectively resulted in the solder retaining up to 92% purity level. However, the use of cadmium as a solder was banned by the Bureau of Indian Standard (BIS) after it resulted in severe health problems like skin allergies to goldsmiths and artisans. Now, cadmium has been replaced by other metals such as zinc or copper, which has, in turn, resulted in minimal health risks in the industry.

    Hallmark, on the other hand, is the certification of quality awarded to the gold by the Bureau of Indian Standards (BIS). BIS assesses whether the gold meets and complies with the national as well as international fineness and purity standards. A hallmark gold is engraved with features including the BIS logo, purity level, logo of the assaying centre, year of certification and the logo of the retailer. Hence, it is advised to always purchase BIS certified hallmarked gold.

    Factors affecting Gold Prices in Chennai

    The bullion trade in Chennai involves a variety of factors which influences the prices slapped on the precious metal. Here’s a list of factors that affect gold prices in Chennai:

    • The currency exchange between the US dollar and the Indian rupeeIndia, being the world’s second-largest importer of gold, mostly trades in US dollar for the bullion. With gold being a dollar-dependant asset, whenever the US dollar strengthens against the rupee, gold rates in Chennai surge. This is due to the excess import charges that are to be paid by the traders which in turn, flows down to the next subsequent level of gold trading. Similarly, if the US dollar loses against the rupee, gold prices tend to comparatively go low in the domestic market.
    • Bullion associations In Chennai, gold prices are fixed twice in a day. The price of gold when trading commences for the day is called the opening price and the rate at which gold trading concludes for the day is called the closing price. Most of the jewellers in the city are members of an association and those associations are one who fixes the prices for gold. In Chennai, most jewellers are affiliated to the Madras Jewellers and Diamonds Association. The association notifies their members on gold rates at least twice a day. Hence, investors who plan on purchasing gold in Chennai must check the prices before buying. Ensure that you also inquire about the quality and request for the receipt.
    • Logistics Another important factor that gold rates depend on are the logistics. In short, it is the logistics sectors that determine the time gold takes after being imported to reach the hands of the consumers. Gold, being a precious asset and of high monetary value, is obligated to a high level of safeguarding. In other words, gold rates are also expected to increase or decrease depending on the level of crisis in the city. The harder it is to bring in gold to a city, the higher the costs are likely to be.

    Also Check Petrol Price and Diesel Price in Chennai

    Things to remember before investing in gold in Chennai

    It is important to know every aspect of your investment before making the purchase. So, this section is solely aimed at helping you get a better idea of all the things you need know before investing in the precious metal.

    • Purity of gold: The purity of gold is measured in karats and are classified into various levels based on the amount of gold content to other alloys or impurities in the jewellery. Some of the most common gold considering the purity levels are 14 karat (58.33% pure ), 18 karat (75% pure), 22 karat (92% pure) and 24 karat(99.9% and above) gold. Despite 24 karat gold being the purest form, commercial use of the metal is restricted in the jewellery sector due to its high malleability and ductility factor that limits its level of customizability to jewellers. However, 24 karat gold costs more than any other form of gold and checking the purity before investing your hard-earned money is advised. The hallmark of the gold indicates its level of purity. Ensure that you always purchase hallmarked jewellery.
    • Labour charges: A labour charge is basically the making charge involved in creating a specific jewellery by the jeweller. The maker charges an amount on the jewellery depending on the complexity and detailing required for the design. Since, labour charges are influenced by the current gold rates, requesting for a fixed making charge is advisable as it could bring down the cost of investment.
    • Certification: The sole aim of certification is to make sure that the customer isn’t overcharged or deceived by the jeweller. The Bureau of Indian Standards (BIS) certifies and authenticates the gold based on its level of purity. The smarter way to go about the purchase for the customer is to check the certification of gold before buying it.
    • Weight: Gold jewellery in India is mostly sold based on its weight. The addition of precious gems such as diamonds makes the jewellery or ornament heavier during the process. The prices of the precious stones will also be included in the price of the jewellery. Hence, it is necessary to keep this in mind while buying jewels that are studded as one might be paying his/her hard-earned money for the gold which isn’t there.
    • Time of purchase: One might believe that the gold costs the same irrespective of the time of purchase. However, prices tend to go up or down with respect to consumer demand. Demand is most likely to be high during festive seasons as people are expected to spend more compared to the off season. Keep track of the gold rates during purchases and be on a lookout for offers put up by reputed jewellers to save yourselves some extra money for other investments.

    Also Check Gold Price in NearBy Cities of Chennai

    Read more on Gold

    News About Chennai Gold Rate

    • Analysts stay positive about the bullion market, placing hopes on gold

      Considering last year's gold rates during Akshaya Tritiya, the rates are now around 43% higher in the country. Shekhar Bhandari, Senior Executive Vice President & Business Head – Global Transaction Banking & Precious Metals Kotak Mahindra Bank Limited had said that in Rupee terms, the metal had been 43% as compared to Akshaya Tritiya 2019. The rates last year in April had been Rs.3,200/3,300 per gram and has now reached the Rs.4,600 levels and this has resulted in a hike in the wealth by 43% year on year for people who purchased, diversified or invested, in gold. Although a few jewellers have been offering an online route for the purchase of gold, Akshay Tritya 2020 seems subdued because of the lockdown in the country due to the coronavirus crisis.

      The estimates of the India Bullion and Jewellers Association (IBJA) have shown that around 23 tonnes of gold had been sold in the Indian bullion market last year during Akshya Tritiya. However, this year, people have expected only a fraction of the sales although the government has relaxed a few of the lockdown restrictions. Shantibhai Patel, President, Gem and Jewellery Trade Council of India had said that since wedding celebrations will not take place the demand for jewellery will reduce.

      In spite of the run-up in gold rates over the past one year, analysts are very positive. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services had said that since they have seen a good run up and liquidation in all other assets, there will be a correction in the near term. Pankaj Bobade, Head - Fundamental research, Axis Securities, had said that gold is a good investment and a hedge against uncertainty, given the situation.

      27 April 2020

    • Prices of gold increases by Rs.1,100 per 10 grams

      The gold prices in India had skyrocketed today and had tracked a boost in the international rates after U.S. Federal Reserve had launched a lot of quantitative easing measures. On the MCX, the yellow metal futures had been up by 1% (Rs.400) per 10 grams to Rs.41,550. This had extended the Rs.700 gain during the previous session.

      When it comes to the white metal, the silver futures on the MCX had rebounded by 4.5% (Rs.1,700) per kg to Rs.39,620 per kg, and had extended the 6% gain during the previous rally. The gold prices in the nation have witnessed a pretty huge swing over the past month and have also hit a record high of Rs.45,000 per 10 grams. This had then corrected to the Rs.39,500 levels.

      In the international markets, the prices of gold had risen today after a jump during the previous trading session after the U.S. Federal Reserve had ramped up the stimulus for supporting the economy. The price of spot gold had increased by 2% to $1,583.53 per ounce. This was after it had risen by 4% in the previous trading session.

      24 March 2020

    • Spot gold price spike amidst coronavirus fears

      Today, the price of gold had increased to Rs.44,772 per 10 grams in the Indian commodity market MCX. This was driven by the spread of the Coronavirus and the fall in crude oil prices. These factors had threatened global markets.

      On the MCX, gold futures had risen by Rs.614 and later, had been trading at Rs.44,200 per 10 grams. Ever since Monday, the yellow metal on the MCX futures has skyrocketed by Rs.2,761 from Rs.41,397 per 10 grams. Amidst geopolitical tensions, the retail gold price in the national capital had hiked to Rs.45,200 per 10 grams.

      In the international market, spot gold had risen by 1.6% to $1,700.66 per ounce. On Friday, the precious metal had closed at $1,688 per ounce. Since then, gold has risen by 6.4%.

      10 March 2020

    • Bullish trends to continue for gold prices in the global market

      For the past weeks in the month, gold prices have recorded bullish trends in the global market. This was majorly due to the escalated fears of the coronavirus and its effect on the economy. According to the current trends, experts have mentioned that the metal can hit the $1,600 per ounce level. This will provide the metal with its must needed resistance along with its recent highs contributing to the trends already.

      For the moment, the metal has been hovering around the $1,550 per ounce levels along with short-term pullbacks providing the support for the metal. However, according to the technical analysts, the metal has been looking through the prism of bullish trends.

      On the other hand, there has been a certain amount of trouble if the metal does hit and hover around the $1,600 per ounce range. The metal once hits the mark can face problems in the standpoints of resistance and support.

      In the graphs and numbers which showcases the prediction models of the metal, traders are expected to look for value in the bullion market. Selling of gold will be minimal as the central banks all around the world will be looking to loosen monetary policy just like China’s did to support their economy. Considering all these factors including the economic slowdown, gold rates are expected to hit the highs in the foreseeable future.

      18 February 2020

    • Gold prices dip by Rs.970; Silver prices show a drastic fall by Rs.1,420 per kg

      Gold prices in the country dipped by Rs.970 to Rs.39,881 per 10 grams in Mumbai as the global trends of the metal declined. The global stock market rally and the fall in the value of the rupee were direct factors which resulted in the fall of price prices. The precious metal hit its high at Rs.40,851 per 10 grams and then dipped quickly after the geopolitical tensions between Iran and the United States of America eased.

      The price of 22-karat gold in Mumbai was Rs.36,531 per 10 grams plus GST of 3%. 24-karat gold, on the other hand, was Rs.39,881 per grams. In the retail market, 18-karat gold was priced at Rs.29,911 per 10 grams.

      As President Donald Trump chose to ease the tensions between Iran and the United States of America, the much-awaited speech by the president was not taken well by bullion investors. Along with this, positive jobs data in the private sector in the United States of America which also resulted in the fall in prices of the metal.

      The gold-silver ratio was standing from 85.99 to 1. Silver prices also decreased to Rs.46,375 per kg by Rs.1,420 per kg. In the futures market, gold rates hit a high of Rs.40,144 per 10 grams and a low of Rs.39,610 per 10 grams on the Multi Commodity Exchange. Gold futures for delivery in February fell by 0.57% or Rs.229 on the MCX. This was for a business turnover of 13,076 lots. The contracts for April delivery also dipped by Rs.272 at Rs.40,040 per 10 grams for a business turnover of 10,098 lots.

      15 January 2020

    • Gold prices fall for sixth day in a row, silver also declines

      The prices of gold continued to decline for the sixth day in a row. Gold futures prices on MCX were down 0.05% to Rs.37,551 per 10 grams. Overall, the prices fell about Rs.2,450 per gram in three months, from their record highs of about Rs.40,000 per gram.

      Prices of silver slumped 0.09% to Rs.43,469 per kg.

      However, on international markets, gold prices remained steady t $1,463.59 per ounce ahead of FED’s rate decision and followed by deadline of U.S implementing tariffs on Chinese goods.

      12 December 2019

    • Price of gold and silver dip due to positive cues of trade talks

      On 15 November, the price of gold dipped due to positive signs in the trade talks between China and the United States of America. There was a drop in Gold December futures as the United States of America is said to be nearing an interim trade pact with their economic counterpart.

      Due to gains in equities and a stronger dollar, dented the demand of the bullion, thus adding to the decrease in prices. Gold December futures traded at Rs.37,999 per 10 gram resulting in a loss of 0.70% on 15 November.

      On 14 November, the prices of gold and silver in the international market had increased. Spot gold in the international market had hit the $1,470 per gram level and silver prices were testing near the $17 an ounce. According to experts, silver and gold prices will be volatile and due to the fluctuating trends of the global market, can witness increased selling pressure.

      18 November 2019

    • Gold prices rise ahead of Dhanteras

      Gold prices rose ahead of Dhanteras on October 24. Dhanteras possesses a sentimental value for people who consider it auspicious to purchase gold on the festive day.

      The international prices of gold rose above $1,490 per ounce on Thursday as investors kept a close eye on the decision regarding Britain being a part of European Union (EU).

      Gold December futures went up by Rs 22 to Rs 38,025 per 10 grams.

      The Brexit issue made the investors invest more in Gold, however the news regarding the dollar index growing and news regarding U.S. easing sanctions capped gains.

      25 October 2019

    • Gold Prices Rise on Weak Rupee As Silver Also Edges Higher

      Gold prices in India rose marginally, tracking a global trend fuelled by a weak rupee. Gold futures on the Multi Commodity Exchange (MCX) rose by 0.3% to Rs.38,439 for 10 grams. On the international market, spot gold traded at $1,508.23 per ounce, a rise on 0.3%.

      A rebound in global demand for bullion bolstered local gold prices, which had dropped steeply on weak offtake and a shift to equity investments.

      Uncertainty over the upcoming trade talks between the United States and China have renewed interest in safe-haven assets like bullion. The festive season has also prompted an increase in demand for gold, though sales have remained muted due to the high import cost.

      Silver has also seen a surge in demand, with the industrial metal rising 0.26% on the futures market to trade at Rs.45,499 per kg.

      The release of U.S. unemployment data for September led to some losses in equities due to weak job creation and the possibility of further Federal Reserve interest rate cuts.

      7 October 2019

    • Fear of economic growth and trade talks limit the appeal for gold

      Price of gold remained steady amidst growth concerns globally along with the trade talks between the United States of America and China.

      Spot gold remained steady at $1,520.99 an ounce having its highest price at $1,526.80 an ounce on 23 September 2019. On the other hand, US Gold Futures was down by 0.2% at $1,528 per ounce.

      Various concerns about global growth and geopolitical risk in the Middle East has provided support for gold amidst the underlying demand for the precious metal in the market.

      Silver XAG fell by 0.5% to $18.54 per ounce having touched its highest on 6 September 2019 at $18.74 an ounce.

      24 September 2019

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