Gold Rate In Chennai Today

Today's gold rate in Chennai:

  • 10g of 24K gold is 40,660 Indian Rupee
  • 10g of 22K gold is 38,720 Indian Rupee
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  • Today's Gold Rate in Chennai ( 29 Jan 2020 )
    ₹ 3,838
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In Chennai (Today & Yesterday)
    Today
    (29 Jan 2020)
    Yesterday
    (28 Jan 2020)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,838 ₹ 3,872 ₹ -34 ↓
    Standard Gold (22 K) ( 8 grams ) ₹ 30,704 ₹ 30,976 ₹ -272 ↓
    Pure Gold (24 K) ( 1 gram ) ₹ 4,030 ₹ 4,066 ₹ -36 ↓
    Pure Gold (24 K) ( 8 grams ) ₹ 32,240 ₹ 32,528 ₹ -288 ↓
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    29 Jan 2020 ₹ 3,838 ₹ 30,704 ₹ 4,030 ₹ 32,240
    28 Jan 2020 ₹ 3,872 ₹ 30,976 ₹ 4,066 ₹ 32,528
    27 Jan 2020 ₹ 3,876 ₹ 31,008 ₹ 4,070 ₹ 32,560
    26 Jan 2020 ₹ 3,862 ₹ 30,896 ₹ 4,055 ₹ 32,440
    25 Jan 2020 ₹ 3,824 ₹ 30,592 ₹ 4,015 ₹ 32,120
    24 Jan 2020 ₹ 3,819 ₹ 30,552 ₹ 4,010 ₹ 32,080
    23 Jan 2020 ₹ 3,815 ₹ 30,520 ₹ 4,006 ₹ 32,048
    22 Jan 2020 ₹ 3,807 ₹ 30,456 ₹ 3,997 ₹ 31,976
    21 Jan 2020 ₹ 3,836 ₹ 30,688 ₹ 4,028 ₹ 32,224
    20 Jan 2020 ₹ 3,820 ₹ 30,560 ₹ 4,011 ₹ 32,088

    Weekly & Monthly Graph of Gold Rate in Chennai

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    *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 January 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,922 per gram
    January 19 Rate Rs.4,019 per gram
    Highest Rate in January Rs.4,125 per gram on 8 January
    Lowest Rate in January Rs.3,922 per gram on 1 January
    Overall Performance Decline

    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.

    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 rupee India, 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.

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    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

    • 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

    • Gold prices come down by Rs.1,300 after hitting record highs

      Prices of gold and silver continued to tumble in India. Gold futures prices on MCX went up slightly to hit Rs.38,580 for 10 grams but has decreased by more than Rs.1,300 when compared to last week highs of Rs.39,885.

      On MCX, prices of silver also reduced by 0.51% and hit Rs.47,640 for a kg. Silver prices have been slumping since last week after hitting Rs.51,489. In the international markets, trade of gold increased by 0.2% and hit $1,509.81 for an ounce. Gold prices have decreased because of an increase in investments towards riskier assets and planned resumption in trade talks between China and the US. However, many analysts still have a positive stance on gold as they believe that trade tensions between China and the US and worries of global growth are far from over. The lack of ETF participation is seen as one of the main reasons why there has been a sharp decrease in silver prices. Demand for gold in India usually increases between October and December because of the wedding season and festivals such as Dussehra and Diwali.

      11 September 2019

    • Gold and silver prices slump amid looming economic slowdown

      Gold prices fell sharply after hitting record highs, recording Rs.38,000 per 10 grams. As per recent reports, gold futures fell 1% to Rs.37,843 per 10 grams. Silver also slumped, recording a fall of 1.3% to Rs.43,192.

      As per reports, record high prices of the precious metal have slowed down its demand in the local market.

      In the international market, gold was trending at $1,500 per ounce mark after hitting a six-year high of $1,510. The primary reason behind the rapid increase in prices was the rapid decline in bond yields across the globe.

      8 August 2019

    • Gold Prices Continue To Rise On Firming Overseas Trend

      Gold prices in India continued to rise on a positive global trend. Indications of monetary policy easing from banks to boost the global economy raised bullion’s profile.

      Spot gold rose by 0.7% to $1,426.62 per ounce but a strong U.S. dollar rate kept gains capped. Tensions in the Middle East also increased the metal’s safe-haven appeal.

      With regard to local markets, pure gold (99.9% purity) traded Rs.150 higher at Rs.35,870 for 10 grams. Standard gold of 99.5% purity meanwhile traded at Rs.35,700 for 10 grams after rising by the same margin.

      Sovereign gold also recorded a rise in price, trading at Rs.27,500 per 8 gram piece to record a rise of Rs.100 on rising demand.

      24 July 2019

    • Price of Gold remains steady after rebounding from major fall

      After gold prices suffered a major fall on 1 July 2019, the metal rebounded, and the prices remain steady for the third consecutive day.

      Gold futures are at a higher price on MCX as the contracts for the August delivery rose to 0.11% to be priced at Rs.34,285 per 10 grams. The contracts for October also advanced by 0.06% to Rs.34,500 per 10 grams. In New York, gold prices held above the $1,400 per ounce mark at $1,420.90 per ounce.

      Last week, the precious metal had hit its highest price in 6 years at $1,438.63 per ounce. This was mainly due to the favourable outlook by most central banks along with increase in tensions between the United States of America and Iran.

      Other factors which increased the demand for gold as a safe-haven asset were the appointing of Christine Lagarde as a replacement of Mario Draghi as the Chief of the International Monetary Fund. This rose speculations and expectations of the easing of the monetary policy.

      Apart from this, United States President, Donald Trump announced two nominees to fill the vacant posts in the United States Federal Reserve Board to compete with China in the trade talks.

      The Union Budget is to be announced today where expectations of the gold industry are said to be on the reduction of import duty of the metal by 10%. Illegal means to possess the metal will reduce if the import duty reduces, according to Mr. Anuj Gupta, Deputy Vice President for commodities and currencies research at Angel Broking.

      5 July 2019

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