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|Gold price in Chennai in March 2018||Gold Price in Chennai in February 2018||Gold Price in Chennai in January 2018|
Gold Rate in Chennai
Gold is a hugely important commodity in Chennai, the capital of South-Indian state Tamil Nadu. Chennai ranks above all other cities and towns in India when it comes to gold trade. This cosmopolitan city boasts the maximum number of sales and purchases of gold in India.
In keeping with the rest of the country, the people of Chennai purchase gold mainly in the form of jewelry. Needless to say, there are a number of jewelry establishments spread in and around the city to meet this demand. Gold rates or prices are updated on a daily basis and can be obtained from those dealing in gold or online via many financial sites.
India imports most of its gold requirements from abroad. Chennai which doesn’t have any significant gold production also contributes to the country’s need to substantiate gold demand through imports. Even though gold is bought as jewelry, it is done for reasons beyond ornamentation. Such purchases form a part of many buyers’ investment portfolio.
Trend of Gold Rate in Chennai for March 2018 (rates per gram for 24 karat gold)
March 2018 - Week 1 (1 - 5):
- Gold in Chennai was priced at Rs.3,043 per gram on 1 March as demand was more or less steady from the previous month.
- A steady rise in price was observed as markets in the U.S. were jittery after the shock announcement of the implementation of restrictive tariffs on imported aluminium and steel.
- Gold price in Chennai rose to Rs.3,049 per gram on 2 March before prices jumped to Rs.3,068 per gram on 3 March.
- Demand was stable as European markets also reacted sharply to the sudden tariff news, with Asian stocks tumbling.
- There was no change in the gold rate in Chennai as the week drew to a close, with gold priced at Rs.3,068 per gram on 5 March.
March 2018 - Week 2 (5-11):
- When the second week of March opened in Chennai, gold was seen trading at Rs.3,064 per gram.
- Though, certainties over a trade war remained, a strong dollar pushed gold rates down in the global market. This caused gold to trade at Rs.3,054 per gram on the 6th of March.
- The 7th saw gold rates go up to Rs.3,074 per gram as the dollar could no longer withstand the pressure and markets fell.
- On the 8th, gold traded at Rs.3,061 per gram before falling to Rs.3,047 per gram as investor sentiments was low.
- The 10th saw prices rise to Rs.3,067 per gram as domestic demand surged amid some poor wage gains in the US.
- When the week ended, gold was still seen trading at Rs.3,067 per gram, thanks to a stable demand.
March 2018 - Week 3 (12 - 18):
- The bullion trade in Chennai commenced with the precious metal priced at Rs.3,057 per gram on the 12th as the US dollar rose against a basket of other emerging currencies after the US employment data reported a rise in number of jobs included in the US economy.
- With markets eyeing on the US consumer price reports for clues on inflation and US Fed rate hikes, the US dollar strengthened. This led to gold rates in Chennai plunging to Rs.3,047 per gram on the 13th.
- The dollar, however, lost its ground after Rex Tillerson, the US Secretary of State was suddenly dismissed by President Trump. This resulted in gold prices surging to Rs.3,062 per gram on the 14th.
- With investors and traders refraining from making purchases ahead of the US Federal Reserve meeting next week, the US greenback strengthened. This led to gold being priced at Rs.3,056 per gram the next day.
- The dollar rose further with markets expecting the Federal Reserve to raise its interest rates for the first time this year and the bullion was recorded trading at Rs.3,037 per gram on the 16th.
- The 17th witnessed a slight increase in domestic demand from local jewellers, retailers, and industries amid a positive trend overseas. This led to gold being priced at Rs.3,040 per gram.
- Steady demand coupled with firm trends overseas resulted in gold prices in Chennai remaining unchanged at Rs.3,040 per gram for the rest of the week.
Trend of Gold Rate in Chennai for February 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st February 2018||Rs.3,040 per gram|
|Gold rate on 28th February 2018||Rs.3,046 per gram|
|Highest Rate in February||Rs.3,103 per gram on 14 February|
|Lowest Rate in February||Rs.3,003 per gram on 8 February|
|Overall Monthly Performance||Incline|
February 2018 - Week 1 (1st - 4th)
- Gold rate in Chennai were greatly impacted by the strengthening US dollar and highly anticipated US jobs data release during the week.
- Gold price in Chennai was recorded trading at Rs.3,040 per gram on the 1st of February.
- The 2nd, however, saw domestic demand pick up with a rise in prices by industries and jewellers. This led to gold being priced at Rs.3,071 per gram.
- But with the US dollar strengthening against the euro and other apex currencies following the release of the US payrolls data, prices plummeted to Rs.3,050 per gram on the 3rd.
- The week concluded with the bullion rates holding at Rs.3,050 per gram amid steady local demand for the metal.
February 2018 - Week 2 (5th -11th)
- In Chennai, gold opened at Rs.3,035 per gram when this week began with signs of a possible increase on the cards.
- The 6th, i.e., the second day of the week, saw gold price in Chennai surge by Rs.31 to bring prices up to Rs.3,071 per gram. This was due to rising equity liquidation issued from across the world, which pushed safe-haven purchases to new levels.
- As the US dollar strengthened after a brief fall and the sudden demand from the previous day fall, gold rate in Chennai came back to Rs.3,031 per gram on the 7th of February.
- With the US dollar gaining against other apex currencies, gold rates worldwide took a dip. This caused prices in Chennai to hit Rs.3,003 per gram on the 8th.
- The 9th, however, as rates surge to Rs.3,018 per gram, thanks to increased demand from the domestic market.
- Due to local demand holding steady, gold rates went up again on the 10th to Rs.3,023 per gram. This happened despite the fact that the US dollar continued to gain against other currencies.
- The final day of this week saw gold continue at Rs.3,023 per gram as demand seemed to saturate.
February 2018 - Week 3 (12th - 18th)
- The week began in Chennai with the precious metal was recorded trading at Rs.3,025 per gram with investors and stockists awaiting the US inflation data for clues on the pace of the US interest rate hikes.
- Gold price in Chennai surged to Rs.3,030 per gram on the 13th with the US dollar index losing considerably ahead of the US inflation data release.
- Gold rate in Chennai hit a one-week high with the precious metal gaining for the third straight session during the week. The bullion was recorded trading at Rs.3,103 per gram on the 14th.
- The 15th, however, saw prices plunging to Rs.3,071 per gram with the dollar rising against a basket of other emerging currencies after the inflation data turned out to be stronger than expected.
- Gold prices rose to Rs.3,074 per gram on the 16th before surging to Rs.3,096 per gram the next day with investors gravitating towards safe-haven assets to hedge against the inflation.
- Steady domestic demand coupled with firm overseas trends led to bullion prices remaining unchanged at Rs.3,096 per gram for the remainder of the week.
February 2018 - Week 4 (19th - 25th)
- In Chennai, gold was seen trading at Rs.3,083 per gram when the fourth week of February began.
- The US dollar mounted a comeback on the 20th, thereby pushing gold rate in Chennai down to Rs.3,068 per gram.
- With the dollar continuing to make daily gains, gold became expensive for the investors. This cause demand to plummet and gold prices hit Rs.3,057 per gram on the third day of this week.
- The yellow metal’s rates fell for the third consecutive day and a Rs.4 decline was recorded on the 22nd, bringing gold price in Chennai effectively down to Rs.3,054 per gram.
- However, local demand was boosted by a number of factors on the 23rd and the metal’s rates surged to Rs.3,060 per gram on this day.
- As domestic demand remained strong amid a well-performing dollar, gold rates in Chennai surged to Rs.3,067 per gram on the 24th of February.
- The final day of this week saw gold continue to trade at Rs.3,067 per gram as demand remained steady.
February 2018 - Week 5 (26th - 28th)
- Trading opened in Chennai with the yellow metal priced at Rs.3,069 per gram after gold recovered from its previous 1% loss during the previous week.
- With markets eyeing on the US Federal Reserve Chairman’s first congressional testimony for clues on future Fed rate hikes, gold price in Chennai remained unaltered at Rs.3,069 per gram on the 27th.
- The month concluded with the precious metal trading at Rs.3,046 per gram on the 28th after the US dollar held steady following Fed Reserve Chair Jerome Powell’s decision to increase the US interest rates as planned during the year.
- Firm global cues coupled with steady domestic demand resulted in gold rate in Chennai rising by 0.19% during the course of the month.
Trend of Gold Rate in Chennai for January 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st January 2018||Rs.3,002 per gram|
|Gold Rate on 31st January 2018||Rs.3,045 per gram|
|Highest Rate in January||Rs.3,084 per gram on 20 and 21 January|
|Lowest Rate in January||Rs.3,001 per gram on 4 January|
|Overall Monthly Performance||Incline|
January 2018 - Week 1 (1st - 7th)
- When the new year began, gold rate in Chennai were recorded Rs.3,002 per gram.
- The 2nd of January saw gold price in Chennai rising to Rs.3,011 per gram. This happened in Chennai, while the international market saw gold rates rise to near four-month highs globally.
- With the US dollar losing its value, gold rates saw increased demand. This led to prices going up to Rs.3,014 per gram.
- As positive US jobs data emerged, the greenback regained some lost ground, pushing gold prices to Rs.3,001 per gram on the 4th of January.
- Although, prices in the global market declined, a steady demand pushed gold rates up to Rs.3,013 per gram on the 5th day of the new year.
- With demand continuing to remain high amid increased demand, gold rates surged again to Rs.3,021 per gram on the 6th of the month.
- On the final day of the week, gold prices were still seen holding at Rs.3,021 per gram.
January 2018 - Week 2 (8th - 14th)
- Gold trade in Chennai opened with the yellow metal trading at Rs.3,009 per gram on the 8th due to subdued demand from domestic jewellers, retailers and industries.
- However, a weak dollar index coupled with the poorly performing equities led to gold rate in Chennai rising significantly during the week.
- The 9th recorded prices at Rs.3,017 per gram which further rose to Rs.3,022 per gram on the 10th as the dollar lost against other major apex currencies.
- With the dollar losing its sheen, the precious metal touched its highest figure since September at Rs.3,030 per gram on the 11th.
- On the 12th, gold price in Chennai surged further to Rs.3,048 per gram following an incline in global demand amid the strong trend overseas.
- Strong overseas trends coupled with increased local buying led to the bullion prices rising to Rs.3,068 per gram on the 13th.
- The week ended with the precious metal priced at Rs.3,068 per gram on the 14th amid strong global cues.
January 2018 - Week 3 (15th - 21st)
- In Chennai, gold opened at Rs.3,073 per gram when the week began.
- An increased demand from local circles led to a rise in gold prices and the metal traded at Rs.3,082 per gram on the second day of this week.
- The 17th saw gold price in Chennai decline to Rs.3,079 per gram as the US dollar regained some lost ground against a host of other apex currencies.
- On the 18th, gold prices dropped again to Rs.3,060 as US treasury yields increased.
- The 19th, however, saw gold rate in Chennai rise to Rs.3,076 per gram as the US government was head towards a shut down, causing gold demand to increase.
- Gold was trading at Rs.3,084 per gram on the 20th as demand surged as the dollar tanked. With demand remaining steady gold rates continued at Rs.3,084 per gram.
January 2018 - Week 4 (22nd - 28th)
- Gold trading increased rapidly over the course of the week, courtesy of a steadily weakening US dollar.
- When trading for the week began on the 22nd, gold was priced at Rs.3,022 per gram.
- The 23rd saw gold open at Rs.3,030 per gram and close at Rs.3,026 per gram as demand remained mostly on the flatter side.
- Significant increases in gold price in Chennai were witnessed from the 24th onwards, as the US dollar hit new lows while gold hit 16-month high figures.
- On the 25th, the yellow metal opened at Rs.3,072 per gram as demand from jewellers in and around the city surged.
- But, demand slowed down slightly and gold rate in Chennai seemed to consolidate towards the end of the week.
- When the week drew to a close, the precious metal was seen trading at Rs.3,068 per gram.
January 2018 - Week 5 (29th - 31st)
- The week began with gold trading at Rs.3,043 per gram on the 29th amid the strengthening US dollar and firmer equities.
- The strong US dollar index coupled with higher US bond yields led to gold price in Chennai dropping to Rs.3,030 per gram on the 30th.
- On the 31st, gold was recorded trading at Rs.3,045 per gram with markets awaiting the US President’s annual State of the Union address and investors cautious ahead of the US Federal Reserve’s monetary policy meeting.
- Chennai registered a profit of 1.43% in gold trade amid the strong overseas trends that led to an increased demand for the bullion during the course of the month.
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st December 2017||Rs.2,982 per gram|
|Gold Rate on 31st December 2017||Rs.3,015 per gram|
|Highest Rate in December||Rs.3,015 per gram on 30 and 31 December|
|Lowest Rate in December||Rs.2,903 per gram on 13 December|
|Overall Monthly Performance||Incline|
December 2017 - Week 1 (1st - 10th)
- When the month began in Chennai, the yellow metal was priced at Rs.2,982 per gram owing to the positive reports from US growth data that led to gold losing its lustre against the strong dollar and firmer equities.
- Gold price in Chennai were recorded at Rs.3,002 per gram on the 2nd and 3rd as the dollar weakened slightly after the US Senate delayed its vote on the Republican tax reform bill to overhaul the US tax system.
- However, the landmark bill on the tax reform plans was cleared by the US Senate reconciling differences in the legislation. This led to an increase in the dollar index which in turn pushed the precious metal prices down to Rs.2.971 per gram on the 4th.
- The 5th saw the metal prices marginally rising to Rs.2,972 per gram, but with investors cautious ahead of the monetary policy meeting by the Federal Reserve to raise its benchmark interest rates, prices plummeted to Rs.2,962 per gram on the 6th amid a strengthening dollar.
- On the 7th, gold rate in Chennai were recorded at Rs.2,942 per gram which dropped further to Rs.2,917 per gram on the 8th amid a strong dollar index and firmer equity markets. This was also the lowest level of price the bullion metal hit in nearly four months.
- However, domestic demand spurred due to an increase in local buying from jewellers and retailers amid the ongoing festive season in the country. This led to the precious metal being priced at Rs.2,927 per gram for the remainder of the week.
December 2017 - Week 2 (11th - 17th)
- Gold rates in Chennai opened at Rs.2,911 per gram for this week. Despite an increased demand in global markets, the Indian shores showed little impetus to improve growth.
- The 12th saw gold price in Chennai drop to Rs.2,908 per gram before dropping further to Rs.2,903 per gram on the 13th of the month.
- But, as the Fed Reserve hiked its interest rate, and as the US dollar fell due to it, gold demand went up. The metal traded at Rs.2,924 per gram on the 14th of December.
- This level of high demand was unsustainable and hence prices fell to Rs.2,918 per gram on the 15th and the to Rs.2,917 per gram the next day.
- The yellow metal traded at an improved Rs.2,927 per gram on the 17th of December as demand picked up amid a weak dollar showing.
December 2017 - Week 3 (18th - 24th)
- When trading commenced in Chennai for the third week, the precious metal was priced at Rs.2,923 per gram on the 18th.
- Gold price in Chennai rose to Rs.2,928 per the following day as the equity markets took a hit after investors and traders mulled on the final outcome of the tax system overhaul on the country’s economy.
- Gold rate in Chennai rose further to Rs.2,931 per gram on the 20th on account of an increase in local demand amid the strong global cues.
- The next few days saw gold rates gradually increase with the Asian stocks declining after the landmark tax bill was approved by the US Senate. The precious metal was recorded at Rs.2,933 per gram and Rs.2,935 per gram on the 21st and the 22nd.
- On the 23rd, gold rate surged to Rs.2,956 per gram after the positive trends overseas led to an increase in orders from the local jewellers, industries and retailers.
- The week concluded with the yellow metal holding firm at Rs.2,956 per gram on the 24th.
December 2017 - Week 4 (25th - 31st)
- Gold rates in Chennai opened at Rs.2,947 per gram but improved over the course of the week, owing to a number of factors.
- With global trends rising, gold prices went up to Rs.2,956 per gram on the 26th of the month.
- The US dollar seemed to fall against other currencies, which prompted a Rs.18 increase on the 27th of December. The yellow metal traded at Rs.2,974 per gram on this day.
- On the 28th, gold rates reached a one-month high figure as the US dollar began to decline. This led to gold trading at Rs.2,985 per gram for the next two days in Chennai.
- On the 30th, gold was seen trading at Rs.3,015 per gram. Various reports spoke about the sudden hike and said that “today’s gold rate” increased because of continued geopolitical issues and concerns over inflation in the US.
- When the week came to an end, gold was still seen trading at Rs.3,015 per gram.
|Parameters||Gold price (24 karat)|
|Gold rate on 1st November 2017||Rs.2,988 per gram|
|Gold rate on 30th November 2017||Rs.2,992 per gram|
|Highest Rate in November 2017||Rs.3,030 per gram on 18 and 19 November|
|Lowest Rate in November 2017||Rs.2,974 per gram on 6 November|
|Overall Monthly Performance||Incline|
November 2017 - Week 1 (1st - 5th)
- In Chennai, gold started off on a weak note this week amid a strengthening US dollar. The metal was priced at Rs.2,988 per gram on the 1st of November.
- Gold rate in Chennai dropped to Rs.2,985 per gram on the 2nd, as local demand remained on the weaker side, even though there was a slight increase in global trading cues.
- On the 3rd, gold price in Chennai went down to Rs.2,985 per gram as the dollar seemed to strengthen against other apex currencies.
- The soon-to-be announced US job data saw investors exercise a degree of caution on the 4th. This led to gold trading at Rs.2,979 per gram. Another reason for the fall was the increase in equities investment in major markets around the world.
- When the week ended, gold was priced at Rs.2,977 per gram as local demand failed to pick up due to weak trading cues.
November 2017 - Week 2 (6th - 12th)
- Chennai witnessed the bullion trade improve with positive international trends and an increased domestic demand during the week.
- The week opened with the gold rate trading lower at Rs.2,974 per gram on the 6th with the dollar firmer than the previous week.
- Safe-haven investments witnessed a rise as the cold war between Saudi Arabia and Iran began heating up in the Middle-East. This led to gold price in Chennai surging to Rs.2,995 per gram on the 7th.
- Prices rose further as US dollar weakened with markets concerned over the possible delays to President Donald Trump’s tax reform plans, and the yellow metal was recorded trading at Rs.3,002 per gram on the 8th.
- On the 9th, the US dollar slipped further against most major currencies amid uncertainty over the US tax reform. This result in prices rising to Rs.3,008 per gram on the 9th.
- Gold rate in Chennai surged further hitting a three-week high of Rs.3,015 per gram on the 10th. This was due to the dollar weakening further amid uncertainties over the US tax plan.
- Thanks to steady demand from local jewellers, industries and retailers, prices remained unchanged over the next few days at Rs.3,015 per gram.
November 2017 - Week 3 (13th - 19th)
- Gold price in Chennai started at Rs.3,014 per gram on the 13th of November.
- As news about positive US treasury yields surfaced, gold trading around the world fell and likewise in Chennai. The metal traded at Rs.3,007 per gram on the 14th of November.
- Gold rate Chennai surged to Rs.3,018 per gram on the 15th, thanks to an increased offtake from the local markets. But, due to the unsustainable nature of this demand, gold rates fell to Rs.3,007 per gram on the 17th of the month.
- But, news about US President Donald Trump’s controversial tax cuts pushed the markets down and subsequently the value of gold. The metal traded at Rs.3,031 per gram on the penultimate day of this week.
- Demand slowly petered out on the 19th and the metal was seen trading at Rs.3,025 per gram at the time of closing.
November 2017 - Week 4 (20th - 26th)
- In Chennai, gold started at Rs.3,025 per gram when the week began. Rates dropped on the 21st to Rs.3,004 per gram as demand dropped in the whole of India.
- The 22nd saw gold price in Chennai improve slightly to trade at Rs.3,005 per gram before rising to Rs.3,013 per gram on the 23rd due to positive global cues.
- Demand for the metal remained largely unchanged and the metal traded at Rs.3,012 per gram on the 24th.
- But, as global demand began to fall, gold rates in Chennai held on at Rs.3,014 per gram over the last two days of this week.
November 2017 - Week 5 (27th - 30th)
- In Chennai, gold opened at Rs.3,011 per gram when the week began on the 27th of November.
- A positive response from the Fed chair pushed gold rate in Chennai down to Rs.3,008 per gram on the 28th before continuing at the same rate on the 29th as well.
- The 30th was a poor day for gold trading as the US economy saw a considerable improvement on the back of strong economic data.
- When the week came to an end, the yellow metal was being traded at Rs.2,992 per gram - a Rs.19 decline since the beginning of the week.
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st October 2017||Rs.3,040 per gram|
|Gold Rate on 31st October 2017||Rs.2,997 per gram|
|Highest Rate in October 2017||Rs.3,059 per gram on 14 and 15 October|
|Lowest Rate in October 2017||Rs.2,997 per gram on 6, 27, 30, and 31 October|
|Overall Monthly Performance||Decline|
October 2017 - Week 1 (1st -7th)
- Demand for gold in Chennai at the beginning of October was high but there was a decline as the week progressed due to poor demand.
- Gold opened the week at Rs.3,040 per gram but fell to Rs.3,034 per gram on 2 October due to a fall in global demand.
- Gold rate in Chennai fell sharply to trade at Rs.3,010 per gram on 3 October as the dollar rate recovered following positive equity trading from Asia.
- Industry and jewellers alike awaited the release of U.S. non-farm employment data, which led to muted demand as gold traded at Rs.3,005 per gram on 5 October.
- Positive data led to a rally by the dollar and markets, leading to lower demand for gold as the precious metal fell to Rs.2,997 per gram on 6 October.
- Concerns over North Korea’s nuclear ambitions led to an increase in demand for safe-haven assets like gold, leading to prices rising to Rs.3,017 per gram on 7 October.
October 2017 - Week 2 (8th -14th)
- In Tamil Nadu’s capital, Chennai, gold prices began for the week at Rs.3,017 per gram.
- Gold Prices in Chennai surged to Rs.3,027 per gram on the 9th as a weaker dollar pushed gold rates up slightly.
- On the 10th, gold rate in Chennai went up to Rs.3,036 per gram as demand in the city increased due to positive cues from the global market.
- Gold rates, however, fell slightly on the 11th to Rs.3,033 per gram as sales tightened following a slowdown in trade in Indian and international markets.
- But, inflation data from the US brought about an increase in demand for gold on the 12th. Gold was trading at Rs.3,041 per gram on this day’s closing time.
- Despite a high demand in the global markets, prices fell to Rs.3,031 per gram on the 13th due to a significant increase in purchases.
- On the final day of the week, however, gold price in Chennai surged to Rs.3,059 per gram, due to an increase in safe-haven purchases in the western markets.
October 2017 - Week 3 (15th - 21st)
- Gold rates in Chennai started at Rs.3,059 per gram on the 15th before falling to Rs.3,048 per gram on the 16th as the US dollar gained considerably.
- The yellow metal’s rates fell to Rs.3,027 per gram on the 17th as dollar improved as the US treasury offered steady, positive returns.
- Gold price in chennai went down on the 18th to Rs.3,023 per gram despite there being a high demand for gold in most cities in the country.
- When trading ended on the 19th, gold rates had fallen to Rs.3,021 per gram. However, gold demand bounced back as pre-Diwali demand pushed gold prices up to Rs.3,026 per gram.
- On the final day of this week, gold traded at Rs.3,027 per gram, thanks to slightly higher demand for the precious metal.
October 2017 - Week 4 (22nd -28th)
- Gold opened trading at Rs.3,027 per gram on the 22nd, when the week began in Chennai.
- Gold price in Chennai dropped to Rs.3,006 per gram the next day as demand declined with the dollar dominating over other apex currencies.
- Gold rate in Chennai surged to Rs.3,009 per gram on the 24th as the dollar weakened with investors anxious about the possibility of an early announcement on the next Federal Reserve chair.
- Demand for the precious metal dropped as the US dollar strengthened amid speculations on John Taylor being the next Fed chief. This led to the yellow metal prices plunging to Rs.3,001 per gram on the 25th
- Prices dropped further to Rs.3,000 per gram on the 26th with subdued demand from industries, jewellers and retailers.
- The 27th witnessed gold rates in Chennai hit Rs.2,997 per gram, the lowest in three weeks, as the European Central Bank’s decision to extend its bond-buying programme resulted in dollar strengthening over the euro.
- However, prices recovered the next day to be priced at Rs.3,006 per gram, thanks to positive global cues, and an increase in purchases by local jewellers.
October 2017 - Week 5 (29th- 31st)
- Gold rates in Chennai saw little change this week as the trend was affected by US’ Federal Open Market Committee (FOMC) meeting.
- On the 29th, when the week began, gold was priced at Rs.3,006 per gram.
- As investors awaited the outcome of the two-day meeting, gold rates the world over dropped. Due to this gold rates went down to Rs.2,997 per gram on the 30th of the month.
- Markets remained low but stable for the metal to trade at Rs.2,997 per gram on the 31st of October as investors awaited the outcome of the Federal Reserve meeting.
|Parameters||Gold price (24 karat)|
|September 1 Rate||Rs.2,995 per gram|
|September 30 Rate||Rs.3,040 per gram|
|Highest Rate in September||Rs.3,102 per gram on 8 September|
|Lowest Rate in September||Rs.2,995 per gram on 1 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st to 10th)
- Chennai witnessed its gold rates push up in the wake of unprompted aggression on the part of North Korea.
- When the week began on September 1st, gold was priced at Rs.2,995. This was a result of weak demand from jewellers and investors.
- The 2nd and 3rd saw prices bump up slightly to Rs.2,997 per gram due to a sustained purchasing trend.
- As news about North Korea conducting its most powerful nuclear test broke out, gold rate in Chennai surged massively to go up to Rs.3,081 per gram on the 4th of September.
- Demand, however, fell on the 5th as the sudden spike in sales couldn’t be sustained. The metal was selling at Rs.3,068 per gram on the 6th but increased to Rs.3,087 per gram as trading levels increased.
- On the 8th, gold ascended to a 11-month high figure of Rs.3,102 per gram as a result of falling markets.
- The last two days of the extended week saw gold trade at Rs.3,095 per gram as purchases went down slightly due to reduced demand.
September 2017 - Week 2 (11th to 17th)
- Gold prices in Chennai fluctuated towards the start of the week as regional demand propped up bullion prices before global trends led to rates dropping.
- The yellow metal was priced at Rs.3,074 per gram on 11 September as the dollar rate strengthened after a period of volatility.
- Overseas demand was muted in spite of markets reeling from the possibility of war with North Korea, with gold falling to Rs.3,055 per gram on 12 September.
- The economic impact of Hurricane Irma led to shaky markets and a dip in the dollar rate, which led to increased demand for gold as prices rose to Rs.3,068 per gram on 13 September.
- The middle of the week saw a rise in local demand as jewellers increased demand ahead of the upcoming festive season.
- Sluggish global demand led to gold rate in Chennai, dropping to Rs.3,051 per gram on 14 September, with the price rising to Rs.2,061 per gram from 15-17 September.
September 2017 - Week 3 (18th-24th)
- In Chennai, gold prices began at Rs.3,035 per gram when the week started.
- Gold price in Chennai fell to Rs.3,030 per gram the next day as gold demand seemed to stagnate internationally due to upcoming Fed Reserve meeting.
- On the 20th, rates rose to Rs.3,045 per gram as the festive season pushed jewellers to increase their gold purchases.
- Due to the US dollar strengthening, gold prices fell to Rs.3,026 per gram on the 21st.
- Gold rate in Chennai rallied back on the 22nd of September to hit Rs.3,030 per gram as the North Korea - US stand-off took a new turn.
- As demand remained steady, gold prices in Chennai remained at Rs.3,030 per gram during the final two days of the week.
September 2017 - Week 4 (25th-30th)
- In Chennai, gold prices began for the week at Rs.3,030 per gram before rising to Rs.3,072 per gram on the 26th. This was due to a rise in local demand and a subsequent weakening of the US dollar.
- Gold rate in Chennai, however, went down to Rs.3,051 per gram on the 27th as festive demand subsided after dollar rose amidst a possible Fed rate hike.
- Gold price in Chennai remained largely subdued for the remaining days of the week as the festive season buying frenzy came to a halt.
- On the 28th, the yellow metal was trading at Rs.3,030 per gram, before going down to Rs.3,028 per gram the next day.
- The final day of this week saw gold selling at Rs.3,040 per gram, thanks a slightly increased buying.
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,926 per gram|
|August 31 Rate||Rs.2,971 per gram|
|Highest Rate in August||Rs.2,999 per gram on 29 August|
|Lowest Rate in August||Rs.2,899 per gram on 3 August|
|Overall Monthly Performance||Incline|
August ‘17 - Week 1 (1st to 6th)
- The yellow metal was priced at Rs.2,926 per gram on 1 August in Chennai as demand for gold was muted as the month began.
- Gold price in Chennai dipped to Rs.2,917 per gram on 2 August due to reduced demand from industry, as analysts anticipated news of a possible rate hike by the U.S. Federal Reserve.
- A failure to announce rate hike led to markets falling slightly, but demand for gold fell further, trading at Rs.2,899 per gram on 3 August.
- Gold rate in Chennai fluctuated for the remainder of the week, trading at Rs.2,920 per gram on 4 August before falling to Rs.2,900 per gram on 5 August.
- Gold remained steady as the week ended, trading at Rs.2,900 per gram on 6 August.
August ‘17 – Week 2 (7th to 13th)
- In Chennai, gold started the second week of August at a price of Rs.2,901 per gram.
- As demand went up slightly on the 8th, gold rate in Chennai went up to Rs.2,906 per gram and then to Rs.2,917 per gram on the 9th.
- Due to a surge in global demand, global prices saw one of the biggest rises yet as they went up by Rs.30 to trade at Rs.2,947 per gram on the 10th of August.
- Concerns regarding an ugly stand-off between the US and North Korea led the market to a frenzy which led to prices going up to Rs.2,977 per gram on the 11th.
- Demand remained the same on the last two days of the second week and gold was seen trading at Rs.2,977 per gram when the week came to an end.
August ‘17 - Week 3 (14th to 20th)
- The capital of Tamil Nadu saw a dip in the value of gold during the week as demand dipped due to overseas demand and global cues.
- Gold traded at Rs.2,962 per gram on 14 August and remained constant on 15 August as there was minimal movement across commodity markets.
- Gold rate in Chennai dipped sharply on 16 August, trading at Rs,2940 per gram as the dollar recovered amidst positive news from the Fed Reserve meeting.
- Local demand rose as the dollar fluctuated, resulting in gold trading at Rs.2,969 per gram on 17 August before falling once again to Rs.2,942 per gram on 18 August due to a sharp drop in industrial demand.
- Gold price in Chennai recovered marginally to trade at Rs.2,951 per gram on 19 August and ended the week with the rate unchanged.
August 2017 – Week 4 (21st - 27th)
- The metropolitan city of Chennai saw gold prices reflect that of India during this week.
- When the fourth week of August began, gold was trading at Rs.2,950 per gram, but went up to Rs.2,965 per gram the next day as US resumed its trifle with North Korea.
- As investors were wary of investing in the precious metal, gold prices slid down to Rs.2,963 per gram on the 23rd of August.
- On the 24th, the yellow metal prices went up marginally to Rs.2,965 per gram as concerns over US economic policy gripped the market.
- Over the last three days of the week, gold rate in Chennai remained at Rs.2,967 per gram, thanks to stable demand from the local bullion industry.
August 2017 – Week 5 (28th - 31st)
- Demand for gold in Chennai fluctuated due to volatile markets and declining interest from industry.
- Gold was priced at Rs.2,942 per gram on 28 August as demand fell sharply from the previous week due to a sudden uptake in the U.S. dollar rate.
- Gold price in Chennai rose to a monthly high of Rs.2,999 per gram on 29 August as renewed aggression by North Korea and the threat of an impending attack led investors to safe haven assets like gold.
- Local demand began to rise ahead of the festival and wedding season and kept prices stable as gold traded at Rs.2,973 per gram on 30 August.
- Demand slipped slightly as the month ended, with gold priced at Rs.2,971 per gram on 31 August
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.2,950 per gram|
|July 31 Rate||Rs.2,925 per gram|
|Highest Rate in June||Rs.2,950 per gram on 1 July|
|Lowest Rate in June||Rs.2,796 per gram on 11 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1st to 9th)
- Gold opened at Rs.2,950 per gram on the first day of July in the city of Chennai and continued to trade at this price on 2 July as well.
- This rate could not be sustained and the rate of gold reduced to trade at Rs.2,935 per gram on 3 July.
- As the week progressed, the rate of gold continued to decline and a number of variations were observed.
- Due to monetary tightening by many global central banks, the value of the U.S. dollar was quite low.
- Gold rate fell to trade at Rs.2,900 per gram on 5 July due to variations in the demand for this precious metal.
- The rate of gold recovered marginally on 6 July to trade at Rs.2,901 per gram before plunging to trade at Rs.2,875 per gram on the last two days of the first week.
July 2017 - Week 2 (10th to 16th)
- In Chennai, gold started trading on a relative high price of Rs.2,831 per gram on the 10th of July.
- As news about a rise in US job creation hit the news, bullion rate took a sudden, significant hit and prices went down to Rs.2,796 per gram on the 11th of the month.
- But, the escalation of Trump and the collusion issue with Russia took centre stage, gold prices went back up on the 12th to hit Rs.2,813 per gram.
- The next couple days saw gold price in Chennai hold a subdued trend as they went down to Rs.2,810 per gram on the 13th and then to Rs.2,803 per gram on the 14th.
- Bullion prices increased to Rs.2,818 per gram on the 15th and remained there on the 16th, as dollar value fell amidst the latest Trump scandal gripped the market.
July 2017 - Week 3 (17th to 23rd)
- Gold prices in Chennai rose exponentially in the third week as strong investor sentiment and uncertainty led to higher demand.
- Gold was priced at Rs.2,822 per gram on 17 July and rose to Rs.2,832 per gram on 18 July as demand spiked due to a low U.S. dollar.
- Geopolitical tensions and the uncertainty over the overhaul of the U.S. healthcare system led to markets vacillating, further giving an impetus to gold demand, which led to gold trading at Rs.2,845 per gram on 19 July.
- Gold rate in Chennai continued to rise in spite of poor demand from the domestic market, which was still reeling from the impact of GST on the sector.
- Gold reached Rs.2,869 per gram on 20 July as the price rise cooled off due to lower demand from China.
- Price of gold spiked to Rs.2,917 per gram on 22 & 23 July as demand once again soared in spite of data showing positive growth in Asian economies, which lowered their gold consumption.
July 2017 - Week 4 (24th to 31st):
- Gold prices in Chennai followed a similar trend to that of India with the yellow metal trading at Rs.2,918 per gram on the 24th.
- Prices fell over the next couple days, hitting Rs.2,910 per gram on the 25th and then Rs.2,897 per gram on the 26th, as domestic demand from jewellers were subdued.
- Concerns over US President Donald Trump’s administration brought about an increase in prices on the 27th. Rates went up by Rs.23 to Rs.2,920 per gram as global demand increased.
- Gold rates fell marginally to Rs.2,913 per gram on the 28th but surged the next day as concerns over a North Korean stand-off forced the market into panic mode.
- The yellow metal was trading at Rs.2,926 per gram on the 29th and, as demand remained constant, didn’t see much of a change on the 30th.
- The last day of the week and month, however, saw gold rates drop by a small margin to end the day at Rs.2,925 per gram.
Rates are commonly depicted for 24 karat and 22 karat gold of different weights e.g. 1 gram, 8 grams, 10 grams, 100 grams, 1 kilogram,1 sovreign etc.
- Gold price trends in Chennai over the last 3 years
- Gold price trends in Chennai 2015
Gold prices have risen and fallen in line with demand and pricing of the precious metal.
24 karat prices: Over the last 3 years i.e. 2012 - 2015, gold peaked at Rs.3,276/gram on 27th Nov. 2011. It saw a steady decline over the following years before dipping to a low of Rs.2,608/gram on 18th April 2013. After a choppy performance over the next few months, it reached a new low of Rs.2,544 on 28th June 2013. It subsequently rallied to Rs.3,255/gram on 26th Aug. 2013. Prices have been on a general decline since then. On 1st Dec.2014, prices declined to Rs.2,580/gram. Despite some recovery over the following months, rates have predominantly remained below the Rs.2,800/gram mark. As of 7th June 2015, the price stood at Rs.2,703/gram.
22 karat prices: They have generally mirrored the movement of 24K prices, rising and falling at the same time. The maximum price recorded over the last 3 years was on 27th Nov. 2012 at Rs.3,064/gram and the lowest price recorded was on 1st Dec. 2014 at Rs.2,372/ gram. 22 karat gold trades lower than 24 karat gold given that it is not as pure. It has recently been hovering between Rs.2,400/gram to Rs.2,600/gram and as of 7th June 2015, the price stood at Rs.2,521/gram.
24 karat prices: The highest recorded price for 2015 between the start of the year until June 7th 2015 stood at Rs.2,865/gram on 21st Jan. 2015 and the lowest price for the same period stood at Rs.2,619/gram on 18th Mar. 2015.
22 karat prices: The highest recorded price for 2015 between the start of the year until June 7th 2015 stood at Rs.2,678/gram on 21st Jan. 2015 and the lowest price for the same period stood at Rs.2,441/gram on 18th Mar. 2015.
Rates indicated are based on a number of factors and the best indication of prevalent prices for the given dates based on prevalent information.
Gold is often bought from reputed jewelers in Chennai. Some of the key players are Tanishq, GRT, Kirtilal Kalidas, Damini, Prince Jewellery, Mehta Jewellery, Khazana Jewellery etc. They offer a wide range of gold items including ornaments, gold coins and other customized gold pieces. All stores quote the latest gold rates and are a good source of information on how the gold market is performing as dealers and customers interact during their trades. Gold bars, biscuits and coins can be purchased from banks as well but they do not offer buy-back facilities. Jewelers or gold traders will, on the other hand, buy these items from retail buyers.
As with most gold purchases across India, gold is purchased to hedge against inflation. All metros across India, including Chennai, have seen a spike in the cost of living and this is only expected to go higher. Gold has traditionally been viewed as a form of investment which holds value even during times of uncertainty, mainly because gold almost always has good resale value and can be easily sold making it a very liquid asset. In fact, gold becomes more valuable during a crisis.
Inflation erodes a person’s savings. When inflation is accounted for in calculating total returns from an investment e.g. bank fixed deposits, the effective return of the investment is adversely affected. Also, when other forms of investment are expected to underperform, investors move their money into gold.
Jewelry: Although the most popular way of investing on gold, buyers often ignore the fact that making charges and wastage are deducted when estimating how much a particular piece of jewelry is worth. A retail buyer who wishes to sell jewelry at a later date may not receive the total current gold rate after allowing for such deductions.
Residents and visitors to Chennai are always keen to know about the various jewelry shops in and around the city. Many of the country’s leading jewelers have retail outlets here. Gold rates in Chennai are important for those indulging in gold shopping. This is especially true during auspicious occasions and marriages when gold is bought in large quantities.
Gold coins: A large portion of Chennai’s gold-buying population invests in gold coins; usually 24K gold coins. One of the reasons for this is because, 24K gold, being pure, can be converted to jewelry by alloying it with other base metals. Again, well-known, established jewelers in Chennai are sought out to buy these gold coins as they can be trusted when it comes to purity of coins. If a coin is not pure, the gold rate applicable at time of sale will be as per the coin’s fineness i.e. the actual amount of purity of the coin.
- Also Check:Gold Rate in Tamil Nadu
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.
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
|Also Know: Silver Rate in Chennai|
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