Gold Rate In Chennai Today

Gold is utmost demand in Chennai and is usually bought for investment purposes and as jewellery. Find the latest gold rate in Chennai for 22 karat and 24 karat gold. Track daily trends and get detailed analysis of monthly and quarterly trends below.
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  • Gold Rate Today ( 25 Mar 2019 )
    ₹ 3,075
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In Chennai (Today & Yesterday)
    Today
    (25 Mar 2019)
    Yesterday
    (24 Mar 2019)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,075 ₹ 3,082 ₹ -7 ↓
    Standard Gold (22 K) ( 8 grams ) ₹ 24,600 ₹ 24,656 ₹ -56 ↓
    Pure Gold (24 K) ( 1 gram ) ₹ 3,229 ₹ 3,236 ₹ -7 ↓
    Pure Gold (24 K) ( 8 grams ) ₹ 25,832 ₹ 25,888 ₹ -56 ↓
    Gold Price In Chennai For Last 10 Days
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    25 Mar 2019 ₹ 3,075 ₹ 24,600 ₹ 3,229 ₹ 25,832
    24 Mar 2019 ₹ 3,082 ₹ 24,656 ₹ 3,236 ₹ 25,888
    23 Mar 2019 ₹ 3,082 ₹ 24,656 ₹ 3,236 ₹ 25,888
    22 Mar 2019 ₹ 3,039 ₹ 24,312 ₹ 3,191 ₹ 25,528
    21 Mar 2019 ₹ 3,062 ₹ 24,496 ₹ 3,215 ₹ 25,720
    20 Mar 2019 ₹ 3,056 ₹ 24,448 ₹ 3,209 ₹ 25,672
    19 Mar 2019 ₹ 3,038 ₹ 24,304 ₹ 3,190 ₹ 25,520
    18 Mar 2019 ₹ 3,038 ₹ 24,304 ₹ 3,190 ₹ 25,520
    17 Mar 2019 ₹ 3,059 ₹ 24,472 ₹ 3,212 ₹ 25,696
    16 Mar 2019 ₹ 3,059 ₹ 24,472 ₹ 3,212 ₹ 25,696

    Gold Rate Trend

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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.

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    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 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.3,305 per gram
    March 10 Rate Rs.3,247 per gram
    Highest Rate in March Rs.3,305 per gram on 1 March
    Lowest Rate in March Rs.3,210 per gram on 7 March
    Overall Performance Decline

    March 2019 - Week 1 (1-10):

    • Lacklustre demand from overseas and a rising risk appetite among investors resulted in gold rates in Chennai falling after opening at a steady Rs.3,305 per gram.
    • Stocks recovered as a possible U.S.-China trade deal bolstered the dollar, which dented gold’s safe-haven appeal, reflected in the price falling to Rs.3,234 per gram on 6 March.
    • Positive growth figures from the U.S. further raised the dollar’s value as local demand fell heavily due to the rising cost of imports as gold rates dropped to Rs.3,210 per gram on 7 March.
    • A weak economic outlook due to European markets stagnating boosted gold prices marginally as the metal closed the week at Rs.3,247 per gram on 10 March.

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

    Parameters Gold price (24 karat)
    February 1 Rate Rs.3,354 per gram
    February 28 Rate Rs.3,333per gram
    Highest Rate in February Rs.3,392 per gram on 20 and 21 February
    Lowest Rate in February Rs.3,292 per gram on 13 February
    Overall Performance Incline
    Percentage Change -0.62%

    February 2019 - Week 1 (1-10):

    • There was a dip in gold rates in Chennai as overseas interest was on the decline though the metal opened the week at a stable Rs.3,354 per gram.
    • Retail demand was steady but failed to keep prices from dipping as gold traded at Rs.3,340 per gram on 4 February on flagging interest from Asia.
    • The recovering dollar saw a drop in overall demand as gold fell to Rs.3,316 per gram on 7 February before recovering towards the end of the week and closing at Rs.3,332 per gram on 10 February.

    February 2019 - Week 2 (11-17):

    • A decline in the rupee rate and poor overseas offtake impacted gold rate in Chennai during the week after opening at Rs.3,319 per gram on 11 February.
    • Fluctuations in local demand due to the weak rupee saw gold prices fall to Rs.3,292 per gram on 13 February as Asian demand continued to be flat due to repercussions from the trade dispute.
    • Fears of another U.S. government shutdown rattled global markets and boosted demand for safe-haven bullion, as gold prices rose to Rs.3,350 per gram when the week ended on 17 February.

    February 2019 - Week 3 (18-24):

    • Demand for gold fluctuated as investors awaited the minutes of the Fed Reserve meeting though the metal traded at Rs.3,356 per gram on 18 February on steady local demand.
    • Prices rose to Rs.3,392 per gram on 20 February as a surge in local jeweller demand due to a low dollar boosted prices, though overseas orders were static.
    • Indications of further rate hikes propped up the dollar and raised equity performance, resulting in investors staying away from bullion as gold prices in Chennai fell to Rs.3,373 per gram on 22 February.
    • A delay on Chinese tariff imposition by the U.S. saw the yuan rise as global interest in gold fell which was reflected in the price falling to Rs.3,360 per gram when the week ended on 24 February.

    February 2019 - Week 4 (25-28):

    • Despite stable demand from local retailers, gold rates in Chennai fell as the U.S. dollar recovered on ominous signals from the Federal Reserve after opening at Rs.3,355 per gram on 25 February.
    • Prices rose to Rs.3,357 per gram on 26 February as the dollar dropped on news of a possible resolution to the Sino-U.S. trade dispute.
    • The Federal Reserve’s hawkish policy indicators boosted the markets and global currencies as bullion demand fell, resulting in gold trading at Rs.3,333 per gram on 28 February.

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

    Parameters  Gold price (24 karat) 
    Rate on 1st January 2019 Rs.3,172per gram 
    Rate on 31st January 2019 Rs.3,321per gram 
    Highest Rate in January 2019  Rs.3,326 per gram on 30 January 
    Lowest Rate in January 2019  Rs.3,172per gramon 1 and 7 January 
    Overall Performance  Incline 
    Percentage Change 4.69%
    Comparison for 24 K Gold Rates for Chennai January 2019
    Graph for Gold Rate (24K) in Chennai January 2019

    January 2019 - Week 1 (1 - 6):

    • Demand for gold rose marginally during the week, but fluctuating overseas trends and a drop in local jeweller demand led to static growth overall.
    • The precious metal opened the year at Rs.3,172 per gram as the continued U.S. government shutdown had markets jittery and investors looking for stable investment options.
    • Gold rose to Rs.3,191 per gram on 3 January but prices dropped as the week ended, resulting in gold rate in Chennai closing at Rs.3,175 per gram.

    January 2019 - Week 2 (7 - 13):

    • Boosted by steady demand from local jewellers, gold price in Chennai were on the rise in the second week, opening trading at Rs.3,172 per gram on 7 January.
    • The continued U.S. government shutdown and political standoff dented investor confidence in markets and increased interest in bullion, as gold prices rose to Rs.3,229 per gram on 10 January.
    • Prices saw some fluctuations as a strengthening dollar capped gains, resulting in the week ending with gold priced at Rs.3,222 per gram on 13 January.

    January 2019 - Week 3 (14 – 20):

    • Steadily rising local demand and positive overseas cues boosted gold price in Chennai this week as the metal traded at Rs.3,230 per gram when markets opened on 14 January.
    • As markets reeled from news of a likely hard Brexit, investors channelled funds into bullion in an effort to cut equity losses and this helped raise gold prices to Rs.3,263 per gram on 17 January.
    • Gold rate in Chennai dipped marginally towards the end of the week as the dollar rose and local demand stagnated, with gold trading at Rs.3,246 per gram on 20 January, recording a rise of Rs.16 during the week.

    January 2019 - Week 4 (21-27):

    • Though local retail demand remained steady, steep drops in overseas industrial demand affected gold price in Chennai this week after the metal traded at Rs.3,246 per gram on 21 January.
    • A recovery in the dollar rate reduced gold’s value among investors as the metal fell to Rs.3,236 per gram on 22 January, with local demand unable to prop up prices.
    • Equity markets reeled from the ongoing U.S. government shutdown and Brexit impacts and steadily boosted investor interest in gold as the metal closed at Rs.3,277 per gram on 27 January.

    January 2019 - Week 5 (28-31): 

    • Demand for gold in Chennai rose during the week as retail sales were boosted by positive cues and a low dollar rate after opening at Rs.3,285 per gram on 28 January.
    • Investors ramped up bullion demand as a hedge against unstable equity markets due to the ongoing uncertainty over another U.S. government shutdown as gold prices climbed to Rs.3,291 per gram on 29 January.
    • Gold rates in Chennai were further boosted by increased jeweller demand as the metal traded at Rs.3,321 per gram when trading closed on 31 January to record a monthly increase of 4.69%.

    Trend of Gold Rate in Chennai for December 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,045 per gram
    December 31 Rate Rs.3,165 per gram
    Highest Rate in December Rs.3,192 per gram on 11 December
    Lowest Rate in December Rs.3,045 per gram on 1 December
    Overall Monthly Performance Incline
    Percentage Change 3.94%
    Comparison for 24 K Gold Rates for Chennai December 2018
    Graph for Gold Rate (24K) in Chennai December 2018

    December 2018 - Week 1 (1 - 9):

    Parameters Gold price (per gram of 24 karat gold)
    December 1 Rate Rs.3,045 per gram
    December 9 Rate Rs.3,161 per gram
    Overall Weekly Performance Incline
    • When trading began, gold rates in Chennai were recorded at Rs.3,045 per gram as demand was still sluggish due to the strong dollar.
    • Fluctuations across markets due to Brexit and the Huawei crisis prompted increased interest in safe-haven gold, which also drove up local demand.
    • Gold prices rose sharply as the week ended, closing at Rs.3,161 per gram on 9 December to record a rise of Rs.116 during the week due to strong overseas cues.

    December 2018 - Week 2 (10 - 16):

    Parameters Gold price (per gram of 24 karat gold)
    December 10 Rate Rs.3,163 per gram
    December 16 Rate Rs.3,161 per gram
    Overall Weekly Performance Decline
    • The precious metal’s performance started off strong but declined due to poor demand associated with a rising rupee.
    • Gold traded at Rs.3,163 per gram on 10 December and jumped to Rs.3,192 per gram on 11 December on positive overseas cues as well as rising local demand.
    • A recovery in the dollar rate and fears of an interest rate hike led to a drop in sales, as gold prices in Chennai fell to Rs.3,161 per gram when the week ended.

    December 2018 - Week 3 (17 - 23):

    Parameters Gold price (per gram of 24 karat gold)
    December 17 Rate Rs.3,147 per gram
    December 23 Rate Rs.3,128 per gram
    Overall Weekly Performance Decline
    • In Chennai, gold was priced at Rs.3,147 per gram when trading commenced for the third week of December.
    • Rates went up to Rs.3,154 per gram the next day before falling to RS.3,111 per gram as demand took a significant hit in the local market.
    • From the 20th, onwards, gold mounted on a recovery path, and prices went up gradually to end the week at Rs.3,128 per gram.

    December 2018 - Week 4 (24 - 31):

    Parameters Gold price (per gram of 24 karat gold)
    December 24 Rate Rs.3,143 per gram
    December 31 Rate Rs.3,165 per gram
    Overall Weekly Performance Incline
    • Gold in Chennai was recorded trading at Rs.3,143 per gram on the 24th with strong global demand for the precious metal amid the US-Chinese trade dispute and speculations over a possible partial US government shutdown.
    • Strong safe-haven demand brought about by the poorly performing equity markets led to gold trading at Rs.3,173 per gram on the 29th.
    • Trading closed for the month with gold price in Chennai finishing at Rs.3,165 per gram on the 31st with the bullion prices touching a six-month high globally amid the positive market cues.

    Trend of Gold Rate in Chennai for November 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,184 per gram
    November 30 Rate Rs.3,045 per gram
    Highest Rate in November Rs.3,196 per gram on 6 November
    Lowest Rate in November Rs.3,045 per gram on 30 November
    Overall Monthly Performance Decline
    Percentage Change -4.36%

    November 2018 - Week 1 (1 - 4):

    Parameters Gold price (per gram of 24 karat gold)
    November 1 Rate Rs.3,184 per gram
    November 4 Rate Rs.3,191 per gram
    Overall Weekly Performance Incline
    • When trading opened for the month, gold rate in Chennai was recorded holding at Rs.3,184 per gram with subdued but steady demand from local jewellers and retailers despite the weak trend overseas.
    • Prices dropped to Rs.3,183 per gram the following day before surging to Rs.3,191 per gram on the 3rd with investors and market participants cautious ahead of the US payrolls data later during the day.
    • The week concluded with gold in Chennai holding firm at Rs.3,191 per gram on the 4th with strong investor demand amid the favourable market trend overseas.

    November 2018 - Week 2 (5 - 11):

    Parameters Gold price (per gram of 24 karat gold)
    November 5 Rate Rs.3,179 per gram
    November 11 Rate Rs.3,134 per gram
    Overall Weekly Performance Decline
    • Trading opened for the week with gold price in Chennai dropping to Rs.3,179 per gram on the 5th amid the strengthening US dollar and rising equity markets.
    • Gold rates surged to Rs.3,187 per gram on the 6th with domestic markets witnessing an increase in retail purchases on account of Dhanteras.
    • However, with the US dollar gaining after the US Federal Reserve’s interest rate review, demand for gold dropped considerably and the metal was recorded trading at Rs.3,134 per gram on the 11th.

    November 2018 - Week 3 (12 - 18):

    Parameters Gold price (per gram of 24 karat gold)
    November 12 Rate Rs.3,141 per gram
    November 18 Rate Rs.3,124 per gram
    Overall Weekly Performance Decline
    • When trading for the week opened on 12 November, gold prices in Chennai were at Rs.3,141 per gram as last week’s buoyant mood continued.
    • Prices began to drop as the rising U.S. dollar reduced local retail sales, with gold falling to Rs.3,120 per gram on 13 November.
    • With the U.S. Federal Reserve continuing its monetary tightening policy, demand for gold plunged to Rs.3,096 per gram on 14 November.
    • The week ended with gold trading at Rs.3,124 per gram on 18 November, recording a drop in price of Rs.17.

    November 2018 - Week 4 (19 - 25)

    Parameters Gold price (per gram of 24 karat gold)
    November 19 Rate Rs.3,120 per gram
    November 25 Rate Rs.3,081 per gram
    Overall Weekly Performance Decline
    • Poor demand and fluctuating stock fortunes resulted in a dip in gold prices in Chennai, with the metal priced at Rs.3,120 per gram on 19 November.
    • In spite of a sluggish dollar, rising crude prices and a weakened rupee resulted in reduced local demand as gold fell to Rs.3,105 per gram on 21 November.
    • The slide in price continued for the rest of the week as investors also reduced their bullion offtake.
    • Slowing demand from industrial units affected prices further, as gold ended the week at Rs.3,081 per gram on 25 November to record a drop in price of Rs.39 during the week.

    November 2018 - Week 5 (26 - 30):

    Parameters Gold price (per gram of 24 karat gold)
    November 26 Rate Rs.3,071 per gram
    November 30 Rate Rs.3,045 per gram
    Overall Weekly Performance Decline
    • A rising rupee and falling retail sales affected gold prices in India this week, with the precious metal trading at Rs.3,071 per gram on 26 November.
    • Overseas demand fluctuated as investors stayed away from bullion ahead of the G20 summit.
    • Prices plunged to Rs.3,058 per gram on 28 November following the Federal Reserve’s remarks on financial stability.
    • The dip in price continued for the rest of the week, as gold traded at Rs.3,045 per gram on 30 November.

    Trend of Gold Rate in Chennai for October 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    October 1 Rate Rs.3,071 per gram
    October 31 Rate Rs.3,188 per gram
    Highest Rate in October Rs.3,211 per gram on 15 October
    Lowest Rate in October Rs.3,071 per gram on 1 October
    Overall Monthly Performance Incline
    Percentage Change 3.80%
    Comparison for 24 K Gold Rates for Chennai oct-1 2018
    Graph for Gold Rate (24K) in Chennai oct-1 2018

    October 2018 - Week 1 (1 - 7):

    Parameters Gold price (per gram of 24 karat gold)
    October 1 Rate Rs.3,071 per gram
    October 7 Rate Rs.3,158 per gram
    Overall Weekly Performance Incline
    • Demand for gold rose sharply during the week as favourable market conditions as well as rising local demand raised rates.
    • Gold was priced at Rs.3,071 per gram on 1 October before prices jumped to Rs.3,085 per gram on 2 October on growing overseas demand.
    • As the rupee continued to slide against the dollar, demand for bullion was brisk as the metal traded at Rs.3,129 per gram on 3 October.
    • Prices dipped briefly due to fluctuating demand, but gold soon recovered as industrial demand from Asia was on the rise.
    • The yellow metal traded at Rs.3,158 per gram on 7 October to record a Rs.87 rise in value during the week.
    • Gold opened the week priced at Rs.3,029 per gram as demand was still muted, though prices picked up over the course of the week.

    October 2018 - Week 2 (8 - 14):

    Parameters Gold price (per gram of 24 karat gold)
    October 8 Rate Rs.3,130 per gram
    October 14 Rate Rs.3,176 per gram
    Overall Weekly Performance Incline
    • Gold price in Chennai at the start of week 2 stood at Rs.3,130 per gram after a rise in the value of the dollar in correspondence to other currencies.
    • Gold price in Chennai increased on 11 October as the global economy showed positive trends.
    • Week 2 ended with gold in Chennai trading at Rs.3,176 per gram, recording an inclining trend for the week.

    October 2018 - Week 3 (15 - 21):

    Parameters Gold price (per gram of 24 karat gold)
    October 15 Rate Rs.3,185 per gram
    October 21 Rate Rs.3,189 per gram
    Overall Weekly Performance Incline
    • Gold rates in Chennai were on the rise as festive demand resulted in higher order volumes, with the yellow metal trading at Rs.3,185 per gram on 15 October.
    • Fears over the impact of the Sino-U.S. trade dispute led to a rise in safe-haven demand, as gold prices rose to Rs.3,199 per gram on 16 October.
    • Prices dropped as the week progressed, with the precious metal’s value falling to Rs.3,185 per gram on 18 October on declining overseas demand.
    • Local demand was steady but fluctuations in the dollar rate affected profit margins, as gold prices fell to Rs.3,189 per gram as the week ended on 21 October.

    October 2018 - Week 4 (22 - 28):

    Parameters Gold price (per gram of 24 karat gold)
    October 22 Rate Rs.3,182 per gram
    October 28 Rate Rs.3,197 per gram
    Overall Weekly Performance Incline
    • Demand for gold was on the rise due to the festive season, but fluctuations in gold prices destabilised retail sales towards the end of the week.
    • Gold opened at Rs.3,182 per gram on 22 October and enjoyed a stable rise in price on sustained local demand and positive international cues.
    • Prices rose to Rs.3,190 per gram on 23 October before jumping to Rs.3,200 per gram on 25 October as investors looked to gold as a safe-haven investment.
    • Turbulent stock markets and a surprise market crash prompted a surge in gold investment, as the metal reached Rs.3,205 per gram on 27 October.
    • Local demand fell marginally due to the steep price, as gold prices in Chennai closed at Rs.3,197 per gram on 28 October.

    October 2018 - Week 5 (29-31):

    Parameters Gold price (per gram of 24 karat gold)
    October 29 Rate Rs.3,194 per gram
    October 31 Rate Rs.3,188 per gram
    Overall Weekly Performance Decline
    • Fluctuating local demand and a rally by the dollar resulted in gold prices in Chennai falling marginally during the week.
    • The week began with gold priced at Rs.3,194 per gram on 29 October as short-selling among overseas investors resulted in gold rates plummeting.
    • Festive demand was dampened as the rupee continued to fall on decreasing local and industrial orders, with the precious metal trading at Rs.3,191 per gram on 30 October.
    • The last day of the month saw a further dip in price as the dollar rallied on rising investor confidence in the greenback, as gold fell to Rs.3,188 per gram on 31 October.
    • The falling rupee capped gains from bullion, as gold prices fell by Rs.6 during the week.

    Trend of Gold Rate in Chennai for September 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,029 per gram
    September 30 Rate Rs.3,074 per gram
    Highest Rate in September Rs.3,098 per gram on 19 September
    Lowest Rate in September Rs.3,019 per gram on 3 September
    Overall Monthly Performance Incline
    Percentage Change 1.48%
    Comparison for 24 K Gold Rates for Chennai August 2018
    Graph for Gold Rate (24K) in Chennai August 2018

    September 2018 - Week 1 (1 - 8):

    Parameters Gold price (per gram of 24 karat gold)
    September 1 Rate Rs.3,029 per gram
    September 8 Rate Rs.3,065 per gram
    Overall Weekly Performance Incline
    • Gold opened the week priced at Rs.3,029 per gram as demand was still muted, though prices picked up over the course of the week.
    • A rally by the dollar led to a drop in price, as the precious metal traded at Rs.3,019 per gram on 3 September.
    • The possibility of an interest rate hike in September affected prices, but an increase in local retail demand raised local prices to Rs.3,033 per gram on 4 September.
    • Prices were on the increase for the rest of the week, bolstered by a falling rupee as industrial demand rose due to the cheaper import cost.
    • The rupee fell heavily on 6 September, as gold prices jumped to Rs.3,053 per gram on growing interest from retailers and jewellers.
    • The end of the week saw a continued rise in price with gold rates in Chennai reaching Rs.3,065 per gram on 8 September.

    September 2018 - Week 2 (9 - 14):

    Parameters Gold price (per gram of 24 karat gold)
    September 9 Rate Rs.3,065 per gram
    September 14 Rate Rs.3,064 per gram
    Overall Weekly Performance Decline
    • Demand for gold in India was sluggish in the second week, as the metal traded at Rs.3,065 per gram on 9 September.
    • The continued trade tensions between the U.S. and China boosted the dollar as the yellow metal’s value fell sharply.
    • Prices rose to Rs.3,080 per gram on 12 September as gold recouped some of its losses after the dollar slid across currency markets.
    • Anticipation of an interest rate hike reduced investor interest in gold, as local markets also fell, pushing gold price down to Rs.3,068 per gram on 13 September.
    • The week ended with gold falling further to Rs.3,064 per gram on 14 September as market forces resulted in prices declining.

    September 2018 - Week 3 (15 - 22):

    Parameters Gold price (per gram of 24 karat gold)
    September 15 Rate Rs.3,066 per gram
    September 22 Rate Rs.3,077per gram
    Overall Weekly Performance Incline
    • Demand for gold in Chennai was on the rise as local demand as well as positive cues from overseas kept prices steady.
    • Gold was priced at Rs.3,066 per gram on 15 September as markets opened on a positive note as the U.S. was slated to issue fresh trade tariffs on Chinese goods.
    • Prices rose to Rs.3,079 per gram on 18 September as the dollar fell sharply due to market turbulence, prompting increasing interest in gold.
    • Local demand was also on the rise, as jewellers increased orders ahead of the wedding season as gold rose to Rs.3,091 per gram on 19 September.
    • The rupee rose briefly rose against the dollar, prompting a drop in orders as the yellow metal traded at Rs.3,082 per gram on 20 September.
    • The prices continued to fall as the week ended, as gold prices in Chennai traded at Rs.3,077 per gram on 22 September.

    September 2018 - Week 4 (23 - 30):

    Parameters Gold price (per gram of 24 karat gold)
    September 23 Rate Rs.3,077 per gram
    September 30 Rate Rs.3,074 per gram
    Overall Weekly Performance Decline
    • The last week of September saw gold price in Chennai fluctuate due to conflicting cues and a volatile dollar, with gold opening the week at Rs.3,077 per gram on 23 September.
    • The possibility of an interest rate hike led to a drop in investor interest in the metal, but local retail demand kept prices stable.
    • Gold rose to Rs.3,090 per gram on 25 September as investors looked to gold as a safe haven asset as markets fell due to fluctuating demand for the dollar.
    • The rise in retail demand for gold also kept prices high, though the precious metal’s price fell to Rs.3,077 per gram on 27 September.
    • Gold rate in Chennai dipped to Rs.3,049 per gram on 28 September before regularising to end the month at Rs.3,074 per gram on 30 September.

    Trend of Gold Rate in Chennai for August 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    August 1 Rate Rs.2,983 per gram
    August 31 Rate Rs.3,039 per gram
    Highest Rate in August Rs.3,039 per gram on 31 August
    Lowest Rate in August Rs.2,800 per gram on 16 August
    Overall Monthly Performance Incline
    Percentage Change 1.87%
    Comparison for 24 K Gold Rates for Chennai July 2018
    Graph for Gold Rate (24K) in Chennai July 2018

    August 2018 - Week 1 (1 - 5):

    Parameters Gold price (per gram of 24 karat gold)
    August 1 Rate Rs.2,983 per gram
    August 5 Rate Rs.2,973 per gram
    Overall Weekly Performance Decline
    • August began with gold prices in Chennai falling marginally on poor demand and unfavourable market cues.
    • The precious metal opened trading at Rs.2,983 per gram as industrial demand kept pace, but gains were caped due to the rising dollar rate.
    • The positive assessment of the U.S. economy by the Fed Reserve further boosted the dollar, as investors looked to equities.
    • The surprise fall by the dollar against the yen led to a a boost in gold rates, as the metal traded at Rs.2,973 per gram on 4 August on increased industrial demand.
    • There was no change in price as the week ended on 5 August, with gold prices falling by Rs.10 during the week.

    August 2018 - Week 2 (6 - 12):

    Parameters Gold price (per gram of 24 karat gold)
    August 6 Rate Rs.2,967 per gram
    August 12 Rate Rs.2,984 per gram
    Overall Weekly Performance Incline
    • Gold prices in Chennai increased in demand in the second week of August as the dollar stabilised during this time.
    • The gold rate in Chennai stood at Rs.2,967 per gram on 6 August, as the dollar weakened during this period.
    • The dollar then increased to a 13 month high on 10 August which had an effect on the gold rates in Chennai.
    • Gold rate in Chennai then shot up to Rs.2,984 per gram on 12 August. During this time, European banks were exposed to Turkey, which in turn led to the strengthening of the dollar.
    • The week ended with an incline trend in Gold rates in Chennai. At the end of the week ending 12 August, gold rate in Chennai stood at Rs.2,984 per gram.

    August 2018 - Week 3 (13 - 19):

    Parameters Gold price (per gram of 24 karat gold)
    August 13 Rate Rs.2,985 per gram
    August 19 Rate Rs.2,952 per gram
    Overall Weekly Performance Decline
    • The price of the metal in the Chennai during the start of the third week of August drooped as the dollar rose to a 13-month high.
    • The dollar continued to rise, and as on 13 August, the gold price in Chennai stood at Rs.2,985 per gram. During the same period, the dollar value was on a rise.
    • The gold price then stabilised for a few days after which it declined marginally towards the end of the week.
    • At the end of Week 3, the gold rate in Chennai declined in comparison to the former part of the week. The price of the metal on 19 August stood at Rs.2,952 per gram. This was during the same period when US - China trade talks were in place.
    • Week 3 ended with the metal priced at Rs.2,952 per gram, and showed a declining trend for the week ending 19 August.

    August 2018 - Week 4 (20 - 26):

    Parameters Gold price (per gram of 24 karat gold)
    August 20 Rate Rs.2,952 per gram
    August 26 Rate Rs.3,004 per gram
    Overall Weekly Performance Incline
    • The week began with gold price in Chennai opening at Rs.2,952 per gram on the 20th with steady local demand from jewellers, retailers and industries amid the positive trend overseas.
    • Prices surged over the next couple of days as the dollar value tumbled amid market speculations ahead of the Federal Reserve monetary policy meeting and gold in Chennai was recorded trading at Rs.2,974 per gram on the 22nd.
    • However, with investors banking on equities amid the recovering US dollar, demand for the metal dropped considerably and gold rate in Chennai was recorded holding at Rs.2,968 per gram on the 24th.
    • The week came to an end with gold price in Chennai finishing higher at Rs.3,004 per gram on the 26th with strong domestic demand from industries and retailers amid positive market trends overseas.

    August 2018 - Week 5 (27 - 31):

    Parameters Gold price (per gram of 24 karat gold)
    August 27 Rate Rs.2,999 per gram
    August 31 Rate Rs.3,039 per gram
    Overall Weekly Performance Incline
    • The price of gold in Chennai rose in the last week of August as positive market trends and stable local demand maintained prices.
    • The precious metal opened the week at Rs.2,999 per gram amidst a slowing of interest in the dollar.
    • The Fed Reserve’s announcement of slower interest rate hikes resulted in investors looking to gold as a viable economic asset, as prices rose to Rs.3,026 per gram on 30 August.
    • The upcoming wedding season led to increased orders from jewellers as gold’s value continued to climb.
    • The end of the week saw gold trade at Rs.3,039 per gram to register a Rs.30 rise in value over the course of the week.

    Trend of Gold Rate in Chennai for July 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    July 1 Rate Rs.3,059 per gram
    July 31 Rate Rs.2,986 per gram
    Highest Rate in July Rs.3,070 per gram on 7 July
    Lowest Rate in July Rs.2,986 per gram on 18 & 31 July
    Overall Monthly Performance Decline
    Percentage Change -2.38%
    Comparison for 24 K Gold Rates for Chennai June 2018
    Graph for Gold Rate (24K) in Chennai June 2018

    July 2018 - Week 1 (1 - 7):

    Parameters Gold price (per gram of 24 karat gold)
    July 1 Rate Rs.3,059 per gram
    July 7 Rate Rs.3,070 per gram
    Overall Weekly Performance Incline
    • In Chennai, when trading commenced for the week, gold was priced at Rs.3,059 per gram.
    • As the dollar rose ahead of inflation data, with the possibility of a Fed rate hike looming large, gold dropped around the world.
    • This caused rates to drop in Chennai as well and the metal traded at Rs.3,047 per gram on the 2nd.
    • On the 3rd, gold rate in Chennai went further down to Rs.3,040 per gram as dollar continued to grow and put gold price gains on the backburner.
    • The US government initiated the trade war with other countries, and the latest instalment seemed to have a tough impact on the US dollar.
    • As greenback slowed down, and so did the stock markets, safe haven demand rose considerably. This led to gold trading at Rs.3,062 per gram on the 4th.
    • Demand continued to grow as the dollar remained weak in the international market. THis brought about positive cues in the market and gold rates went up to Rs.3,067 per gram on the 5th before rising to Rs.3,070 per gram on the 6th.
    • On the final day of the week, however, gold rates slipped slightly for the metal to trade at Rs.3,070 per gram.

    July 2018 - Week 2 (8 - 14):

    Parameters Gold price (per gram of 24 karat gold)
    July 8 Rate Rs.3,070 per gram
    July 14 Rate Rs.3,029 per gram
    Overall Weekly Performance Decline
    • The week opened with gold rate in Chennai holding at Rs.3,070 per gram on the 8th amid the weakened US dollar and losing equity markets.
    • With the greenback hovering near its lowest level in three weeks, investor demand for the metal surged. This led to gold being priced at Rs.3,070 per gram over the next couple of days.
    • The 11th saw gold rates declining to Rs.3,054 per gram as the US dollar index gained against the yuan after the United States threatened to impose more import tariffs on Chinese cargos.
    • With the US dollar recovering from near three-week lows, demand for the metal dropped significantly. This led to prices dropping further to Rs.3,036 per gram the next day.
    • Poor trends coupled with weak global cues led to rates dropping for the third consecutive session to Rs.3,028 per gram on the 13th.
    • The week came to an end with gold prices in Chennai holding slightly higher at Rs.3,029 per gram on the 14th amid the weak trend overseas.

    July 2018 - Week 3 (15 - 22):

    Parameters Gold price (per gram of 24 karat gold)
    July 15 Rate Rs.3,029 per gram
    July 22 Rate Rs.3,018 per gram
    Overall Weekly Performance Decline
    • Gold was priced Rs.3,029 per gram when trading started for the third week of July in Chennai.
    • The US dollar on bouncing back due to a strong market, but gold rates steadies on the 16th to trade at Rs.3,029 per gram for much of the day.
    • On the 17th, gold rate in Chennai went down to Rs.3,021 per gram as the latest Federal Reserve meeting showed imminent signs of an interest rate hike.
    • With the dollar continuing to remain buoyant and local demand falling due to this, gold rates fell to Rs.2,991 per gram on the 18th. Cues in the global market also remained weak and gold hit a one-year low figure on this day.
    • Demand bounced back after there was a brief rise in demand, and gold ended the 19th trading at Rs.2,997 per gram.
    • On the 20th, gold rate in Chennai continued to trade at Rs.2,997 per gram after the US President Donald Trump slammed the US dollar and the Fed rate hikes publically, which caused gold to inch away from its low figures of the previous days.
    • As a result of Trump’s monetary monetary decisions, gold rates went up to Rs.3,018 per gram on the 21st and continued to trade at this rate till the closing hours of the week.

    July 2018 - Week 4 (22 - 31):

    Parameters Gold price (per gram of 24 karat gold)
    July 22 Rate Rs.3,018 per gram
    July 31 Rate Rs.2,986 per gram
    Overall Weekly Performance Decline
    • The fourth week of July saw gold rates in Chennai continue to fall on poor retail demand as well as flagging industrial offtake.
    • The yellow metal opened the week priced at Rs.3,018 per gram on 22 July as the dollar plunged after criticism from the U.S. President on the rate of the currency’s growth.
    • Prices fluctuated as ties between the U.S. and Iran were once more strained, putting pressure on the dollar; however, demand for gold fell to Rs.3,006 per gram on 24 July.
    • The decline in price continued for the rest of the week as stable economic growth figures boosted the dollar and gold plunged to Rs.3,003 per gram on 31 July.

    Trend of Gold Rate in Chennai for June 2018 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    June 1 Rate Rs.3,100 per gram
    June 30 Rate Rs.3,059 per gram
    Highest Rate in June Rs.3,127 per gram on 15 June
    Lowest Rate in June Rs.3,054 per gram on 24 June
    Overall Monthly Performance Decline
    Percentage Change -1.32%
    Comparison for 24 K Gold Rates for Chennai May 2018
    Graph for Gold Rate (24K) in Chennai May 2018

    June 2018 - Week 1 (1st - 10th)

    • Gold was priced at Rs.3,100 per gram in Chennai when trading commenced for the first week of June.
    • This dropped to Rs.3,089 per gram as international demand declined after investors got whiff of positive US jobs data, which caused the dollar to rise.
    • Gold price in Chennai dropped again to the 3rd to Rs.3,081 per gram as markets buoyed and dollar rose further, which led to gold rates falling further.
    • The 5th saw local demand increase as other concerns within the US brought the greenback down. The precious metal traded at Rs.3,084 per gram on this day.
    • Gold rate in Chennai went further up to Rs.3088 per gram as bullion investors held their ground and the dollar began to lose its ground slowly.
    • On the 8th, gold rates surged to Rs.3,103 per gram as local demand was on the rise after concerns over the G7 summit took hold.
    • The 9th and the 10th saw gold trade at Rs.3,119 per gram as domestic sales was on the rise.

    June 2018- Week 2 (11th-17th)

    • Demand for the precious metal was at a stable Rs.3,119 per gram when the week began on 11 June.
    • Gold rate in Chennai were unaffected by the summit between Kim and Trump, as the metal traded at a constant rate.
    • The touted success of the summit as well as fears of a rate hike led to the dollar rising, as demand for bullion fell.
    • Gold traded at Rs.3,101 per gram on 13 June on poor demand, but trade tensions with China led to gold price in Chennai to rise to Rs.3,127 per gram on 15 June.
    • Weak data from China and rising Asian interest in gold led to bullion prices remaining steady as investors looked to gold as a safe-haven asset.
    • Prices fell as the week ended, with the precious metal trading at Rs.3,095 per gram on 16 & 17 June on declining demand.

    June 2018 - Week 3 (18th - 24th)

    • The week opened with gold prices in Chennai holding at Rs.3,087 per gram on the 18th with global demand on the decline amid the strong US dollar.
    • The 19th saw gold rates recovering to Rs.3,098 per gram after the US greenback lost against other apex currencies at the international level.
    • However, the precious metal prices dropped significantly to Rs.3,081 per gram on the 20th after the bullion plunged to near six-month low figures in the global markets.
    • With the US dollar index touching near eleven-month high figures, rates dropped significantly over the next couple of days.
    • Gold was recorded trading at Rs.3,066 per gram on the 21st before plummeting to Rs.3,060 per gram the following day amid the poor trend overseas.
    • Demand, however, picked up slightly on account of increased buying from local jewellers and retailers and the yellow metal was recorded trading at Rs.3,069 per gram on the 23rd.
    • The rest of the week saw gold rates in Chennai holding steady at Rs.3,069 per gram with consistent domestic demand despite the weak global cues.

    June 2018 - Week 4 (25th - 30th)

    • Gold was priced at Rs.3,070 per gram when trading commenced for the fourth week of June with a rising dollar curtailing any growth.
    • Rates dropped to Rs.3,068 per gram on the 26th as demand seemed to drop ahead of the speculation that the Fed would increase interest rates.
    • On the 27th, rates went further down to Rs.3,061 per gram as a weak performing gold pushed investors into courting other safe haven assets.
    • A rise in local demand, amid poor cues from the global market, helped the metal trade at Rs.3,072 per gram on the 28th.
    • The 29th recorded a price drop and the metal traded at Rs.3,054 per gram as a result of poor sales.
    • With the dollar holding in red, gold investors saw an opportunity to invest, this caused prices to go up to Rs.3,059 per gram on the final day of the week and month.

    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.

    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 Reach New Heights in Chennai

      The price of gold in Chennai rose sharply and reached near-record highs on positive market cues. Gold traded at Rs.3,129 per gram in Chennai, marking the highest price in over 75 years.  

      Sovereign gold also rose significantly, closing at Rs.25,032 per 8-gram piece as the steady fall in the dollar value boosted local demand for the yellow metal. Investors also increased their bullion holdings as demand for gold bars and coins saw a sharp rise. 

      India is the second-largest consumer of gold and its imports are second only to China. While there has been no discernible difference in the average footfalls in retail stores, gold is increasingly sought after due to the number of auspicious days. 

      Jewellers and analysts expect prices to remain high for some period of time due to prevailing equity market uncertainty and a low dollar rate.

      28 January 2019

    • Gold prices jump for the third consecutive day

      Gold prices extended gains for the third consecutive day on Thursday. The rates surged by Rs.335 to Rs.32,835 for every 10 grams of 99.9 per cent purity in Delhi, the national capital. The jump in the prices of the precious metal came amid weaker rupee against the US dollar, as per the All India Sarafa Association. It needs to be mentioned here that gold prices had jumped by Rs.200 and Rs.30 respectively on Tuesday and Wednesday. The rates of silver too gained on Thursday with the price of the metal jumping Rs.350 to Rs.39,700 per kilo. The hike in the prices was due to increased demand from industrial units and coin makers. 

      On Thursday, gold prices of 99.5 per cent purity also gained Rs.335 to cost Rs.32,685 for every 10 grams while sovereign gold remained unchanged at Rs.25,200 per piece of 8 grams. Spot gold touched its highest since June 15 with every ounce costing 1,292.01 dollars. When it comes to silver, weekly-based delivery witnessed a rise of Rs.617 to Rs. 39,365 per kilo. The cost of silver coins, however, remained unchanged at Rs.76,000 and Rs.77,000 respectively for buying and selling of 100 pieces. 

      3 January 2019

    • Gold prices hit 6-month high

      Gold rates on Wednesday rose to its highest in six months on the back of worries over US political uncertainty. The rise in the prices was aggravated by slowing global economic growth and a partial government shutdown. While Spot gold jumped 0.3 per cent to 1,272 dollars per ounce, US gold futures also jumped 0.3 per cent to 1,275.20 dollars per ounce.

      Afshin Nabavi, Senior Vice President, MKS SA has stated that with geopolitical uncertainty gold prices could be pushed up to 1,280 - 1,300 dollars in 2019. Spot gold has witnessed a jumped of nearly 4.1 per cent in the month so far. With a few days still left in the month, it is on track to register the best December in the last 10 years.

      Other metals like silver, platinum and palladium gained 0.6 per cent, 1.6 per cent and 0.7 per cent respectively on Wednesday. Silver cost 14.82 dollars per ounce while platinum was at 795.20 dollars. Palladium cost 1,255.24 dollars per ounce.

      It needs to be mentioned that markets in Britain, Germany and France remained closed on Wednesday due to Boxing day holiday.

      27 December 2018

    • Gold prices climb ahead of US Federal Reserve meeting

      Ahead of a key US Federal Reserve meeting on Tuesday, gold prices rose slightly on the speculation that economic turbulence may prompt the central bank to put the brakes on the monetary tightening cycle. It needs to be mentioned here that the Federal Open Market Committee (FOMC) is expected to raise the interest rates and focus on its outlook for the upcoming year.

      AS of Tuesday, Spot gold was up 0.2 per cent at 1,248.14 US dollars per ounce while US gold futures were up by 0.1 per cent to 1,252.2 US dollars per ounce. However, the dollar index fell after losing 0.4 per cent on Monday. The fall was on the speculation that the Fed will soon hit the pause button in the face of rising risks to global growth.

      Among other metals, silver was up by 0.1 per cent, platinum fell by 0.3 per cent, while spot palladium slipped 0.2 per cent.

      20 December 2018

    • Dollar Slips as Gold Rates Advance

      Gold rates saw an uptick on hopes of a slowdown in the pace of interest rate hikes by the Federal Reserve. Spot gold rose by 0.2% to trade at $1,247.26 per ounce on positive trends. There was also a rise in U.S. gold futures, which traded at $1,252.1 per ounce to record a 0.2% rise.

      Uncertainty over equity markets and a dovish outlook by the Fed also contributed to the rising interest in bullion, as global currencies reel from complications associated with the Brexit deal.

      The upcoming Federal Reserve meeting on 18-19 December, 2018 has kept investors from increasing stakes in gold futures, though the outlook for bullion remains high.

      11 December 2018

    • Gold Plunges on Rising Rupee

      The rise in the rupee hit gold prices, which tumbled for the fourth successive day. Gold traded at Rs.31,460 for 10 grams as weak global cues also impacted prices. With a rise in the rupee, dollar-imported gold becomes cheaper but sales have been poor, eating into possible profits.

      Silver prices followed suit, falling by Rs.515 to trade at Rs.36,560 per kg on poor offtake by local industrial units and coin makers. Silver futures also took a hit, with weekly-based delivery falling to Rs.35,147 per kg, recording a loss of Rs.459 in trading today.

      Global gold prices dropped on fluctuating markets and dollar fortunes, which has capped gains. Investors are also wary of bullion, awaiting news on the Federal Reserve’s minutes for indications of future rate hikes.

      5 December 2018

    • Gold and silver trade at a mixed note in the futures market

      Gold and silver have been trading on a mixed note in the futures market, as per reports from early Tuesday. While gold recorded negligible increase during the day’s session, silver prices tumbled as traders tracked the global cues, which remained weak.

      In the global market, the US and China trade stand-off saw any chances of the conflict being resolved, drop significantly after US President Donald Trump’s comments.

      Further, the FOMC minutes which is expected to arrive in the next few days has also caused some anxiety concerns among investors who aren’t very sure about hedging their bets against the dollar as there could be a potential interest rate hike which could cause gold to lose much of its value.

      29 November 2018

    • Silver Recovers as Gold Prices Muted on Tepid Demand

      Gold continued to trade weakly for the second straight day on poor demand from local jewellers and retail buyers. The yellow metal’s price fell by Rs.20 as it traded at Rs.31,540 for 10 grams in spite of a rising overseas trend.

      Silver staged a recovery, with the industrial metal trading at Rs.27,160 per kg to record a gain of Rs.60 on improved global cues and rising industrial interest.

      The appreciating rupee also impacted local gold prices, as the Indian currency rose by 70 paise to climb to Rs.69.88 against the dollar.

      Global gold prices climbed by 0.36% to trade at $1,225.10 per ounce while silver rose by 0.32% to trade at $14.33 per ounce in Singapore. The dollar was weak after the U.S. Federal Reserve’s meeting, which sought to calm investors on the pace of interest rate hikes.

      29 November 2018

    • Gold Prices Remain Stable As Dollar Weakens

      Spot gold rose by 0.1% to trade at $1,222.14 per ounce on Monday, 19th November, 2018 after comments from the Federal Reserve resulted in a subdued dollar.

      U.S. gold futures showed no change during early trading, remaining constant at $1,222.8 per ounce. This came as the dollar dipped on Federal Reserve comments regarding the ongoing monetary tightening policy in place, which indicated further rate hikes soon.

      Concerns over a potential global slowdown due to the impact of U.S. tariffs on China have seen markets bet on how much longer the Fed will continue with its tightening policy. Indications suggest the U.S. may not levy further tariffs on China, which stabilised bourses across the American continent.

      However, ongoing fallout from Brexit and the European Central Bank raising interest rates in 2019 rattled already volatile markets, which helped bullion sales rise.

      20 November 2018

    • Gold Touches 6-Year High on Surging Demand

      In line with trends seen during the week, gold prices continued to rise in trading today as local demand and overseas cues boosted rates. Gold traded at Rs.32,625 for 10 grams during the day’s trading before settling at Rs.32,550 for 10 grams at the end of the trading day.

      The upcoming wedding season and a falling rupee resulted in the surge in gold prices, while silver prices were relatively stagnant due to falling industrial offtake. The industrial metal traded at Rs.39,600 per kg as the dollar climbed to new highs.

      On the global front, spot gold traded at $1,233.80 per ounce on 27th October, 2018 as safe-haven demand for the metal was on the rise due to economic tensions.

      27 October 2018

    • For more related news /update on gold price visit: Gold News

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    Gold Rate In States
    Bank Gold Schemes
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