*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
|Gold price in Chennai in December 2017||Gold price in Chennai in November 2017||Gold price in Chennai in October 2017|
Gold Rate in Chennai
Gold is a hugely important commodity in Chennai, the capital of South-Indian state Tamil Nadu. Chennai ranks above all other cities and towns in India when it comes to gold trade. This cosmopolitan city boasts the maximum number of sales and purchases of gold in India.
In keeping with the rest of the country, the people of Chennai purchase gold mainly in the form of jewelry. Needless to say, there are a number of jewelry establishments spread in and around the city to meet this demand. Gold rates or prices are updated on a daily basis and can be obtained from those dealing in gold or online via many financial sites.
India imports most of its gold requirements from abroad. Chennai which doesn’t have any significant gold production also contributes to the country’s need to substantiate gold demand through imports. Even though gold is bought as jewelry, it is done for reasons beyond ornamentation. Such purchases form a part of many buyers’ investment portfolio.
Trend of Gold Rate in Chennai for December 2017 (rates per gram for 24 karat gold)
|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.
Trend of Gold Rate in Chennai for November 2017 (rates per gram for 24 karat gold)
|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.
|Parameters||Gold price (24karat)|
|June 1 Rate||Rs.2,977 per gram|
|June 30 Rate||Rs.2,962 per gram|
|Highest Rate in June||Rs.3,030 per gram on 7 June|
|Lowest Rate in June||Rs.2,942 per gram on 20 June|
June 2017 - Week 1 (1st-4th):
- In Chennai, gold rates followed a similar pattern to that of the Indian mainland.
- The 1st of June saw gold trading at Rs.2,977 per gram which then went down to Rs.2,965 per gram due to an unusually buoyant dollar and low demand.
- However, prices went up to Rs.2,998 per gram on 3rd due to misgivings in the US political scene.
- Add to that, the US-EU axis was also strained which led to gold prices maintaining the price of Rs.2,998 per gram when the week came to an end.
June 2017 - Week 2 (5th - 11th)
- In Chennai, gold rates seemed to increase and fall over the initial and the ending days of the week.
- On the 5th, gold was priced at Rs.3,025 per gram and then went up to Rs.3,030 per gram on the 6th as US Labour Department’s Employment Report created quite a stir.
- The 7th was carried by the momentum from the 6th as prices went up by Rs.5 to reach Rs.3,030 per gram.
- It was consolidation time when the 8th began, and gold prices went down by Rs.18 to Rs.3,012 per gram.
- Prices went down on the 9th as well to Rs.2,987 per gram as demand kept tumbling.
- After some corrections, gold prices went down to Rs.2,981 per gram on the 10th and remained the same at the end of the week.
June 2017 - Week 3 (12th-18th)
- There were a number of variations noted in the rate of gold during the third week of June in Chennai as a result of fluctuations in the demand for this metal.
- Gold traded at Rs.2,983 per gram on the first day of the third week in Chennai. This was relatively lower than the rates noted in other cities.
- Due to a fall in the demand for this metal, gold rate in Chennai reduced to trade at Rs.2,967 per gram but recovered slightly the next day to be priced at Rs.2,973 per kg.
- The gold price in chennai fell again to trade at Rs.2,963 on the 15th of June due to a fall in the demand for this metal.
- On the last day of the week, this yellow metal was priced at Rs.2,955 per gram due to a steep incline in the demand for this metal.
June 2017 - Week 4 (19 to 25)
- Gold prices in Chennai fluctuated significantly during the course of the fourth week, as prices bore the brunt of demand surges.
- Gold was priced at Rs.2,949 per gram on 19 June, with the dipping to Rs.2,942 per gram on 20 June as demand for the precious metal fell as investors pulled out of the safe-haven.
- Prices bounced back the following day, trading at Rs.2,949 per gram on 21 June before rising sharply to Rs.2,958 per gram on 22 June as markets took a sudden plunge, spiking demand for bullion.
- The price continued to rise as the week progressed, with gold trading at Rs.2,965 per gram on 23 June.
- The price dipped marginally as the week drew to a close as markets began to stabilise and the U.S. Dollar recovered in value, with gold trading at Rs.3,964 per gram on 25 June.
June ‘17 - Week 5 (26 to 30)
- The price of gold in the city of Chennai reflected the general trend seen across other Indian cities, where the gold price declined.
- Gold was priced at Rs.2,977 per gram on 26 June as markets fell due to speculation over the impact of GST. Overseas markets were also lower than expected, which led to an increase in demand for the yellow metal.
- Prices dropped sharply the following day as gold’s initial gains were negated due to reduced demand.
- Gold traded at Rs.2,957 per gram on 27 June before rising again as local demand spiked due to panic buying before GST.
- As the month ended, gold prices stabilised, trading at Rs.2,962 per gram on 30 June.
|May 1st Rate||Rs.2,984 per gram|
|May 31st Rate||Rs.2,968 per gram|
|Highest Rate in May||Rs.2,984 per gram on 1st May|
|Lowest Rate in May||Rs.2,889 per gram on 11th May|
May 2017 - Week 1 (1st-7th)
- During the first week of May, a number of variations were noted in the price of gold due to fluctuating demands.
- Gold was priced at Rs.2,984 per gram on the 1st of May and decreased marginally the next day to trade at Rs.2,952 per gram.
- Due to a fall in demand in international markets as well as a rise in the value of the U.S.Dollar, the rate of gold declined further as the week progressed.
- Gold was priced at Rs.2,947 per gram on the 3rd of May and decreased even further to trade at Rs.2,922 per gram on the 4th of May.
- As the demand for this metal plunged even further, gold closed at Rs.2,899 per gram on the 7th of May.
May 2017 – Week 2 (8th -14th)
- Gold prices in Chennai fluctuated slightly as the week began due to market uncertainty, though prices stabilised during the week.
- Gold traded at Rs.2,896 per gram on 8th May, with the price rising to Rs.2,904 per gram on 9th May, contrary to prevailing trends.
- Gold rate in Chennai fell to Rs.2,897 per gram on 10th May as demand for the metal began to drop due to strong markets.
- A decline in industrial demand also led to prices falling, as gold dropped to Rs.2,891 per gram on 14th May, registering a drop of Rs.5 per gram during the week.
May 2017 - Week 3 (15th - 21st)
- The capital city of Chennai saw a similar gold trading pattern as that of mainland India during the third week of May.
- When trading started for the week of 15th, gold was priced at Rs.2,888 per gram, which rose over the next few days due to Brexit concerns.
- On 16th, gold rates increased to Rs.2,894 per gram before going up again to Rs.2,910 per gram.
- The 18th saw one of the biggest increase in gold rates as they reached Rs.2,958 per gram amidst news of Donald Trump’s interference in a federal investigation.
- However, after the brexit woes were dealt with, gold rates seemed to consolidate as they went to Rs.2,954 per gram on the 19th.
- For the next days, i.e., the 20th and the 21st, gold rates remained unchanged at Rs.2,954 per gram.
May 2017 - Week 4 (22nd - 28th)
- Gold traded at Rs.2,956 per gram on the 22nd of May in Chennai due to sustained demand for this precious metal from jewellers.
- The gold rate in Chennai increased marginally on the 23rd to Rs.2,971 per gram. However, it could be noted that despite the Manchester blasts, the rate of gold was not affected very strongly as investors stayed in the sidelines, more or less.
- The rate of gold fell again to trade at Rs.2,956 per gram on the 24th of the month due to reduced demand for this metal. This price was noted on the 25th of May as well.
- On the 26th of May, gold was priced at Rs.2,969 per gram which was a marginal increase in the rate before further rising to trade at Rs.2,979 per gram on the last two days of the fourth week of May.
May ‘17 - Week 5 (29th to 31st)
- Gold prices in Chennai in the last week of May fluctuated due to demand vagaries, though prices declined overall.
- The yellow metal was priced at Rs.2,977 per gram on 29th May, a slight decrease from the previous week due to a continued dip in demand as jewellers reduced demand.
- Stable markets also led to a reduction in demand from investors, which led to gold trading at Rs.2,968 per gram as the month ended on 31st May, with gold falling by 0.53% over the course of the month.
|April 1st Rate||Rs.2,956 per gram|
|April 30th Rate||Rs.2,984 per gram|
|Highest Rate in April||Rs.3,035 per gram on the 22nd and 23rd of April|
|Lowest Rate in April||Rs.2,954 per gram from the 8th and 9th of April|
April 2017 - Week 1 (1st-9th)
- Gold price in Chennai started on a relatively high note and continued to increase as the week progressed.
- Gold was priced at Rs.2,956 per gram on the 1st of the month and stayed steady at this rate until the 3rd of April due to steady demand from domestic jewellers.
- Due to positive market cues, the rate of gold increased to Rs.2,987 per gram before falling the next day to trade at Rs.2,974 per gram.
- The gold rate in Chennai continued to decline over the next few days due to decreased offtake of this metal. Gold traded at Rs.2,970 per gram on the 7th of April.
- Prices declined again to trade at Rs.2,954 per gram on the 8th of April and stayed steady at this rate until the end of the first week of April.
April 2017 - Week 2 (10th-16th)
- Performance of gold rate in Chennai was the same as it was in the Indian mainland.
- On 10th, gold was trading at Rs.2,956 per gram which then went up to Rs.3,001 within a two-day span.
- When trading began on 13th, prices seemed to go up again as domestic and international demand rallied to bring prices up to Rs.3,018 per gram.
- Gold rate in Chennai went up the 14th as well as the metal was seen trading at Rs.3,028 per gram.
- When the week came to an end, gold trading prices were holding at Rs.3,040 per gram.
April 2017 - Week 3 (17th-23rd)
- As the third week of April progressed in Chennai, a number of variations were noted in the rate of gold due to varying demand for this metal.
- Gold traded at Rs.3,033 per gram on the 17th of April due to relatively low demand for this metal. However, on the 18th the price of gold fell further due to a fall in the demand to trade at Rs.3,026 per gram.
- On the 19th of April, the value of the U.S.Dollar increased marginally resulting in a fall in the price of the metal. Gold traded at Rs.3,022 per gram and plunged even further the next day to trade at a weekly low amount of Rs.3,018 per gram.
- As the week progressed, the rate of gold started to slowly recover trading at Rs.3,022 per gram on the 21st of April.
- On the last two days of the week, gold traded at Rs.3,035 per gram due to increased and steady demand for this metal.
April 2017 - Week 4 (24th-30th)
- As the fourth week of April progressed in Chennai, a number of variations were noted in the rate of gold due to varying demand for this metal.
- Gold traded at Rs.2,998 per gram on the 24th of April due to reduced demand for this precious metal from domestic markets. This rate was also seen the next day.
- As the value of the dollar went up, the price of gold fell as well to trade at Rs.2,973 per gram on the 26th of April and reduced even further the next day to trade at Rs.2,962 per gram.
- A marginal recovery was noted in the price of gold thereafter.
- On the last day of the month, gold traded at Rs.2,984 per gram due to a fall in the demand for this metal.
|March 1st Rate||Rs.2,994 per gram|
|March 31st Rate||Rs.2,942 per gram|
|Highest Rate in March||Rs.2,994 per gram on 1st March|
|Lowest Rate in March||Rs.2,906 per gram on 15th March|
March 2017 - Week 1 (1st - 4th):
- In Chennai, there was a similar pattern with regards to gold rates.
- The 1st saw gold trading at Rs.2,994 per gram which then decreased to Rs.2,992 per gram.
- On 3rd, gold prices saw quite a significant drop to reach Rs.2,961 per gram - a decrease of Rs.33 per gram.
- The week ended with the yellow metal trading at Rs.2,972 per gram, thanks to an increase in demand.
March 2017 - Week 2 (5th - 11th):
- Chennai saw a gold rate trend that was similar to the usual rate in India.
- The week began on 5th with gold priced at Rs.2,972 per gram which went down to Rs.2,971 per gram.
- On 7th, gold rates slipped up by Rs.27 to reach Rs.2944 per gram and went down again to Rs.2,931 per gram on 9th.
- Rates seemed to pick up on 10th to hit Rs.2,951 per gram but went down during the next day to trade at Rs.2,931 per gram.
- Gold prices in Chennai picked up on the last day of the week for the metal to trade at Rs.2,945 per gram.
March 2017 - Week 3 (12th-18th):
- Gold prices in Chennai started on a relatively high note but reduced as the week progressed.
- Gold was priced at Rs.2,947 per gram on 13th March and fell to Rs.2,929 per gram on 14th March owing to a fall in the demand for this precious metal.
- Prices continued to fall, as gold traded at Rs.2,906 per gram on 15th March in spite of global prices rising due to higher demand.
- The rate of gold recovered marginally to trade at Rs.2,931 per gram on 16th March as domestic demand recovered. A drop in the U.S. Dollar led to demand rising as gold traded at Rs.2,935 per gram on 17th March.
- Prices rose for the rest of the week, trading at Rs.2,940 per gram on 18th March.
March 2017 - Week 4 (19th-25th):
- In Chennai, gold rate trends remained more or less the same as it was in the Indian mainland.
- On 20th, gold was priced at Rs.2,941 per gram but went down due to a slight lack of demand on 21st to Rs.2,933 per gram.
- Rates increased significantly by Rs.44 per gram on 22nd as gold prices rallied after a short decline from the previous day.
- When business began on 23rd, gold prices went down slightly to trade at Rs.2,973 per gram and went down again on 24th to Rs.2,965 per gram as the US dollar strengthened.
- Rates remained the same over the last two days of week 4 at Rs.2,964 and continued at the same rate when the week ended.
March 2017- Week 5 (26th-31st):
- In the capital city of Tamil Nadu, Chennai, gold rate seemed to decrease as local demand didn’t keep up.
- Gold was trading at Rs.2,979 per gram on 27th before going down to Rs.2,974 per gram on 28th.
- On 29th, gold rate in Chennai went down again to Rs.2,962 per gram as local demand didn’t pick up despite a growing trend in the international market.
- When business day ended on 30th, gold prices had gone down to Rs.2,960 per gram as demand failed to pick up.
- When the last week of March came to an end, gold was trading at Rs.2,942 per gram.
|February 1st Rate||Rs.2,957 per gram|
|February 28th Rate||Rs.3,003 per gram|
|Highest Rate in February||Rs.3,014 per gram on 25th & 26th February|
|Lowest Rate in February||Rs.2,940 per gram on 3rd February|
February 2017 - Week 1 (1st-4th):
- Compared to the closing rate on January 31st, gold prices increased quite a bit as global news suggested that the yellow metal was performing well for more than a year.
- The week began with gold trading at Rs.2,957 per gram and remained the same during the 2nd as well.
- Prices, however, fell by Rs.17 per gram on 3rd for gold to trade at Rs.2,940 per gram.
- The last day of February week 1 ended with gold trading at Rs.2,944 per gram.
February 2017 - Week 2 (5th-11th)
- The price of gold fluctuated during the week due to market instability and overseas trends.
- Gold traded at Rs.2,944 per gram on 5th February as demand was stable due to strong demand from the industrial sector.
- Gold rose to Rs.2,954 per gram on 6th February as international markets were uncertain following conflicting cues from U.S. markets.
- Prices reached a high of Rs.2,989 per gram on 8th February before falling to Rs.2,946 per gram on 10th February due to wildly fluctuating markets dictating demand.
- Gold traded at Rs.2,964 per gram on 11th February, recording a weekly increase in price of Rs.20 per gram.
February 2017 - Week 3 (12th-18th)
- Gold prices in Chennai dipped as the week began due to decreasing demand but rose as the week ended.
- Gold was priced at Rs.2,964 per gram on 12th February and fell to Rs.2,959 per gram on 13th February due to a slight dip in demand.
- Prices continued to fall, as gold traded at Rs.2,953 per gram on 14th February in spite of global prices rising due to higher demand.
- Gold fell to Rs.2,947 per gram on 15th February as domestic demand was poor, but a drop in the U.S. Dollar led to demand rising as gold traded at Rs.2,980 per gram on 16th February.
- Prices rose for the rest of the week, trading at Rs.2,990 per gram on 18th February, a weekly increase of Rs.26 per gram.
February 2017 - Weeks 4 & 5 (19th-28th)
- The price of gold in Chennai fluctuated in the last two weeks of February due to market conditions.
- Gold traded at Rs.2,980 per gram on 19th February, falling to Rs.2,967 per gram on 21st February due to a fall in domestic demand.
- Prices rose to Rs.2,977 per gram on 22nd February as U.S. markets were bearish over monetary policy under the current administration.
- Prices rose to Rs.3,000 per gram on 24th February, rising to a monthly high of Rs.3,014 per gram on 25th February.
- Prices dipped as the week ended, with gold trading at Rs.3,003 per gram on 28th February.
|January 1st Rate||Rs.2,821 per gram|
|January 31st Rate||Rs.2,942 per gram|
|Highest Rate in January||Rs.2,974 per gram on 24th January|
|Lowest Rate in January||Rs.2,821 per gram on 1st & 2nd January|
January 2017 - Week 1 (1st to 7th)
- Chennai didn’t witness any fluctuations for the week when compared to the trend in most parts of the country.
- As said earlier, new year couldn’t come at a better time for gold prices as they began to soar, albeit at a miniscule level.
- On the first day of the week and year, gold traded at Rs.2,821 per gram.
- Over the 2nd and 3rd, gold prices remained the same, which increased by Rs.7 to trade at Rs.2,828 per gram.
- When the business day began on the 4th, gold prices had increased considerably by Rs.29 to trade at Rs.2,857 per gram.
- The next day on the 5th saw prices again increase to trade at Rs.2,869 per gram.
- At the end of the week on the 7th, gold rates increased further more to trade at Rs.2,872 per gram.
January 2017 - Week 2 (8th to 15th)
- Gold prices in Chennai were unchanged from the previous week, trading at Rs.2,872 per gram on 8th January as demand was stagnant.
- Prices began to rise during the week as domestic demand picked up due to the festive season.
- Gold traded at Rs.2,878 per gram on 9th January as international demand also rose due to market instability.
- The easing of the currency shortage led to greater demand for bullion across industrial and retail sectors, resulting in the gold price rising to Rs.2,914 per gram on 11th January.
- Prices continued to rise during the rest of the week, with gold trading at Rs.2,935 per gram on 12th January before the price dropped to Rs.2,926 per gram on 13th January.
- An increase in demand led to gold prices rising marginally, ending the week at Rs.2,941 per gram on 15th January to record an increase of Rs.45 per gram for the week.
January 2017 - Week 3 (15th to 21st):
- Chennai witnessed a few fluctuations during the third week of January.
- On 15th, at the beginning of the week, gold was seen trading at Rs.2,941 per gram, which later increased to Rs.2,955 per gram on the 16th.
- The 17th saw prices spike up yet again to end the business day at Rs.2,971 per gram.
- Business seemed to slow down on the 18th as prices increased by just Rs.2 to hit Rs.2,971 per gram.
- On 19th, prices fell significantly by Rs.20 which led to gold trading at Rs.2,951 per gram before continuing at the same rate on the 20th.
- The last day of the week saw gold prices get back up slightly for the metal to trade at Rs.2,962 per gram.
January 2017- Weeks 4 & 5 (22nd to 31st)
- The price of gold in Chennai was Rs.2,962 per gram on 22nd January as demand increased due to buying before the Lunar New Year.
- International markets were stable, though the U.S. Dollar fluctuated, which led to an increase in demand for gold, with prices rising to Rs.2,974 per gram on 24th January.
- Prices fell as demand dropped due to reduced demand from Asia, resulting in gold trading at Rs.2,951 per gram on 25th January.
- Prices continued to fall as the week ended, trading at Rs.2,942 per gram on 31st January.
Rates are commonly depicted for 24 karat and 22 karat gold of different weights e.g. 1 gram, 8 grams, 10 grams, 100 grams, 1 kilogram,1 sovreign etc.
- Gold price trends in Chennai over the last 3 years
- Gold price trends in Chennai 2015
Gold prices have risen and fallen in line with demand and pricing of the precious metal.
24 karat prices: Over the last 3 years i.e. 2012 - 2015, gold peaked at Rs.3,276/gram on 27th Nov. 2011. It saw a steady decline over the following years before dipping to a low of Rs.2,608/gram on 18th April 2013. After a choppy performance over the next few months, it reached a new low of Rs.2,544 on 28th June 2013. It subsequently rallied to Rs.3,255/gram on 26th Aug. 2013. Prices have been on a general decline since then. On 1st Dec.2014, prices declined to Rs.2,580/gram. Despite some recovery over the following months, rates have predominantly remained below the Rs.2,800/gram mark. As of 7th June 2015, the price stood at Rs.2,703/gram.
22 karat prices: They have generally mirrored the movement of 24K prices, rising and falling at the same time. The maximum price recorded over the last 3 years was on 27th Nov. 2012 at Rs.3,064/gram and the lowest price recorded was on 1st Dec. 2014 at Rs.2,372/ gram. 22 karat gold trades lower than 24 karat gold given that it is not as pure. It has recently been hovering between Rs.2,400/gram to Rs.2,600/gram and as of 7th June 2015, the price stood at Rs.2,521/gram.
24 karat prices: The highest recorded price for 2015 between the start of the year until June 7th 2015 stood at Rs.2,865/gram on 21st Jan. 2015 and the lowest price for the same period stood at Rs.2,619/gram on 18th Mar. 2015.
22 karat prices: The highest recorded price for 2015 between the start of the year until June 7th 2015 stood at Rs.2,678/gram on 21st Jan. 2015 and the lowest price for the same period stood at Rs.2,441/gram on 18th Mar. 2015.
Rates indicated are based on a number of factors and the best indication of prevalent prices for the given dates based on prevalent information.
Gold is often bought from reputed jewelers in Chennai. Some of the key players are Tanishq, GRT, Kirtilal Kalidas, Damini, Prince Jewellery, Mehta Jewellery, Khazana Jewellery etc. They offer a wide range of gold items including ornaments, gold coins and other customized gold pieces. All stores quote the latest gold rates and are a good source of information on how the gold market is performing as dealers and customers interact during their trades. Gold bars, biscuits and coins can be purchased from banks as well but they do not offer buy-back facilities. Jewelers or gold traders will, on the other hand, buy these items from retail buyers.
As with most gold purchases across India, gold is purchased to hedge against inflation. All metros across India, including Chennai, have seen a spike in the cost of living and this is only expected to go higher. Gold has traditionally been viewed as a form of investment which holds value even during times of uncertainty, mainly because gold almost always has good resale value and can be easily sold making it a very liquid asset. In fact, gold becomes more valuable during a crisis.
Inflation erodes a person’s savings. When inflation is accounted for in calculating total returns from an investment e.g. bank fixed deposits, the effective return of the investment is adversely affected. Also, when other forms of investment are expected to underperform, investors move their money into gold.
Jewelry: Although the most popular way of investing on gold, buyers often ignore the fact that making charges and wastage are deducted when estimating how much a particular piece of jewelry is worth. A retail buyer who wishes to sell jewelry at a later date may not receive the total current gold rate after allowing for such deductions.
Residents and visitors to Chennai are always keen to know about the various jewelry shops in and around the city. Many of the country’s leading jewelers have retail outlets here. Gold rates in Chennai are important for those indulging in gold shopping. This is especially true during auspicious occasions and marriages when gold is bought in large quantities.
Gold coins: A large portion of Chennai’s gold-buying population invests in gold coins; usually 24K gold coins. One of the reasons for this is because, 24K gold, being pure, can be converted to jewelry by alloying it with other base metals. Again, well-known, established jewelers in Chennai are sought out to buy these gold coins as they can be trusted when it comes to purity of coins. If a coin is not pure, the gold rate applicable at time of sale will be as per the coin’s fineness i.e. the actual amount of purity of the coin.
- Also Check:Gold Rate in Tamil Nadu
Also Check Gold Price in NearBy Cities of Chennai
|Also Know: Silver Rate in Chennai|
Read more on Gold
- Auspicious Days To Buy Gold In 2017
- Top 10 Gold ETFs in India
- Importance of Akshaya Tritiya in India
- Gold Rates Fluctuation – Why Gold Is On A Roller Coaster Ride
- Jewellery Markings On Gold And Silver
- Global Demand For Gold Driven By Indian Wedding Traditions
- All That You Need To Know About The Gold Monetization Scheme
- How Gold Price Is Valuated In India