Gold Rate In Chennai Today

Todays gold rate in Chennai:

  • 10g of 24K gold is 48,120 Indian Rupee
  • 10g of 22K gold is 44,120 Indian Rupee
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  • Today's Gold Rate in Chennai ( 03 Mar 2021 )

    ₹ 4,342
    Today's Gold Rate (22K) per gram

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

    Today
    Yesterday
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 4,342 ₹ 4,331 ₹ 11 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 34,736 ₹ 34,648 ₹ 88 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 4,737 ₹ 4,725 ₹ 12 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 37,896 ₹ 37,800 ₹ 96 ↑

    Daily Gold Rates

    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    02 Mar 2021 ₹ 4,342 ₹ 34,736 ₹ 4,737 ₹ 37,896
    01 Mar 2021 ₹ 4,331 ₹ 34,648 ₹ 4,725 ₹ 37,800
    28 Feb 2021 ₹ 4,362 ₹ 34,896 ₹ 4,758 ₹ 38,064
    27 Feb 2021 ₹ 4,362 ₹ 34,896 ₹ 4,758 ₹ 38,064
    26 Feb 2021 ₹ 4,371 ₹ 34,968 ₹ 4,770 ₹ 38,160
    25 Feb 2021 ₹ 4,412 ₹ 35,296 ₹ 4,812 ₹ 38,496
    24 Feb 2021 ₹ 4,429 ₹ 35,432 ₹ 4,831 ₹ 38,648
    23 Feb 2021 ₹ 4,428 ₹ 35,424 ₹ 4,830 ₹ 38,640
    22 Feb 2021 ₹ 4,378 ₹ 35,024 ₹ 4,776 ₹ 38,208
    21 Feb 2021 ₹ 4,377 ₹ 35,016 ₹ 4,775 ₹ 38,200

    Weekly & Monthly Graph of Gold Rate in Chennai

    • 7 Days
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    • 3 Months
    • 6 Months

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

    Gold Price in Chennai

    Gold is a hugely important commodity in Chennai, the capital of South-Indian state Tamil Nadu. Gold rate in 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.

    Also check : Silver Rate in Chennai

    Historical Gold Price in Chennai

    Months Lowest Price 24 Karat Gold – ₹ Per 10 Grams Highest Price 24 Karat Gold – ₹ Per 10 Grams
    January 202148,38053,290
    December 202049,31052,120
    November 202049,35053,390
    October 202050,96053,320
    September 2020 50,190 54,080
    August 2020 53,670 59,140
    July 2020 50,490 55,610
    June 2020 44,830 50,670
    May 2020 46,210 49,160
    April 2020 41,500 47,200
    March 2020 40,260 44,430
    February 2020 40,300 43,050
    January 2020 39,190 41,250

    Gold Rate Trend in Chennai for February 2021 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    February 1 Rate Rs.5,084 per gram
    February 21 Rate Rs.4,775 per gram
    Highest Rate in February Rs.5,084 per gram on 1 February
    Lowest Rate in February Rs.4,735 per gram on 19 February
    Overall Performance Decline

    February 2021 - Week 1 (1 - 7):

    • In Chennai, gold opened the month at Rs.5,084 per gram on 1 February and recorded its highest price on the day. The precious metal’s value declined on the following day to Rs.5,013 per gram due to higher risk appetite amongst investors.
    • Gold rates dipped further on 3 February to below the Rs.5,000 per-gram mark at Rs.4,979 per gram. With the dollar value increasing in the market, gold prices dipped to Rs.4,906 per gram on 4 February.
    • Gold price in Chennai showed continuous declines through the week and dipped to below the Rs.4,900 per-gram mark on 5 February. However, the metal’s value recovered and closed at Rs.4,873 per gram.

    February 2021 - Week 2 (8 - 14):

    • Gold rate in Chennai was Rs.4,863 per gram on 8 February, opening the second week of February. The price of the metal increased to Rs.4,871 per gram on 9 February. The value of gold was at its highest during the week on 10 February at Rs.4,946 per gram.
    • On 11 February, gold rates dipped marginally to Rs.4,914 per gram and recovered the next day on 12 February at Rs.4,935 per gram.
    • Increasing marginally yet again on fresh stimulus packages hopes among investors, gold prices were Rs.4,871 per gram on 13 February and closed the week at Rs.4,875 per gram on 14 February.

    February 2021 - Week 3 (15 - 21):

    • The price of gold in Chennai at the start of the third week of February was Rs.4,876 per gram. Compared to the price charged on the final day of the previous week, the rate of the yellow metal was up by Re.1 for every gram.
    • After having stayed unchanged for the next day, gold price in Chennai started to slip and recorded its lowest price for the month till date on 19th February when a gram cost Rs.4,735.
    • Gold price in Chennai recovered slightly over the last two days of the week and closed at Rs.4,775 per gram. In the metropolitan city, the overall performance of the yellow metal witnessed a declining trend.

    Gold Rate Trend in Chennai for January 2021 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.4,965 per gram
    January 31 Rate Rs.5.078 per gram
    Highest Rate in January Rs.5,329 per gram on 7 January
    Lowest Rate in January Rs.4,838 per gram on 17 January
    Overall Performance Incline

    January 2021 - Week 1 (1 - 9):

    • Gold rate in Chennai opened the month of January 2021 at Rs.4,965 per gram on 1 January and increased marginally to Rs.4,985 per gram on 2 January. The metal’s prices held steady on the following day at the same rate.
    • On 4 January, the metal’s value inclined to Rs.5,220 per gram with higher risk appetite and further increased to Rs.5,253 per gram on 5 January. The price of the yellow metal hit its highest price of the week on 7 January at Rs.5,329 per gram.
    • Gold prices dipped marginally to Rs.5,242 per gram on 8 January and closed the week, recording an overall incline at Rs.5,186 per gram on 9 January.

    January 2021 - Week 2 (10 - 16):

    • In Chennai, gold opened the second week of January at Rs.5,128 per gram. When compared to the closing price of the previous week, the price for every gram was down by Rs.58 in the metropolitan city.
    • While the price of the yellow metal dipped over the next two days, it recorded a minimal increase on 13th January and was priced Rs.5,106 per gram.
    • Gold price in Chennai continued to slip over the last three days of week and closed at Rs.5,078 per gram. The overall performance of the yellow metal in the city was one of incline.

    January 2021 - Week 3 (17 - 23):

    • Gold prices in Chennai were Rs.4,838 per gram on 17 January, decreasing from Rs.5,078 per gram which was its previous closing price. The price of the metal increased marginally on 18 January to Rs.4,962 per gram.
    • With the value of the U.S. dollar dipping, gold prices increased to Rs.5,033 per gram on 19 January and further to Rs.5,052 per gram on 20 January. On 21 January, gold was priced at Rs.5,074 per gram.
    • However, at the end of the week, gold prices dipped as the value of the dollar recovered in the international market and closed the week at Rs.4,838 per gram on 23 January.

    January 2021 - Week 4 (24 - 31):

    • Gold opened the final week of January at Rs.4,888 per gram in Chennai. When compared to the closing price of the previous week, the price of the yellow metal didn’t see any change.
    • While the price of the yellow metal climbed the following day, it slipped considerably over the next few days. A gram of the 24-karat gold was retailed for Rs.5,056 on 28th January.
    • Gold price in Chennai climbed over the last three days of the week and closed at Rs.5,078 per gram. In Chennai, the yellow metal witnessed an inclining trend.

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

    Parameters Gold price (24 karat)
    December 1 Rate Rs.4,931 per gram
    December 31 Rate Rs.5,143 per gram
    Highest Rate in December Rs.5,212 per gram on 21 December
    Lowest Rate in December Rs.4,931 per gram on 1 December
    Overall Performance Incline

    December 2020 - Week 1 (1 - 6):

    • Gold price in Chennai at the start of the first week of December was Rs.4,931 per gram. The price of the yellow metal was down by Rs.4 per gram when compared to the closing price of the previous month.
    • The price of gold climbed to Rs.5,080 in the metropolitan city on 5th December. This was the highest recorded price of the yellow metal for the month till date in the metropolitan city.
    • Gold closed the week at Rs.5,076 per gram in Chennai after the rates slipped slightly. The overall performance of gold witnessed an inclining trend in the rates.

    December 2020 - Week 2 (7 - 13):

    • Gold rate in Chennai opened at Rs.5,077 per gram on 7 December and increased to hit the highest in week at Rs.5,163 per gram on 8 December. However, on 10 December, the price of the metal dipped to Rs.5,067 per gram.
    • Dipping to Rs.5,060 per gram on the following day on 11 December 2020, the price of the metal increased to Rs.5,080 per gram on 12 December.
    • At the end of the week, gold rates increased marginally and closed the week at Rs.5,081 per gram on 13 December recording an overall incline.

    December 2020 - Week 3 (14 - 20):

    • Gold price in Chennai at the start of the week was Rs.5,082 per gram. When compared to the closing price of the previous week, the price of the yellow metal witnessed an increase of Re.1.
    • The price of the precious metal slipped in the metropolitan city on 15th December and was retailed for Rs.5,049 per gram. Following that, the rates recovered gradually in the southern city.
    • The increase in the price of the yellow metal saw gold close the week at the highest recorded price for the month till date. A gram of the 24-karat gold was retailed for Rs.5,176 on the mentioned date. In Chennai, gold price witnessed an inclining trend.

    December 2020 - Week 4 (21 - 27):

    • Gold rates in chennai showed a fluctuating trend throughout the fourth week of the month, opening at Rs.5,212 per gram on 21 December which was the highest price of the metal in the week.
    • Dipping to Rs.5,178 per gram on 22 December as investors held on to their investments and awaited on the decision by the United States Government on the COVID-19 stimulus package. On 23 December, the metal’s price dipped to Rs.5,167 per gram.
    • On Christmas Day, gold prices had increased marginally to Rs.5,158 per gram and increased further to Rs.5,160 per gram on the following day. On 27 December, the metal’s price showed an incline and closed at Rs.5,161 per gram.

    December 2020 - Week 5 (28 - 31):

    • In Chennai, gold price at the start of the fifth week of December was Rs.5,190 per gram. The price of the yellow metal witnessed an increase of Rs.29 for every gram when the price was compared to the closing price of the previous week.
    • The price of the precious metal slipped in the metropolitan city over the week. The drop in the rates saw a gram of the 24-karat gold being retailed for Rs.5,155 on 30th December.
    • Gold price in Chennai closed the week at Rs.5,143 per gram. The overall performance of gold witnessed an inclining trend in the rates.

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

    Parameters Gold price (24 karat)
    November 1 Rate Rs.5,194 per gram
    November 22 Rate Rs.4,935 per gram
    Highest Rate in November Rs.5,339 per gram on 10 November
    Lowest Rate in November Rs.4,935 per gram on 30 November
    Overall Performance Decline

    November 2020 - Week 1 (1 - 8):

    • Opening at Rs.5,194 per gram on 1 November, the gold rate in Chennai in the first week of November showed a positive trend in the Indian market due to various factors.
    • The precious metal was priced at Rs.5,193 per gram on 3 November, after hitting its weekly low on 2 November at Rs.5,192 per gram. On 4 November, the price of gold increased and was Rs.5,238 per gram.
    • Gold prices escalated towards the end of the week, increasing to Rs.5,247 per gram on 6 November and hit its weekly high on the last day of the week at Rs.5,316 per gram on 8 November.

    November 2020 - Week 2 (9 - 15):

    • The price of gold opened the second week of November at Rs.5,317 per gram in Chennai. When compared to the closing price of the previous week, the price was up by Re.1.
    • Over the week, gold rate in Chennai witnessed slight fluctuations. The yellow metal recorded its highest price for the month till date on 10th November when a gram of the 24-karat gold cost Rs.5,339.
    • Gold’s overall performance in the metropolitan city witnessed an inclining trend in the rates.

    November 2020 - Week 3 (16 - 22):

    • In Chennai, the gold rate opened the third week of November at Rs.5,206 per gram on 16 November and increased to Rs.5,239 per gram on the following day due to a rise in COVID-19 cases.
    • However, the price of the metal kept declining after 17 November as risk appetite increased amongst investors as the value of the metal dipped to Rs.5,222 per gram on 18 November. On 19 November, the gold rate in Chennai was Rs.5,185 per gram.
    • At the end of the week, the rate of the metal dipped and closed at Rs.5,199 per gram on 22 November and recorded an overall weekly decline in prices.

    November 2020 - Week 4 (23 - 30):

    • Gold rate in Chennai was Rs.5,199 per gram on 23 November and showed a declining trend throughout the week due to increased risk appetite amongst positive trends in the equities market.
    • On 25 November, the price of the metal dipped to Rs.5,062 per gram and dipped further to Rs.5,006 per gram on 28 November as the value of the dollar rose in the international market.
    • The price of the precious metal dipped below the Rs.5,000 per gram levels to Rs.4,991 per gram on 29 November and closed the month with the lowest price at Rs.4,935 per gram on 30 November.

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

    Parameters Gold price (24 karat)
    October 1 Rate Rs.5,274 per gram
    October 31 Rate Rs.5,193 per gram
    Highest Rate in October Rs.5,332 per gram on 13 October
    Lowest Rate in October Rs.5,096 per gram on 21 October
    Overall Performance Decline

    October 2020 - Week 1 & 2 (1 -11):

    • Gold rate in Chennai opened the first week of October at Rs.5,274 per gram and showed an inclining trend throughout the week. On 4 October, the price of the metal increased marginally to Rs.5,291 per gram.
    • Gold price in Chennai on 6 October dipped yet again to Rs.5,239 per gram as the value of the U.S. increased in the market. The price of the metal showed constant fluctuations and was Rs.5,242 per gram on 8 October.
    • Today, on 9 October, gold price hit its lowest price of the week at Rs.5,237 per gram.
    • Closed the week at its highest price of October at Rs.5,325 per gram on 11 October.

    October 2020 - Week 3 (12 - 18):

    • The price of gold in Chennai at the start of the third week of October was Rs.5,326 per gram. Compared to the price charged on the final day of the previous week, the rate was up by Re.1
    • Gold price in Chennai witnessed some fluctuations over the week due to certain factors. The highest and lowest price of the precious metal for the month till date was recorded on 13th and 18th October when a gram cost Rs.5,332 and Rs.5,106 respectively.
    • Gold rate in Chennai closed the week at Rs.5,106 per gram with the overall performance witnessing a declining trend.

    October 2020 - Week 4 (19 - 25):

    • In Chennai, the price of gold opened the fourth week of the month at Rs.5,107 per gram and showed a weekly incline in its prices. Gold rate on 20 October increased to Rs.5,174 per gram due to uncertainty about the U.S. stimulus package.
    • Gold price in Chennai fluctuated heavily during the week and was Rs.5,134 per gram on 22 October and increased marginally to Rs.5,150 per gram on the following day.
    • The rate of gold in Chennai showed a declining trend in the last two days of the week, dropping to Rs.5,139 per gram on 24 October and closing at Rs.5,128 per gram on 25 October.

    October 2020 - Week 5 (26 - 31):

    • The price of gold opened the fifth week of October at Rs.5,152 per gram in Chennai. When compared to the closing price of the previous week, there was an increase of Rs.24 in the price of the yellow metal.
    • While the price of gold slipped in the metropolitan city the following day, the rates increased to Rs.5,200 on 29th October before slipping again.
    • Gold price in Chennai fluctuated over the last two days of the month and closed at Rs.5,193 per gram. The overall performance of gold in the city witnessed a declining trend in the rates.

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

    Parameters Gold price (24 karat)
    September 1 Rate Rs.5,221 per gram
    September 30 Rate Rs.5,354 per gram
    Highest Rate in September Rs.5,408 per gram on 21 September
    Lowest Rate in September Rs.5,019 per gram on 26 September
    Overall Performance Incline

    September 2020 - Week 1 (1 - 6):

    • Opening the month of September, the gold rate in Chennai was Rs.5,221 per gram on 1 September and dipped to its lowest price of the month on 2 September to Rs.5,162 per gram.
    • However, with the dollar value dropping in the international market, gold prices increased and hit its highest price of the month on 3 September at Rs.5,364 per gram.
    • At the end of the week, gold price in Chennai closed at Rs.5,332 per gram on 6 September, decreasing marginally from the weekly high and recording an overall incline.

    September 2020 - Week 2 (7 - 13):

    • In Chennai, the price of gold opened the second week of September at Rs.5,333 per gram. There was a minimal increase in the rates when compared to the price charged on the final day of the previous week.
    • Gold rate in Chennai climbed to its highest for the month till date on 11th September when a gram cost Rs.5,373 per gram.
    • The price of gold in Chennai slipped over the last two days of the week and closed at Rs.5,335 per gram. The overall performance of gold rate in Chennai witnessed an inclining trend.

    September 2020 - Week 3 (14 - 20):

    • Gold rate in Chennai opened the third week of September at Rs.5,336 per gram in Chennai. When compared to the closing price of the previous week, the price was up by Re.1.
    • Over the week, gold price in Chennai fluctuated. The yellow metal recorded its highest price for the month till date on 20th September when a gram of the 24-karat gold cost Rs.5,407.
    • Gold’s overall performance in Chennai witnessed an inclining trend in the rates.

    September 2020 - Week 4 (21 - 27):

    • Gold price in Chennai opened at Rs.5,408 per gram in the fourth week of the month on 21 September. The price of the metal showed a declining trend throughout the week due to the rising value of the dollar.
    • The price of gold in Chennai dipped below the Rs.5,400 per gram mark at Rs.5,383 per gram on 22 September, further falling below the Rs.5,300 per gram mark at Rs.5,248 per gram on 23 September.
    • Today, on 26 September, gold rate in Chennai hit its lowest at Rs.5,019 per gram on 26 September and closed the week at Rs.5,215 per gram on 27 September.

    September 2020 - Week 5 (28 - 30):

    • Gold price in Chennai opened the fifth and final week of September at Rs.5,216 per gram. The price of gold was up by Re.1 when compared to the previous week’s closing price.
    • On 29th September, gold rate in Chennai dipped before increasing on the final day and closing the month of September at Rs.5,354 per gram.
    • The overall performance of gold witnessed an inclining trend in Chennai.

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

    Parameters Gold price (24 karat)
    August 1 Rate Rs.5,583 per gram
    August 31 Rate Rs.5,360 per gram
    Highest Rate in August Rs.5,914 per gram on 8 August
    Lowest Rate in August Rs.5,367 per gram on 27 August
    Overall Performance Decline

    August 2020 - Week 1 (1 - 9):

    • Gold rate in Chennai opened the month of August at Rs.5,583 per gram and showed heavy inclines during the week due to international market trends.
    • With the U.S. dollar value taking a dip along with a stimulus package being released by the United States Federal Reserve, safe-haven demand for gold increased.
    • today, on 6 August, gold price in Chennai crossed the Rs.5,800 per gram mark
    • The rate is highest on 8 August at Rs.5,914 per gram. Gold rate closed at Rs.5,870 per gram on 9 August.

    August 2020 - Week 2 (10 - 16):

    • In Chennai, the price of the 24-karat gold at the start of the week was Rs.5,871 per gram. There was a minimal increase in the price of gold when compared to the price charged on the final day of the previous week.
    • Gold rate in Chennai slipped to its lowest for the month till date on 12th August when a gram cost Rs.5,468 in the metropolitan city.
    • Gold price in Chennai increased following that before dropping again on the final day of the week and closing at Rs.5,566 per gram. The overall performance witnessed a declining trend in the rates.

    August 2020 - Week 3 (17 - 23):

    • Gold rate in Chennai was at Rs.5,567 per gram on 17 August and dipped marginally to Rs.5,533 per gram on the next day. On 19 August, the value of the metal increased to cross the Rs.5,600 per gram mark at Rs.5,637 per gram.
    • On 20 August, the gold price in Chennai dipped marginally to Rs.5,625 per gram and dipped to below the Rs.5,600 per gram mark on 21 August to Rs.5,547 per gram.
    • The gold rate in Chennai remained steady at Rs.5,547 per gram on 22 August. However, on the last day of the week, the gold price dipped by Rs.40 and closed at Rs.5,507 per gram.

    August 2020 - Week 4 (24 - 31):

    • The price of the 24-karat gold in Chennai at the start of the week was Rs.5,508 per gram. There was a minimal increase of Re.1 in the price of the yellow metal when compared to the closing price of the previous week.
    • Over the first few days of the week, the price of gold slipped in the metropolitan city. The decline in the rates saw gold record its lowest price for the month on 27th August when a gram cost Rs.5,367.
    • Today, on 28th August, gold rate made some gains
    • Gold price in Chennai slipped again and closed the month at Rs.5,360 per gram with the overall performance witnessing a declining trend.

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

    Parameters Gold price (24 karat)
    July 1 Rate Rs.5,049 per gram
    July 31 Rate Rs.5,561 per gram
    Highest Rate in July Rs.5,561 per gram on 31 July
    Lowest Rate in July Rs.5,049 per gram on 1 July
    Overall Performance Incline

    July 2020 - 1st Week (01 - 05):

    • Gold price in Chennai opened the month of June at Rs.5,049 per gram which was the lowest price of the week. With the surge in the number of COVID-19 all over the country, safe-haven demand for the metal rose to a great extent and the yellow metal hit its highest price in many years, crossing the Rs.5,050 per gram mark at Rs.5,096 per gram on 2 July.
    • Today, on 3 July, the price of gold in Chennai dipped as investors shifted slightly towards the equities with positive data being shown in the United States of America and risk appetite increasing due to a possible vaccine breakthrough in the country. On 3 July, gold rate in chenaai is at Rs.5,095 per gram, further dipping marginally to Rs.5,089 per gram on 4 July.
    • At the end of the week, gold rate dipped further as investors waited for further developments on the vaccine, amidst a continuous surge in COVID-19 cases in the country. Gold rate in Chennai closed the first week of July at Rs.5,085 per gram, showing an overall weekly incline in prices.

    July 2020 - Week 2 (06 - 12):

    • In Chennai, the value of gold opened the second week of the month at Rs.5,086 per gram on 6 July and showed an overall incline for the week. This was majorly due to the surge in COVID-19 cases all over the world, mainly in the United States of America. On 7 July, the value of gold rate in Chennai dipped marginally to Rs.5,072 per gram with the value of the U.S. dollar rising in the economy which shifted focus from the bullion to equities.
    • The value of the metal on 8 July dipped further to Rs.5,063 per gram due to market fluctuations and increased risk appetite. However, on 9 July, the value of the metal increased and was Rs.5,100 per gram, increasing by almost Rs.40 due to decreasing risk sentiment amongst investors and the rise in the COVID-19 cases.
    • On 10 July, the price of gold increased to Rs.5,147 per gram and dipped marginally on 11 July to Rs.5,121 per gram. The constant fluctuation in prices was due to the rise in COVID-19 cases all over the country and the world. Along with this, positive data in the equities market increased risk appetite amongst investors. With this, the metal closed the week on 12 July at Rs.5,118 per gram with an overall incline.

    July 2020 - Week 3 (13 - 19):

    • Gold price in Chennai at the start of the third week of July was Rs.5,119 per gram. There was a minimal increase in the rates when compared to the price charged on the final day of the previous week.
    • The price of gold saw slight fluctuations over the three days before recording its highest price for the month till date on 17th July with a gram costing Rs.5,148.
    • Gold rate in Chennai slipped by Rs.33 the next day before recovering and closing at Rs.5,133 per gram. The overall performance of the metal over the week witnessed an inclining trend.

    July 2020 - Week 4 (20 - 26):

    • The price of gold in Chennai was Rs.5,134 per gram at the start of the fourth week of July. The rate of the precious metal witnessed a minimal increase of Re.1 when compared to the price charged on the final day of the week.
    • Gold rates slipped in the city the next day before increasing gradually over the week. The yellow metal recorded its highest price for the month till date on the final day of the week.
    • Gold price in Chennai closed the week at Rs.5,348 per kg. Over the week, the rates witnessed an inclining trend.

    July 2020 - Week 5 (27 - 31):

    • Gold rates in Chennai were Rs.5,349 per gram on 27 July and increased throughout the week. With the rising number of COVID-19 cases all over the world, safe-haven demand increased.
    • With an inclining trend, the metal’s price increased to Rs.5,431 per gram on 28 July. On the next day, the metal crossed the Rs.5,500 per gram mark.
    • At the end of the week, gold prices recorded its highest value in the week and closed at Rs.5,561 per gram on 31 July with an overall weekly incline.

    Also Check Gold Price in Metro Cities

    FAQ's on Gold Price in Chennai

    1. Where to Buy Gold in Chennai?

      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.

    2. How to Invest in Gold?

      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.

    3. 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.

    4. 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.

    5. What is the 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.

    6. What are the Factors affecting Gold Prices in Chennai?

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

      • The currency exchange between the US dollar and the Indian rupeeIndia, being the world’s second-largest importer of gold, mostly trades in US dollar for the bullion. With gold being a dollar-dependant asset, whenever the US dollar strengthens against the rupee, gold rates in Chennai surge. This is due to the excess import charges that are to be paid by the traders which in turn, flows down to the next subsequent level of gold trading. Similarly, if the US dollar loses against the rupee, gold prices tend to comparatively go low in the domestic market.
      • Bullion associationsIn 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.
      • LogisticsAnother 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.
    7. Different means of 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.

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    News About Gold Rate in Chennai

    • Silver and gold trade higher on the MCX

      In the Multi Commodity Exchange (MCX) in India, the April futures of gold traded higher while the March futures of silver were also trading higher. April gold contracts traded 0.37% higher to settle at Rs.47,418 for 10 grams while the March futures of silver traded higher by 0.85% to settle at Rs.70,728 per kg.

      17 February 2021

    • Gold prices decline; silver prices plummet by 2%

      On 2 February, gold futures on the Multi Commodity Exchange were trading lower due to the stagnant trend in the metal’s prices in the international market. On the Multi Commodity Exchange, gold futures for April delivery were trading marginally lower by 0.60% at Rs.48,430 per 10 grams.

      Silver futures for March was trading lower as well by 2% at Rs.72,032 per kg. The metals showed a mixed trend in the market following the reduction of import duty during the Union Budget 2021. Gold futures for April delivery were at Rs.48,720 per 10 grams. Silver contracts for March settled at Rs.73,666 per kg.

      In the international market, gold contracts for April settled at $1,863.90 per ounce while silver contracts for March traded at $29.42 per ounce.

      9 February 2021

    • Dip in gold rates as Covid-19 vaccination drive begins

      In the domestic market, by 14 January 2021, the futures of gold and silver dipped as India began its Covid-19 vaccination drive which was slated to start on 16 January 2020. This led to an increase in investor appetite for assets that are riskier. On the Multi Commodity Exchange, futures of gold reduced by 0.90% or by Rs.445 to settle at Rs 48,860 per 10 grams. Silver futures also reduced by 1.18% or by Rs.779 to settle at Rs.65,242 per kg. In the spot market in Ahmedabad on 13 January 2021, the prices of gold dipped by Rs.203 to settle at Rs.49,285 per 10 grams following appreciation of the Indian rupee. There was a dip in the prices of silver too by Rs.397 to settle at Rs.65,174 per kilogram.

      18 January 2021

    • Gold trades higher and silver is up almost 3%

      Gold had been trading higher and tracked a positive trend seen in international spot rates as the investors had cheered news that a U.S. fiscal stimulus deal had been within reach. Silver had been up by 3%. On the Multi-Commodity Exchange (MCX), gold contracts for February had been trading higher by 0.73% and reached Rs.50,670 per 10 gram. The silver contracts for March had been trading by 2.85% higher and reached Rs.69,842 per kilogram.

      21 December 2020

    • Gold price sinks 4%, silver crashes by Rs 3,300 per kg

      Prices of gold and silver dropped after Pfizer reported that its experimental COVID-19 vaccine is more than 90% effective in preventing the coronavirus infection. The pharma company is getting ready to file an emergency use application with US regulators later in November.

      Silver prices for December touched an intraday high of Rs.66,478 and a low of Rs.61,415 per kg on the MCX. Gold futures for December touched an intraday high of Rs.52,520 and a low of Rs.49,705 per 10 gram on the MCX.

      10 November 2020

    • MCX gold prices trade lower at Rs.50,690 per 10 grams

      On the Multi-Commodity Exchange (MCX), the gold contracts for December traded at Rs.50,690 per 10 gram which was 0.29% lower. The silver contracts for December traded 0.94% lower at Rs.61,865 per kg.

      27 October 2020

    • Gold trades below Rs 51,000; Silver falls over 1

      India Gold December MCX Futures traded below the crucial level of Rs.51,000 per 10 gm.

      On the Multi-Commodity Exchange (MCX), December gold contracts were traded lower by 0.60% at Rs 50,800 per 10 gram. December silver futures dropped 1.3 % at Rs 62,221 per kg.

      Experts believe that both precious metals are likely to remain volatile but might be able to hold on to crucial support levels.

      Gold and silver settled on a weaker note in the global markets on Monday. Gold settled at $1928.90 per troy ounce while silver ended at $25.27 per troy ounce.

      Due to the falling value of the rupee both the precious metals ended on a positive note in the domestic market. Gold ended at 51,107 per 10 gram while silver ended at 63,098 per one kilogram.

      Both gold and silver face resistance at higher levels in the global markets due to a rebound in the dollar index and delay in passing of the second stimulus from the White House.

      13 October 2020

    • The silver rate drops as dollar value increases in the international market

      Gold and silver prices dipped yet again in the markets due to the rise in the dollar value which increased risk appetite amongst investors. In the international market, due to muted trends, silver prices showed a considerable drop.

      On the Multi Commodity Exchange, gold futures for October dipped by Rs.149 at Rs.49,460 per 10 grams compared to its previous closing price of Rs.49,650 per 10 grams. Silver futures for September delivery also dipped by Rs.472 at Rs.59,320 per kg. The white metal had previously hit an all-time high on 7 August at Rs.77,949 per kg.

      In the international market, COMEX gold showed a mute trend at $1,868 per ounce and spot gold increased by 0.1% to $1,861 per ounce. Silver in the international market was priced at $22.81 per ounce.

      29 September 2020

    • Gold sells at a discount in in India as rates are below Rs.6,500

      All gold dealers India are offering the metal at a discount for another week although rates have fallen over the past week. The Indian dealers have also offered a discount of around $5 per ounce over the domestic rates, which is down from $23 (last week). The yellow metal prices include an import duty of 12.5% and also a GST of 3%.

      The demand of the metal will increase ahead of the festive season. The price drop will also encourage all the jewellers to stock up on their inventory. In India, the rates of gold and silver had dipped over the week. On the MCX, gold futures reached Rs.49,666 per 10 gram. SIlver prices had reached Rs.59018 per kg.

      28 September 2020

    • Gold prices rise after a continuous declining trend in the market

      Gold and silver prices in the country increased on 14 September after recording a continuous declining trend. On the Multi Commodity Exchange, gold futures increased by 0.7% to Rs.51,670 per 10 grams. Silver futures also increased marginally by 0.8% to Rs.68,500 per kg. Gold prices had dropped in the previous session by 1% and silver prices had dipped by 1.5%.

      In the international market, gold prices increased due to a fall in the dollar value against other currencies. Spot gold had increased by 1% and was $1,943.58 per ounce.

      17 September 2020

    • Gold prices decline for the second consecutive day

      The price of gold and silver declined today in the Indian markets due to muted demand in the international market. Gold futures for October dipped by 0.35% on the Multi Commodity Exchange to Rs.51,320 per 10 grams. On the other hand, silver futures dropped by 1.3% to Rs.70,000 per kg. Stronger value of the rupee against other currencies also played a factor in gold prices declining.

      In the previous session, gold futures had shown a decline of 0.44% and silver futures had recorded a surge of 0.4%. In the international market, gold prices showed marginal inclines due to a weak U.S. dollar value. Spot gold was priced at $1,971.07 per ounce, inclining by 0.1% and U.S. gold futures was holding steady at $1,978.90 per ounce. Silver prices gained by 0.3% to $28.25 per ounce.

      2 September 2020

    • Gold prices drop ahead of U.S. Federal Reserve meeting

      Gold prices in the country dropped due to the global equities market recovering in the international market and the strengthening of the U.S. dollar. The dollar had increased marginally after trading near its two-year low ahead of the U.S. Federal Reserve’s policy meeting.

      On the Multi Commodity Exchange, gold futures for September traded Rs.305 lower at Rs.53,266 per 10 grams with a percentage decline of 0.57%. The metal hit an intraday low of Rs.53,125 per 10 grams. MCX gold futures had traded at Rs.2,925 lower than its lifetime high at Rs.56,191 per 10 grams.

      Silver futures for September had decreased by Rs.955 at Rs.68,550 per kg after hitting an intraday high at Rs.70,499 per kg. Silver futures had previous hit the lifetime high of Rs.77,949 per kg on 7 August.

      20 August 2020

    • Gold prices reduce in India after 10 days on 30 July 2020

      Gold prices recorded their first loss in India in 10 days on 30 July 2020. Gold futures prices for the month of August on MCX decreased by 0.2% and are at Rs.53,065 for 10 grams. Over the last 9 days, the prices of gold increased by Rs.5,500. In the last session, the prices of the yellow metal increased by 1.4%. The prices of gold in the global markets decreased as well after 9 nine days. Spot gold prices reduced by 0.3% and were at $1,965.90 for an ounce. Earlier in the week, gold prices hit record highs and were at $1,981 per ounce. The dollar continues to be under pressure after the US Fed decided to keep the interest rates at zero. In the case of currency debasement and inflation, gold is considered as a safe haven. In India, the prices of gold include 3% GST and 12.5% import duty.

      31 July 2020

    • Prices of gold decrease on 9 July 2020 after crossing the Rs.49,000 levels

      After hitting new highs in the previous session, gold prices reduced in India on 9 July 2020. Gold futures prices on MCX reduced by 0.05% and are at Rs.49,134 for 10 grams.

      In the previous session, the prices of gold increased by 0.09% and were at Rs.49,134 for 10 grams. Gold rates hit record highs in the previous session and were at Rs.49,348 for 10 grams. In the international markets, the prices of the yellow metal decreased after hitting a nine-year high in the last session. Prices of spot gold declined by 0.2% and are at $1,806 for an ounce. In the previous session, gold prices hit a nine-year high and were at $1,817.71 for an ounce. There are fears that the economy would take longer to recover because of the increase in the number of coronavirus cases. In times of political and financial uncertainties, investors move towards gold. Gold prices in the country are inclusive of 3% GST and 12.5% import duty.

      9 July 2020

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