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Gold is an integral part of our nation’s culture. Like in most states and cities in India, in Chennai too the metal is considered highly auspicious. It is no wonder then that it plays a prominent role in almost all festivals and occasions.

 

The gold rate in India plays a key role in determining the live gold rate in Chennai and other states. It is also influenced by other factors, including inflation, the festive season, and more.

Gold Price Per Gram in Chennai

Check out the gold price today in Chennai for different weights below:

Gram

24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday

Daily Price Change

1 Gram

₹6,322

₹6,323

- ₹1

10 Gram

₹63,220

₹63,230

- ₹10

100 Gram

₹6,32,200

₹6,32,300

- ₹100

22 & 24 Carat Gold Rate in Chennai for Last 10 Days

See the gold rate in Chennai over the recent past.

Date

STANDARD GOLD 22K

PURE GOLD 24K

1 Gram

10 Gram

1 Gram

10 Gram

Feb 23, 2024

₹5,795.00

₹57,950.00

₹6,322.00

₹63,220.00

Feb 22, 2024

₹5,800.00

₹58,000.00

₹6,323.00

₹63,230.00

Feb 21, 2024

₹5,810.00

₹58,100.00

₹6,338.00

₹63,380.00

Feb 20, 2024

₹5,785.00

₹57,850.00

₹6,311.00

₹63,110.00

Feb 19, 2024

₹5,800.00

₹58,000.00

₹6,327.00

₹63,270.00

Feb 18, 2024

₹5,780.00

₹57,800.00

₹6,305.00

₹63,050.00

Feb 17, 2024

₹5,780.00

₹57,800.00

₹6,305.00

₹63,050.00

Feb 16, 2024

₹5,760.00

₹57,600.00

₹6,284.00

₹62,840.00

Feb 15, 2024

₹5,740.00

₹57,400.00

₹6,262.00

₹62,620.00

Feb 14, 2024

₹5,750.00

₹57,500.00

₹6,273.00

₹62,730.00

Gold Rate Calculator

The best way to stay updated on the gold value that you have or intend to buy is by knowing the gold price today in Chennai.

 

For this, you can use a gold rate calculator that uses the real-time gold price in Chennai to give you an estimated value of the gold you have or plan to purchase.

 

To use the calculator, all you need is:

  • The quantity of the gold in grams

  • The purity of the gold in carats

  • The state for which you want to know the gold rate

For example, if you want to know the 1 gram gold rate today in Chennai, choose 1 gram, 24 carat, and Chennai as your inputs.

 

Here’s a calculator you can use to know today’s gold rate in Chennai and other cities of the nation.

Read More

Gold Investment in Chennai

Gold as an investment is a viable option for many because of the security it offers during rising costs. Given that gold rates tend to increase when the cost-of-living increases, it is an excellent investment option to offset losses from other investments.

 

Over the past few years, the gold price in Chennai and across the nation has soared, attracting more and more investors. If you are looking to make gold investments, here is how you can do it.

1. Gold Coins and Bars:

This is among the most traditional and popular ways of investing in gold. The price of gold bars and coins tend to stay in line with the live gold rate in Chennai. There are no other costs levied except for taxes.

 

However, make sure you buy your gold from an authentic seller and keep your options open in case you want to sell the gold in the future. Generally, banks sell gold coins and bars, but they cannot repurchase it as opposed to jewellers, who can sell and repurchase it.

2. Jewellery:

Buying jewellery during important festivals and weddings is a tradition throughout the nation, including Chennai. As a result, it is one of the most common and popular ways to invest in gold.

 

However, keep in mind that along with taxes, gold jewellery also comes with labour charges. These can drive up the cost of purchasing gold. So, if you want to purchase gold solely for investment purposes, gold coins and bars are a far more efficient choice.

 

Apart from these, you can also invest in gold through investment schemes offered by the government, banks, and jewellers. These include:

 

  • Gold mutual funds

  • Gold Exchange Traded Funds

  • Sovereign Gold Bonds

  • Gold Futures Contracts

 

Be sure to read the terms and conditions carefully before investing in these gold schemes.

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Points to Remember When Purchasing Gold in Chennai

Here are some aspects you should keep in mind as you invest in gold in the Tamil Nadu capital.

  • Purity:

When purchasing gold, purity is one of the most crucial aspects you should assess. This is because although 24 carat is considered to be its purest form, it is highly malleable. This affects its customizability and durability as jewellery.

However, as a gold coin or bar, you can buy 24-carat gold. The carat represents the percentage of gold present in a piece. Some of the most common purity levels are 24 carat (99.9% and above), 22 carat (92%), 18 carat (75%), 14 carat (58.33%).

  • Weight:

Given the soaring gold price in Chennai and across the nation, having your gold’s weight off by even a gram can denote a substantial loss. The 1-gram gold rate today in Chennai is almost at ₹6,000.

 

This means that even half a gram of loss would result in a loss of approximately ₹3,000 if the gold rate stays the same. This loss only increases if the rate increases! So, make sure the vendor weighs the gold in front of you and the same is stated correctly in your invoice.

  • Certification and Hallmark:

Ensuring that you buy certified gold is essential for two reasons – easy exchange in future and assurance of purity. In the case of a jeweler, checking the hallmark is an essential step that you should not miss.

 

Hallmark is the mark of the purity of the gold you are buying. Having hallmarked gold ensures that you do not suffer any loss during reselling. This usually happens when the purity of the gold metal you have purchased turns out not to be what you expected.

  • Labour charges:

Labour charges or making charges are what the vendor or the jeweller charges as a cost of making jewellery from the gold. These charges vary for each jeweller and the type of jewellery you buy.

 

Since it is added to your final cost, make sure you are charged appropriately for what you are buying. In the case of jewellery, you can even visit the vendor’s website to understand these charges better. However, if buying a customised jeweller, talk to each vendor to get an idea.

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Factors Affecting Gold Price in Chennai

Gold is a popular investment choice throughout the country, but it is susceptible to daily changes. Gold prices in Chennai and other cities change on a daily basis due to numerous reasons. As a result, it is essential to understand the factors that affect gold rate.

 

Knowing this will enable you to understand when to enter and exit the gold market. Here are the top factors that affect the gold rate.

  • Currency Exchange

Gold rates are impacted by the dollar’s position in the market, sharing an inverse relation to each other. So, when the dollar is strong, the gold prices in Chennai and across the nation tend to fall. And when the dollar falls, the gold prices increase.

  • Bullion Associations

Bullion associations in India play a crucial role in determining the live gold rate in India and throughout the nation. One association to watch for in particular is the India Bullion and Jewellers Association Ltd. or IBJA.

 

The association fixes the gold rate twice a day – the opening and closing price.

 

These prices are fixed by assessing the international gold market and current market data received from major dealers across the country. The association considers the market demand, transportation costs, and other factors to collate the current market data.

  • Inflation and Global Economy

Since gold is a great investment option to hedge inflation, high inflation can drive the cost up and vice versa.

 

Apart from that, as India is one of the largest gold importers of gold, any changes in the import cost affects the price of gold. Such changes mainly result from economic upheaval across the world.

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How is the Purity of Gold Evaluated in Chennai?

As mentioned above, there are different purities of gold – 24K, 22K, 18K, and 14K. These figures reflect how much gold is actually present in the gold that you have. 24K gold represents 100% purity.

To calculate the purity of the gold, you can simply divide the carats by 24 and then multiply the result by 100. For example, if you have 22K gold, divide 22 by 24. This would give you 0.9166. Multiplying that by 100 will give you 91.66%, which is the percentage of gold present in your gold piece.

 

To ensure standardisation of this purity and streamline the authenticity process, there are BIS standards that jewellers and vendors adhere to. When a gold piece has purity in line with the BIS standard, it gets hallmarked. This is why it is recommended that you buy hallmarked gold.

Read More

GST Impact on Gold Rate in Chennai

GST or Goods and Service Tax was implemented throughout the nation in 2010. It replaced indirect taxes such as VAT, service, sales, custom, and excise. As with other taxes, GST is added to the actual gold rate to derive your cost of purchase.

 

Although GST has reduced the number of taxes levied on gold, it has resulted in an increase in the final value of the gold. Here is a table to give you an overview of how GST has impacted the final gold rate in Chennai and other cities of the country:

Column number

Taxes and other costs

Before GST

After GST

1

Gold rate of 10 gram

₹52,500

₹52,500

2

Custom duty at 10%

₹5,250

₹5,250

3

Cost (1+2)

₹57,750

₹57,750

4

Service tax at 1%

₹577.50

NA

5

Cost (3+4)

₹58,328

₹57,750

6

VAT at 1%

₹583.28

NA

7

Cost (5+6)

₹58,911.28

₹57,750

8

GST at 3%

NA

₹1,732.50

9

Cost (7+8)

₹58,911.28

₹59,482.5

10

Making charges (10%)

₹5,891.13

₹5,948.25

11

Cost (9+10)

₹64,802.41

₹65,430.75

12

GST on making charges at 5%

NA

₹3,271.54

13

Final cost of gold

₹64,802.41

₹68,702.29

Disclaimer: The above gold rate is indicative and making charges are assumed to be at 10%. Both these charges may vary based on the city and the vendor.

FAQs

Given that gold is a popular investment choice, investing in gold at any time is a good idea. However, as a general rule of thumb and to make the most of your investment, look at the trend of gold rates in Chennai. This will give you an idea about when is the best time to enter the market. 

The best way to go about gold investment in Chennai is by purchasing it from a trusted vendor. This way you can ensure that you are getting your money’s worth.

Buying gold has become very easy and convenient, as there are multiple avenues to choose from. 


To make sure that your investment is in line with the goals, you should choose the type of gold that is best for you. These include bonds, jewellery, bars, or coins. To get your money’s worth, do your research regarding the historical and live gold rate in Chennai.

Gold price in Chennai and cities across the nation is determined by the Indian Bullion Jewellers Association. The association takes into account the current market demand and costs as well as the previous day’s closing rate of gold in the international market.

The best way to ensure the quality of gold is by looking at the BIS hallmark. All gold pieces that have this hallmark get it once they pass the purity standards set by the BIS.

The gold carat range in Chennai goes from 24K to 10K. This includes 22K, 18K, and 14K.

Looking at the historical gold rates and live gold rate in Chennai, the gold price in Chennai and across the nation is expected to fall as the inflation goes down. In the near future, the gold rate is expected to increase.

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