Gold Rate in Chennai

Gold Rate Today in Chennai

Check out the Gold Price Today in Chennai for different weights below:

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

Gold is extremely important in Chennai, the capital city of Tamil Nadu. Chennai is one of the largest cities in India and ranks top when it comes to Gold trade. Gold in Chennai is considered hugely auspicious and is made a part of almost all festivals. People in the southern part of the have made Gold an integral part of their culture, just like most of the cities in India. The Gold rate in India decides the live Gold rate in Chennai as well. It depends on a number of factors such as Seasonality, International Prices, Inflation, etc.

Chennai also fulfils all of its demand for Gold through imports like the rest of India. Even though most of the Gold is bought in the form of jewellery, the purpose goes beyond simple ornamentation.

Gold Rate in Chennai

It is a well-known fact that Gold is a much sought-after metal in Chennai. The much-loved yellow metal gets sold in different forms: gold coins, jewelleries, bullion, etc. Often, the idea of buying Gold in Chennai is to signify one's status and wealth and to follow traditional system of investment.

In India, gold trade and Gold Rate in Chennai has a huge impact on the whole. Gold in Chennai is widely purchased not just for personal celebrations like wedding or birthday parties, but also for events like Akshaya Tritiya when there are a lots of discounts, slashed rates, exciting offers and more to entice the customers.

Talking about the factors that determine today Gold rate in Chennai, there are many:

• State taxes
• Local taxes
• Transportation taxes
• Additional costs incurred by jewelleries in Chennai

There are a lot of factors that impact gold purchase. This includes monsoon, harvest season, etc.

Factors Affecting Gold Price in Chennai

Today, trading in Gold is a highly-preferred investment mode of investors who are financially savvy and have the risk-appetite required for this market. It requires cautious monitoring of investments as gold prices are liable to change for multiple reasons. Maintaining or closing a position in this market relies upon how well an investor can track and analyze the ever-changing pricing information.

What makes Gold one of the best Investment options in Chennai?

If you are looking to invest in Gold in Chennai, you cannot run out of options as there is extra love for the yellow metal in the city. But before investing in Gold, you need to be clear about certain things such as why you are investing, the tax liability, various other investment options including everything else that you aspire to know about Gold. Here are various gold options you can avail in India to invest for good returns:

Jewellery:

The people in Chennai have a special fascination with Gold and more with Gold jewellery. Buying jewellery at almost all the important festivals is just like a tradition in this cosmopolitan city of Tamil Nadu.

Gold Coins:

Another major alternative is investing in Gold coins and Gold bars in Chennai. This has been trending for some time. But you should be careful while buying either of these. You should only prefer buying it from authentic jewellers or authorized banks. The only difference is that banks sell gold coins and bar, but they cannot repurchase it. Jewellers, on the other hand, sell you the Gold and can repurchase it from you as well.

Difference between 24 Karat and 22 Karat Gold rate in Chennai

How is Gold Rate in Chennai different from other cities?

Gold price in Chennai today makes up for almost 30% demand of the entire nation! Therefore, slightly vary from gold rates in various other cities. The major factors affecting Gold rates in Chennai today are the following

• Bullion Associations:

Today's Gold rate in Chennai is fixed twice a day. The price at the start of the day is called the opening price and similarly the one at the end of the day is called the closing price. Most jewellers are associated with the Madras Jewellers and Diamond association which decides the current Gold rate in Chennai. It is important to check the live Gold rate in Chennai before investing.

• Logistics:

This is something that plays a crucial role for the Indian consumer as most of the Gold is imported in India and in Chennai. Live Gold rates in Chennai are also subjected to rise and fall depending on the crisis in a city. To put it simply, the cost of the Gold is going to be as hard as it is to bring Gold to that city.

• Currency Exchange: 

Whenever the rupee takes a fall, Gold rates in Chennai take a fall as well. Similarly, when the rupee is strong, the Gold rates surge.

Things to remember while buying Gold in Chennai

• Purity:

Purity is one of the most important factors to look into. Some of the most common 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 because of its high malleability and ductility factor that limits its level of customizability in making jewellery. The hallmark of the Gold indicates its purity level. Hence, ensure that you always go for hallmarked jewellery.

• Certification:

Make sure that you always buy certified Gold jewellery as it will be easy to exchange in the future. It also ensures reliability and purity of Gold.

• Weight:

Gold is mostly purchased after its weighed. You need to ensure that you get the Gold weighed in front of you and that you’re not charged for anything extra.

• Labour charges:

This is one of the most common mistakes people make while buying Gold. These are also known as making charges. Make sure you are charged nominally for the making charges.

Difference between KDM gold and Hallmark gold in Chennai

Before purchasing Gold, it is important for you to understand the real difference between KDM Gold and hallmarked Gold. In simple words, Gold is categorised into these two categories basis the purity and alloying of Gold. In its purest form (24K), Gold, is a soft, ductile and malleable form. Hence, to obtain the jewellery form, it is put in shape by soldering with another metal with a melting point lower than that of Gold making sure that only the solder metal melts and smoothly combines the pieces of Gold. Initially, cadmium was considered as the ideal solder metal due to its low melting point and liquidity. However, the use of cadmium as a solder metal was banned by the Bureau of Indian Standard (BIS) after it resulted in severe health problems like harmful skin allergies to goldsmiths and Gold 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.

Gold Rate Chennai Weekly Update

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 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 2 (06 - 12):

• In Chennai, the value of the metal opened the second week of the month at Rs. 5,086 per gram on 6th 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.

• The value of the metal on 8th July dipped further to Rs. 5,063 per gram due to market fluctuations and increased risk appetite. However, on 9th 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 10th July, the price of gold increased to Rs. 5,147 per gram and dipped marginally on 11th 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 12th July at Rs. 5,118 per gram with an overall incline.

July 2020 - Week 1 (01 - 05):

• Gold price in Chennai opened at Rs. 5,049 per gram in July 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 2nd July.

• However, on 3rd 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 3rd July, the price of the metal was Rs. 5,095 per gram, further dipping marginally to Rs. 5,089 per gram on 4th 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.

June 2020 - Week 4 (22 - 30):

• In Chennai, gold opened the final week of June at Rs. 5,029 per gram. There was a slight increase of Re. 1 in the rates when compared to what was charged on the final day of the previous week.

• The rate of gold in Chennai witnessed slight fluctuations over the next few days. It was accounted to a variety of factors like investors opting for safe-haven assets, weakness in the US dollar, selling off the precious metal along with other asset classes etc.

• Gold rate in Chennai closed at Rs. 5,067 per gram. This was the highest recorded price for the month of June in the metropolitan city. The overall performance of the precious metal witnessed an inclining trend. 

June 2020 - Week 3 (16 - 21):

• Gold opened the third week of June at Rs. 4,946 per gram in Chennai. The gold rates were down by Rs. 21 for every gram when compared to what was charged on the final day of the previous week.

• Over the next couple of days, the gold rate in Chennai fluctuated. The rates started to climb since June 19 as concerns about a second wave of coronavirus infections dented hopes of a quick economic recovery.

• Gold price in Chennai recorded its highest price for the month of June till date on the last day of week. A gram of the precious metal cost Rs.5,028 in Chennai with the overall performance witnessing an inclining trend. 

June 2020 - Week 2 (8 - 15): 

• Opening the second week of the month at Rs. 4,837 per gram, gold prices showed an overall inclining trend in the week with investors shifting towards safer assets and away from the equities market. With a surge in COVID-29 cases in many countries, the demand for the metal increased. However, on 9th June, the price of the metal plummeted to a great extent to Rs. 4,483 per gram due to the rise in the value of the dollar. Gold prices recovered on 10th June, to Rs. 4,852 per gram, increasing slightly compared to the opening price. With poor economic data from the United States of America, the bullion market flourished. 

• On 11th June, the price of the metal increased to Rs. 4,899 per gram with the United States Federal Reserve showing poor projections of the economy in the United States of America. The price of the metal increased further to cross the Rs.4,900 per gram mark on 12th June to Rs. 4,951 per gram. With investors shifting away from the equities market, the demand for the safe-haven metal was higher than before. 

• The price remained steady with no change at Rs. 4,951 per gram on 13th June. However, on 14th June, the price of Gold increased to Rs. 4,966 per gram with the increase in the number of COVID-19 cases across the world. With the second wave of COVID-19 cases and the value of the dollar dipping in the international market, the price of the yellow metal increased marginally on the last day of the week. On 15th June, the metal closed the week at Rs. 4,967 per gram, recording an overall incline.

June 2020 - Week 1 (1 - 7): 

• In Chennai, Gold rates opened at Rs. 4,917 per gram in the first week of June. Compared to the closing price of the previous month, there was a minimal increase in the rates. Increasing tensions between Washington and Beijing, protests in major U.S. cities and investors seeking a hedge against the coronavirus-induced economic fallout meant that gold prices shot up and recorded its highest price for the month till date on 2nd June. A gram of the 24-karat gold was retailed for Rs.4,923 in the metropolitan city. 

• The rates slipped in the city on 3rd June as stocks jumped on hopes of further stimulus and optimism of economic recovery. Lingering political tensions and a weaker dollar however helped the yellow metal gain from the fall the following day. 

• Weighed down by gains in riskier assets, Gold prices dropped in Chennai and closed the week at Rs. 4,648 per gram. This was the lowest recorded price of the precious metal for the month till date. In Chennai, the overall performance of the yellow metal witnessed a declining trend.

May 2020 - Week 4 (24 - 31): 

• In Chennai, the price of the yellow metal showed continuous fluctuations in the last week of the May due to various social and economic issues affecting gold prices in the global market. On 24th May, the price of the metal was Rs. 4,900 per gram and increased marginally to Rs. 4,901 per gram on 25th May. Gold prices increased marginally in the country despite a declining trend in the international market with Japanese equities recorded an incline due to reports of a stimulus package.

• On 26th May, the price of the metal increased further to Rs. 4,916 per gram. The marginal inclines in gold prices were majorly due to fluctuating prices of the metal in the international market with stronger equities resulting in the lowering of gold prices. Moreover, the political tensions rising between Hong Kong and the United States of America resulted in rise in the safe-haven appeal of the metal. On 27th May, Gold was priced at Rs. 4,916 per gram, however, falling by more than Rs. 100 to Rs. 4,810 per gram on 28th May with most major economies opening back for business, thus increasing risk appetite amongst investors and hopes of reviving the economy. 

• The price held steady at Rs. 4,810 per gram on 29th May and recovered on 30th May at Rs. 4,880 per gram with a dip in the dollar value and uncertainty over United States response to China. On 31st May, the metal closed the week and the month at Rs. 4,916 per gram, increasing by Rs. 36 and recording an overall incline in prices.

May 2020 - Week 3 (17 - 23):

• In Chennai, the southern metropolitan city of the country, live Gold rate today was priced at Rs. 4,854 per gram on 17th May. There was an increase of Rs. 66 in the price of every gram when compared to the previous week’s closing price.

• The rates of the yellow metal increased gradually in the city over the next days. A gram of the precious metal cost Rs. 4,894 on 19th May as the rates rose amid uncertainty over how economies would emerge from the slowdown. With the incline in the rates continuing over the next couple days, gold touched its highest price for the month on 21st May with a gram being retailed for Rs.4,905 in the city.

• Live Gold rate in Chennai closed the third week of May at Rs.4,869 per gram in Chennai. The rates recorded a drop of Rs. 37 for every gram on 22nd May as hopes for a recovery from the economic damage caused by the coronavirus damaged the bullion’s safe-haven appeal.

May 2020 - Week 2 (10-16):

• For the second week of the month, gold price in Chennai opened at Rs.4,701 per gram on 10 May and the precious metal showed an overall inclining trend in its prices throughout the week in the market. On 11 May, the price of gold increased marginally to Rs.4,702 per gram.

• However, on 13 May, gold rate in Chennai showed a considerable incline in its price to Rs.4,732 per gram. The continuous rise in prices was due to increasing safe-haven demand of the metal amongst investors. With risk appetite at a low due to a sudden rise in new cases of COVID-19 all over the world, the value of the bullion increased in the market with investors shifting away from riskier assets.

• On 14th May, Gold rate in Chennai was steady at Rs. 4,741 per gram in the city of Chennai and by 15th May, the prices had further increased to Rs. 4,776 per gram. With increasing speculations of a recession and risks in the market, dependency on the bullion had naturally increased amongst the interested investors. With central banks and the Federal Reserve releasing more stimulus packages, Gold went through a boost in its prices, hitting its highest price of the month and the week at Rs.4,788 per gram on 16th May, ending the week at the same price.

May 2020 - Week 1 (1 - 9):

• The price of gold stood at Rs. 4,670 per gram on 1st May in Chennai. Compared to the closing price of the previous week, the rate of gold was down by Rs. 50 for every gram in the metropolitan city.

• Gold rate in Chennai per gram slipped to its lowest for the month with a gram costing Rs. 4,621. The rates were on the upward curve following that and a gram was priced at Rs.4,661 per gram on 6th May. The increase in the price of gold was accounted to brewing tensions between Washington and Beijing over the outbreak of COVID - 19.

• In Chennai, gold closed the opening week of May at Rs.4,700 per gram. This was the highest recorded price of the gold in the city for the month to date. Gold’s overall performance in the city witnessed an incline in the rates.

April 2020 - Week 5 (26 - 30):

• Gold price in Chennai stood at Rs. 4,593 per gram on 26th April and went through a good hike to Rs. 4,700 per gram on 27th April. The rise in prices came due to a lot of various global factors. With the central banks all over the world providing stimulus to restart the economy, the price of the gold showed inclines in the international market. With this, the price of the metal in the country increased as well.

• On 27th April, Gold was priced at Rs. 4,700 per gram. However, dipped marginally to Rs. 4,691 per gram on 28th April and increased to Rs. 4,701 per gram on 29th April. This fluctuation in Gold prices was a result of changing international market trends of the metal. With investors booking profits with high prices, the price of the metal had fallen marginally.

• However, on 30th April, with live Gold rate said to be on the path to hit new highs in the international market, the price in the city touched its monthly high at Rs. 4,720 per gram. Overall, Gold prices in April saw an overall incline in prices with various central banks releasing monetary stimulus to restart the economy.

FAQs

When is the right time to buy Gold in Chennai?

There is no such thing called the right time to buy Gold in Chennai because of the love for the metal! There are times when the demand dips, and so do the Gold price in Chennai today. So, to make the most of your investment, try to invest in the metal during the off-season, i.e., when no major festival is around. Buying in off-season will fetch you better prices for live Gold rates in Chennai whereas festivals bring about a massive influx of buyers which will push gold prices higher.

Where to buy Gold in Chennai?

There are many places in Chennai that you can consider for buying genuine Gold. You can purchase authentic Gold from many of the established and trusted jewellery houses in Chennai. A few of them are Vummidi Bangaru Srihari Sons, Mehta Jewellery, G R Thanga Maligai, Prince Jewellery, Nathella Sampathu Chetty Jewellery, Saravana Stores Thanga Nagai Maligai, Bapalal & Co. Jewelry, Lalitha Jewellery, NAC Jewellers, and so on.

How to buy Gold in Chennai?

Buying Gold has been made extremely convenient, given the multiple Gold traders available spanned across the city, but there are still a few key points one should keep in mind before spending their hard-earned money.

Research – Gold rates change daily, and one must research before buying Gold. Observing trends and staying abreast of changes can ensure that you get a good deal on the investment, reducing the chances of being cheated.

Gold selection – Gold can be purchased in different forms, with each one offering unique advantages. Choose an investment avenue which matches your needs.

Online purchase – Individuals who wish to purchase gold online need to ensure that the source they choose is trusted, for some sellers on the internet can be fake.