Gold Rate in Tamil Nadu

Tamils have been connoisseurs of gold since ancient times. Gold has been a part of their culture, traditions, attire and weddings. Because of its value and significance, Tamil Nadu is a huge gold market. In fact, according to the National Sample Survey Organisation (NSSO), the urban population of Tamil Nadu ranks 2nd in India per capita when it comes to expenditure on gold and gold ornaments. As you read further, it will help you know the gold rate in Tamil Nadu and the factors that influence the daily fluctuations in its price. 

In contrast to investments like securities, other metals and commodities, the gold rate in Tamil Nadu witnesses a mild fluctuation. There has been a visible momentum since 2023 began, as a consequence of the market taking a hit. In such a scenario, most investors consider gold to be a secure asset to invest in. If you too are looking for a safe haven to park your money, then gold might just be the ideal option. 

Whether the gold is for investment or otherwise, you should be aware of today’s gold rate in Tamil Nadu. Here is the 24-carat gold rate in Tamil Nadu:

When you think of the gold rate in Tamil Nadu, you don’t have to dwell on physical gold only. If you want to invest in gold, here are the several options to choose from:

• Physical Gold

• ETFs of gold

• Derivative gold contract

So, however you select your gold investment, it's vital that you focus on the gold rate in Tamil Nadu today. You will get a good idea of how gold can hold benefits for you if you look at fluctuations over a period of ten days as shown below:

A gold rate calculator is a quick online tool which is used to calculate the gold price for different regions. All you need to do is enter the city/state for which you want to know the rate of gold, the quantity of gold (1,8,100 gram, etc.), the gold carat (18/22/24.), and investment time. The online tool will instantly calculate the result for you as per current gold rate. This is an easy-to-use online tool that is available for different weighing standards like kilogram, gram, ounce, tola, bhori, ratti, etc.

Many people in Tamil Nadu are engaged in trade and business and can afford to invest in gold from time to time. If you want to buy gold, you should know the 22k and 24k gold rate in Tamil Nadu today. Nonetheless, while  purchasing gold, you should keep the following in mind too:

• Check Purity Grade 

It is necessary that you check the level of purity of the sparkling metal you are purchasing. Make sure you buy from a retailer that has a purity machine and run your gold through it. Have a look to see if the gold has a BIS hallmark  as well.

• Get an Appropriate Invoice 

Always buy gold with a proper bill/invoice. The invoice must specify the kind of gold that is bought. It must also include the weight, purity level, the gold rate per gram in Tamil Nadu, the address of the seller, the GST number and other information. The invoice is an important document and should be kept securely with you in case you want to sell the gold you have bought, especially to the same seller.

• Don’t Let Making Charges Fool You

The price of jewellery is more costly than the price of actual gold of similar weight.It is because sellers add making charges to the jewellery. This cost is charged due to labour that goes into making the jewellery, designing it, etc.

Besides the aspects of demand and supply, there are other factors that influence  gold price in Tamil Nadu. These are the following:

• Government Reserves 

In order to stabilise the rate of gold in India, the government maintains reserves of gold. This is a practice that governments of most major countries follow. Consequently, if the government decides to purchase more gold, gold prices tend to rise.

• Rates of Interest 

Gold price can be influenced by prevailing interest rates. If the rates of interest rise, gold prices fall.

• Inflation 

Gold rates do not get affected by inflation so people tend to invest in gold during times of high inflation. In gold, they still see a safety net. In such cases, the demand for the metal goes up and prices rise accordingly.

It is essential to know the 22k and 24k  gold rate in Tamil Nadu today if you wish to purchase gold. What is also equally vital to know is how pure the gold you buy is. Two of the most popular purity grades in gold are 22 carat and 24 carat. In Tamil Nadu, gold price varies, as it does everywhere, depending on the purity. Jewellery is almost always made in the 22 carat variant. The grade of purity is established by the Bureau of Indian Standards or BIS. On any gold you buy in India, you will find a BIS stamp (BIS hallmark) informing you about the standard of purity.

The gold rate in Tamil Nadu, is influenced by yet another factor. Taxes are levied on this immensely valuable metal, GST being the prominent tax. A GST of 3% is levied on gold jewellery the moment you buy it in Tamil Nadu. Making charges, that is, the cost of labour also incurs a GST on Gold of 5%. This adds up to the price you buy gold at, increasing it further.