Gold Rate Today in Tamil Nadu

Gold Rate in Tamil Nadu

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If you live in Tamil Nadu, you should know about the gold rate today in Tamil Nadu.

Gold Rate Today in Tamil Nadu

In contrast to investments like securities, other metals and commodities, the gold rate in Tamil Nadu witnesses a mild fluctuation. Given this, you should still be aware of the gold price today in Tamil Nadu, primarily for gold purchase. In a state where gold is thought of as a mainstay, not just for occasions, but as a mark of status, you should note the following rates:

Gram

24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday

Daily Price Change

1 Gram ₹ 4,892 ₹ 4,892  ₹ 0
8 Gram ₹ 39,136 ₹ 39,136 ₹ 0
10 Gram ₹ 48,920 ₹ 48,920  ₹ 0
100 Gram ₹ 4,89,200 ₹ 4,89,200  ₹ 0

22 & 24 Carat Gold Rate in Tamil Nadu for Last 10 Days

Why is gold chosen as a means of investment over other investment instruments? This is because it is advantageous to invest in a metal that gives you various ways to invest. When you think of the gold rate in Tamil Nadu, you don’t have to dwell on physical gold. You can also buy gold ETFs or derivative contracts offered by commodity markets. However you select your gold investment, it's vital that you focus on the Tamil Nadu gold rate today. You also get a good idea of how gold can hold benefits for you if you look at fluctuations as shown below: 

Date

STANDARD GOLD 22K

PURE GOLD 24K

1 Gram

10 Gram

1 Gram

10 Gram

Oct 22, 2021 ₹ 4,484.00 ₹ 44,840.00 ₹4,892.00 ₹ 48,920.00
Oct 21, 2021 ₹ 4,484.00 ₹ 44,840.00 ₹ 4,892.00 ₹ 48,920.00
Oct 20, 2021 ₹ 4,474.00 ₹ 44,740.00 ₹ 4,881.00 ₹ 48,810.00
Oct 19, 2021 ₹ 4,465.00 ₹ 44,650.00 ₹ 4,871.00 ₹ 48,710.00
Oct 18, 2021 ₹ 4,462.00 ₹ 44,620.00 ₹ 4,868.00 ₹ 48,680.00
Oct 17, 2021 ₹ 4,464.00 ₹ 44,640.00 ₹ 4,870.00 ₹ 48,700.00
Oct 16, 2021 ₹ 4,465.00 ₹ 44,650.00 ₹ 4,871.00 ₹ 48,710.00
Oct 15, 2021 ₹ 4,515.00 ₹ 45,150.00 ₹4,926.00 ₹49,260.00
Oct 14, 2021 ₹ 4,505.00 ₹ 45,050.00 ₹4,914.00 ₹49,140.00
Oct 13, 2021 ₹ 4,444.00 ₹ 44,440.00 ₹ 4,848.00 ₹ 48,480.00

How is the Purity of Gold Determined?

In case you want gold today, gold rate Tamil Nadu 22 carat gold price is essential to know in advance. 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.

Different Types of Purity Measures of Gold in Tamil Nadu

The gold rate today in Tamil Nadu, per gram, is a way to calculate how much the price of gold will be if you buy it in any form. However, when you go shopping for it, you cannot ascertain the purity just by looking at it, or based on the price quoted. So, how does one assess purity? There are the four ways:

 

  1. Acid Test - Gold is gently scratched and a little powder which is released is tested by adding a few drops of nitric acid to it. If the acid remains the same, the gold is pure. In case it turns green, the gold isn’t authentic. If the nitric acid turns milky, then the metal is actually silver in a gold plating.
  2. Magnet Use - A simple way to gauge gold’s purity, since gold is not ferrous, is to see if it is attracted to magnets. If it is, it’s fake.
  3. Stamping - Practically all forms of physical gold, be it ornaments, bars, coins, etc, have a stamp engraved in the gold. This is an indicator of the gold’s purity.
  4. Machines for Testing Purity - Several jewelers all over India (and globally) use a machine to test gold purity. You may very well know the Tamil Nadu gold price today if you want to sell your gold, but jewellers will place gold inside a machine to be sure of the purity. Besides this, these machines can tell what the caratage of gold is too.

Points to Remember when Buying Gold in Tamil Nadu

Several people in Tamil Nadu are engaged in trade and business and can afford to invest in gold from time to time. In the event you want gold today, Tamil Nadu gold rate knowledge should be very useful. Nonetheless, while shopping for gold, you should keep the following in mind too:

 

  • Check Purity Grade - When you have made your choice and ultimately want to make a purchase, it's necessary that you check the level of purity of the sparkling metal you are purchasing. Today, gold price in Tamil Nadu is not the only determinant of purity. Make sure you buy from a retailer who has a purity machine and run your gold through it. Have a look to see if the gold has a stamp as well.
  • Get an Appropriate Invoice - It's not a good idea to buy gold without a proper bill/invoice. Clearly, 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 - If you enter any jewellery store, you will see gold jewellery displayed with price tags that vary from jeweller to jeweller. You will also notice that the prices on tags are much higher than the rate of the actual gold. This is because sellers add making costs to the price tag. This cost is charged due to labour that goes into making the jewellery, designing it, etc.

Gold as an Investment in Tamil Nadu

Most Indians, and many residents of Tamil Nadu choose to invest in gold in its physical form. So, it helps to know the gold price today. Tamil Nadu citizens buy bars, coins and mostly jewellery on practically every Indian festival as this is auspicious. In fact, gold as a metal is far more purchased than jewellery containing precious gems.

How You Can Make Gold Investments in Tamil Nadu

To make gold investments, you have to know the gold price in Tamil Nadu. Once you know this, you can delve into a multitude of ways to make your investments in gold. Want to know more? Read on for some hints:

 

  • Gold Derivatives - Derivatives contracts like futures and options with the underlying commodity being gold, offers you a good non-physical form of investment too. You can opt to create wealth through short-term movements in the  Tamil Nadu gold price.
  • Gold in Physical Form - Mentioned earlier, physical gold investment involves the purchase of gold in the form of bars, jewellery and coins mainly.
  • Gold Mutual Funds - Mutual funds schemes with gold as the underlying commodity flood the investment arena today. Price movements can be beneficial without you having to get physical gold.

 

Importing Gold into Tamil Nadu

Compared to the rate of gold consumption, the rate of gold production in India is very small. Nonetheless, the desire for the metal is growing at an exponential rate. To meet this increasing demand, India has no option but to depend on imports of gold from other nations. Still, the import of gold into Tamil Nadu cannot be undertaken by just anyone. You have to have certification by the DGFT or Directorate General of Foreign Trade to import gold. Moreover, only bars are permitted to be imported into the country. Coins and medallions are excluded.

Why Gold Rates in Tamil Nadu Fluctuate

In the event you have kept a track of the gold rate, Tamil Nadu rates tend to fluctuate, though mildly to moderately only. Sometimes you will find fluctuations on a daily basis, if you monitor rates, say, over a week’s duration. At other times, you will discover that gold rates remain the same for a couple of days in a row. A simple explanation for this is that demand/supply affects the rate. When supply is high, rates fall, and vice versa.

The Factors that Affect Gold Prices in Tamil Nadu

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

 

  1. Government Reserves - In order to stabilize 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.
  2. Rates of Interest - Gold price can be influenced by prevailing interest rates. If the rates of interest rise, gold prices fall.
  3. 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.

GST Impact on Gold Rate in Tamil Nadu

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

The Difference between KDM and Hallmarked Gold in Tamil Nadu

In Tamil Nadu, entering a jewellery shop will introduce you to two different kinds of gold, namely KDM and Hallmarked. These types are different and here is how:

  • KDM Gold - This is a form of gold containing 92% pure gold and 8% cadmium. The purity level of this, is thus, 92%. Banned by the BIS now, this form of gold was found to have poisonous effects of cadmium on the body. However, jewellers use safer metals to fuse with gold, like copper.
  • Hallmarked Gold - The BIS is exclusively responsible for certifying the purity level of gold. The Bureau of Indian Standards certifies gold through hallmarking . Hallmarked gold translates to the gold being of a pure standard.

Gold Rate in Other Locations

Gold ETF vs Sovereign Gold Bonds

 Backed by the Indian government, Sovereign Gold Bonds are offered as grams of gold in multiples. It helps to know the gold rate per gram in Tamil Nadu if you want to invest in these. Here are some key points to note:

 

  1. A lock-in period of 5 years exists
  2. Tenure of investment is 8 years
  3. You have to minimally invest 1 gram
  4. The maximum investment you can make is 4 kilogrammes

 

You can also opt for Gold ETF (Exchange Traded Fund) which is a commodity-based Mutual Fund, the commodity being gold. These funds act like stocks and are traded in a similar way on the stock exchange. Gold ETFs represent physical gold in dematerialized form. Gold ETFs offer hedge protection against fluctuating markets, with short-term ETFs minimizing loss if gold rates suddenly drop.

Gold Glitters in the End

Once you have learned so much about gold, you can choose many avenues for investing in it. Get on track and start your wealth collection by visiting Finserv MARKETS and making fruitful investments.

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