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Gold Rate in Chennai (23rd January 2017)

Gold Rates in Chennai are witnessing a steady trend since the start of the year.  Demand for gold in Chennai has been on the rise, with most of the demand coming for jewellery and less in gold biscuits and gold coins.

Today 22 Carat Gold Price Per Gram in Chennai (INR)

Gram 22 Carat Gold
22 Carat Gold
Daily Price Change
1 gram ₹ 2,818.80 ₹ 2,818.70 ₹ 0.10
8 gram ₹ 22,550.40 ₹ 22,549.60 ₹ 0.80
10 gram ₹ 28,188 ₹ 28,187 ₹ 1
100 gram ₹ 2,81,880 ₹ 2,81,870 ₹ 10

Today 24 Carat Gold Rate Per Gram in Chennai (INR)

Gram 24 Carat Gold
24 Carat Gold
Daily Price Change
1 gram ₹ 3,004.20 ₹ 3,004.20 ₹ 0
8 gram ₹ 24,033.60 ₹ 24,033.60 ₹ 0
10 gram ₹ 30,042 ₹ 30,042 ₹ 0
100 gram ₹ 3,00,420 ₹ 3,00,420 ₹ 0

Gold Rate in Chennai for Last 10 Days (10 g)

Date 22 Carat 24 Carat
Jan 22, 2017 ₹ 28,188 ₹ 30,042
Jan 21, 2017 ₹ 28,187 ₹ 30,042
Jan 20, 2017 ₹ 28,188 ₹ 30,045
Jan 19, 2017 ₹ 28,360 ₹ 30,215
Jan 18, 2017 ₹ 28,356 ₹ 30,212
Jan 17, 2017 ₹ 28,233 ₹ 30,085
Jan 16, 2017 ₹ 27,930 ₹ 29,780
Jan 14, 2017 ₹ 27,958 ₹ 29,808
Jan 13, 2017 ₹ 28,036 ₹ 29,893
Jan 12, 2017 ₹ 27,848 ₹ 29,704

Weekly & Monthly Graph of Gold Price in Chennai

Historical Price of Gold Rate in Chennai

  • Gold Price Movement in Chennai, December 2016
  • Gold Rates 22 Carat 24 Carat
    1 st December rate Rs.27,656 Rs.29,582
    31st December rate Rs.27,058 Rs.28,943
    Highest rate in December Rs.27,673 on December 1 Rs.29,582 on December 1
    Lowest rate in December Rs.26,468 on December 23 Rs.28,363 on December 23
    Over all performance Falling Falling
    % Change -2.16% -2.16%
  • Gold Price Movement in Chennai, November 2016
  • Gold Price Movement in Chennai, October 2016
  • Gold Price Movement in Chennai, September 2016
  • Gold Price Movement in Chennai, August 2016
  • Gold Price Movement in Chennai, July 2016

Rising demand

Chennai has always been one of the top cities in the country, when it comes to gold demand. There has always been a steady uptrend that we are seeing. The city now not only sees significantly higher demand but, there is also a good and different gold patterns that we see. The city boasts of gold patterns that are typical to the city only. What this means is that you do not get the type of patterns elsewhere which makes this rather unique. People of the city also like gold and if they need to buy, they would. What this means that price is not a major factor in taking a decision all of the time. Sometimes, it is more of a case of love for the precious metal. So, gold rates become almost irrelevant during those times. If you are looking to buy into the precious metal, now maybe the right time.

Gold prices in Chennai in 2017

As we move into 2017, the question that often arises is: how far can gold prices move higher from here on? We are not too bullish on gold prices moving higher from here on. We believe that higher interest rates in the US and a gaining rupee, could put pressure on gold prices in India. The only hope for gold rates in Chennai moving higher is geo-political tensions around the globe. We do not foresee that happening anytime soon, which is why we believe that gold prices in Chennai would move lower. The rupee has also been gaining against the dollar, which will ensure that gold prices do not gain much.

As we write gold prices have already dropped to a 6-month low in India. For some support for the precious metal, there should be a few things that should happen, however, none of the factors at the moment are conducive. For example, there are no geo-political tensions, which normally tend to wreck havoc with prices. On the other hand, neither is there too much of economic growth that is faltering. With global equities rallying, gold is likely to see a drop, as investors move away from it, to equities, which tend to flourish, when gold is moving lower.

Today gold rates in Chennai 916

Gold rates in Chennai today for 916 may vary from shop to shop. You need to check the prices before buying. However, it is likely that prices would not change too much, though making charges would differ. If you go for schemes from the local jewelers they may offer you some discount in terms of prices. Therefore, you can take up gold schemes and also ask them for the live gold rates in Chennai, before you decide on buying. Remember, there is another way you can closely monitor the gold prices and that is through the futures and options trade. This is the best way to track live prices, though you would need to open an account for the same. The prices may differ from the spot rates and the futures rate. So make sure that you are not making a buying decision based on one rate. In any case, you can always buy in small quantities instead of making a lumpsum payment.

Shops to buy Gold In Chennai?

There are a number of Jewellery shops in Chennai. Tanishq has as many as six gold jewellery shops in Chennai. In fact, we do not know, if they have added a few more in the city.

Prince Jewellery located at RT Nagar in Chennai is another. Lalitha Jewellery and Mart at T Nagar is another popular place that you can buy gold and gold jewellery in chennai.

When passing by Catheral Road in Chennai, you cannot miss the huge shop of Khazana. In fact, it has now expanded to other cities like Bengaluru. There is also Lalitha Jewellery wher you can check and buy gold in Chennai.

If you go to Usman Road in the heart of Chennai city, you cannot miss the huge shop of Sree Kumaran Gold House. It is a part of the Chennai Silks Group and has a great variety of gold and gold jewellery in the city.

How 916 Gold rates in Chennai is determined?

Today 916 Gold rates in Chennai, more popularly known as 22 karats gold is determined in the international markets. Domestic cues, except the currency and local tarrifs are the only way gold prices in Chennai are affected. However, practically speaking gold rates in Chennai today depend on how global factors pan-out. For example, when interest rates in the US rates rise, international prices go higher and when interest rates go higher, gold prices would fall. Another possible factors that affects 916 gold rates in Chennai today is cross currency headwinds. For example, when the dollar falls, gold prices gain, while on the other hand when the gains, gold prices tend to fall. Whether gold prices fall or gain, it is important to keep part of your investment in gold, so as to hedge your risks. Of course, while there are many ways in which you can buy gold, including gold bars, gold coins and biscuits, the best bet would be the gold ETFs. 

Things to be aware of when buying gold in Chennai?

The one good thing when buying gold these days is that we have come a long way since the good old days, when it was very difficult to check purity and buy gold. Today, we can conduct checks before buying.

In fact, when buying the precious metal, we suggest that if it is jewellery or gold coins and bars, you make sure that you look for hallmarked quality.

Also, it is important that you do not melt gold and make new ones, as you get very little value when you melt gold. If you are looking to buy gold do not forget to go for hallmarking. These days there are reports that even hallmarking of the precious metal can result in duplication.  So, the best way out would be to buy gold from a reputed jeweler only. At least, this way you can be rest assured on the purity of the gold. In any case, gold it is always a better proposition to buy into hallmarked gold. If you are buying gold inline, remember there is always an element of risk, so you need to be careful. There is no mechanism, by which you can check the purity of gold online. So, be careful.

Understanding making and wastage charges

It is important to understand how making and gold wastage charges work in Chennai. There used to be a time when jewellers would claim that the old gold jewellery melted entailed a lot of wastage. They would then claim this from the melted jewellery of the individual. What would happen in the end would be that the investor or the individual got very little value for his money. Sometimes, there was no way to be sure that this was a fact or not. It could also result in individuals getting duped. We are not saying that all of the jewellers could make this happen. However, one must note that there can be no exorbitant charges when it comes to gold in Chennai. Another issue that we need to discuss is the making charges. This of course has to be paid and can vary from jeweller to jeweller. Again this has to be compared to jewellers in the viscinity so that you get the best on making charges.

What to do with your old gold in Chennai?

If you have old unused gold in Chennai, you have plenty of options on what you can do with it. The first is that you can either give it to the jeweller and make new jewellery or you can sell the same. We would advise you to sell the same for a number of reasons. The first and foremost is that it gives you instant money in the form of cash or cheque. Secondly, there are many gold loan companies that give you a better gold rate then the jewellers. Some of them use the latest German machines to check for the gold purity. If you are looking to sell the same, the right way would be to approach them. You might get good rates and that too without damaging your gold. However, remember that you need to carry your address proof or else you might not be able to encash.

Where to check for the hallmarked 916 22 karats gold in Chennai?

As we have been saying in many of our article, go for the hallmarked gold rates in Chennai. Now, the question is where do I get hallmarked jewellery shops in and around Chennai offer you hallmarked gold. Once you buy them you have to look for the stamp. Check for the BIS hallmark, which will be on the inner or back side of each of the ornaments that you are buying. You can see the date, year of logo manufacturing date etc. So, once you are done you have finally purchased a hallmarked piece of gold. This is imperative because it becomes easier to sell a hallmarked piece of gold then any other. However, you may not find all jewellers providing this facility, especially in the rural areas.

Looking foward to better prices

It has not been a bad year for people in Chennai who invested in gold. It is always a good idea to be a little more optimistic when it comes to prices. This is because, there are always hopes of better recovery in gold prices for a number of reasons. Demand for the precious metal is likely to rise in the coming years and this should augur well for the precious metal. We believe that demand not only from the making of jewlery, but, also from industrial use would rise in the state of Chennai. When that happens Chennai live gold rates are likely to move higher. Demand from industry, so fas has been very subdued, as industrial growth has slumped across the globe. This has put some pressure on gold prices in Chennai and across the various parts of India.

How much gold ornaments can you import into Chennai?

There is a restriction on gold jewelery and ornaments that you can bring into India. If you thought there is zero duty when bringing gold into Chennai, you are wrong. There is an amount up to which you can freely bring the precious metal. for example, you can bring up to Rs 50,000 of gold jewellery into the country without any duties, if you are a male. On the other hand the amount is restricted to Rs 1 lakh, for a female traveller. However, there is a cap of up to 1 kg that you can bring. There is some misconception that we can import gold duty free up to 1 kg. This is not true and you need to pay the applicable duties beyond the value that we have mentioned above. Therefore, if you are staying abroad it makes sense to come to India and buy your required quantities of gold. Today, the city of Chennai boasts some of the finest patterns of the precious metal.

Famous jewellery shops in Chennai

There are a number of famous jewellery shops in Chennai where you can buy gold from. Some of these include Laliltha Jewellery, G R Thanga Maligai, Khazana Jewellery etc. However, one can also visit the popular stores or chains. Among these include the Tanishq and Reliance Jewels as well. for example, Tanishq has a number of showrooms in Anna Nagar and R T Nagar area in Chennai. Lalitha Jewelery is another popular place to shop for gold in Chennai. There are many companies that also offer schemes where you can have a monthly sum deduct from your account. There are also mechanisms whereby you can pay the money online. You need to visit the showroom of some of these companies. Reliance Jewels too runs a showroom in Chennai. We are not sure of some of the branches of these big chains, but, you can check through the local directories.

Rich returns from Chennai gold

Investment in gold in Chennai has helped investors reap a bountiful. Gold prices in Chennai, which were trading at Rs 65 in 1964, has galloped to Rs 27,300 for 10 grams today. In fact, there has been a heavy demand for the precious metal in the city, which has pushed gold prices higher. Even in the last 10 years or so, gold has given solid returns. For example, in 2008, gold prices were near the Rs 10,000 mark, they have already grown by 2 and half times in the last 8 years or so. This is why individuals prefer the precious metal, as it has provided a perfect hedge in times of crisis. And, if you are a long term investor, you should just not be worried about temporary fall in prices.

Lalitha Jewellery Gold Sparrow Scheme in Chennai

Lalitha Jewellery, the renowned gold Jewellery shop in Chennai and Tamil Nadu runs the popular Golden Sparrow Scheme. under this scheme you pay money in 11 installments and buy gold jewellery after this period, but, within 30 days of completion of 11 months. One is still not clear on what is the discount the firm is offering. You can also buy gold Jewellery above this amount, but then you have to pay the excess amount. Say for example your 11 month installments amount to Rs 25,000. What you can do is buy gold worth Rs 30,000 and pay the balance of Rs 5,000. We so no advantage in buying through Jewellery schemes. in fact, we suggest you put money in fixed deposits, where you earn an interest and after 11 months redeem the same and buy gold. Why should one complicate the life with these schemes, where again there are so many terms and conditions involved. In any case, even if you are going to purchase these schemes do it from reputed Jewellers.

Understanding how gold rates in Chennai fluctuate?

Gold prices tend to fluctuate based on a host of factors. Among these include how the dollar behaves against a number of important currencies - let us say for example the euo and the Japanese Yen. When the dollar moves up against these important currencies gold prices tend to fall. On the other hand when the dollar moves down, gold prices tend to go higher. This is the simple co-relation between gold and the US Dollar. Another important factor that you should always keep in mind is that the government will levy duties to protect the flow of dollars outside the country. In the past it has altered the duty structure on gold, which had had its own influence on gold prices in the city of Chennai. Hence, you should exercise some caution before buying. There have been frequent changes in the structure of gold, which has altered the price of the precious metal. Remember, that gold prices are extremely sensitive to gold duties and structures.

Where to check gold rates in Chennai?

There are a number of online portals where you can check for gold rates. We at www.goodreturns.in update our gold rates frequently everyday.

You can come back here to check gold rates across Chennai. We wish to emphasize that you must check the prices before buying. This is because there could be minor changes in gold prices amongst jewelery shops in Chennai.

One of the most important things that you should be careful about is the making charges of gold jewelry. Sometimes, the difference can be substantial, though gold rates in Chennai among different shops is unlikely to be very different from each other. What differs largely is the making charges.

We hope that discerning investors and buyers will check making charges before investing or buying gold jewelry.

What drives gold prices in Chennai?

A while lot of things can move gold prices in Chennai. For example, when there is less economic chaos, gold prices would be higher globally and hence in Chennai. It is generally observed that as gold prices fall, equity markets tend to rally. So, shares and gold tend to move in opposite directions. There can also be a condition when both the asset classes are stable. There are many other factors that can drive gold prices either way. One important factor that can ensure less volatility is government policies that need to be stable. Frequent changes in duties can act as a deterrent to price stability in the market. We have seen that happen so often in the past, where gold prices have succumbed to an increase in import and excise duties. There are also things like inflation, which influence prices, which we shall discuss later.

Gold investment: A long term proposition

Gold investment is more a long term investment proposition in Chennai. If you want to have a perfect hedge against different asset classes, the best way would be through gold. In Chennai today, gold rates have given more of long-term returns than any other asset class. Gold has often known to be a perfect hedge against inflation. These days, gold rates have been more volatile than inflation, which is why the safe haven tag has been lost. In any case, you cannot have a portfolio, which does not comprise of gold. It is a good idea that gold be a part of your portfolio. The best way would be to invest in the precious metal through small amounts. The ideal would be through a scheme that is promoted by some of the local jewelers. This would help you save in gold for a wedding or a special ocassion. However, you need not invest a lumpsum aount, given the fact that gold prices are rather high now. It is a good idea to buy into the precious metal on declines.

Gold consumption on the rise

The precious metal has seen a steady rise in consumption in India from 442 metric tonnes in 2009 to 974 tonnes by 2013. However, this is not the highest when compared to countries like China which have a higher consumption. In fact, gold consumption in China at 1120 metric tonnes, was higher by almost 10 per cent as compared to India. In India most of the consumption goes into jewelery, while in China is is used a lot as bars and coins as investments. The country also uses the precious metal in manufacturing items. Of late there have been reports that the reserves of China was not as large as it was believed to have. The United States is the third largest consumer of the precious metal.

Taxes on sale of gold

If you thought there were no taxes that are applicable on gold, you are making a mistake. Not only is there capital gains tax on gold, but, there is also a wealth tax that is applicable.

To begin with, you must remember that if your gold value crosses Rs 30 lakhs, you must pay wealth tax. The valuation of the gold prices have to be done by March 31, 2016. It does not matter at what rates you bought the gold in Chennai and when.

So, if the amount of gold held crosses Rs 30 lakhs, you need to pay a wealth at 1 per cent of the value for that particular financial year.

Remember, the Income Tax Authorities have the power to raid and seize gold. Apart from this there is also a capital gains tax that is applicable on sale of gold. It is pertinent to note that this is only when you sell the gold and the profit arises thereof.

There are two types of capital gains that will arise. One is short term capital gains when you sell shares and the other is long term capital gains. In the case of short term capital gains, tax is done as per your tax bracket, while in the case of long term it is 20 per cent, plus indexation.

Bringing gold into Chennai from abroad?

Those travelling from abroad, can bring gold into Chennai, but, you need to watch for gold rates in Chennai and compare them with the rates abroad.

You can bring duty free gold worth Rs 50,000, if you are a male traveler, or upto Rs 1 lakh, if you are a female traveler. Gold prices in Chennai, will not defer too much from that prevailing abroad, though these days the quality of gold jewelry would not defer too much when compared to that imported from abroad. Earlier, investors or consumers were always worried on the impurities, but, the precious metal is today available in India, in its purest form.

Why investors should buy gold in Chennai?

Gold has not reduce in value over the last many years. For example, a Re 0.25 coin in 1970 had tremendous value. But, today it is out of circulation. Gold on the other hand keeps increasing in value and hence its value never diminishes and why it is a perfect hedge against inflation. Therefore, if you are looking to buy gold, use it as a hedge against inflation. It is also pretty much liquid and can be sold as an emergency. One can also avail loans, if one can pledge the precious metal with a gold loan company. If you are looking to buy gold in Chennai, always look at the long term prospects for gold and not the vest short trem opportunities that the precious metal ould offer.

Checking gold purity in Chennai

There are many hallmarking centres, where you can check the purity of Gold. These are set-up by the Bureau of Indian Standards.

You can ask and make enquiries in Chennai to see where these centres are located. These days, howeever, there is no need to check the purity of gold, given that we get hallmarked jewelery. You can insist on hallmarked jewelry. Since, these are already tested, there maybe no worries on quality.

Checking for purity does not take time and it should be done in 15 minutes.

Last year, there were reports that an associate of the Chennai Hallmarking Centre do checking of thousands of ornaments a day.

There is a constant demand to add ore such centres.

Global demand is fast falling

Worldwide the demand for gold is fast slowing down. Traditional demand which came from industry and jewelry is showing a decline. For example, gold demand for jewelry, according t statistics provided by the World Gold Council was just about  2,390 tonnes in 2015, as compared to 2,479 tonnes in 2014. So, the year-on-year demand has actually declined as compared to the last year. In fact, even in industries like electronics the demand for the precious metal has actually declined. Physical bar demand was flat at 761 tonnes in both 2015 and 2016. On the other hand official coin demand rose from 205 to 220 tonnes from 2014 to 2015. It is likely that we may see an increased demand for the precious metal in the coming years, if prices dip. It must be remembered that prices of gold in 2016 have gained and when this happens demand tends to fall.


Investing options for Gold in Chennai?

If you thought, that investing in gold coins, gold biscuits and gold jewelry was the only way to invest in gold in Chennai, you are making a big mistake. There are various options, including the recently launched sovereign gold bonds. However, we want to suggest that those who want to invest in gold in Chennai, must also look at gold etfs. These are the best form of investing in gold, because of a number of reasons. The first is that they cannot be stolen. It is pertinent to note that gold ETFs are traded electronically, so if you wish to buy them you can buy them electronically. Secondly, you need not worry about storage, and charges associated with them.

Do not forget to also invest in the sovereign gold bonds, as they offer you interest as well. Before investing in gold, also remember that there is a capital gains tax that is payable, when you sell the gold.

What will be the gold rates in Chennai in 2017?

It is always difficult to hazard, which way gold prices would move in 2017. But, what we believe is that Chennai gold prices could dip in 2017. This is largely because there is a chance that interest rates in the US could be hiked. When that happens, investors move away from gold and buy into sovereign gold bonds in the US. This is why when you are buying gold, it is best to buy in smaller quantities. As the prices of gold keeps falling in Chennai, you could keep adding to your investments. However, remember that gold is fully taxable and if you have made a profit, you better pay the applicable taxes on the same. We believe that gold rates in Chennai, are unlikely to go-up in a hurry. Hence, you can make sure that you buy only on dips and avoid buying in large quantities.

When to buy gold in Chennai?

This is one question, that no one can answer. In the last few years, gold has managed to give superb returns, since the US sub prime mortgage crisis. Hence, if you are looking to buy gold, you can keep buying in small amounts every month. This will help you build wealth, as also invest systematically in gold.

Of course, if you are buying in large quantities it is better to seek professional advise, before buying gold in Chennai.

Why gold prices in Chennai differ from other cities?

 There are various reasons why gold rates in Chennai is different from other cities. Gold is imported into India as the country does not produce its own gold. So, when it is imported into ports, the cheapest is the places which have ports like Mumbai city. This is because, you do not have to worry about costs associated with transport. On the other hand further it goes, more expensive the price of gold becomes.

Most jewellers are members of an association and these associations tend to fix the prices of gold. They notify their members through various means on gold prices. In Chennai most are members of the Madras Jewellers and Diamonds Association. Here they receive the prices, which are updated at least twice every day. The timings may vary slightly depending on when the information is received.

Investors should look at the prices before they buy the gold. It is also important to negotiate with your jeweller, before you buy the gold. Investors of the precious metal in Chennai, should also check for the quality and ask for a receipt. Make sure that you check the quality is hallmarked. These days the jewelery we get in India is second to none. There is less chances of quality issues as most of the gold in India is now hallmarked and the design is comparable or is rather the best in the world.

Physical gold vs gold ETFs

Gold ETFs track Gold prices in Chennai today. However, the important thing is you must not completely ignore buying gold ETFs in Chennai as compared to physical gold. This is because, gold ETFs are much better than buying physical gold, because there is no need for storage. Also, you would not be worried of thieves coming and stealing your gold, as these gold ETFs are held in the electronic form. Today, there are a plethora of options for buying gold, including the recently included soeverign gold bonds. Make sure that you look at all options and merely do not chase physical gold.

There are high chances that you would make more money by buying this gold option in Chennai, as it is cheaper and better.

De-monetization and its impact on gold

Recently, the government withdrew Rs 500 and Rs 1,000 notes from the market. The immediate impact of this is that lot of money could have flown into gold, which is good for demand of the precious metal. However, one cannot be sure that the same may have happened. In any case, gold demand in Chennai has been healthy this season, led by the festive season first and the marriage season now. Gold prices may remain stable in Chennai in 2017 as well, given that 2016 has been a year of fabulous returns for the precious metal. This is despite the fact that other asset classes like equities and real estate have remained flat over a period of time. In any case, if you are looking to buy gold in Chennai adopt a buy on declines, as the precious metal could also fall.

Understanding the difference between 22 karats and 24 karats gold

There is a major difference between 22 karats and 24 karats. Before understanding the difference between both, one needs to understand what is karats. This is nothing, but, purity of gold. When we say 24 karats gold, it means gold that is of the highest possible purity. Purity of gold cannot really go beyond 24 karats. Gold of 22 karats would imply lesser purity and is useful in making gold jewelery because, gold is brittle and it would ensure that gold does not break. In fact, all gold jewelery is made of 22 karats gold. If you want to buy gold biscuits and gold bars, the best option would be to buy 24 karats gold. This would be gold in its purest form. Apart from this, there is no much difference, except in terms of purity. Gold can also be lower than 18 karats. For example, we also have gold which can go to as low as 9 ounce, in which there is just gold of 41 per cent and the rest is silver.

The importance of hallmarking

A recent study shows that there is not a lot of hallmarking that is done in India. In fact, according to statistics only about 30 per cent of gold in India is hallmarked. The Bureau of Indian Standards began hallmarking gold somewhere in 2000. Since then, there has not been too much of an awareness campaign that has happened, which may have resulted in better quality of gold. For long people inn Chennai and other parts of India had to contend with gold that was not the purest form. For example, what may have seemed like 22 karats, which normally 91 per cent pure, may actcually not have been so. The government has to try its utmost in ensuring that investors and consumers alike receive hallmarked gold. Towards that end one would need to set-up more essaying centres to ensure that we have the highest quality. Over the years this has become a big problem and it is upto the Bureau of Indian Standards to take the initiative.

What is the difference between karats and carats?

There is no difference in karats and carats and they are spelt differently in different countries. Gold can be measured or weighed in different ways. In India, grams is the most acceptable way to measure gold. On the other hand, in the US individuals stick to troy ounce to measure gold. In fact, gold in he spot market is today trading at $1170 an ounce.  So, in India of you wish to purchase gold, you need to go buy troy ounce.

Buying gold in Chennai online?

There are many individuals who like to buy stuff online. It is good enough if you buy online, when you are sure of a product. With gold the situation is slightly different and we tell you why. When you buy gold, you have to first be concerned of the purity. If you are sure of the website that offers you the same karats it is fine. If not, then you have to check and returning stuff online is always a big hassle. Secondly, are you sure of the design? What if the design you had in mind, is not the same as the one shown on the website. This is a big hassle when buying gold jewellery online. You do not have these problems when you are buying gold bars and biscuits. In fact, if you are buying the same, do not bother, but, in all other cases it could be a big hassle.

 Is demand for gold in Chennai actually slowing?

It is always difficult to predict the price of gold. However, one important factor that can influence gold rates in Chennai is demand across the world. We are gradually seeing that the demand for gold in the city is fast declining. In fact, the city is seeing various alternatives to gold investments and these include gold ETFs, gold bars and gold coins. Today, there are a plethora of investment options for those looking to buy gold in Chennai. These include the not so popular sovereign gold bonds, which has not yet caught the fancy of investors. The other popular avenues is the gold exchange traded funds, that have evoked a good response. This is being increasingly preffered because there are no worries of theft and no worries of storage charges. Typically, if you are looking to store physical gold, you would prefer bank lockers. These would cost you money, which has to be added to the total cost of gold.

 How are gold prices determined in Chennai?

Ever wondered how gold prices are determined in Chennai? It is not really simple. People assume that since there is a festival round the corner, gold rates in Chennai would higher. That is not true though. Gold is largely determined in the international markets, where there are various factors that come into play. Among these include factors like interest rates movement, geo political tensions and the like. It is impossible to predict the correct gold rates in Chennai and where they would be. However, you can seek expert advise, which would hold you in good stead, when it comes to gold prices. This is because these days we need to seek professional help, if we do not have the expertise on gold and there is no harm in doing the same.

What influences Gold rates in Chennai

There are a lot of elements which affect gold price in Chennai but there are few which influence the gold rates in Chennai a lot such as U.S. Dollar rate, Reserve Bank stability and financial costs.

Due to the fluctuation in dollar rate Gold rates also fluctuates but in opposite way. If the dollar goes up gold comes down and vice versa. With the change in policies of Reserve Bank such as demonetization also affects the gold price in Chennai. Even the financial costs such as loan price also affects gold price. As Loan price decreases gold price in Chennai will increase.

Cash encounters vulnerability, but commodities such as gold and silver don't. So, some smart investors go for commodities such as gold than cash because gold acts as refugee what ever the economic condition is.

Even opting loan on gold is easy as thier are lot of banks and NBFC's which give loan on gold.


Latest Updates on Chennai Gold Rates

Gold rates in Chennai set to rise

Gold rates in Chennai are likely to open higher, as the dollar has weakened a bit against a basket of currencies. Chennai gold prices have been on a rise in the last few weeks, after seeing a sharp slide in the month of January. The precious metal has taken cues from international prices which have moved higher over the last few weeks. It is likely that we will see prices remain volatile more than anything else. If you are a buyer, who is looking to buy, it is best to stay away till you get respectable prices. One will have to wait and watch for sometime before you enter into the precious metal. A good option will be to buy into gold ETFs, which have over the years seen a good demand, as they are easy to sell and very liquid. However, this has to still catch-on in a place like Chennai.


22 January 2017
Gold prices stay flat

Gold prices in the city of Chennai were trading flat at Rs 27,350 per 10 grams on Jan 16, 2017. The weekend sees no change in the price of the precious metal, as is always the case. Most of the gains come about because of the change in the gold rates the previous day. International gold prices have been higher in the last few days, which has lent support to gold prices in India.

16 January 2017
Gold rates in Chennai move up

Gold prices in Chennai moved higher, after prices increased in the futures market. This is the third straight day of gains seen on January 12, 2017 for the precious metal and shows a more bullish outlook for the precious metal. Both 22 and 24 karats gold were showing signs of a more bullish outlook. Technically prices of gold in the city of Chennai are set to rally, as investors buy into the precious metal. How far they jump from these levels, is something that one can only hazard a guess with. 22 karats price today in Chennai was near the Rs 27,300 levels, a movement of almost Rs 450 in the last few days. Demand was also seeing a very healthy trend and whether it sustains is something that is very difficult to predict. All in all the movement in the precious metal is likely to remain more restricted in the coming days. Equities have now gained more momentum then gold.

12 January 2017
Gold rates set to hold steady

Gold rates in Chennai are set to hold steady in trade, as investors digest international developments. Gold for 22 karats and 24 karats have been on an upmove in the last few days and the trend may continue. Gold for 22 karats and 24 karats, both rose largely because there was some easing of dollar rates in the last few days. Gold and the dollar always tend to move in different directions, though it may not always be the case.

9 January 2017
Gold rates in Chennai stay flat

It was another dull day of trade for gold in Chennai, with the price of the precious metal seeing little support at higher levels. Gold for 22 karats and 24 karats was almost little changed in the city of city of Chennai. It is highly likely that we may see some buying emerging at lower levels, in the next few days. However, when that woud happen is always difficult to say. Investors have made pretty decent sums by investing in gold in 2016 and it has outperformed equities and government dated securities in India. Whether the same trend would continue in 2017 is difficult to say.

5 January 2017
Gold prices hold ground

Gold prices in Chennai are set to open higher, as investors buy into the precious metal on declines. Globally, we saw some movement of gold against the dollar, which largely ignored the strength in the dollar. The dollar has been rallying against a basket of currencies, which has pushed prices of gold lower. Volumes of gold in Chennai have recovered, as the holiday season is now over and investors digest a slew of data from across the world for further cues. Gold prices in Chennai have seen marginal recovery towards the end of 2016 and we may see some more recovery in the next few days. However, for a sustained recovery to happen it would take some more time. Those willing to buy could hold for some more time.

3 January 2017
Gold rates Chennai see very little move

Gold rates in the city of Chennai were trading steady, as investors did not make any large committments, due to the beginning of the year. Gold prices on Jan 2, 2017, were largely steady, as investors bought into the precious metal. Gold for 22 karats was last seen trading at Rs 28,100 in the city of Chennai. Investors have very little idea what could be in store for prices in the next few weeks. The Union Budget 2016-17 is unlikely to provide any respite to prices for the precious metal in the city. However, you can buy the metal on dips as an investment strategy.

2 January 2017
Gold rates in Chenni little changed on Jan 1, 2017

The first day of the new year began with prices little changed on Jan 1, 2017. In fact, there was no price movement in the precious metal as today was a hliday. Gold prices in Chennai hovered near the Rs 27,000 range and were staying rangebound as is the case always on a Sunday. Gold for 24 karats was also little changed over Satursday's levels. It is unlikely that we will see any brisk movement in gold prices in the next few days, as gold has moved in a very narrow range in the last week of 2017. However, Chennai gold rates in 2017, may see a remarkable upward movement, which should augur well for the precious metal going forward. It is likely that we may see an upward movement in the next few days for gold, also in line with the broad trend prevailing in the global markets.


1 January 2017
Flat prices for Chennai gold on December 24

Today, December 24, was another flat day for gold prices in Chennai. The precious metal which had seen declines for about 7-8 weeks saw lack of buying interest. In fact, gold rates in Chennai have been on a decline for the last few trading sessions. If you are a buyer of gold in Delhi, you should surely be considering this fall as a worthy opportunity to buy into the precious metal. In fact, we suggest that all investors should be considering buying gold for the long term in Chennai. You may also consider expert help from some of the brokers in the city before buying into the precious metal. Remember, that gold has helped individuals make money in the long-term, so if you are a long term buyer in the precious metal, it may hold you in good stead.

24 December 2016
Chennai gold rates little changed

Gold rates in Chennai were little changed as compared to the previous day as the trend in prices across the globe was very subdued. The dollar gains were capped, which ensured that it helped support gold prices. The rupee too showed a lacklustre movement which helped support prices in the city. Gold rates in Chennai have been on a constant decline since late October, 2016. This is good news for those investors who are looking to buy the precious metal.

23 December 2016

Disclaimer: The gold rates are sourced from local jewellers in the city. There maybe variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious gold. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on gold information provided.

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