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.
|Gram||22 Carat Gold
|22 Carat Gold
|Daily Price Change|
|1 gram||₹ 2,836||₹ 2,804||₹ 32|
|8 gram||₹ 22,688||₹ 22,432||₹ 256|
|10 gram||₹ 28,360||₹ 28,040||₹ 320|
|100 gram||₹ 2,83,600||₹ 2,80,400||₹ 3,200|
|Gram||24 Carat Gold
|24 Carat Gold
|Daily Price Change|
|1 gram||₹ 3,093.80||₹ 3,058.90||₹ 34.90|
|8 gram||₹ 24,750.40||₹ 24,471.20||₹ 279.20|
|10 gram||₹ 30,938||₹ 30,589||₹ 349|
|100 gram||₹ 3,09,380||₹ 3,05,890||₹ 3,490|
|Date||22 Carat||24 Carat|
|Nov 18, 2017||₹ 28,360||₹ 30,938|
|Nov 17, 2017||₹ 28,040||₹ 30,589|
|Nov 16, 2017||₹ 28,130||₹ 30,687|
|Nov 15, 2017||₹ 28,230||₹ 30,796|
|Nov 14, 2017||₹ 28,170||₹ 30,730|
|Nov 13, 2017||₹ 28,120||₹ 30,676|
|Nov 11, 2017||₹ 28,700||₹ 31,309|
|Nov 10, 2017||₹ 28,200||₹ 30,763|
|Nov 9, 2017||₹ 28,100||₹ 30,654|
|Nov 8, 2017||₹ 28,100||₹ 30,654|
|Gold Rates||22 Carat||24 Carat|
|1 st October rate||Rs.28,400||Rs.30,900|
|31st October rate||Rs.28,000||Rs.30,545|
|Highest rate in October||Rs.28,600 on October 3||Rs.31,200 on October 3|
|Lowest rate in October||Rs.28,000 on October 31||Rs.30,545 on October 31|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st September rate||Rs.28,520||Rs.31,112|
|30th September rate||Rs.28,420||Rs.31,000|
|Highest rate in September||Rs.29,000 on September 8||Rs.32,563 on September 8|
|Lowest rate in September||Rs.28,220 on September 21||Rs.30,785 on September 21|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st August rate||Rs.27,410||Rs.29,901|
|31st August rate||Rs.28,170||Rs.30,730|
|Highest rate in August||Rs.28,170 on August 31||Rs.30,730 on August 31|
|Lowest rate in August||Rs.27,100 on August 7||Rs.29,563 on August 7|
|Over all performance||Rising||Rising|
|Gold Rates||22 Carat||24 Carat|
|1 st July rate||Rs.27,580||Rs.30,087|
|31st July rate||Rs.27,360||Rs.29,847|
|Highest rate in July||Rs.27,590 on July 2||Rs.30,098 on July 2|
|Lowest rate in July||Rs.26,270 on July 14||Rs.28,658 on July 14|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st June rate||Rs.27,920||Rs.30,458|
|30th June rate||Rs.27,740||Rs.30,261|
|Highest rate in June||Rs.28,330 on June 24||Rs.33,276 on June 24|
|Lowest rate in June||Rs.27,490 on June 28||Rs.29,130 on June 28|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st May rate||Rs.27,911||Rs.30,448|
|31st May rate||Rs.27,770||Rs.30,294|
|Highest rate in May||Rs.27,911 on May 1||Rs.30,448 on May 1|
|Lowest rate in May||Rs.27,010 on May 9||Rs.29,012 on May 9|
|Over all performance||Falling||Falling|
This is a question that many investors and users of the precious metal would like to know. Let us quickly take this question in a quick point by point answer.
1) 24 Carats is fully pure, while 22 carats is not.
2) The former has purity of 99.99 per cent, while the later is 91.6 per cent pure.
3) 24 karats gold is more expensive than 22 karats.
4) 22 karats is used to make jewellery, while 24 karats is not, because it can break rather easily.
So, should you buy 22 karats or 24 karats?
This is something that is always so very difficult to answer. It depends on your own needs and requirements. For example, if you are going to buy gold ornaments, there is no way you are going to get them with 24 karats purity. You have to buy them as 22 karats purity for which you must check the gold rates in Chennai. Now, the resale value is always better in the case of 24 karats, but individuals largely restrict themselves to coins and bars. Of course, the latter is for the rich and affluent class as the costs involved is very high. In any case, you can make a choice yourself, given the fact on your own financial condition and whether you have money for the same.
So individuals often ask the question: Should we go with 22 karats or 24 karats gold? The answer is very simple: 22 karats gold would fetch you lesser price, while 24 karats gold would fetch you a higher price. If you are looking to buy and sell both are very much marketable. So, the choice of which level of purity of gold to buy is purely your own prerogative. As for us we would recommend that you buy either. The general theme is that 22 karats gold would come in jewellery and for 24 karats you hav o necessarily go with gold coins and bars. It is always advisable that one waits and watched the gold prices in Chennai before buying.
Have you ever asked yourself how gold rates in GRT Chennai or gold rates in Lalitha Jewellery are determined? It is more complex then you think to determine the gold rates in Chennai. This is because let us see what are the factors that influence the gold prices of 916 gold in Chennai. In fact, not only 22 karats, but all other varieties of gold.
a) Interest rates:
One big factor is the interest rates. When interest rates in developed countries rise, investors sell gold and buying fixed yielding instruments. This affects the daily gold rates in Chennai.
b) Demand for the precious metal
This is a pretty straight forward point. As is widely known anything that has lower demand will see a fall in prices and anything that has good demand will see a rise in prices. This is also true for gold.
c) Government policies
Gold prices go higher when the government policies are not favourable for the precious metal. Say for example, when the government imposes duties and tariffs it leads to a fall in prices and this is very simple. The government recently added to the Goods and Services Tax, which has altered the gold prices in Chennai. For example, the GST has now added a making charge of 5 per cent on gold, while gold itself attracts a 3 per cent Goods and Services Tax. the imposition of this has made gold rates in Chennai more costlier than ever before. In fact, the gold industry was lucky that the making charges on gold itself was reduced, though it is difficult to compare gold prices in chennai with the pre-GST levels.
d) Local factors
Gold is also impacted by a number of local factors like the local government's tariffs and duties. In short, there are a host of factors that influence gold rates in Chennai today. You need to examine the prices before buying. Unless, there is a need you should avoid buying at high prices. You can adopt a strategy of buying on declines. We suggest that you buy for the very long term or else you would not be able to make any money from the price rise in the precious metal. All these have their impact on Chennai Gold prices today.
There are various markings on gold Jewellery that could happen from time to time. These include the hallmarkings, which have the typical markings with the date of manufacture etc. But, what you could also look at as is the markings for the typical purity of gold. let us see what these gold markings in Chennai comprise of:
24 karats marking:
The 24 karats marking comprises of no other metal that is mixed with it. So, if you buy 24 karats gold in Chennai, you are assured of the purity of the metal, which is 100 per cent pure. It does not get purer then this. Generally, we find this in gold coins and gold bars, which is a good thing.
22 karats gold
Typically this would be used in gold jewellery and you can see the marking on the jewellery. This is about 91.6 per cent pure with the remaining being probably copper. So, check the marking before buying.
18 karats marking
This is another common form of gold and gold jewellery that we see in the 18 karats marking. Gold jewellery is often used to make with 18 karats gold.
Now, there are emerging worries as far as hallmarked gold is concerned. There are reports that are emerging that gold in Chennai or any other centre, should have hallmarking centres that are thoroughly monitored, so that there is no scope for duping the customer. Also, the belief is that if we see a lot of gold being hallmarked, India could have the potential to generate large amounts from export of the precious metal. You can have all the details on hallmarking from the Bureau of Indian Standards which have some designated hallmarking centres in the country.
Lower karats forms
There are many lower forms of Karats which could as low as 8 karats. These are rarely used in India and we do not even know whether anybody sells the same. We suggest that you go with the usual tried and tested method of 22 karats and 24 karats gold. Even the 18 karats gold is good enough in Chennai. The long term stories for all of these precious metals is good. In India generally, you should be buying the 22 karats or the 24 karats or the 18 karats. However, we do not recommend that individuals buy the lower karat variety, as this may lead to an inability to sell the precious metal. In countries like the US you could also see much lower form of karats and these are also pretty much in demand. In India, particularly in Chennai we do not find the lower forms of gold, as investors and buyers tend to stay with the purer forms of gold.
Currency volatility on gold pricing
Currency volatility is the unpredictable movement of exchange rates in the global foreign exchange market. Currency volatility can lead to significant losses or gains in the foreign exchange market. Currency volatility is also known as foreign exchange or FX volatility.
Volatility is a critical measure in evaluating the risk of an investment. If the volatility is great, wider will be the range of prices. High volatility refers to the point that price of the asset can change dramatically over a short period. A lower volatility means the asset's value does not fluctuate as significantly. Gold prices are volatile, that is moving quickly and dramatically, often with no warning at all.
Gold is one of the most widely discussed metals in the world. It is classed as a commodity and a monetary asset. It is primarily because of its prominent role in both the investment and consumer world.
Gold prices tend to rise and fall for a variety of reasons. There is a correlation between the value of the yellow metal and the strength of currencies trading on foreign exchanges. Earlier gold was used to back up fiat currencies.
Gold has long been considered a haven because if there is a war, currency crises, stock market crashes, change in interest rates and inflation, etc., it won't affect the investors.
Importing gold into Chennai
There are various aspects of importing gold into Chennai. Here are a few things that you need to keep in mind.
a) You can import a maximum of Rs 1 lakh of gold and that too you have stayed outside the country for more than 1 year.
b) The above is for women and men are allowed to import gold to the tune of Rs 50,000 only.
c) It is important to carry an export certificate, if you are carrying gold on your way out of the country, so you are not questioned on your way back into Chennai.
d) This is also a valuable document and forms an important basis of proof that you carried gold out of the country.
e) It is important to understand that you should have stayed outside the country for more than 1 year for the above norms to be applicable.
g) It is also important to remember that you cannot carry more than 1 kg gold and the limit is presently restricted to 1 KG.
h) There are other aspects that you need to keep in mind before you buy into the precious metal and import into the country. it is also important to understand that the rules regarding import of gold into the country keep changing and you should know all the rules surrounding them. Otherwise you will get into trouble that you do not want. It is also important to note that you need to stay out of the country for a period of time, before you import gold into the country. Otherwise, you canot import gold into the country. Remember, imported gold is always pure and there are not too many concerns on those front. Of course, the layman should not be too concerned with the import of gold as most of the big banks and trading institutions import gold into India. For example, gold in India is imported by some of the biggies like Mineral and Metal Trading Corporation, State Bank of India etc.
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. There are many places in Chennai where yyou can go and shop and the number of places should not deter you from the best possible gold which is if very high quality. This is a very restrictive list that we have given and the number of shops in Chennai is second to none. It is extremely difficult to highlight all the shops in the city because Chennai itself is so vast.
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. This is why we had time and again at the outset suggested that investors should go to shops that have some credibility. Remember, the making charges of gold is a lost cause and you do not get your money back. So, you need to be extra cautious on the same.
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. Probably, if you do not end-up encashing your gold you should because it is better than giving the jeweller.
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.
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.
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.
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.
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, 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.
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 euro 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.
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.
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 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 occasion. However, you need not invest a lumpsum amount, given the fact that gold prices are rather high now. It is a good idea to buy into the precious metal on declines.
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.
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.
Gold rates in other parts of Tamil Nadu
Gold prices in other parts of Tamil Nadu like important cities of Madurai, Coimbatore always tend to follow the prevailing rates seen in Chennai. In fact, there is not much of price difference in these cities, if at all.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Gold prices in Chennai are largely dependent on the global market prices of the metal. Most of the yellow metal in the Indian markets is imported, which is why prices of the metal in India and places like Chennai depend on these very volatile movements. When there is a change in the global market price of gold, the import values are changed accordingly. The market price of gold in India is a direct reflection of the import prices.
Today, cues from the international market suggest that gold rates in Chennai are steady after hitting a more than one-week low in the previous session. Spot gold price in the global market was nearly unchanged at $1,280.90 per ounce.
Spot gold price in Chennai gold shops was unchanged today, but, it was lower in the previous session at 0.1 percent at Rs.28,170 for 22 karats and Rs.30,730 for 24 karats. The current gold price in Chennai was Rs.28,180 for 22 karats and Rs.30,750 for 24 karats.15 November 2017
The price of the yellow metal has been performing reasonably good in the last few with not only the traditional investors, but, new investors also looking forward to getting benefits from gold investment in Chennai. Gold is a safe investment to get good returns. The people who are thinking to invest money in gold should probably not try and time price movements. People in Chennai purchase gold mainly in the form of jewelry.
There are different factors which determine the gold price in Chennai like Supply, Import rates, US Dollar, International Relations. Cues from the international market have enabled gold rates in Chennai move to down to Rs.28,200 for 22 karats and Rs.30,763 for 24 karats. Spot gold rates in Chennai local gold shops were down compared to the previous spot gold price.11 November 2017
Tracking the gold rates in Chennai for the last one year would prove that gold rates in the last one year have fallen dramatically. Last year in November 2016, the gold rates in Chennai were at Rs.30,750 per gram. exactly, a year down the line we have seen in November 2017, gold price ranged from Rs. 27,940 for 22 karats and Rs.30,567 for 24 karats.
Cues from the international market show that gold rates in Chennai set up are likely to be higher as the dollar moved lower against a basket of currencies. Spot gold price in Chennai at the local gold shops was up to 0.1 percent compared to previous spot gold price. The current gold price in Chennai ranges from Rs.28,020 for 22 karats and Rs.30,567 for 24 karats.8 November 2017
In last month of Oct, gold rates in Chennai have fallen from Rs 28,400 to Rs.28,000. At the beginning of the month of Oct, gold rates in Chennai for 22 karats was in a range of Rs 28,400 and Rs 30,900 for 24 karats. While coming to the end of Oct, gold rates in Chennai had fallen for 22 karats to Rs.28,000, and for 24 karats it was Rs.30,545.
The overall performance of gold price in Chennai was a drop of 1.41 percent for 22 karats and 1.15 percent for 24 karats. This situation happened due to the geopolitical issues and a strong US dollar.
Today, cues from the international market showed that gold price in Chennai were stable, but hovered near a one-week low hit in the previous session, as largely upbeat U.S. economic data reinforced the prospects of another rate hike by the Federal Reserve next month. Spot gold price in Chennai local gold shops were unchanged at Rs.27,840 per gram.6 November 2017
Gold rates in Chennai are updated on a daily basis, and it can be sourced from those dealing in gold or online via various financial websites. In the month of Feb 2017, gold rates in Chennai traded at its highest level. Gold price in Chennai on Feb 1, ranged at Rs.29,570 for 22 karats and Rs.32,258 for 24 karats. This was the highest rates that we seen in Chennai in Feb recorded at a range of Rs. 30,140 on 25th and 26th of Feb and the lowest gold price in the range at Rs.29,400 on Feb 3, 2017. In Oct, gold prices in Chennai traded in small range of Rs. 28,000 for 22 karats and Rs. 30,545 for 24 karats. Trends from the international market the spot gold price in Chennai local jewelry shop was rose up to 0.3 percent.
The month of November is unlikely to be great for gold, given the fact that we are likely to see the precious metal under pressure, if the US Fed hikes interest rates in December.
Gold rates in Chennai were witnessing a steady trend, since the start of the year 2017. Gold rates in Chennai are mainly derived through an informal process. The Indian Bullion Jewelers Association or the IBJA plays a key role in determining the day-to-day gold rates in Chennai. Gold prices in the city are every day updated on a basis which is available online, through financial websites, and from gold dealers. Gold Rates in Chennai are fluctuating on a daily basis and largely depends upon cues from the international market. The price in Chennai is fixed by the forces of demand and supply. Higher demand leads to a higher gold price and vice versa. Lower demand leads to a lower rate and vice versa. Cues from the international market plan an important role as well. The current gold rates in Chennai was at Rs. 28,010 for 22 karats and Rs. 30,556 for 24 karats.31 October 2017
Demand for the gold is one of the most important factors that impact gold price in Chennai. Increase in demand will lead to increase in gold prices in Chennai, and lower demand will lead to a price reduction. Cues from the international market suggest that gold prices have dipped marginally compared to the previous sessions. Spot gold price in Chennai has fallen by 0.19 percent at Rs. 28,060.
Investors are now increasingly focussing their attention to equity markets and dumping safe haven bets like gold. Globally, the markets are awaiting news of the next US Fed Chairperson. A hawkish appointment of the US Fed Chief may impact gold prices negatively.
If we see in the past ten days, gold prices in Chennai have reduced from Rs 28,440 seen on Oct 16th to Rs. 28,060 as on Oct 26. People who are interested in buying gold could do it now, due to the marginal drop in prices of the metal.27 October 2017
Cues from the international market suggested that gold price in Chennai is likely to open flat to slightly higher. Prices on the MCX suggested a higher opening by Rs 20. Chennai stands high among the cities in India with a huge demand for gold. Due to its cultural importance and for a fact that it is also a profitable investment option. Chennai boasts a maximum sale and purchase of gold in India. There were hawkish comments from U.S. Federal Reserve Chair Janet Yellen, on interest rates, which saw some selling strength in gold. Interest rates in the United States and gold are indirectly related. However, the North Korea Issue would keep gold prices hiigher in future days. From the past ten days, gold price in Chennai has moved in a narrow trading range from Rs 28,500 to Rs28,800. There are a lot of reasons which is impacting gold rates in Chennai. Spot gold rose 0.1 percent to 1,294 ounces, and US futures for December delivery fell 0.35 percent to 1,297 ounces.27 September 2017
Gold price in Chennai slips as the Dollar recovers after a significant fall against the basket of currencies. North Korea Concerned investors and the Dollar dropped to four month low. The Dollar traded nearly 109.78 yen which was the lowest since mid-April. Now the Dollar bounce back and is trading at better levels this has affected the Gold, and the gold price fell today. If we see, in this month gold price in Chennai opened at Rs 27,410 and continued trade on an upward trend at a point it reached around Rs 27,800. Now the price in Chennai has crossed Rs 28,000, and it seems that today fall in the gold prices in global markets may take the prices below Rs 28,000 mark. The month of August has not been a great month for the markets as there were a lot of fluctuations due to various reasons. So, most investors hang on to gold until the global uncertainties decrease.30 August 2017
Gold prices in Chennai gained as the Dollar fell against a basket of currencies. The dollar fell to a two year low against the euro as well. The central banks meeting held on Friday in Jackson Hole had affected Dollar in a big way. Federal Reserve chair Janet Yellen not mentioning about the future monetary policy and European central bank chief Mario Draghi's comments on the global recovery weighed on the Dollar. Draghi comments pushed one percent up to a high of $1.1934. On the other hand, Dow closed higher on the tax reforms hope. This also had an impact on Chennai gold rates, as the dollars volatility always affects prices. Investors in Chennai may take this situation and may invest in gold, but it is suggested to the investors if they are going for gold better to go for bonds than going for physical gold. Taking gold bonds will be a safer place to keep your investments compared to any other as the central Government will back the gold bonds, and you can sell it on the stock market as well.28 August 2017
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.