Home  »  Gold Rates  »  Chennai

Gold Rate in Chennai (22nd August 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
Today
22 Carat Gold
Yesterday
Daily Price Change
1 gram ₹ 2,753 ₹ 2,759 ₹ -6
8 gram ₹ 22,024 ₹ 22,072 ₹ -48
10 gram ₹ 27,530 ₹ 27,590 ₹ -60
100 gram ₹ 2,75,300 ₹ 2,75,900 ₹ -600

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

Gram 24 Carat Gold
Today
24 Carat Gold
Yesterday
Daily Price Change
1 gram ₹ 3,003.20 ₹ 3,009.80 ₹ -6.60
8 gram ₹ 24,025.60 ₹ 24,078.40 ₹ -52.80
10 gram ₹ 30,032 ₹ 30,098 ₹ -66
100 gram ₹ 3,00,320 ₹ 3,00,980 ₹ -660

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

Date 22 Carat 24 Carat
Aug 21, 2017 ₹ 27,530 ₹ 30,032
Aug 19, 2017 ₹ 27,590 ₹ 30,098
Aug 18, 2017 ₹ 27,790 ₹ 30,316
Aug 17, 2017 ₹ 27,740 ₹ 30,261
Aug 16, 2017 ₹ 27,590 ₹ 30,098
Aug 14, 2017 ₹ 27,750 ₹ 30,272
Aug 12, 2017 ₹ 27,830 ₹ 30,360
Aug 11, 2017 ₹ 27,820 ₹ 30,349
Aug 10, 2017 ₹ 27,530 ₹ 30,032
Aug 9, 2017 ₹ 27,200 ₹ 29,672

Weekly & Monthly Graph of Gold Price in Chennai

Historical Price of Gold Rate in Chennai

  • Gold Price Movement in Chennai, July 2017
  • 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
    % Change -0.80% -0.80%
  • Gold Price Movement in Chennai, June 2017
  • Gold Price Movement in Chennai, May 2017
  • Gold Price Movement in Chennai, April 2017
  • Gold Price Movement in Chennai, March 2017
  • Gold Price Movement in Chennai, February 2017

22 Carat Gold Rate In Chennai Today Vs 24 Carats

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?

Read: A beginners guide to buying gold here

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.

How is todays gold rate in Chennai 916 determined?

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.

Gold Rate in Chennai, 22 & 24 Carat Gold Price Today

Understanding the gold markings on Jewellery in Chennai

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.

What is Sovereign Gold Bond Scheme? Is it a better option to choose for investors in Chennai?

Reserve Bank of India (RBI) on behalf of the Government of India issued this Sovereign Gold Bond scheme as an investment option for the investors in Chennai. This scheme is an alternative option instead of Physical gold for the investors. That means people will be getting gold bonds instead of Physical gold such gold coins or bars. You can buy these bonds as per the gold rates in Chennai.

The primary objective of the scheme is to decrease the demand for physical gold. As RBI has launched the scheme, no need to worry about the transparency or safety. Investors in Chennai can buy these gold bonds on Bombay Stock Exchange (BSE). Once the bonds cross the maturity period, investors can redeem these bonds for cash or can sell it on BSE.

One can invest in these gold bonds with a minimum of one gram to five hundred grams per person. The gold bond is also available on Demat. One can buy and sell these bonds using the Demat account or can take it in paper form.

These bonds have a tenure of eight years and can avail the exit option from the fifth year. Using these bonds one can avail for a loan as well.

Why Chennai is a big consumer of gold?

It is difficult to precisely pin as to which city is the largest consumer of gold in India. According to reports one of the biggest consumers of gold in India is south India. There are reports that South India consumes the maximum of gold and that is around 30 per cent. Of this, it is difficult to come to any conclusion on the exact consumption that we are seeing for gold in Chennai. But, we must understand the significance and why gold consumption is so high in Chennai. Gold is not only considered as auspicious, but, also a matter of pride and prestige. As a matter of fact, the larger the amount of gold that one puts the more wealthy one is considered. Of course, over the years these kinds of fads are fast changing and people are becoming more realistic. How much gold can you put also depends on your ability to afford it. Buy and large it is largely customary these days to place a lot of gold on occasions like marriage. This is one reason why Chennai consumes so much of gold. In the future too we are likely to see demand from the city continuing to be strong and robust. However, at most what could happen is that the desire for physical gold may slowly make way for gold in various forms like gold ETFs and gold bonds. But ultimately, the desire for gold would always be there. Prices of Gold in Chennai today also play a big role in influencing the demand for gold in the city. Higher the prices of gold, lower would be the demand and vice versa. These days buyers of gold in Chennai are also making a paradigm shift towards sovereign gold bonds issued by the government.

A succor in times of trouble

Gold is also seen as a refuge in times of trouble. For example, when an individual has a family problem, he resorts to selling his gold, which of course is the last resort during times of trouble. This is one reason why investors invest systematically in gold, which helps them also to diversify their assets. People in Chennai do the same as an investment as well as a need for savings. You can buy and save in gold in Chennai in a variety of ways including ETFs, gold jewellery schemes, government bonds etc. In short, it helps during times of trouble and hence is a good bet. However, all depends on the price of Gold in Chennai on whether you make a profit from the buying and selling of gold in the city. Also, the love for gold in the city is unmatched and you people of Chennai really love their gold.

The only problem with this kind of infatuation is that you are not doing the country a big favor. One make ask why is that belief? This is because each time you consume heavy gold the nation has to import more gold. Now, there is no problem in doing that. However, the only worry is that since we do not mine our own gold, we have to import and hence, there is a drain valuable forex exchange of the country. If you are looking for a marriage or a ceremony, it is a good idea to accumulate gold on declines. This would hold you in good stead, as prices of gold have been on a rise in the last few years. Let us give an example. Let us say that you wish to buy 100 grams of gold for a marriage of your daughter in Chennai in the next 5 years.  If you accumulate 20 grams each year, you would have reached your target in the next few years, thereby helping to save for a marriage or a occasion, it is as simple as that. Of course consuming gold in Chennai also depends on the prevailing prices of gold. In India folks tend to wait for prices to dip before they buy and hence to that extent the demand for gold remain very subdued.  So, in short when prices are high, gold prices demand is low and when they fall, the demand tends to be much higher.

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.

How to buy gold on MCX in Chennai

Firstly MCX (Multi Commodity Exchange) is a place where you can buy commodities such as Gold, Silver, Natural Gas, etc. The main advantage with the MCX is that you can buy a commodity and keep it in electronic form or in the form of bond with you and can you sell it when you wish to in between the trading hours.

To purchase gold on MCX in Chennai you need to have a Demat Account first. Just like shares we store our shares or stocks in a Demat Account. To deposit or store the gold you did on the MCX you will need a Demat Account.

We know that the gold rates in Chennai change every day and there will be some change in the gold rates from state to state. But when it comes to buying gold on MCX in Chennai, the rates will be same all over the India. So, if you are buying gold on the MCX then if you are in Chennai or any other part of India the price you need to pay for the gold you buy remains the same.

Some valuable properties of gold?

Gold is a very precious metal and it has some inherent value. Gold has some useful features as well. Some of which include conductivity, softness, malleability and low melting point. Gold is a medium of exchange in any part of the world. Gold has value worldwide. In whichever country or place you take randomly though the currency value is different the value gold will be the same. It is easy to find a person who trades with gold. Gold does not deteriorate this quality makes it more valuable. To whatever condition, gold is exposed to gold will not get rusted or torn. Gold can be carried very easily and can be stored in tiny place. Gold used to be a currency worldwide ages before. Now, it is not but gold never lost is value.

There is some spiritual value for gold as well. Regardless of the religion, many people buy gold during a festival believing that gold will bring luck to them. In few religions, there is a particular festival to buy gold. This value of gold will have a hit on gold rates in Chennai.

Gold has a great usefulness in electronics. These days many expensive electronic goods are being manufactured using gold to increase the durability of those goods.

 

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.

How to buy Sovereign Gold Bonds in Chennai?

These bonds are listed on the exchanges are the best bet for investors in gold. If you want to buy them, you have to buy them from the exchanges. These ones mature in 2022. Since they track gold prices, the best thing would be to buy them as you get gold prices. If gold prices in Chennai remain volatile, then there are high chances that Sovereign Gold Bonds also would see some volatility. It is better to hold these investments till maturity. The interest earned on them is not tax free and one has to pay the applicable taxes. Chennai has a plethora of options for investing in gold, but, this remains one of the best options that we like. The best thing that the price discovery on the bonds are very attractive, which is the big advantage. Remember, that if gold prices fall, so would prices of these bonds.

Chennai a large consumer of gold

India is known to be the largest consumer of gold and Chennai is no different. These days there are disputes if China has surpassed us as the largest consumer. In fact, there are reports that it has. Interestingly, China is also one of the biggest miners of gold. Their central bank is also known to have large reserves of gold across the world. One interesting feature that we wish to state is that these days the Olympic gold medals are also not made of complete gold. In fact, it is only partially quoted with gold. How much gold is clearly now known by many. Demand for gold in Chennai is unlikely to rise too much as the marriage season is now over. However, prices of gold in Chennai today have grown a great deal since the start of the year. Is there going to be a further upside? Your guess is as good as ours. Nobody can actually predict.

A paradigm shift is taking place in Gold

A gradual shift is taking place in the way investors are buying and selling into gold, whether in Chennai or elsewhere. For example, those who once heavily relied on buying gold physically are now making a shift to gold bonds and gold ETFs in India. Take the case of the government sovereign gold bonds. These not only track gold, but also give you an interest rate of 2.75%. So, it is a win win situation as capital appreciation is also backed by some interest rate. This rarely happens in any other product of gold, including physical gold. This is why investors in Chennai are today increasingly backing other forms of gold. Physical gold has its own constraints and these include inability to make them very liquid and also the loss on making charges etc. This has made these gold bonds in Chennai, which are now available in the electronic format, among the best bets in the country. There are also various other options, but by and large these could be considered the best. They also allow you a nomination facility and you can invest in the name of a minor as well, as far as the gold bonds are concerned. For those with a more long term perspective the eight year holding does not matter, though you can even sell the same through the exchanges in the country. In fact, if you see from a 10-15 year perspective, we see gold has given a phenomenal returns of almost 15 per cent every year. Gold imports have shown a gradual decline this year and we would assume that the same trend is prevalent in a city like Chennai. Investors are also now gradually shifting their attention to buying Sovereign Gold Bonds. This is because these bonds offer numerous benefits. The biggest of these is the tax liability. Consider this: If you invest in them, then you do not have to pay capital gains taxes if you hold them until redemption. On the other hand, if you sell gold like physical gold, you have to pay taxes on them, whether it also includes gold ETFs. These makes these bonds super advantageous when compared to others.

How to buy gold in the futures market in Chennai?

It is not too difficult to buy gold in the gold futures market in Chennai. You first need to open a broking and trading account before anything else. Once you open the broking and trading account, you can buy gold in the same way as you buy shares and stocks. For this you have to first place an order. There are many advantages of buying gold in the futures market in Chennai. The first and the foremost is that it is easily liquid. You can sell and the amount is credited to your account in trading day plus 2 days. The second there is price transparency and you do not have to worry whether you got the right price or not. Lastly, you can buy in large quantities with lesser amount, in place of the amounts you would have got for buying physical gold. This is because buying gold in the futures market largely works on the basis of margins. Normally, you would end-up paying a margin of 5 to 10 per cent. So, in the futures market if you buy gold worth Rs 2 lakhs, you would end-up paying only Rs 15,000 as margin. check that before you buy gold in Chennai. Buying gold in the Chennai market through futures is a little risky then buying physical gold. One of the big risks of course is that the exposure is too high. The other problem is that you have to compulsory square off your position in the market, which is another disadvantage. For example, if you take a contract that expires in March you have to settle that contract by March and there is no other way. So, if you are not sure, which way the contract would move, you are fishing in troubled waters and it is best to stay away. However, if you can rightly predict movement, you are in for good times. Seek professional help, if you are not a professional trader. However, unlike stocks gold is less volatile and hence you may not lose a great deal. The lot sizes of the gold are much larger then you would buy in the physical market, and so the exposure is less. Remember, when you buy into the futures market, you are more like a trader and not like an investor. You have to square-off your position. To that extent you need to be careful of the choices that you make. You can for sure get more quantity with lesser value which is a good deal in itself. It is extremely important to understand the other nitty gritties of buying gold, before you even attempt trying to buy in the futures market, which has many risks associated with the buying.

What is the best rate to buy gold in Chennai?

This is often the most difficult question to answer. In fact, few would attempt to answer a question like that. But, let us give you some clues on what would be the best rate to buy gold at in the city of Chennai. Today gold rates in Chennai for 916 karats purity is around the Rs 28,200 levels. It was at Rs 27,200 in the month of December. So, it is not a bad bet at the moment. Investors have made money in the last few months. But, those buying the precious metal may not make money any longer. In fact , if they do, their returns at best would be very minimal. So, what this means is that for a little returns the rewards are not too high, as the risk to fall is even higher. In short, the risk to reward ratio is no longer favourable for buying gold. So, what you could do is buy into the precious metal, only when it is low. But, how low is often the question. Let us say that you want to sell at rates of Rs 30,000. In that case, you should buy the precious metal, at around the Rs 27,000 levels, which would then give you decent returns of near 10 per cent. Do not forget that gold has a lot of costs associated with buying and selling, which means your returns need to be even better. This is the only problem with gold rates in Tamil Nadu generating the returns for investors.

At best you get nominal returns. Another thing worth noting is that you end-up also paying taxes, which means your returns dip even further. In any case, buy on dips and sell at higher levels is the only strategy that you can adopt. We suggest that you always read live gold prices in Chennai, before you venture into buying anything.  Always wait for the opportune time, wherein you can make some money from buying and selling.  Buying in distress is always has risks associated with the same. So, in short there is no high or low gold rates. You need to define the same for yourself. Recently, the US Fed raised interest rates and long as that trend continues, we might see gold prices in Chennai coming under wee bit of pressure. Just stay away from gold at the moment and for good reason. In short, there is nothing called a worst or the best rate in Chennai. You must be a little prudent in Chennai to buy on declines.

The inert quality of gold to check purity

Gold is an inert metal, which is why it is one of the most precious metals on the surface of the planet. By inert it means that it does not react with air and oxidize. So, in short, it does not oxidize. So, what happens is that when you wear gold jewellery, if there is discoloration due to perspiration, you should at once know that it is not genuine gold. Apart from this you could also have skin allergies, which is one of the signs that the gold is not genuine.

This is one way of checking gold purity without doing too much of tests like acid test on the precious metal. So, when you are buying gold in Chennai make sure that you remember the inert quality of the metal before buying. These days with all the essaying and other methods of testing it is almost impossible to get cheated, while buying gold in Chennai.

Why Gold Prices in Chennai Change?

Gold prices in Chennai are influenced with a host of factors. Among these include how the central banks across the globe are buying and selling gold. These days there is not a lot of storage that takes place with the central banks of each country. When this happens it could lead to a sharp volatility in the prices of gold. In short, this is the demand that emerges from the central bank's of the country. When there is a larger than expected demand, from the central banks it could push gold prices higher and hence the prices in Chennai also tend to move higher. The other factor that influences gold prices is the role played by Gold ETFS in the country. When gold ETFs buy, it leads to a rise in the gold prices in the international markets, which ultimately have a bearing on the gold prices in Chennai. Cross currency headwinds can also impact the precious metal. For example, a sharp gain in the dollar can make gold prices fall. In short, gold prices today are impacted by a host of factors and there is no single reason that has a major impact. At best you can say that it is multiple factors that come into play, as far as gold is concerned. You cannot buy gold based on timings and predictions. It is always very difficult to predict the reasons for the change in prices of the precious metal. One of the big reasons is currency movement and these things are essentially out of the control of individuals. So, if you can factor in currency in the prices of gold, it is a good thing or else, you can buy gold at the prices that you wish to. In any case, buy only when prices drop. If you are unable to rightly predict the prices of gold then you can seek expert opinion from analysts and other experts. Jumping on the gold wagon, just because others are buying is foolhardy and full of risks. Stick to the basic mantra where you sell high and buy low. In this context set yourself some levels like you would want to buy when prices reach levels of Rs 27,000 and sell the same when they hit levels of Rs 29,000. So, stick to the price bands to gain some benefits from them in case rates are rising all over again. It is always a great idea to just check the gold rates in Chennai before you invest in the same.

Taking gold loans in Chennai

You can avail gold loans in cities like Chennai and other states of Tamil Nadu. In fact, there are many gold loan companies that offer gold loans to borrowers, which we should use when we are in dire straits. Gold can be pledged for money. How much of gold you would get from the gold loan companies, depends on a host of factors including the purity of your gold. Also, the Reserve Bank of India from time to time specifies the gold to loan value, beyond which gold loan companies cannot lend gold. One can avail gold only during emergencies and generally speaking individuals in India are very reluctant to take a loan. This is because gold is considered very precious in India and the last thing that Indians want to do is to pledge their gold. In any case what we suggest is that in place of taking a personal loan it is always a better idea to take a gold loan. Interest rates are almost the same for a gold loan or a personal loan. The only big advantage that one may receive with regards to the gold loan is faster disbursals then a personal loan, which maybe a time consuming affair. Remember, that the last thing you should do is take a gold loan, if you are not sure that you are going to pay it off. This is because if you do not pay then you might end-up losing your gold jewellery. So, the best thing would be to look for other alternatives of funding in place of gold loans, as this would give you some peace of mind with regards to your gold. Go for this type of loan in Chennai only as a last resort. Or else, you might just want to skip the same. Currently, interest rates on gold loans hover around the 12.5 per cent mark. So, they are as competitive as personal loans. You do not get these gold loans in Chennai for a longish period and hence if you take a loan it has to be for a period of less than 1 year. Once again towards the end of the article, we suggest that you do not go in for a gold loan, as they can be risky. You can approach select gold loan companies like Muthoot Finance and Mannapuram Finance to take a loan. You can also approach many of the banks in the country who can also give you loans for the purpose. If you are looking for a long term loan, you cannot take a gold loan in Chennai. It then has to be a personal loan. Today, a plethora of gold options are available in the city and you should ask yourself whether there is a real need for you to consider such a deal. In fact, interest rates have declined a great deal in India, which makes gold loans a good proposition. However, we have also written the hazards of goind for a gold loan, which you should also consider.

Checking purity of gold in Chennai

You are in Chennai and wishing to buy gold, the first thing you should do is check today's 916 gold prices in Chennai today. Apart from this the second and the most important thing to do is check if the gold you are buying is not adulterated. What we mean is that it should be pure. Now here are a few things that you should do. Firstly, we strongly recommend that you look for hallmarked gold. We are not sure, how many gold jewellery shops in Chennai sell hallmarked gold. The BIS has to set up-more hallmarked centres in the country so gold jewellers in the city, can go ahead and get the gold that they are selling as hallmarked ones. What happens when you buy this kind of precious metal is that you are at least assured that you are buying pure gold. What this also means is that you will not have regret of buying impure gold at a later stage. There are many reasons to be buying hallmarked gold. The most important of these is that you can easily sell them, as the buyer is assured of purity. So go ahead and buy this kind of gold only in Chennai. The checks and balances are needed at all stages, before you buy into any peculiar precious metal. For checking purity of gold, one also needs a lot of checking centres or as they call it essaying centres, which are now absent. The government has to do its utmost in ensuring that we have a lot many centres then what are available today. There are many home remedies that we can use to check gold purity and investors could also use them for the purpose.  If not, you can also go to some of the very reliable jewellers in the city, who would be able to give you an accurate price for your gold. Do also check the gold rates before you buy in India.

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. However, we do see the possibility of gold demand falling in the next few years. However, the one thing that we need to state is that the demand at some stage could taper. Chennai is already seeing a lower demand for the precious metal. This is also because the government has also been trying to discourage the use of gold and the consumption of the same, as mentioned in the above. So, while rising demand is likely to be curbed due the patterns of lower consumption, particularly investment demand and demand for gold jewellery in Chennai. Whether there would be an ongoing rise in demand is always so difficult to say. However, as prices rise, there would be a set of investors who dump gold and buy into other asset classes. However, we would like to warn investors never to keep buying into a rising market, as you could also end-up making losses on gold. It is good to be calm and buy on declines. With the various choices of buying gold in a number of other ways, you could today consider many options more than ever before.

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.  It is extremely hazardous to predict gold price movement and hence you should not try it at all. At levels that we are presently seeing it would be just wise to stay away from the gold markets at the moment.

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.  This way when the prices fall, you would benefit from the lower prices in the city. It is important to study the live gold prices in Chennai at all times before you take a decision.  As we have mentioned below, 916 is nothing but the purity of of 91.6 per cent on a 100 per cent purity in Chennai or any other state in India.

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. 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.

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. If the name sounds very complicated do not worry, the process of buying and selling is very easy and you should not go by the name.

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. Credibility in this case is what matters the most to a user. So, go by past track record, which is important in this case. Before there was a high possibility of getting duped, but, that is no longer possible today.

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. 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.

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. Probably, if you do not end-up encashing your gold you should because it is better than giving the jeweller. 

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 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.

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 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.

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.

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.

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

Latest Updates on Chennai Gold Rates

Gold in Chennai to fall

Gold in Chennai which was trading at higher levels fell in trade today. Gold in the international market remained unchanged due to a firm dollar. Not only gold but the other precious metals also traded at unchanged. Whereas Silver was unchanged at $16.93 an ounce, Palladium was a little up and traded around $924 per ounce. Only platinum fell 0.2 per cent and traded at $972.70 an ounce. On Friday, palladium reached its highest in the past sixteen years and is now trading a little lower than that price. Though the gold price in global markets was unchanged on MCX, the metal prices are down. Gold is down by 0.11 per cent and was trading at Rs 29,135 per ten grams and Silver was down by 0.14 per cent and was trading at Rs 39,010. This fall in the metal prices on MCX indicating that there will be a drop in the gold price in Chennai as well.

21 August 2017
Firm gold rates in Chennai

Gold rates in Chennai were trading steady as the precious metal in the wolrd markets saw some uptick. Spot gold moved up by 0.1 per cent and was trading around $1,272 per ounce. Silver moved up by 0.3 per cent and was trading at $16.64 per ounce. Platinum is also up by 0.3 per cent and was trading at $959.65 per ounce. Palladium gained 0.3 per cent and was trading around $888.50 per ounce. The uptick in the metal prices is due to the weak Dollar. The Dollar becomes weak as investors are expecting the release of minutes from the U.S. Federal Reserve's last meet. The Asian markets are up and are trading after fall for weeks as the North Korea problem with the US comes to the fore. But the tale was a little different on MCX where gold is down by 0.78 per cent and Silver is down by 2.18 per cent. This fall is due to the uptick in the Indian Markets after a big fall. It seems a little hard to assume how the gold rates in Chennai is going to trade today.

16 August 2017
Chennai gold rates to open higher

Gold rates in the city of Chennai are expected to open marginally lower on lesser worries over a US and North Korea conflict. Gold for 22 karats in the city of Chennai, which in the past has closed at Rs 27,700 per 10 grams, may continue to maintain the same momentum. Already we are seeing gold prices hover around in a range for the last few days and this may not change anything. Gold for 22 karats and 24 karats which in the last has seen good momentum may continue to see a downslide in the coming days, if geo-political tensions ease. In fact, there are many investors who now believe that at least in the short term gold could have run its course. If that happens then there are very little chances that one can make money from gold. Buying into gold may hence be a good proposition if one is a long term investor. Look for various other options before taking a decision on the same. Chennai gold rates this week maybe a little subdued, so in case there are rates which are higher than usual, it maybe a good idea to sell. In the meantime, one can continue to hold the precious metal.

14 August 2017
Gold prices are heading up in Chennai

Gold prices are heading up from the last two months as there are a lot of tensions in the global market. Gold prices have risen due to uncertainties in the international market. North Korea has indirectly threatened war over the United States of America. Due to these, the dollar rate fell, and gold rates in Chennai have continued to remain elevated from the last two months.
Spot gold increased to 0.2 percent, and gold futures rose to 0.3 percent per ounce. This impacted the Indian economy because most of investors move from cash to gold.
If investors keep money in gold, the same tends to increase. Gold is a hugely valuable product in Chennai. The people in Chennai purchase gold mainly in the form of jewelry.
There are many gold shops in Chennai in every nook and corner. Since last four days, gold rate has risen by Rs 300 due to the large scale sell-off in gold.

11 August 2017
Gold prices Chennai fall

Gold rates in Chennai are set to fall, as investors look to dump the metal after 3 straight days of gains. In the global markets, gold eased a bit after war mongering and almost threats of war subsided. Chennai gold rates like all other cities is very vulnerable to international gold prices and this why tensions especially geo-political tensions can weigh on gold prices in the city. What we suggest is that gold rates in Chennai could fall further and hence it would be advisable to buy only when there is a drop. How far the dip will happen and how far it will last is difficult to say. At present the Chennai gold rates are hovering around the Rs 27,000 mark. Any breakup above these levels may take prices to well above Rs 27,500 per 10 grams for 22 karats. In any case investors of gold in Chennai are a very disappointed lot as there are chances that gold prices would be well above these rates. Look at gold rates in Chennai around the Rs 26,500 per 10 grams, which would be a good prices to buy gold at. Over these levels we are unlikely to see any bounce in the metal from the current prices.

10 August 2017
Chennai prices set to lose momentum

Gold prices in the city of Chennai are set to lose ground as prices of the metal fell worldwide. US spot gold dropped to $258 an ounce. US Spot fold futures for December delivery also dropped very marginally to $1,264.30 per ounce. Asian stock markets advanced after the strong US jobs data. A stronger dollar also prompted some selling pressure in the city. The last few weeks have seen some drop in gold rates in Chennai as a result of the gains made in the rupee. Up until July 27, gold prices were trading at Rs 27,300 per 10 grams, which has now fallen to Rs 27,120 per 10 grams. Gold for 24 karats has also been witnessing a very subdued trend. Gold rates in Chennai like most other cities largely depend on the behaviour of the metal in the international markets and these have not been too encouraging since the start of the year. Overall, we have seen virtually no movement in prices and this is worrisome for the markets. If you are a gold buyer it makes sense to place at least some money in gold and related instruments. it also help to diversify your portfolio.

7 August 2017
Chennai rates gain ground

Gold prices in the city of Chennai gained as gold in the global markets gained. The sharp drop in the dollar helped the buoyant gold rates, as investors continued to look to international developments. Spot gold in the international markets gained to $US 1,270 an ounce. These were the highest levels that we have seen in the last seven weeks. Weakish economic sentiments pushed the dollar lower against the Euro and other currencies and push gold prices higher. However, gold prices did not go higher in Chennai like in other cities mainly because the rupee prevented gold prices from gaining ground. The rupee has seen a sharp appreciation against the dollar and this has not done any good for gold prices in Hyderabad, as it has prevented it from going higher. Demand for gold has also not been too great given that prices of the metal have rallied recently. If you are a buyer you would do well to stay away as the last fortnight of July and the first few days of August are seeing gold prices move higher. It is a good idea to buy into gold at lower levels, if you want to come out with decent gains.

2 August 2017
Chennai prices to trend higher

Chennai gold prices may rally in opening trade, as investors look to invest in the metal at declines. We have seen gold prices in all cities staging a remarkable recovery in the last weeks, as escalating tensions push gold prices higher. Chennai largely takes cues from prices in the global markets and these markets have seen gold prices surge. For example, gold prices which were just about $1220 an ounce a few weeks ago, have now surged to $1270 an ounce. This surge has largely been on the back of prices, which have seen a good increase. Gold for both 22 karats and 24 karats have gone higher. Chennai has seen a sharp rebound in prices to Rs 27,400 since the start of the year and we are unlikely to see that trend change too much. The falling dollar has also helped support gold prices. For example we have seen the dollar drop to an almost one and half year low against the Euro. This has helped support gold prices in India. However, we are unlikely to see too much of a drop in gold prices in Chennai as support is likely to come on every dip at lower levels.

1 August 2017
Gold rates in Chennai set to move marginally lower

Gold prices in Chennai were trading marginally lower, after having a good run in the last few days. In fact, the entire week has been good for gold prices in Chennai as investors look to buy on declines. This could be the third straight week of gains for gold, which has had a very roller coaster ride in the last few months. Since the start of the year, gold has not yielded any much returns, which is why investors have now got weary of taking large positions in gold. In the city of Chennai this week we have seen rates move higher and cross the Rs 27,000 mark. However, at higher levels they maybe some resistance that comes around buying. Investors would hence do well to buy gold only on dips in Chennai. At the start of the year 2017, gold prices in Chennai began at Rs 26,997 and is now at Rs 27,300. This means the metal has given no returns whatsoever for investors. If the present trend continues investors may gradually start getting frustrated with the metal and dump the same. For long term investors it maybe a good time to buy into the metal only at lower levels.

28 July 2017
Chennai gold rates to dip marginally

Gold rates in the city of Chennai are slated to dip marginally as investors look to the US Fed for further cues. We have seen some systematic decline in the last few days in the metal and also a recovery subsequently. If you are looking to buy the metal, it would be a good idea to wait for somemore time. Delhi gold rates are not looking too good and since the start of the season have dipped a fair bit. However, if there is a rally it would be advisable to sell gold. The US Fed would issue a statement today on interest rates, and if there is no severe comments on pace of further hikes, we may see gold prices dip even further. In all probability there would be no interest rate hikes, but, the pace of hikes as hinted by the US Federal Reserve may assume significance for gold rates. Today, some support for gold also came from some weakish demand for the dollar. In fact, the only thing that we have seen support gold prices in the last few weeks is the dollar. In any case we are unlikely to see the rally in gold sustain and investors would do well to sell the same.

26 July 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.

Find IFSC