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||₹ 2,820||₹ 2,806||₹ 14|
|8 gram||₹ 22,560||₹ 22,448||₹ 112|
|10 gram||₹ 28,200||₹ 28,060||₹ 140|
|100 gram||₹ 2,82,000||₹ 2,80,600||₹ 1,400|
|Gram||24 Carat Gold
|24 Carat Gold
|Daily Price Change|
|1 gram||₹ 3,060||₹ 3,056||₹ 4|
|8 gram||₹ 24,480||₹ 24,448||₹ 32|
|10 gram||₹ 30,600||₹ 30,560||₹ 40|
|100 gram||₹ 3,06,000||₹ 3,05,600||₹ 400|
|Date||22 Carat||24 Carat|
|Aug 18, 2018||₹ 28,200||₹ 30,600|
|Aug 17, 2018||₹ 28,060||₹ 30,560|
|Aug 16, 2018||₹ 28,000||₹ 30,500|
|Aug 15, 2018||₹ 28,350||₹ 30,870|
|Aug 14, 2018||₹ 28,270||₹ 30,830|
|Aug 13, 2018||₹ 28,440||₹ 31,020|
|Aug 12, 2018||₹ 28,430||₹ 31,010|
|Aug 11, 2018||₹ 28,420||₹ 31,004|
|Aug 10, 2018||₹ 28,260||₹ 30,950|
|Aug 9, 2018||₹ 28,240||₹ 30,930|
|Gold Rates||22 Carat||24 Carat|
|1 st July rate||Rs.29,020||Rs.31,350|
|31st July rate||Rs.28,440||Rs.31,220|
|Highest rate in July||Rs.29,260 on July 4||Rs.31,560 on July 4|
|Lowest rate in July||Rs.28,440 on July 13||Rs.31,200 on July 13|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st June rate||Rs.29,520||Rs.31,570|
|30th June rate||Rs.29,130||Rs.31,430|
|Highest rate in June||Rs.29,700 on June 1||Rs.31,570 on June 1|
|Lowest rate in June||Rs.29,090 on June 22||Rs.31,300 on June 22|
|Over all performance||Falling||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st May rate||Rs.29,660||Rs.31,660|
|31st May rate||Rs.29,730||Rs.31,600|
|Highest rate in May||Rs.30,160 on May 13||Rs.32,255 on May 13|
|Lowest rate in May||Rs.29,550 on May 21||Rs.31,320 on May 21|
|Over all performance||Rising||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st April rate||Rs.29,280||Rs.31,310|
|30th April rate||Rs.29,740||Rs.31,807|
|Highest rate in April||Rs.30,030 on April 7||Rs.32,230 on April 7|
|Lowest rate in April||Rs.29,180 on April 6||Rs.31,100 on April 6|
|Over all performance||Rising||Rising|
|Gold Rates||22 Carat||24 Carat|
|1 st March rate||Rs.28,930||Rs.31,560|
|31st March rate||Rs.29,200||Rs.31,220|
|Highest rate in March||Rs.29,570 on March 3||Rs.31,876 on March 3|
|Lowest rate in March||Rs.28,860 on March 19||Rs.30,860 on March 19|
|Over all performance||Rising||Falling|
|Gold Rates||22 Carat||24 Carat|
|1 st February rate||Rs.28,950||Rs.31,581|
|28th February rate||Rs.29,010||Rs.31,674|
|Highest rate in February||Rs.29,490 on February 17||Rs.32,170 on February 17|
|Lowest rate in February||Rs.28,600 on February 8||Rs.30,327 on February 8|
|Over all performance||Rising||Rising|
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.
Karat is the term used to measure the gold content for purity. Karat is used as a unit to measure the purity of gold. The higher the karatage, the purer the gold. ‘Karatage’ is the measurement of the purity of gold alloyed with other metals.
24 carat is pure gold with no other metals. Other karatages of gold has less quantity of gold in it. The symbol sign for Karat is “K.”
24 Karat Gold – 24 karat gold is also referred to as pure gold or 100 percent gold. All the 24 parts of the gold are pure gold without the addition of any other metal. It is known to be 99.9 percent pure, and it takes on a distinct bright yellow color. Coins and Bars are mostly bought of 24 karat gold. 24 karat gold has a massive demand in Chennai. People prefer to buy 24 karat gold over other types of gold.
24 karat gold is soft, less densile and pliable. Hence it is not suitable to make the regular form of jewelry. 24k gold is used in electronics and medical devices such as those used for children suffering from ear infections.
22 Karat Gold – 22 karat gold has 22 parts of the gold, and the remaining two parts have some other metals. It is most widely used in the manufacturing of jewelry. The addition of other metals like silver, zinc, nickel and other alloys make the texture of gold harder thereby making the jewelry more durable.
The 22 karat gold has 91.67 percent of pure gold out of 100 percent, and the remaining 8.33 percent is made up of metals.
18 Karat Gold – 18 karat gold comprises 75 percent of gold mixed with 25 percent of other metals like copper or silver. Studded jewelry pieces and diamond jewelry are made using 18 karat gold. The 18 karat gold is less expensive compared as with 24k and 22k. The color of gold will be slightly dull.
Identifying 18 karat gold is very easy as it will have a stamping of 18K on the ornament.
There are many places in Chennai where a customer can buy gold. Customers can purchase gold from the trusted jewelry houses in Chennai.
Some of the favorite jewelry brands are present in Chennai. A few of them are Vummidi Bangaru Srihari Sons, Mehta Jewellery, G R Thanga Maligai, Prince Jewellery, Nathella Sampathu Chetty Jewellery, Saravana Stores Thanga Nagai Maligai, Bapalal & Co. Jewelry, Lalitha Jewellery, NAC Jewellers, and so on.
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.
Gold is considered as an asset. It acts as a security and can be sold at the time of financial crisis. The return on the invested money is guaranteed on gold. Apart from this, gold is also passed on in a family from one generation to another and hence holds an essential position in a family.
Jewelry: Chennai, is famous for bridal jewelry collection and hence people prefer to buy gold in the form of jewelry.
Bullion: People buy bullions which usually in the form of bars. The word ‘Bullion’ comes from the old French word ‘bouillon,’ means boiling. The value of bullion depends on the amount of the precious metals content, which is defined by its purity and mass.
Coins: Investors buy gold coins as a part of the investment. The gold coins are available in different weights and karats across Chennai.
Commodity Exchange: a Commodity is a tool for creating wealth or an asset class. Gold is traded as a commodity for a variable time duration in the National Spot Exchange Limited or the National Commodity & Derivatives Exchange (NCDEX), Multi Commodity Exchange (MCX).
Pure or Impure: The purity of gold defined in karats, with 24 karat gold being 99.9 percent pure and 22 karat gold is 92 percent pure. 24 karat gold is not suited to make jewelry, which is why jewelers use either 14, 18 or 22 karat gold. Purchasing gold jewelry without checking its purity is not a good deal, and it always pays to check purity before parting with your hard-earned money. Hallmark is an indication of the purity of gold, and it is advisable to purchase hallmarked jewelry.
Making charges: A making charge is linked to every piece of gold jewelry, which is essentially the labor charge involved in creating it. Making costs are a reflection of current gold rates and one could be fleeced into paying higher making charges than necessary. Insisting on fixed making charges could make gold purchases cheaper and would be the smarter way to go about it.
Check the weight: Most gold jewelry in India is sold by weight, with more massive pieces costing more. Precious stones like diamond and emerald are often added to gold jewelry, making them heavier in the process. Jewellers weigh a bit in its entirety, which means that one might end up paying for gold which is not there and it is imperative to keep this in mind while purchasing studded jewelry
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.
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.
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.
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.
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.
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.
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.
KDM means the ornament is soldered with Cadmium. It usually has a low melting point (321 degrees Celsius). Cadmium contains toxic fumes, which is bad for human skin. Hence many countries have banned the use of Cadmium. Its effect on the wearer is unknown.
916KDM: Standard gold is 24 Karats (99.9% pure gold)
916KDM: Standard gold is 22 Karats, in which cadmium is soldered (91.6% pure gold)
Hallmark is a purity certification of gold articles by the Indian Standard Specifications. It is a hallmarking system used for gold in Chennai. It is used to certify the purity of the metal. It verifies that the piece of jewelry confirms to set standards laid down by the Bureau of Indian Standards.
Hallmark is acting as a safeguard for purchasers of gold and gold articles from many decades in various countries. Gold articles are evaluated and tested at an official Assaying and Hallmarking Centre, and it is later certified that the metal used conforms to the national and international standards of purity and fitness.
Gold price in Chennai today gained as a weaker dollar helped international prices recover. It was priced at Rs 28,200 per 10 grams of 22 carats and Rs 30,600 per 10 grams of 24 carats. The precious metal has been hovering near its 19-month low for a week internationally and despite the recovery will mark its biggest decline in since May 2017. Spot gold was up by 0.31 cents to $1,177.21 an ounce but it on a weekly scale, it was its sixth consecutive weekly drop.
After the dollar weakened from its 13-month high position due to the recovery of the Chinese yuan and euro, the yellow metal benefited from the gain.
In the local market, gold buyers in Chennai gear up for purchases ahead of the wedding season. A rise in demand for the metal will mean a rise in its price. Additionally, as the exchange rate for gold is valued in dollars, the metal could get expensive for Indians despite the fall in global rates.18 August 2018
Gold price in Chennai today increased to Rs 28,060 per 10 grams of 22 carats and Rs 30,560 per 10 grams of 24 carats. The precious metal has been eking out small gains after it hit a 19-month low in the previous session. Internationally, however, it is the yellow metal's biggest weekly decline since mid-2017.
Spot gold was up by 0.1 percent to $1,175.22 an ounce, while US futures were down by 0.2 percent to $1,181.30 per ounce. The gold markets are seeing a serious correction in gold prices marking the sixth consecutive weekly decline. A mild drop in the dollar, however, helped the metal recover slightly. The dollar has gained against most of its peers this week but starting edging far from its 13 and a half month high due to the US and China recent negotiation talks regarding the tariffs imposed.
The spat between Turkey and the US over tariffs has been hurting currencies of emerging economies lately. The American dollar is still standing strong and could continue to pressurize gold.17 August 2018
Gold price in Chennai today gain after a global drop down to a 19-month low. It was priced at Rs 28,350 per 10 grams of 22 carats and Rs 30,870 per 10 grams of 24 carats. The precious metal touched its 19-month low of $1,159.96 per ounce after a 1.2 percent drop internationally in the previous session. It later recovered by a mere 0.2 percent to $1,172.48 an ounce.
In the previous session, the yellow metal fell due to the further strengthening of the US dollar. The American currency has been the major driving force of gold's valuation of late amid the global economic crisis that the world faced this year.
As emerging economies are being hurt by new tariffs imposed by the Trump administration, overseas investors have sought refuge in the US dollar that will not be easily hurt due to the country's strong economy. Investors also do not find gold as attractive due to higher returns from dollars.
Trade talks with the US eased the dollar, thus cooling down the gold's losses in Cities like Chennai today.16 August 2018
Gold price in Chennai today dipped to Rs 28,270 per 10 grams of 22 carats and Rs 30,830 per 10 grams of 24 carats. The rates were affected mainly by the change in the US dollar's valuation. The American currency changed the demographic for the Indian rupee as well as the precious metal. Rupee crosses the Rs 70 low for the first time ever today while the international gold prices barely recovered from its 18-month low in the previous session.
Spot gold was up by 0.2 percent to $1,195.77 an ounce, while U.S. gold futures were up 0.3 percent at $1,202 per ounce. The dollar hit its 13-month high in the previous session as investors flocked towards the stable currency following the economic crisis in Turkey. The Turkish lira's fall impacted currencies of all major emerging economies.
Unlike traditional practices of seeking a safe haven in gold at times of global economic instability and pushing its prices higher, the US dollar has become a promising investment of late because of the country's stronghold on growth.14 August 2018
Gold price in Chennai today rose slightly to Rs 28,440 for 10 grams of 22 carats and Rs 31,020 for 10 grams of 24 carats. The precious metal was expensive for buyers in the city after the Indian rupee hit an all-time low against the US dollar.
As the Turkish lira fell in trade today, showing signs of economic crisis in Turkey, more and more investors flocked to the stable US dollar, pushing its value higher. In a state where the US dollar is higher, not only is the Indian rupee’s lower value but the exchange value to purchase gold in Chennai becomes expensive as it is valued in that currency.
Meanwhile, internationally, gold prices sank below $1,200 per ounce level, which marks a 17-month low for the metal. Global economic uncertainties used to be gold’s gains traditionally but of late, the strength of the US dollar has made it a better pick for investors.13 August 2018
Gold price in Chennai today rises to Rs 28,420 per 10 grams of 24 carats and Rs 31,004 per 10 grams of 24 carats. The precious metal has been at a steady demand in the city, raising the prices for the third consecutive day.
Internationally, gold was trading flat as an economic crisis engulfs Turkey. Spot gold remained flat at $1,212.24 an ounce and US gold futures declined by 90 cents to $1,219 per ounce due to the rise in US dollar value.
The Turkish Lira slumped as much as 16 percent after president Trump tweeted that he had approved doubling of the tariffs to be imposed on Turkey. The US dollar, in turn, was up by 1 percent due to the weakening of many major currencies including the Russian rouble and the euro. The effect of Turkey's economic crisis is slowly going to hit other countries as well including India as the American currency benefits. Gold, on the other hand, may lose as it has been moving in a direction against the dollar.
Gold price in Chennai today, however, was also influenced by the rise in demand among local buyers.
11 August 2018
Gold price in Chennai today slightly gained at Rs 28,260 per 10 grams of 22 carats and Rs 30,950 per 10 grams of 24 carats. The precious metal rose in the south Indian city due to increased buying by local jewellers.
In the international market, gold fell by 0.5 percent to its nearly one-year low in Asia where spot gold was at $1,206.29 an ounce. A similar trend was seen in other cities of the country. On a global scale, the yellow metal has been reacting to the value of the US dollar instead of global tensions, moving in opposite directions. The American currency today was holding strong in the foreign exchange market, hurting the price of gold.
Meanwhile, currencies of emerging economies around the world including India that are US trade partners have been hurt by the sanctions imposed on them. The American dollar on the hand has been in demand due to a possible increase in interest rates by the Federal Bank.10 August 2018
Gold price in Chennai today increased marginally to Rs 28,240 per 10 grams of 22 carats and Rs 30,930 per 10 grams of 24 carats. The strengthening of the US dollar weighed on the gain of the precious metal in the last two sessions internationally.
In the global market, spot gold was up by 0.1 percent to $1,214.23 an ounce, while US gold futures also gained by 0.1 percent at $1,222.2 per ounce. The dollar gained slight momentum against its other major rivals.
With no major event lined up this week, gold price in Chennai has been moving in a tight range. The rates have mainly been driven by the foreign exchange fluctuations and local demand in the city. With Indian equity markets moving around its all-time highs, the value of rupee has also been stable.
Traditionally, gold prices benefit from uncertainty, it, however, is only been driven by the movement in US dollar of late, making its valuation sensitive to the possibility of an increase in US interest rates.9 August 2018
Gold price in Chennai today was priced at Rs 28,220 per 10 grams of 22 carats and Rs 30,900 per 10 grams of 24 carats. The rates have been slipping for three straights days from a weakness in the dollar, despite a rise in international rates.
The movement in the valuation of the precious metal is generally in the opposite direction of the dollar that has been low of late against the Chinese yuan and the euro.
After a strong equity market recovery and efforts of the central bank to correct currency decline, yuan was at its one-week high today, pressurizing the dollar. As a result, the global benchmark, spot gold was up by 0.2 percent to $1,213.02 an ounce. US gold futures rose equally to $1,220.80 per ounce.
The American currency's strength is also declining due to the easing tensions with China over trade. A weaker dollar translates to cheaper gold in cities like Chennai where gold is valued based on its exchange value against the Indian rupee.8 August 2018
Gold price in Chennai today declined to Rs 28,260 per 10 grams of 22 carats and Rs 30,940 per 10 grams of 24 carats. The precious metal's price gained slightly in the international market due to the fall in rates in the previous session.
A further rise in interest rates has kept the US dollar valuation hanging and not affected by the escalating trade conflicts between the US and China as well the first impacts of reimpositions of sanctions over Iran. The biggest development for the day was the Trump administration's announcement of imposing strict sanctions on Iran that were withdrawn when Barack Obama was president. It will be effective from 12 am (Washington time) on Tuesday.
Spot gold rose 0.4 percent at $1,210.99 an ounce, after earlier hitting $1,213.81, while U.S. gold futures were flat at $1,217.6 an ounce. Investors have been reluctant to invest in gold in Chennai, as the full-blown impact of the sanctions on world trade is yet to be understood.7 August 2018
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.