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||₹ 2,925||₹ 2,914||₹ 11|
|8 gram||₹ 23,400||₹ 23,312||₹ 88|
|10 gram||₹ 29,250||₹ 29,140||₹ 110|
|100 gram||₹ 2,92,500||₹ 2,91,400||₹ 1,100|
|Gram||24 Carat Gold
|24 Carat Gold
|Daily Price Change|
|1 gram||₹ 3,141||₹ 3,130||₹ 11|
|8 gram||₹ 25,128||₹ 25,040||₹ 88|
|10 gram||₹ 31,410||₹ 31,300||₹ 110|
|100 gram||₹ 3,14,100||₹ 3,13,000||₹ 1,100|
|Date||22 Carat||24 Carat|
|Jun 23, 2018||₹ 29,250||₹ 31,410|
|Jun 22, 2018||₹ 29,140||₹ 31,300|
|Jun 21, 2018||₹ 29,350||₹ 31,380|
|Jun 20, 2018||₹ 29,340||₹ 31,370|
|Jun 19, 2018||₹ 29,500||₹ 31,460|
|Jun 18, 2018||₹ 29,400||₹ 31,400|
|Jun 16, 2018||₹ 29,480||₹ 31,480|
|Jun 15, 2018||₹ 29,630||₹ 31,510|
|Jun 14, 2018||₹ 29,620||₹ 31,500|
|Jun 13, 2018||₹ 29,530||₹ 31,470|
|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|
|Gold Rates||22 Carat||24 Carat|
|1 st January rate||Rs.28,100||Rs.30,654|
|31st January rate||Rs.29,000||Rs.31,636|
|Highest rate in January||Rs.29,270 on January 27||Rs.31,931 on January 27|
|Lowest rate in January||Rs.28,050 on January 4||Rs.30,600 on January 4|
|Over all performance||Rising||Rising|
|Gold Rates||22 Carat||24 Carat|
|1 st December rate||Rs.27,870||Rs.30,403|
|31st December rate||Rs.28,200||Rs.30,763|
|Highest rate in December||Rs.28,200 on December 14||Rs.30,763 on December 14|
|Lowest rate in December||Rs.27,170 on December 13||Rs.29,640 on December 13|
|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 prices in Chennai advanced by 0.31 percent to Rs 29,230 per 10 grams of 22 carats and Rs 31,262 per 10 grams of 24 carats on Saturday largely in sync with a firming trend overseas amid sustained buying by local jewellers.
Marketmen said apart from a firm trend overseas as weaker dollar raised demand for the precious metal, sustained buying by local jewellers at domestic spot market kept gold prices higher, as per PTI reports.
Globally, gold rose 0.16 percent at $1,268.90 an ounce in Singapore. US spot gold was up by 0.18 percent to $1,269.10 an ounce on Saturday morning, still its lowest since 19 December 2017.
Analysts are worried that the precious metal hasn't gained much despite a fall in the dollar index, which hit an 11-month high at the beginning of this week.
Gold was expected to gain much more in the international market due to the ongoing trade tensions between the US and China.23 June 2018
Gold price in Chennai lowered by 0.61 percent to Rs 29,140 per 10 grams for 22 karats and Rs 31,166 for 24 karats. The rate was affected by the stability attained internationally by the precious metal after the US dollar was pulled back after hitting its 11-month peak on profit-booking and reduced local demand.
Spot gold remained unchanged at $1,267.38 an ounce on Tuesday morning. In the prior session, it had touched the rate of $1,260.84 an ounce, making it the lowest since 19 December 2017. A weaker dollar helped the yellow metal rebound to a stability.
CNBC reported that the gold rate was being affected by the temporary effects of the trade war between the US and many countries, mainly China. China and the US have been increasingly exchanging threats to impose tariffs on each other's exports.
As the dollar weakens, gold price in Chennai lowers as the precious metal is imported in terms of the same American currency.22 June 2018
Gold rate in Chennai remained flat at Rs 29,320 per 10 grams of 22 karats and Rs 31,358 of 24 karats. The precious metal had gained in the international market but weighed down after the US dollar index shot up to its highest since July 2017.
Internationally, spot gold was up by 0.1 percent at $1,269 an ounce, edging closer to the metal's six-month low. The yellow metal is favoured by investors in times of global political tensions like the present US and China trade war and the possibility of the OPEC nations increasing their oil supply.
The American dollar strengthened against other major currencies after the US Federal Reserve Chairman Powell said that it would continue to gradually raise its interest rate amid their strong economy.
A strong dollar is not favourable for gold price in Chennai as most of the metal sold in the city is imported. The trade of the precious metal also takes place in dollar terms, making it expensive for other currencies like rupees.
21 June 2018
Gold price in Chennai was slightly up by 0.14 percent on Tuesday to Rs 29,490 of 22 karats and Rs 31,540 of 24 karats. The precious metal was favoured by investors amid the escalating trade war between China and the US.
Spot gold was up by 0.2 percent on Tuesday afternoon to $1,280.29 an ounce. Stocks in Asian markets tumbled after the US President Donald Trump threatened to impose further 10 percent tariff on $200 billion worth of Chinese imports as a response to China's earlier decision, fueling the trade war amoung the two biggest economies further.
In times of political uncertainty that leads to volatility in financial markets, gold prices in Chennai gain as international investors park their money in the safe haven metal.
Meanwhile, the US dollar hit its one-week low against Japanese yen, lowering the blow on the price in Chennai. As a country that is highly dependant on gold imports that are bought in dollar terms, a weakness in the currency makes the yellow metal less burdensome.19 June 2018
Gold price in Chennai was up by 0.27 percent to Rs 29,780 per 10 grams of 22 karat and Rs 31,850 for 24 karat. The increase resulted from investors worries over US-China trade disputes.
The US administration under the guidance of president Donald Trump is preparing a list of Chinese products under its proposal to impose tariffs on them. Reports suggest that the imposition may focus on technologies as China strives to establish itself as the leader in the field.
As a retaliation on Thursday, China threatened to scrap US deals if tariffs were hiked on the products.
Meanwhile, the US dollar index strengthened on Friday, pushes rupee value to a 3 month low at 67.98. It is reportedly the dollar's highest value in 7-months against 6 other important currencies.
As a major importer of the precious metal, a costlier dollar impacts the value of gold in Indian rupees, making it burdensome for buyers in Chennai.
Internationally, gold price hit its one-month in the previous session.15 June 2018
Gold price in Chennai remains steady at Rs 29,540 per 10 grams of 22 karats and Rs 31,594 of 24 karats.
Gold was trading lower on Thursday morning in the international markets after the US Federal Reserve hiked its benchmark short-term interest rate by 25 bps to 2 percent on Wednesday. US spot gold was trading lower by 0.1 percent at $1,298.61 per ounce. It had touched one-week low at $1,292.15 on Wednesday.
In its statement, the Federal Open Market Committee also spoke of an optimistic view on economic growth for the year, indicating two more likely hikes. With the previous hike in the month of March, this would mean four interest hikes for the ear 2018. It has been the US' biggest annual gain in nearly 6 and a half years for producer prices and while eventually cause inflation pressures.
The two-year American treasury yields touched their nearly 10-year highs.
In times of positive economic situations, investors move away from gold, causing the downfall in the precious metal's prices.
Gold price in Chennai remained flat, after the Indian rupee gained against the dollar on Thursday.
14 June 2018
Gold price in Chennai rises marginally by 0.1 percent to Rs 29,550 per 10 grams of 22 karats and Rs 31,604 of 24 karats. Internationally, the precious metal was trading lower after a positive result of the US and North Korea summit in Singapore.
Spot gold was down by 0.1 percent to $1,297.96 per ounce, while the US gold futures were 0.1 percent lower at $1,301.90 per ounce. The strengthening of the US dollar along with increased local demand pushed prices of the precious metal higher in Chennai. The US federal reserve that is set to meet for two on Tuesday is expected to increase interest rates. If the decision is taken, it could make the dollar stronger and the yields from US bonds could also get higher.
Rates of the precious metal are expected to be volatile throughout the week amid the historic summit and the interest rate decision. Gold rate in Chennai will also be affected accordingly.12 June 2018
Gold price in Chennai fell by 0.44 percent to Rs 29,570 for 10 grams of 22 karats and Rs 31,626 for 24 karats on Monday.
Prices of the precious metal were affected by the weakening of the American dollar. The dollar index, which is measured against a basket of six other prominent currencies was down by 0.2 percent to 93.381. The fall was from the high-risk situations around the USA.
Tuesday marks the historic meet between US president Donald Trump and North Korean Leader Kim Jong Un. Additionally, on the same day, the US Federal Reserve will start its two-day open market committee meeting that will decide whether or not the US interest rates will be hiked.
Over the weekend, Trump threw off the G7's efforts to be on a united front after he said attacked neighbour and strong ally Canada, saying that he might double down on import tariffs by hitting the sensitive auto industry.
As gold sold in Chennai is imported in dollar terms, the currencies fall benefited the precious metal.11 June 2018
Gold price in Chennai increased by 0.1 percent to Rs 29,700 per 10 grams of 22 karats and Rs 31,765 per 10 grams of 24 karats on Saturday.
International gold prices gained momentum ahead of G-7 meets this weekend. Uncertainties around the talks in the event drew investor demand for the metal. Meanwhile, the hopes of an announcement of the increase in interest by the US Federal Reserve next week is also weighing on gold.
Stock markets in India and abroad ended lower on Friday on the risk sentiment that weighed from expectations of trade talks in the G-7 summit that include seven rich countries-Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The meeting this time around will be tense as Trump's “America First” policy has been threatening trade relations with its counterparts.
US president Donald Trump's meet with the North Korean leader Kim Jong Un will take place next week. As geopolitical uncertainties continue, the gold price in Chennai can seem had to predict.9 June 2018
Gold price in Chennai rose by 0.03 percent to Rs 29,420 per 10 grams of 22 karats and Rs 31,465 per 10 grams of 24 karats. Rates of the precious metal in Chennai were impacted by the international gold rates that edged higher from the weaker US dollar.
The strength of the dollar is partly influenced by the interest of investors in the currency, which has been uncertain as they wait for clues on the possibility of an increase in US interest rate that will be decided at the Federal Reserve meeting next week. On Thursday afternoon, spot gold was up 0.44 percent to $1,301.68 an ounce, while U.S. gold futures rose by 0.35 percent to $1,305.90.
Additionally, as gold is bought in US dollars in most countries, a fall in its value benefits the yellow metal as it increases demand.
Meanwhile, the increase in interest rates will be bad for gold as it not only strengthens the dollar but pushes the US bond yields higher. The investors then prefer moving their wealth from the low-yielding bullion to government bonds.7 June 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.