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Gold Rate in Madurai (5th August 2021)

Aug 5, 2021
4,533 /Gram(22ct)

Todays gold rates in Madurai will always vary over yesterday's gold rates. We provide daily live gold rates in Madurai for our readers. However, it is important to note that gold prices are not like shares and they do not change on a second basis. Gold prices in Madurai will change every day, two times a day.

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

Gram 22 Carat Gold
22 Carat Gold
Daily Price Change
1 gram 4,533 4,533 0
8 gram 36,264 36,264 0
10 gram 45,330 45,330 0
100 gram 4,53,300 4,53,300 0

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

Gram 24 Carat Gold
24 Carat Gold
Daily Price Change
1 gram 4,945 4,945 0
8 gram 39,560 39,560 0
10 gram 49,450 49,450 0
100 gram 4,94,500 4,94,500 0

* The above gold rates are indicative and do not include GST, TCS and other levies. For the exact rates contact your local jeweller.

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

Date 22 Carat 24 Carat
Aug 4, 2021 45,330 0 49,450 0
Aug 3, 2021 45,330 -30 49,450 -50
Aug 2, 2021 45,360 -110 49,500 -110
Aug 1, 2021 45,470 -10 49,610 -10
Jul 31, 2021 45,480 -140 49,620 -150
Jul 30, 2021 45,620 320 49,770 350
Jul 29, 2021 45,300 100 49,420 110
Jul 28, 2021 45,200 160 49,310 170
Jul 27, 2021 45,040 -160 49,140 -170
Jul 26, 2021 45,200 140 49,310 150

Weekly & Monthly Graph of Gold Price in Madurai

Historical Price of Gold Rate in Madurai

  • Gold Price Movement in Madurai, July 2021
  • Gold Rates 22 Carat 24 Carat
    1 st July rate Rs.44,430 Rs.48,470
    31st July rate Rs.45,480 Rs.49,620
    Highest rate in July Rs.45,750 on July 7 Rs.49,900 on July 7
    Lowest rate in July Rs.44,430 on July 1 Rs.48,470 on July 1
    Over all performance Rising Rising
    % Change +2.36% +2.37%
  • Gold Price Movement in Madurai, June 2021
  • Gold Price Movement in Madurai, May 2021
  • Gold Price Movement in Madurai, April 2021
  • Gold Price Movement in Madurai, March 2021
  • Gold Price Movement in Madurai, February 2021
  • Gold Price Movement in Madurai, January 2021

Why to Track Gold Rates in Madurai?

If you are buying large quantities of gold in the city of Madurai it makes sense to check gold prices before buying. This is because prices of the precious metal have gone-up substantially in the last few years.

So, a small variation of Rs 10 also in the prices of the precious metal can make a lot of difference. Let us assume you buy 100 grams of gold in Madurai. The difference here would be Rs 1,000. hence, it makes sense to see the live gold prices for 22 karats gold in Madurai. However, you have to take your own decision on when to buy and when to refrain from buying.

So When Do You Buy Gold in Madurai?

This is always a tricky question to answer and has risks. However, to be honest, if you want to make money buying gold in Madurai, the best bet would be to buy gold when the prices are lower. For example, if rates fall to as close as Rs 26,000 it may not be a bad proposition for those looking at long term investing.

However, at all times, you should stay focused on buying high quality 916 hallmarked gold in Madurai. This will also ensure that you can sell the gold rather easily when needed. One thing we wish to state is buy hallmarked gold in the city. This is because these are tested for quality and more commonly what is called the karats or the purity of the precious metal. We are not sure where you could get the same in Madurai, but you would need to check the same with your local jeweller.

What is the meaning of 916 hallmarked gold in Madurai?

916 explains the purity of gold. It explains that your gold is 22 karats. In short, you can say if the jewellery is marked 916 it means it contain 91.6 per cent gold and 8.4 per cent other metal. Why gold is mixed with other metals is simply because it makes the entire product stronger. The Bureau of Indian Standards(BIS) marks gold jewellery in Madurai and in India to ensure you that the jewellery is of very high quality. This ensures that you are getting the best quality for the price of gold in Madurai you are paying for. This hallmarking is done by authorised essaying centers. To find where it is hallmarked and which year is it manfactured and how many karats is the jewellery all these you can find on the logo of BIS hallmark. Better Check all the details before paying the price of gold in Madurai and other cities in india.

Don't forget to pay your taxes on gold

The Physical form of Gold or ETF's there are applicable taxes. If the value of gold you are having exceeds 30 Lakh you have to pay wealth tax and There are individuals who are making profits by buying and selling gold such as by buying gold while price of gold in Madurai is decreased and selling while increased so for the individuals who are making such profits then you need to pay capital gains tax. So its better to pay taxes and not to get penalised by forgetting to pay it.

Selling gold in Madurai

We have spoken when to buy gold in Madurai. Do you know where you can sell gold in Madurai. But the first thing you should do before going to sell gold is to check live gold rates in Madurai at goodreturns to make sure that you are not fooled on the rates because Gold rates in Madurai change everyday.

Due to factors such are currency movement, mining that takes place and the overall economic and political situations. One cannot rely on old gold rates because of the day today situations in politics are changing like never before such as prime minister narendra modi taking a step by banning two biggest denominations of 500 and 1000 and introducing new 2000 note.

So its better to have a look at today gold rates before selling. As there are companies which claim to offer you the highest gold rates in Madurai, but, you need to be cautious. There are companies which charges to test your gold and melt your gold for testing. So its better to go for some good companies such as Adyama Gold, where you can sell the precious metal where it is assured that the quality remains intact. Also, there are few gold buying companies which conducts the test in front of your eyes, so there is some certainty on that.

Which metal is alloyed with gold?

24 karats gold means the finest or purest gold. Whereas in 22k, 18k, 14k and 10 karat and 9 karat  gold is alloyed with other metals. The metal which are used is silver, copper and zinc. Whereas for white gold, palladium is mixed.

For 22 karats, gold is alloyed with three metals silver copper and zinc the percentages will be as follows gold 91.70 per cent, silver 5 per cent, copper 2 percent and zinc 1.30 per cent.

For 18 karats, gold is alloyed with silver and copper in this zinc is not alloyed like zinc is alloyed in 22 karats in making of 18 karats gold jewellery 75 per cent of gold is alloyed with 15 per cent silver and 10 per cent copper.

For 14 karats, gold is alloyed with silver and copper like for 18 karats and the percentage of silver and copper is as follows:30 per cent silver and 11.70 per cent copper is alloyed with 58.30 per cent of gold in making of 14 karats gold jewellery.

For 10 karats and 9 karats like 18k and 14k zinc is not alloyed in making.

Only silver is alloyed for making 14k gold 52 per cent silver 6.3 per cent copper is used and the rest gold and for 9 karats 42.5 per cent silver and 20 per cent copper is used and rest is gold.

Understanding wastage charges in Madurai

If you are planning to make new gold there are few charges which come into the picture such as making charges, wastage charges and etc. So we must have the better understanding about all those charges so that not to end up loosing money.
Some Indian jewelers does not add the wastage charge but they increase the making charges 20% to 30% depends upon the jewellery.

 Most individuals in Madurai sell their old or ancestral jewelry to make new jewellery . However, we strongly advocate that you do not sell the old gold or ones that are broken to the goldsmith. Better to go for some reputed shops or jewellery merchants as they give offers such as zero making charges and wastage charges.

Even there is few kind of testing where they melt your jewellery for testing purpose. There are jewellers who use computerized testing in which they don't melt your jewellery and will give great offers due to which you can get the satisfactory exchange for your old or ancestral jewellery. Before selling or buying you must know what is the price of gold in Madurai so that you will have a clarity the price you are paying is worthy or not.

Gold ETF's in Madurai

The city of Meenakshi Amman temple Madurai is claimed to be soul of Tamilnadu. There are individual investors from Madurai who invest in gold. Invest can be done in both the forms physical as well as ETF's. ETF's means exchange traded fund. Individuals who want to invest in the physical form of gold are advised to go for gold coins or gold bars than jewelry. In that way they can get more profits.

The individuals who are planning to go for ETF's will have a lot of advantages such as easy liquidity and ease in selling. Buying through ETF's is secured and easy method when compared to buying physical gold. Of course, if you want to use gold for personal consumption, there is no way you are going to buy gold ETFs.

Gold ETFs provide an opportunity to investors of Madurai to accumulate gold over a given period of time. Since the investor can buy in small quantities, one can plan the procurement as per future requirements such as for the marriage of children, etc.
Its very important to check the gold rates before selling gold in physical form or ETF's which you can check on gold rates in Madurai in good returns.in

Check these things before buying gold in Madurai?

Better to have some idea of spending you hard earned money on anything. This applies to gold as well. It is better to have a clear idea of investing or spending money on gold. Here is a list of things one should understand before buying gold.

1) Purity - First thing one should understand while buying gold is how pure the gold is. In Madurai most commonly sold jewelry is 22 karats gold jewelry. So first step in this is you should check gold rate in Madurai on that day. As the gold rates in Madurai will be changing every day, better to rely on a website which gives updated gold prices in Madurai such as goodreturns.in

2) Hallmark - Always check Hallmark symbol before buying gold in Madurai. BIS hallmark is given by the government of India and this marks certify that the gold is as pure as the karats mentioned on it.

3) Other charges - There will be some charges called making charges and wastage charges for the gold jewelry. This charge is for making of jewelry or the gold got wasted during manufacturing gold jewelry.

There are many more things one should check before buying gold jeweler but these are very important aspects one should check before buying gold jewelry in Madurai.

Traditional buying of gold in Madurai

Gold is often bought in the city of Madurai, more as tradition than anything else. People of the city love to buy gold and also invest in the same. They buy the same in the form of gold bars, coins and also expensive jewellery. This is because investors have been planning to buy into the metal for sometime now have been postponing their decision, for want of traditional necessities. If you are willing to buy gold in madurai, you should do so for the long term, as only then you can make some money from the precious metal. Buying and selling gold is a more recent phenomenon as compared t buying and just holding gold and not selling in. Indians rarely sell gold, though that trend is fast changing. If you are a buyer in gold, you might not be able to hold all your life, just in case there is a necessity that crops up sometime later in life, when you need to sell your gold. At such time you may want to keep sell your gold in Madurai for an emergency purpose.

Few factors affecting gold price in Madurai?

Gold rates are affected by a lot of things one cannot take a bunch of elements and decide that the gold rates in Madurai are affected particularly by these elements. So of all the elements which affect gold rates, these can be considered to get a track on gold rates in Madurai.

Gold rates in Madurai are inversely proportional to U.S.

Dollar. The fluctuation in Gold rates is due to fluctuation in dollar rate. For US Dollar exchange with Indian currency goes high due to weak global cues or any other factor, gold price in Madurai will become low.

Stability in the central bank also matters a lot. In India, our central bank is Reserve Bank of India. Any monetary decisions took by Reserve Bank of India or due to any other reason if there is any unstablity, then that is going to affect gold rates in Madurai. Recently this happened when demonetization was announced. This will not happen a lot if happens gold rates in Madurai will take a hit.

Financial costs is also a major factor to consider if there is any increase or decrease in loan fee gold rates are going to get affected. For example, loan fee is increased by 5 percent then the gold rates in Madurai will take a hit, and this will continue until the loan fee is set to normal state. As the loan fee becomes normal parallel to that gold rates in Madurai will also become normal.

Where to take a gold loan in Madurai?

Normally we take loans on Asset. Do you know we take a loan on Gold as well? Gold loan is an instant, safe and secured loan.
One can take the gold loan from Bank, and there are some companies which offer gold loans as well.

Things we should be seeing before taking gold loans is the processing fee, interest rate, tenure and prepayment charges. Considering all these parameters, one can go for a loan. Here are few options which you can take into consideration

Most Individuals prefers to go for a public sector bank. SBI is one of the banks which gives loan at attractive prices. As there are some private banks and NBFC's are in the race SBI is offering zero prepayment charges and also no penal charges if the loan was not paid on the due date.

When it comes to private banks, ICICI Bank is one of the top Banks in India, and it is providing gold loans at with a very attractive processing fee. Not only ICICI private banks such as HDFC are also offering gold loans there are set of offers for every bank. So it is better to have a pre-check before taking a loan

One can go for gold loan companies as well such as mannapuram and muthoot. These two NBFC are very famous in Madurai. Compartively there gold loan companies give excellent offers. But still, it is important to see all options before going for the loan. Also, check gold rates in Madurai before opting the loan to have an estimate how much you may get.

Latest Updates on Madurai Gold Rates

The Gold Rates in Madurai Rebounds

The Gold rates in Madurai rebounded today following cues in the foreign market as investors await the next meeting of the US Federal Reserve.

The yellow metal rates in Madurai reached to the highest level at Rs.45,200/- for 10 grams of 22 karat gold and Rs.49,310/- for 10 grams of 24 karat gold.

In the global scenario, the spot gold has remained unchanged at $ 1,798.75 an ounce; and US gold futures have down 0.1% to $ 1,798.20 an ounce.

The U.S dollar has trading constant against a basket of six major traded currencies.

The precious metal had a slightly choppy session today after fluctuating up and down but the yellow metal managed to close 0.06% higher.

President Jerome Powell stated at the press conference that the Fed's policy meeting is expected at 6:00 p.m.

later today, market investors will be looking for clues as to when the central bank will begin to reduce its monetary support.

28 July 2021
Gold rates in Madurai at Rs 45,660 per 10 grams

Gold prices in the city of Madurai edged marginally higher, as gold rates across the globe moved higher. Gold for 22 karats and 24 karats, were trading at Rs 45,960 per 10 grams and Rs 49,810 respectively. International spot gold was trading at $1815 an ounce.

Sandeep Matta, Founder, TRADEIT Investment Advisor, says: “The confluence point for the gold is setting around $1800 as both bulls and bears are applying their own forces to keep gold prices near to confluence point. Yellow metal has managed to gained couple of dollars however trading in tremendous pressure despite all favorable conditions particularly wobbly global equity markets and declining bond yields.

Gold on MCX is also trading in pressure and somehow able to manage 48000 levels. We anticipate that momentum for precious metal is shifting towards the bear’s side and is not the right time to enter into fresh long trades. It’s becoming a trader’s market to capture few hundred points either side of pivot level,” he says.

20 July 2021
Gold in Madurai stays steady

Gold prices in the city were steady, as international gold prices suggested a lack of any movement. Gold rates in Madurai were quoting at Rs 45,510 per 10 grams, while 24 karats were trading at Rs 49,650 per 10 grams.

According to Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited, Gold is showing more strength in comparison to Silver in the daily chart, so traders are advised to create a long position in Gold rather than Silver and should also focus on important technical levels given below for the day.

According to Khare, August Gold closing price at Rs 47,721 has the first support at Rs 47,300, while the second support for gold was at Rs 46,950. On the other hand the first resistance was at Rs 48,100, while the second resistance was at Rs 48,400.

9 July 2021
Gold prices moves up in Madurai

Gold prices moved up in Madurai following cues in the foreign markets amid lockdowns in Europe and lower U.S Treasury yields. In the domestic market, the precious metal rates in Madurai were traded at Rs.42,300/- per 10 grams of 22 carats and Rs.46,140/- for 10 grams of 24 carats.

On the overseas platform, spot gold was $ 1,738.40 an ounce; US gold futures at $ 1,730.80 an ounce.

The precious metal soared on Wednesday after a pullback in US Treasury yields and mounting concerns about lockdowns in the eurozone. The situation has raised the demand for the yellow metal that weighs on their prices. However, the strong value of the dollar limited the bullion's rally.

Analysts note that if the US currency continues to trade strongly, it will act as a drag on additional earnings from the precious metal.

Meanwhile, European stocks hit a two-week low following the renewed lockdown imposed across the eurozone. The dispute over the decrease in the supply of the coronavirus vaccine has affected sentiment.

24 March 2021
The Gold rates in Madurai falls

Gold rates in Madurai fell slightly following signals from the international market amid a weaker dollar. In the domestic market, the prices for yellow metals in Madurai were observed at Rs.46,110/- for 10 grams of 22-carat gold and Rs.50,310/- for 10 grams of 24-karat gold.

In the gold market, spot gold was $ 1,836.80 an ounce and US gold futures were $ 1,841.00 an ounce.

The dollar has trading low against a basket of six major traded currencies and pressuring the metal prices to lower.

Gold fell today as the launch of a COVID-19 vaccine in the United States has fueled optimism in the wider financial markets and investors are confident in the resulting economic recovery. Hopes of a global economic recovery and a decision to expand trade talks between Britain and the European Union have also bolstered European actions.

Gold, seen as a hedge against inflation that could result from the unprecedented stimulus triggered in 2020, has risen by more than 20% so far this year. Investors were waiting for the US Federal Reserve's two-day monetary policy meeting starting Tuesday for clues on monetary policy.

14 December 2020
Gold prices in Madurai gains

Gold prices in Madurai gained slightly following global trends, with uncertainty over the stimulus package and the decline in the dollar's value causing metal prices to rise and cross the $ 2,000 mark per ounce. Gold prices in Madurai were recorded at Rs.51,670/- for 10 grams of 22 carats and Rs.56,360/- for 10 grams of 24 carats.

In global markets, spot gold was $ 2,023.00 an ounce and US gold futures were $ 2,015.30 an ounce.

Today, gold rates edged up 1% in the bullion market to $ 2,000 an ounce it hit earlier this month due to the weaker U.S dollar as it was reaching its low of more than two years in a context of persistent uncertainty over the release of the stimulus. the U.S government's package for the pandemic-affected economy.

Investors are waiting to see details of the U.S Federal Reserve's strategy to deal with the economic crisis induced by the coronavirus.

18 August 2020
The price of gold in Madurai eases

The price of gold in Madurai eased following the signals of the foreign market in a context of reopening of the economies after the blockages of COVID-19. On the national market, the price of yellow metal in Madurai has been estimated at Rs.44,200 / - for 10 grams of 22-carat gold and Rs.47,000 / - for 10 grams of 24-carat gold. In the international market, spot gold fell 0.5% to $ 1,709.30 an ounce and American gold futures fell 0.6% to $ 1,715.10 per ounce. Precious metal prices eased from their highest level in almost two weeks as investors hoped for reopening of economies after COVID-19 freezes, but a continuing wave of central bank stimulus kept bullion on the good track for a weekly gain. The latest batch of U.S economic data of the week fueled stimulus expectations from the Federal Reserve, as market prices were in an environment of negative interest rates. Falling interest rates in the United States are putting pressure on the dollar and bond yields, increasing the attractiveness of unproductive bullion.

9 May 2020
Gold rates in Madurai stable

Gold rates in Madurai remained unchanged today despite being gained in the foreign market amid concerns over a global economic slowdown. In the domestic market, the prices of the yellow metal in Madurai were constant at Rs.40,030/- for 10 grams of 22-carat gold and Rs.44,030/- for 10 grams of 24-carat gold.

In the international market, spot gold rose 1.1% to $ 1,634.95 per ounce and U.S gold futures rose 1.2% to $ 1,665.40. The impact of the virus on the global economy and the unprecedented amount of stimulus going through the veins of the financial system should continue to support gold. Gold will remain the preferred asset as the environment of low-interest rates and the global slowdown induced by viruses would support a prolonged recovery.

The pandemic has infected more than a million people, has killed more than 68,000, and has led countries to extend the blockades to slow their spread, paralyzing large sectors of the global economy.

6 April 2020
The gold rates in Madurai reduces

Gold rates in Madurai reduced slightly despite a slight rise in the bullion market amid a stronger dollar. On the local market, the prices of yellow metal in Madurai have been evaluated at Rs.41,360/- for 10 grams of 22-carat gold and Rs.45,140/- for 10 grams of 24-carat gold. In the international market, spot gold rose 0.2% to $ 1,639.44 an ounce and U.S gold futures rose 0.2% to $ 1,640.10. The U.S dollar was trading at a high level against a basket of six major currencies traded and stocks also rallied on the international market.

The International Monetary Fund said on Wednesday that global spread has dashed hopes for stronger growth this year, while a Fed report has shown that there are signs that the epidemic has started to weigh on the business climate in the United States. Investors are now waiting to see if the European Central Bank would also announce a new stimulus, with eurozone markets predicting a 90% chance of reducing the deposit rate next week.

5 March 2020
The gold rates in Madurai slips

Gold rates in Madurai have dropped slightly following indication in the bullion market amid a stronger dollar. On the national market, the prices of yellow metal in Madurai were seen at Rs.38,050 / - for 10 grams of 22-carat gold and Rs.41,150 / - for 10 grams of 24-carat gold.

In the international market, spot gold fell 0.2% to $ 1,578.95 an ounce and U.S gold futures rose 0.1% to $ 1,578.60 an ounce. Fears over the Wuhan virus fueled the rise in gold, but investors seem to prefer the security of high-quality government bonds to the yellow metal. The dollar traded at a high level against a basket of six major currencies traded.

Investors were also at the forefront of the first US Federal Reserve political meeting of the year, scheduled to start later today. Futures on the Fed Fund show that traders expect the US central bank to keep interest rates unchanged. Lower interest rates reduce the opportunity cost of holding unproductive bullion.

28 January 2020

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

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