Gold Rate in Chennai

Last Updated: Sep 28, 2020 13:30 IST

Gold Rate in Chennai Today 28th Sep 2020: Fresherslive Provides the Exact 22 Carat & 24 Karat gold Rate in Chennai for 8 Gram, 10 Gram Gold Price and Check Last 10 Days of Gold Price in Chennai Today Per Gram which are verified and updated every hour.
September 28, 2020
₹ 4782
When compared to previous day Chennai gold rate, today 22 Carat gold rate in Chennai rose up by Rs.1 to INR 4782 and 24 Carat gold rate in Chennai rose up by Rs.1 to INR 5216.

Today Gold Rate in Chennai

Day22k (Standard Gold Rate)24k (Pure Gold Rate)
Gold Rate Today₹ 4,782₹ 5,216
Gold Rate Yesterday₹ 4,781₹ 5,215
Silver Rate Silver Rate in Chennai

Last 7 Days 22 Carat Gold Price Per Gram in Chennai Today (INR)

Gold Rate in Chennai 22 Carat Gold RatePrice Change
28 September 2020 ₹ 4,782 +1
27 September 2020 ₹ 4,781 +1
26 September 2020 ₹ 4,780 -25
25 September 2020 ₹ 4,805 +50
24 September 2020 ₹ 4,755 -55
23 September 2020 ₹ 4,810 -70
22 September 2020 ₹ 4,880 -54

Last 7 Days 24 Carat Gold Price Per Gram in Chennai Today (INR)

Gold Rate Chennai 24 Carat Gold RatePrice Change
28 September 2020 ₹ 5,216 +1
27 September 2020 ₹ 5,215 +1
26 September 2020 ₹ 5,214 -23
25 September 2020 ₹ 5,237 +50
24 September 2020 ₹ 5,187 -60
23 September 2020 ₹ 5,247 -76
22 September 2020 ₹ 5,323 -59

Today Gold Rate in Chennai 916 kdm per gram

GramGold Rate in Chennai Today
1 Gram₹ 4,782
8 Gram₹ 38,256
10 Gram₹ 47,820
100 Gram₹ 4,78,200
Today Gold Rate in Chennai 916 KDM per gram - Users can find 916 KDM Gold rate Chennai on this page which is the same as 22 carat gold rate. 916 KDM term is used to describe the Gold purity in gold coins and ornaments, 916 KDM is 91.67% pure form of gold calculated by dividing 22 Carat / 24 carat.

Today Gold and Silver rate in Chennai

Chennai28 September 202027 September 2020
Gold Price₹ 4,782₹ 4,781
Silver Price₹ 59.00₹ 59.00
Today Silver rate in Chennai - Users can find silver rate in Chennai today in this page, we provide you the exact price of 1gm price and 1gm Silver rate in Chennai along with previous day price. Check the above table for Chennai Silver rates today and check the exclusive Silver rate in Chennai page for more details on the current Silver price and history price chart.

Chennai 24K Gold (99.9%) Price

Today's Chennai 24K Gold (99.9%) Price is updated here, watch this current Chennai 24K Gold (99.9%) Price before buying, 24K Gold is 99.9% pure and always costs higher than 22K Gold rate and 24K Gold i.e., 99.9% Pure Gold would fetch you a higher price. In this page, you can get the accurate Chennai 24K Gold (99.9%) Price of Today and Last 10 days with clear data on everyday's change in Chennai 24K Gold (99.9%) Price per gram as well as per 8 grams.

1 Gram 22 Carat Gold Price in Chennai Today

Gram1 gram8 gram10 gram100 gram
Yesterday Gold Rate in Chennai ₹ 4,781 ₹ 38,248 ₹ 47,810 ₹ 4,78,100
Today Gold Rate in Chennai ₹ 4,782 ₹ 38,256 ₹ 47,820 ₹ 4,78,200
Changes +1 +8 +10 +100

1 Gram 24 Carat Gold Price in Chennai Today

Gram1 gram8 gram10 gram100 gram
Yesterday Gold Rate in Chennai ₹ 5,215 ₹ 41,720 ₹ 52,150 ₹ 5,21,500
Today Gold Rate in Chennai ₹ 5,216 ₹ 41,728 ₹ 52,160 ₹ 5,21,600
Changes +1 +8 +10 +100
Gold Promotion

Today Gold Rate in Chennai 1 Gram - 22 & 24 Carat Price Chennai

Date22k (Standard Gold)Change24k (Pure Gold)Change
28-09-2020 ₹ 4,782 +1 ₹ 5,216 +1
27-09-2020 ₹ 4,781 +1 ₹ 5,215 +1
26-09-2020 ₹ 4,780 -25 ₹ 5,214 -23
25-09-2020 ₹ 4,805 +50 ₹ 5,237 +50
24-09-2020 ₹ 4,755 -55 ₹ 5,187 -60
23-09-2020 ₹ 4,810 -70 ₹ 5,247 -76
22-09-2020 ₹ 4,880 -54 ₹ 5,323 -59
21-09-2020 ₹ 4,934 -25 ₹ 5,382 -25
20-09-2020 ₹ 4,959 +1 ₹ 5,407 +1
19-09-2020 ₹ 4,958 +21 ₹ 5,406 +21
18-09-2020 ₹ 4,937 +28 ₹ 5,385 +30

Today Gold Rate in Chennai 8 Grams - 22 & 24 Carat Price Chennai

Date22k (Standard Gold)Change24k (Pure Gold)Change
28-09-2020 ₹ 38,256 +8 ₹ 41,728 +8
27-09-2020 ₹ 38,248 +8 ₹ 41,720 +8
26-09-2020 ₹ 38,240 -200 ₹ 41,712 -184
25-09-2020 ₹ 38,440 +400 ₹ 41,896 +400
24-09-2020 ₹ 38,040 -440 ₹ 41,496 -480
23-09-2020 ₹ 38,480 -560 ₹ 41,976 -608
22-09-2020 ₹ 39,040 -432 ₹ 42,584 -472
21-09-2020 ₹ 39,472 -200 ₹ 43,056 -200
20-09-2020 ₹ 39,672 +8 ₹ 43,256 +8
19-09-2020 ₹ 39,664 +168 ₹ 43,248 +168
18-09-2020 ₹ 39,496 +224 ₹ 43,080 +240

Comparison Gold Rate in Chennai August - September 2020

Gold Rate Chennai TrendValues
22k September 28, 2020Rs.4782 per gram
24k September 28, 2020Rs.5216 per gram
22k Highest Gold Rate SeptemberRs.4972 per gram
22k Lowest Gold Rate SeptemberRs.4755 per gram
24k Highest Gold Rate SeptemberRs.5420 per gram
24k Lowest Gold Rate SeptemberRs.5187 per gram
22k Highest Gold Rate AugustRs.5418 per gram
22k Lowest Gold Rate AugustRs.4912 per gram
24k Highest Gold Rate AugustRs.5870 per gram
24k Lowest Gold Rate AugustRs.5358 per gram

Historical Gold Price in Chennai

Gold rate in Chennai September 2020 22K & 24K Gold Price

22k Gold Price
1st September 2020Rs. 4,972
28th September 2020Rs. 4,782
Highest PriceRs. 4,972 on 1st September 2020
Lowest PriceRs. 4,755 on 24th September 2020
24k Gold Price
1st September 2020Rs. 5,420
28th September 2020Rs. 5,216
Highest PriceRs. 5,420 on 1st September 2020
Lowest PriceRs. 5,187 on 24th September 2020

Gold rate in Chennai August 2020 22K & 24K Gold Price

22k Gold Price
1st August 2020Rs. 5,178
31st August 2020Rs. 4,954
Highest PriceRs. 5,418 on 7th August 2020
Lowest PriceRs. 4,912 on 29th August 2020
24k Gold Price
1st August 2020Rs. 5,649
31st August 2020Rs. 5,404
Highest PriceRs. 5,870 on 9th August 2020
Lowest PriceRs. 5,358 on 29th August 2020

Gold rate in Chennai July 2020 22K & 24K Gold Price

22k Gold Price
1st July 2020Rs. 4,674
31st July 2020Rs. 5,138
Highest PriceRs. 5,138 on 31st July 2020
Lowest PriceRs. 4,610 on 6th July 2020
24k Gold Price
1st July 2020Rs. 5,095
31st July 2020Rs. 5,494
Highest PriceRs. 5,494 on 31st July 2020
Lowest PriceRs. 5,062 on 7th July 2020

Gold rate in Chennai June 2020 22K & 24K Gold Price

22k Gold Price
1st June 2020Rs. 4,512
30th June 2020Rs. 4,627
Highest PriceRs. 4,645 on 29th June 2020
Lowest PriceRs. 4,427 on 6th June 2020
24k Gold Price
1st June 2020Rs. 4,922
30th June 2020Rs. 5,048
Highest PriceRs. 5,066 on 29th June 2020
Lowest PriceRs. 4,835 on 6th June 2020

Gold rate in Chennai May 2020 22K & 24K Gold Price

22k Gold Price
1st May 2020Rs. 4,341
31st May 2020Rs. 4,509
Highest PriceRs. 4,592 on 19th May 2020
Lowest PriceRs. 4,341 on 1st May 2020
24k Gold Price
1st May 2020Rs. 4,585
31st May 2020Rs. 4,916
Highest PriceRs. 4,916 on 31st May 2020
Lowest PriceRs. 4,585 on 1st May 2020

Gold rate in Chennai April 2020 22K & 24K Gold Price

22k Gold Price
1st April 2020Rs. 3,960
30th April 2020Rs. 4,395
Highest PriceRs. 4,474 on 27th April 2020
Lowest PriceRs. 3,955 on 3rd April 2020
24k Gold Price
1st April 2020Rs. 4,152
30th April 2020Rs. 4,637
Highest PriceRs. 4,686 on 27th April 2020
Lowest PriceRs. 4,152 on 1st April 2020

Gold rate in Chennai March 2020 22K & 24K Gold Price

22k Gold Price
1st March 2020Rs. 3,991
31st March 2020Rs. 3,955
Highest PriceRs. 4,232 on 7th March 2020
Lowest PriceRs. 3,840 on 19th March 2020
24k Gold Price
1st March 2020Rs. 4,191
31st March 2020Rs. 4,154
Highest PriceRs. 4,446 on 7th March 2020
Lowest PriceRs. 4,029 on 19th March 2020

Gold Rate History in Chennai

September 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015

Gold and its investment trends

 Gold- the precious yellow metal has always remained the most valued possession for all. Humans are physically and emotionally drawn to it. One cannot overlook the effects of human psychology when it comes to investing in gold. The precious metal has always been an attractive investment to safeguard and keep oneself secure in times of fear and uncertainty whenever there is an economic recession or a pandemic or any other reasons beyond one's control. Gold is permanent and will always have value in tough and good times. It doesn't corrode, has a great liquidity value providing sustainability. Regardless of its final destination, its chemical composition is such that the precious yellow metal cannot be consumed or used up - it is permanent.  

Demand, supply, and investment trends are the keys determining factors of gold prices. In India, any global movement or fluctuation in the price of gold naturally affects the price of the yellow metal in the country. Gold has a positive price elasticity during festival times as demand tends to rise, so is the price of the metal, which also tends to rise. Even in a situation where economic conditions are worsening, the price of gold moves higher. 

What is the demand for Gold in Chennai? 

Nowadays People in Chennai have a great desire for Gold. Thus Chennai is now boosting the gold market in India. In Chennai, mainly Gold is consumed in the form of jewelry and ornaments. There are several large and small gold dealers in Chennai, forming the backbone of the good local gold market. Thirst and demand for gold is increasing each and every day in Chennai. Gold rate Chennai fluctuates according to market conditions and availability. 

On the whole, South India experiences a high demand for gold. Kerala tops the chart in gold consumption. Chennai has always ranked high among all the cities in India for its demand for gold. The demand for gold always experiences steep rise in Chennai. Gold is always desired by Indian people because of its value and cultural importance. Indians do have a propensity to invest in gold whenever they have money available in their hands. Chennai proudly boasts of the maximum sale and purchase of gold in India. However, gold is not only purchased in the form of ornaments but also in the form of coins and others. The demand for gold has never fallen in Chennai. Gold has been claimed to be the only product that does not get affected by inflation. People in Chennai are keen on getting regular updates on the price of gold. It has been witnessed that the price of gold fluctuates almost on a daily basis. The revised rates are always updated online so that people can easily access it. Gold plays a very important role in shaping the economy of Chennai. Chennai depends upon the import of gold widely. Bullion Association updates the price of gold daily online. However, according to the analysis, the gold rate seems almost unchanged for the last 10 days. Grasp precise Gold Rate in Chennai from this page.  

How to find a reliable gold rate in Chennai?

The gold jeweller should be the reputed ones and most trustworthy to avoid cheating in any way while buying gold in Chennai. Chennai is a place where branding and popularity of the product comes first and foremost. At the first place it is sought after buying a gold jewellery brand which is highly trusted by many people and also is very well recognized through advertisements in Chennai. Alternatively, you can also go ahead with individual salesmen of gold but be very assured about the quality and purity of the gold before buying. In Chennai you'll actually have a lot many jewellery design options as well as there is also the option to customize any jewellery design as you wish and on your choice of selection. While buying jewellery in Chennai, you basically need to be very aware of the gold rate in Chennai in either of the scenarios. Being aware about the gold rate is very important so that you don't get cheated by any kind of increase in the price by the merchant or any tax-percentage mismatch as well. 

How is the gold rate in Chennai determined?

The gold rate in Chennai is determined based on different factors. These factors include the interest rates in the developed countries, also the demand for gold as it is found that a lower demand for gold leads to low prices and higher demand leads to high prices. Furthermore, the gold rate in Chennai is also affected and determined by the Government policies which are related to the tariffs on gold, and also the tariffs charged by the Local Governments of Chennai.

Gold Rate in Chennai - What is the mandatory checklist for buying? 

In Chennai - the capital of South Indian State Tamilnadu, Gold is a hugely in-demand commodity. When it comes to the Gold trade, Chennai stands at the forefront compared to all other metro cities and towns in India. The yellow metal is a favourite of Chennai and is proud that the maximum number of purchases and sale of Gold happens in the Chennai city. Like the rest of its counterparts in the country, people of Chennai prefer to buy Gold in the form of Jewellery, especially during the festivity. Gold is considered sacred and auspicious, hence many number of jewellery shops and establishments mushroom especially during the festival time like Pongal and Deepawali, to meet the huge demand for Gold. The jewellery shops and establishments update the daily and every moment price fluctuations of the gold rate in their showrooms as information to their customers at the time of purchase of Gold. Another way of investment in Gold is by purchasing gold coins. The gold coins usually come in 22 Karots and 24 Karots. Usually, 24k gold coin is bought because of its 100% purity. Because of the demand for these coins, jewellers in Chennai makes it available for its customers to retain their customer base. Then Gold also is purchased by investors as ETFs (Exchange Traded funds) and use them to ensure their investments against economic fluctuations. Investors can use short term Exchange Traded Funds to reduce their loss if the price of Gold suddenly plummets. The advantage of Gold ETFs  is one can start investing with as low as 1unit or 1gm of Gold and is available in several denominations making it ideal for all types of investors big or small. 

Primarily, the customers must be aware of the Gold rates before going for the purchase of Gold. A clear knowledge of gold rates is essential so that the customers do not get cheated or incur losses. Secondly, the candidate must check the purity of Gold before purchasing it. The customer must check the Hallmark carefully before making the final purchase. Now the questions arise: what is the importance of Hallmark? How can a Hallmark determine the purity of Gold? How can the customer read the Hallmark? A hallmark tells us what the exact official proportion of metal or Gold in ornaments or coins is BIS (Bureau of Indian Standards) is responsible for certifying the gold ornaments with Hallmark. The Hallmark bears a number, and a BIS stamp is put on it for the purpose of authenticity.It also contains the identification mark of the jeweller and the year of Hallmark. The presence of the letter “K” stands for Karat, which denotes the purity percentage. Thirdly, the customer must cross-examine the price before buying Gold. The price of Gold is based on its purity to a large extent. The jewellery stores display the gold rates for a particular day. The customers should follow it and also remain updated with the fluctuations in the gold rates. Remaining updated is essential because the small jewellery shops do not display the gold rates. Fourthly, the customers must be aware of the payment of other charges while purchasing Gold. Mostly in the case of ornaments, there are many hidden charges for the gold jewelleries. However, the making charges of gold jewellery may differ from one shop to the other. The customers must be clear about the cost per gram while purchasing Gold. Last but not least, the customers must ask for a bill from the seller after purchasing Gold. The bill must include all the details of the purchase process so that it remains crystal clear, both to the customer as well as to the seller. In case of any fraud, it also becomes easier for the customers to approach the authorities for justice. 

If you wish to buy gold in Chennai, note down the following things which you must know before buying gold in Chennai. 

  • First, you should check the gold rate in Chennai. 
  • On purchasing a gold Jewel, ask the making charges of that gold jewellery. The making charges vary for various Jewellery shops. So buy gold Jewellery where the making charges are low.
  • Get the receipt for your gold purchases. This receipt can be of immense value when you want to sell the gold at a later stage.  

What is the current gold price trend in Chennai?

The gold trade in Chennai has shown excellent performance since the beginning of the year. With demand for the metal increasing significantly on the domestic side and with the occurrence of the Covid Pandemic, the gold markets have witnessed an inflation trend in gold prices in the past few months. According to experts, with no respite from the Covid Pandemic in the near future and demand for gold as a safe investment, there is speculation that gold rates in Chennai are expected to be on an inflatory trend.

Some of the other factors that usually create an upward trend in Gold rates in India, is  India being the largest importer of gold, and the metal is traded in US Dollar. So whenever the US dollar strengthens against the rupee, gold rates in India increase because of the high import duty to be paid to the traders, which naturally flows down to the last person that is the customer. The next factor is the time taken for the gold that is imported to reach the customer. Being a precious metal, the maintenance charges and security and transportation costs determine the final rate of the gold. Government policies related to tariffs on gold and taxations are also important in determining the gold rate.

Gold prices come down depending upon the investment trends in stock markets where the appetite for risk is more, and there is no more demand for the bullion by the investor or in a situation when a country sells its gold stock to sustain its economic status. It is also noticed that the demand for gold always dips when the purchasing power of people has decreased. This trend usually happens in reopening days of educational institutions where priority is given to education fees and the purchase of books and payment of huge school donations.

There is a huge demand for gold loans, especially when the economy is in distress due to the global recession or for any other reason.  Mostly small business merchants or farmers or members from agriculture or labour service seek more gold loans for their day to day payment and sustainment of business.  Gold, because of its huge liquidity value, is the most easiest and fastest way to procure money for making urgent transactions.

How to get updates on Gold Rate in Chennai? 

Gather Latest Updates and fluctuations of Gold rate in Chennai instantly here. Gold is the only commodity whose demand does not fall with inflation. That is the reason why investors are keen on investing in gold. The gold rates fluctuate on a daily basis, and it is essential that the investors keep track on the fluctuating rates. Fresherslive provides information about varying gold rates in India. Before investing in gold, this information must be checked. It will help investors in a dual way. Primarily, it will help in safe investing so that the investors do not get cheated by any other person or incur heavy losses. Secondly, it will help in analysing the differences or similarities in gold rates in different parts of our country. Various apps are also available nowadays that give constant updates about gold rates. But the acute authenticity of these apps is highly doubtful. Thus, it is better to visit Fresherslive to have an exact idea about the gold market. 

For long term gold investors, it is always good to buy gold only when the gold rate is low. From this page, Gold investors and buyers can immediately investigate according to their needs in all probability cases. 
Unit named “Karat” or “Carat” refers to the purity of gold. 24 Carat (24K) gold is considered as pure gold, i.e. 100% gold. 22 Carat (22 K) consists of some portion alloy mixed with gold, which means 91.7% of the composition is pure gold and the remaining is alloy in 22K Gold. 

Compare Gold Rate in Chennai - 22 Carat vs 24 Carat 

So, 24 Carat pure Gold (24 K) is always slightly higher in price when compared to 22 Carat (22 K) Gold price in Chennai. Grab the exact Gold Rate in Chennai for both 24 Carat and 22 Carat gold on this page. 

Why is it important to check the Gold Rate in Chennai? 

It is very important to check today's Gold rate in Chennai, before buying gold in online or any retail shop, because even a little variation in gold prices Today can lead to a big loss. The price of gold today is very high when compared to that of 10 years ago. Therefore it is important to check the live gold rate on this page and to compare the current gold rate with each jeweller before buying gold in Chennai. The larger and the more reputed jewellers in Chennai may charge more for making charges for your gold purchase. If you realize that the making charges of Gold is significantly high in one jewellery shop, then you should look at the other goldsmith or jeweller, where you would get a decent rate of gold. 

How is Gold Rate in Chennai different from other cities? 

Gold rate in Chennai slightly varies from the current gold rate in other cities. There are several reasons for this variation in live gold rate including internal as well as external factors. Some factors affecting Gold Rate in Chennai are: 
Making charges for a gold Jewellery. Even for 1 gram gold Jewellery, price varies for different Jewellers due to variation in making charges. 

  • Transportation expenses in and around Chennai. 
  • Current rate of gold in Chennai is greatly affected by these common factors. 
  • Various taxes that are levied on buying gold in Chennai. 

What is the latest Gold Price in Chennai?

Since the beginning of the year, the gold trade in Chennai has had a fairly good run. With demand for the metal significantly improving at the domestic level, bullion markets have seen a gradual increase in gold prices over the last few months.

In Chennai, gold is a very important commodity. As for the gold trade, Chennai ranks above all other cities and towns in India. This cosmopolitan city boasts the greatest number of gold sales and purchases in India. According to the rest of the country, Chennai people buy gold primarily in the form of jewellery. Needless to say, to meet this demand, there are a number of jewelry establishments spread in and around the town. Gold rates or prices are updated on a daily basis and can be obtained through many financial sites from those dealing in gold or online.

How is gold determined?

Have you ever wondered how Gold rates are determined in Gold Shops? It is more complex than you think the gold rates in Chennai should be determined. This is because let us see what factors affect 916 gold prices in Chennai. Actually, not just 22 karats but all other gold varieties.

Gold rates

Its interest rates are one big factor. Investors sell gold and buy fixed yielding instruments as interest rates in developed countries rise. That affects the daily Chennai gold rates.

What are the factors that influence Gold Rate in Chennai?

Gold is also impacted by several local factors, such as the tariffs and duties of the local government. In short, today, in Chennai, there are a host of factors that influence the gold rates. You have to check the prices before you buy. You should avoid buying at high prices unless there is a need. You can adopt a purchasing strategy on declines.

Gold being a precious metal, it has more demand in many parts of the world. Especially in India, people claim gold to be an auspicious metal. Apart from the demand that has risen for the gold in recent years, many other factors influence the Gold Rates. The influencing factors of Gold Rates are namely, demand for gold, interest rates, government policies, and other local factors. Let's look at these influencing factors elaborately. 

a) Demand for gold

As it is already mentioned, gold is one of the very precious metals, and it is of great demand in most parts of the world. Usually, when there is a rise in the demand for gold, then the Gold Rates go high and when there is a fall in demand for gold, the Gold Rates will also fall. In recent days, the Gold Rates are rising. The demand for gold has increased drastically. In India, gold is used for every important occasion like weddings, house warming functions, etc., and gold is used mainly in the form of ornaments, especially on these occasions. Apart from this, people invest in gold coins and bars as a form of investment. This hoarding of gold in different forms has ultimately resulted in the high demand for gold, and thus, the Gold Rates are increasing at a rapid speed. 

b) Interest rates

The other factor that mainly influences the Gold Rates is the interest rates. In many developed countries, many investors buy and sell gold in many forms. In the same way, many people pledge the gold instruments in the banks for getting financial support for their personal needs. Even these interest rates provided by the banks for many purposes directly or indirectly influence the daily Gold Rates. 

 c) Government policies

Some policies framed by the government related to tax and other duties also have an impact on the Gold Rates. When government policies go favourable for the gold metal directly or indirectly, the Gold Rates will fall. In the same way, when the government policies are unfavourable, then the vice versa happens, and the Gold Rates will increase. For e.g., In India, the recently implemented Goods and Services Tax (GST) has had an impact on the Gold Rates as well. 

d) Local factors

There are certain local factors that also influence the Gold Rates. In certain places, people are more interested in investing in gold ornaments where obviously the Gold Rates are high. And also, in certain places, the availability of gold metal is abundant, which results in low Gold Rates. 
The other factors affecting the gold rate in Chennai is, “The currency exchange between the US dollar and the Indian rupee” India is known to be the world's second-largest importer of gold, which mostly trades in US dollars for the bullion. With most of the gold being a dollar-dependant asset, whenever the US dollar strengthens against the Indian rupee, the gold rates in Chennai also surge. This surge in the gold rate is due to the excess import charges that are necessary to be paid by the gold traders which in turn, flows down to the next subsequent level of gold trading in Chennai. In the same manner, if the US dollar loses against the Indian rupee, gold prices also tend to comparatively go down in the domestic market of Chennai.
In Chennai, gold prices are determined twice a day (daily)- by “Bullion associations”. The rate of gold when trading commences for the particular day is known as the opening price while the rate at which gold trading concludes the rate for the day is known as the closing price.  

What to check while buying gold?

The purity of gold defined in karats is 99.9 percent pure with 24 karat gold and 22 karat gold 92 percent pure. 24 Karat gold is not suitable for jewelry making, which is why jewelers use 14, 18, or 22 karat gold. It's not a good deal to buy gold jewelry without checking its purity, and it always pays to check purity before parting with your hard-earned money. Hallmark is an indication of gold purity, and the purchase of hallmarked jewellery is advisable.

A making charge is associated with every piece of gold jewelry, which is essentially the workload involved in the creation. Cost-making reflects the current gold rates, and one could be fleeced into paying higher fees than is necessary. Insisting on fixed fees could make purchases of gold cheaper, and would be the smarter way to do so.

Most of India's gold jewellery is sold by weight, and more massive pieces cost more. Precious stones, such as diamond and emerald, are frequently added to gold jewelry, making them heavier. Jewelers weigh a little bit in their entirety, which means that one might end up paying for gold that isn't there and it's imperative to keep that in mind when buying stuffed jewelry. 

What are the different places where one can buy gold in Chennai? 

There are various gold dealers in Chennai who provide trusted gold in the form of coins, bars and ornaments. People who wish to invest should first analyse the Gold Rates and quality of gold from various dealers and then pick the very genuine dealer. This makes their investments worthy. Nowadays, most of the dealers provide proper gold certificates for the customers at the time of their purchase. Some of the branded gold dealers in Chennai But it is always advisable to purchase gold directly from the showroom as it assures good quality and this is trusted as they provide proper gold certificates.  

What to do with old gold in Chennai?

If you've got old unused gold in Chennai, there are plenty of options for what you can do with that. The first is either you can give it to the jeweler and make new jewellery or you can sell the same thing. For a number of reasons we would advise you to sell it the same. Above all, it gives you instant money in the form of cash or cheque. Second, there are a lot of gold loan companies that give you a better rate of gold than the jewellers. Some use the latest German machines to check for the purity of the gold. If you're looking to sell the same thing, then approaching them would be the right way. You could get good rates, without damaging your gold too. Remember, though, that you must carry proof of your address, or else you may not be able to cash in. If you don't end up en-cashing your gold you should probably because it's better than giving the jeweler. 

If you are keen on selling the old, unused Gold, here are a couple of things you can do. Primarily, one can visit a jeweller and sell the old unused Gold. But how can you know whether the price provided to you for your old Gold is right? The process may seem quite convenient in all probabilities but the process is tricky. You need to be careful with the gold rates that the jewellers are providing. It will be good if you manage to carry with you the receipt of the old Gold with you as it will give you a clarity about the proportion and purity of Gold. You can exchange the old Gold for some new gold ornaments. If you simply sell your old Gold, the jeweller will give you instant money in the form of cash or cheque. Secondly, a number of gold companies offer gold loans. It is always profitable to visit these gold companies and give your old unused Gold to them. These companies give you better rates for Gold than any other jeweller. The loans can help you in the time of crisis as well. The companies check the purity of Gold first and then provide you with the rates. The Gold does not get also damaged, which happens in the case of jewellers. On attempting to create new gold ornaments from the old ones, a portion of Gold gets damaged that affects the gold rates provided to you by the jewellers. So, gold loan companies are absolutely safe for your old Gold. 

Gold consumption on the rise

Chennai is one of the top consumers of Gold among the other Indian cities with Kerala, occupying the topmost position. The city witnesses quite a high percentage of gold purchase. The demand for Gold is quite high in this city. Chennai also has a major contribution to India’s need for the import of Gold. Chennai experiences the demand for Gold mostly in the form of ornamentation and less for investment purposes. The question that pops up is that how is it possible that consumption of Gold is on rise in India though the demand has fallen due to the global pandemic, COVID’19? This stems from the fall in the valuation of the Indian currency (rupee) against the dollar in the world market. On today’s date, the value of rupee has dropped by almost 7 percent against the value of dollar. Besides, gold imports constitute almost 13 percent of customs duty. With a sharp decline in the value of Indian currency, the gold prices have risen to a considerable extent. The jewellers also have the upper hand here. They are constantly offering good discount rates and coming up with new offers every now and then for the customers. This indeed acts as a pull factor.

The precious metal has seen a steady increase in Indian consumption, from 442 metric tons in 2009 to 974 tons by 2013. But this is not the highest compared to higher-consumption countries like China. Indeed, China's gold consumption at 1120 metric tons was nearly 10 percent higher than India. Most of the consumption goes into jewellery in India, while much is used in China as investment bars and coins. The country also uses the precious metal in the fabrication of items. There have been reports of late that China's reserves were not as large as they were supposed to have. The United States is the prized metal's third-largest consumer.

Difference between 22 karats Gold and 24 karats Gold

The difference between 22 karats and 24 karats there is a considerable difference. One needs to understand what karats are before understanding the difference between the two. That is nothing but gold purity. When we say gold 24 karats, it means gold which is of the highest purity possible. Gold purity can't really extend beyond 24 karats. 

22 karat gold would imply less purity and make gold jewelry useful because gold is brittle and would ensure that gold does not break. All gold jewellery is actually made of 22 karats of gold. If you want to buy gold biscuits and gold bars, then buying 24 karats of gold would be the best option. 22 karat gold would imply less purity and make gold jewelry useful because gold is brittle and would ensure that gold does not break. All gold jewellery is actually made of 22 karats of gold. If you want to buy gold biscuits and gold bars, then buying 24 karats of gold would be the best option.


Gold Rate in Chennai - FAQ

Q1. How to find gold rate in Chennai?

The gold jeweler should be reputed and most trustworthy to avoid cheating in any way. This is the place where branding and popularity come first. In the first place is sought after a gold jewelry brand which is highly trusted by many people and well recognized through advertisements. Alternatively, for the main reason being a lower price, you can go ahead with individual salesmen. You'll actually have the option to customize any jewelry design as you wish. You basically need to be aware of the Chennai gold rate in either of the scenarios, so you don't get cheated by any kind of price increase or tax-percentage mismatch.

Q2. What is 24 Karat gold?

To put it simply this form of gold has all its 24 parts made of gold without any other metal being used or traced. The purity of this gold form is said to be 99.9 percent, and therefore 24 Karat gold bullions are deep yellow in shade. This is notably the global higher form of gold.

Q3. What is 22K gold?

Using 24 K gold, you obviously need 22 K gold, which is of paramount importance to craft your eye-catching jewellery. These are golds which contain a mixture of pure gold plus other metals. They carry nearly 92 percent of pure gold and the rest are other metals including zinc, silver, nickel and other alloys.

Q4. What is the price of 1gram gold today in Chennai?

Gold rates is in Chennai today is Rs.5216 for 1 gram gold(24K pure gold). Gold rates in Chennai are increasing day by day as there is always an increase in the sale of gold in the form of jewellery more than bars or coins. The gold rates of Chennai today are provided in the table given below.

Gram
24 K Gold Rate in INR
1 Gram
5216
8 Gram
41728
10 Gram
52160
100 Gram
521600


Q5. What is the Last 10 days price of 1gram gold today in Chennai?

The gold rate of 1 gram gold (22K) is Rs.4782 in Chennai. The price of 10g of 22K gold is Rs.47820 whereas the price of 10g of 24K gold is 52160. The rate of gold has increased when compared to yesterdays gold rate. Yesterdays gold rate is Rs.4781 for 1 gram of 22K gold and today the rate has rose up by Rs.1 to. Here is the table reflecting the gold rates of the past few days in Chennai.

Dates22K Gold Rates in Rs. (Standard gold)24K Gold Rates in Rs. (Pure gold)
1 gram8 gram1 gram8 gram
28-09-2020₹ 4,782₹ 38,256₹ 5,216₹ 38,256
27-09-2020₹ 4,781₹ 38,248₹ 5,215₹ 38,248
26-09-2020₹ 4,780₹ 38,240₹ 5,214₹ 38,240
25-09-2020₹ 4,805₹ 38,440₹ 5,237₹ 38,440
24-09-2020₹ 4,755₹ 38,040₹ 5,187₹ 38,040
23-09-2020₹ 4,810₹ 38,480₹ 5,247₹ 38,480
22-09-2020₹ 4,880₹ 39,040₹ 5,323₹ 39,040
21-09-2020₹ 4,934₹ 39,472₹ 5,382₹ 39,472
20-09-2020₹ 4,959₹ 39,672₹ 5,407₹ 39,672
19-09-2020₹ 4,958₹ 39,664₹ 5,406₹ 39,664
18-09-2020₹ 4,937₹ 39,496₹ 5,385₹ 39,496

Q6. What is the 916 gold rate today in different cities?

916 indicates the purity of the gold. 916 KDM is same as the standard 22K gold. Gold rates for 916 gold of 10 grams in different cities are provided below.

CitiesGold rate for 10g of 916 gold
Bangalore₹ 47,120
Chennai₹ 47,820
Delhi₹ 48,620
Hyderabad₹ 47,820
Kerala₹ 46,040
Kolkata₹ 49,160
Mumbai₹ 48,320

Gold Promotion

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