Gold Rate in Chennai

Gold Rate in Chennai

The metropolitan city of Tamil Nadu, Chennai, ranks high amongst the cities in India with a staggering demand for gold. The precious metal is sought after due to its cultural importance and for a fact that it is also a lucrative investment option. Gold is a predominant financial commodity in Chennai, which is fairly obvious with a huge number of jewelers that are available to purchase the yellow metal from. The city, therefore, boasts a maximum sale and purchase of gold in India. Gold is purchased in the form of bullion, coins, funds, accumulation plans, and of course as ornaments. Whatever the gold price today in Chennai is, there is always someone purchasing the metal as it the only commodity that is inflation proof. Gold price in Chennai is updated on a daily basis which is available online, financial websites, and from gold dealers. Gold rate today in Chennai is slightly higher than last week but same as the week before that. Chennai is known to house industries and gold serves as a part of their investment portfolio. Like all other Indian cities, Chennai too depends upon the import of gold and the Chennai gold price is also determined by the Bullion Association every day in accordance with the international stock exchange. The current gold rate in Chennai seems unchanged for most of this year bringing good news for buyers.

Chennai Gold Rate Trend in Last 3 Month

Gold Rate in Chennai

Why Is Gold Considered the Most Sought After Metal?

India, one of the largest consumers of gold, is preceded only by China. South Indian cities like Chennai constitute up to 30% of the total demand for gold in the nation. The reason behind this affinity for the precious metal in Chennai is its auspicious nature and its prominent role in South Indian tradition and occasions especially weddings.

Gold is a sign of wealth and prestige in the South Indian society. It is considered the best asset to save and invest in due to its stability in adverse market conditions.

Why is there a Change in Attitude towards Gold?

The demand for physical gold seems to be tapering off due to the rise in gold prices in Chennai. There are government policies in place which discourage the consumption of gold so as to stem the outflow of foreign exchange in order to import gold from foreign markets. The increasing gold rates in Chennai and change in beliefs has prompted the shift towards holding gold in the form of gold bonds, derivatives, ETFs and jeweler schemes. 

How are Chennai’s Gold Prices Determined?

Chennai’s gold prices are determined by a combination of factors which affect the demand and supply for this metal. This involves buying and selling of gold by the central banks which hold gold as a reserve, trading of gold by Gold ETFs and cross currency headwinds which impact the gold rates in both directions, leaving it up to the investor to be prudent and buy when the prices are low.

The twenty-two carat hallmarked gold rate in Chennai live is Rs.28, 508 for 10 gms and the 24 carat hallmarked gold rate in Chennai today is Rs 30,495 for 10gms.

However, in 2017, the price of gold in Chennai is not predicted to be on a continuous upslope unless there are some geopolitical hiccups necessitating the same. A bullish domestic stock market and strong rupee promise to check the escalation of gold rates in Chennai and in India.