Gold Rate in Chennai

Comparison of 22 K & 24 K Gold Rates in Chennai

Historical Price of Gold Rate in Chennai

• Trend of Gold Rate in Chennai for October 2018 (rates per gram for 22/24 carat gold)

  • Gold Rates	22 Carat	24 Carat
    Oct 1st Rate	Rs. 2925.00/- per gram	Rs. 3128.34/- per gram
    Oct 31st Rate	Rs. 3039.00/- per gram	Rs. 3250.27/- per gram
    Highest Oct Rate	Rs. 3048.00/- per gram	Rs. 3259.89/- per gram
    Lowest Oct Rate	Rs. 2925.00/- per gram	Rs. 3128.34/- per gram
    Overall Performance	Decline	Decline
    Percentage Change	-3.90 %	-3.90 %

• Trend of Gold Rate in Chennai for September 2018 (rates per gram for 22/24 carat gold)

  • Gold Rates	22 Carat	24 Carat
    Sep 1st Rate	Rs. 2885.00/- per gram	Rs. 3085.56/- per gram
    Sep 30th Rate	Rs. 2928.00/- per gram	Rs. 3131.55/- per gram
    Highest Sep Rate	Rs. 2944.00/- per gram	Rs. 3148.66/- per gram
    Lowest Sep Rate	Rs. 2875.00/- per gram	Rs. 3074.87/- per gram
    Overall Performance	Decline	Decline
    Percentage Change	-1.49 %	-1.49 %

• Trend of Gold Rate in Chennai for August 2018 (rates per gram for 22/24 carat gold)

  • Gold Rates	22 Carat	24 Carat
    Aug 1st Rate	Rs. 2841.00/- per gram	Rs. 3038.50/- per gram
    Aug 31st Rate	Rs. 2891.00/- per gram	Rs. 3091.98/- per gram
    Highest Aug Rate	Rs. 2891.00/- per gram	Rs. 3091.98/- per gram
    Lowest Aug Rate	Rs. 2800.00/- per gram	Rs. 2994.65/- per gram
    Overall Performance	Decline	Decline
    Percentage Change	-1.76 %	-1.76 %

• Trend of Gold Rate in Chennai for July 2018 (rates per gram for 22/24 carat gold)

  • Gold Rates	22 Carat	24 Carat
    Jul 1st Rate	Rs. 2913.00/- per gram	Rs. 3115.51/- per gram
    Jul 31st Rate	Rs. 2844.00/- per gram	Rs. 3041.71/- per gram
    Highest Jul Rate	Rs. 2925.00/- per gram	Rs. 3128.34/- per gram
    Lowest Jul Rate	Rs. 2844.00/- per gram	Rs. 3041.71/- per gram
    Overall Performance	Decline	Decline
    Percentage Change	2.37 %	2.37 %

• Trend of Gold Rate in Chennai for June 2018 (rates per gram for 22/24 carat gold)

  • Gold Rates	22 Carat	24 Carat
    Jun 1st Rate	Rs. 2952.00/- per gram	Rs. 3157.22/- per gram
    Jun 30th Rate	Rs. 2913.00/- per gram	Rs. 3115.51/- per gram
    Highest Jun Rate	Rs. 2978.00/- per gram	Rs. 3185.03/- per gram
    Lowest Jun Rate	Rs. 2909.00/- per gram	Rs. 3111.23/- per gram
    Overall Performance	Decline	Decline
    Percentage Change	1.32 %	1.32 %

• Trend of Gold Rate in Chennai for May 2018 (rates per gram for 22/24 carat gold)

  • Gold Rates	22 Carat	24 Carat
    May 2nd Rate	Rs. 2960.00/- per gram	Rs. 3165.78/- per gram
    May 31st Rate	Rs. 2973.00/- per gram	Rs. 3179.68/- per gram
    Highest May Rate	Rs. 3015.00/- per gram	Rs. 3224.60/- per gram
    Lowest May Rate	Rs. 2957.00/- per gram	Rs. 3162.57/- per gram
    Overall Performance	Decline	Decline
    Percentage Change	-0.44 %	-0.44 %

Introduction

India, being one of the largest consumers of gold, is second only to China. The reason - Chennai comprises of up to 30% of the total demand for gold in the country. Moreover, the demand for this precious metal in Chennai is mounting owing to its symbolic value, and predominant role in South Indian traditions and weddings.

These factors have made this one of the most sought-after metal for the people from other parts of the country. Consumers wish to buy gold from Chennai for its perceived authenticity. 

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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.

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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.

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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.

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GST Impact on Gold Price in Chennai

On 1 July, India welcomed the biggest post-independence tax reform - the Goods and Services Tax (GST) - with ecstasy coupled with anxiety. Since then it has been the talk of the town, especially, regarding the impact GST will have on the Indian economy in the future.

The GST council had finalised the rates for good and major services by unifying the indirect taxes for all states in India. The tax rates under GST are finalised at 0%, 5%, 12%, 18% and 28% for various goods and services, and almost 50% of goods & services comes under 18% tax rate.

Due to GST, the Gold rate in India has become slightly expensive at 3% GST on gold and 5% of the making charges is applied post GST, which was 2% in most of the states pre-GST.

The president of the Chennai Gold and Diamond Jewellery Traders Association has explained, in the recent announcement, that gold jewellery has always been an essential item for every household. GST has impacted the gold rate in Chennai as well.

 Initially the tax applicable on gold in Chennai was 1% pre-GST, which is now 3%, the gold seekers will have to pay a GST charge of Rs. 400 per sovereign. It means GST tax and excessive gold price in Chennai will be borne by the buyers.

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Things to Remember Before Buying Gold Jewellery in Chennai

Chennai is one of the most sought-after places for buying gold jewellery. Considering the gold rate today in Chennai, if you are too caught up to buy some gold from this place, you’ll find this information bona fide!

Facts:

1. Only 30% of gold sold in India is hallmarked. The experts have noticed that the difference in purity of gold and average carat ranges from 10 to 15%.

2. Jewellers Association in the city decides the gold rate and Chennai is no exception. Based on the daily gold rate calculated by the Indian Bullion and Jewellers Association (IBJA), the jewellers decide whether or not to give a discount depending on the demand and headroom they have.

3. In Chennai, T Nagar is famous for its significant share of gold sold, a mindboggling 150 tonnes in the year 2015.

4. Kalyan Jewellery and GR Thangamaligai are one of the oldest jewellery shops in Chennai. Apart from them, one will find Tanishq, NAC Jewellers, Lalithaa Jewellery, Prince Jewellery, the LKS, Gold House, Nalli Jewellers, Sri Kumaran, Kerala Jewellers, Malabar Gold, Saravana Stores, Joy Alukkas at a walking distance.

Hall-Marking Centres Available

As you already know, only 30% gold sold is hallmarked, ensure you only buy hallmarked gold in Chennai. The hallmarking of gold in Chennai is executed by 21 BIS hallmarking centres and one-third of them are in T Nagar. Thus, T Nagar is synonymous for gold shopping in Chennai.

How Do You Double-Check Your BIS-Hallmark in Chennai

You can check the level of purity of your hallmarked gold at any of 21 BIS hallmarking centres in Chennai. This will be done on priority and require you to pay a certain amount for the process. The centre will issue an Assay Report on your request. In case, your jewellery is found to be of lesser purity than what the BIS hallmarked assured, the testing charges paid by you will be refunded by the hallmarking centre that had actually hallmarked the jewellery.

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Factors That Influence Gold Prices in Chennai

Chennai’s gold rate is decided by a combination of factors affecting the demand and supply of this metal. The major factors affecting the gold rates in Chennai today are the ratio of buying and selling of gold by central banks across the country and holding gold as forex reserve; gold business as Gold ETFs; cross currency headwinds that influence the gold price, leaving it up to the investors to be cautious to purchase it when the prices are lowering down.

As per the Gold price today in Chennai,22 Carat hallmarked gold rate is trading at Rs. 2,80,200., while 24 Carat is available at Rs. 30,567 for 10gms.

However, any recent changes and upswing in gold rate in Chennai is not predicted unless some political hitches demand it. An optimistic domestic stock market and currency assure to check the upslope of gold rate today in Chennai and other cities across India.

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Difference between KDM and Hallmarked Gold

It is essential for every buyer to know certain things related to gold, from purity and hallmarking of gold to current gold rate and difference in rates if you want to buy in bulk etc. While considering these all, knowing the difference between KDM and hallmarked gold is equally important. Here we go:

Hallmarked Gold: A Sign of Purity

Hallmarked gold is the only way to assure purity of gold to the buyers. This is certified by one of the Assaying Centres under the Bureau of Indian Standards. If the gold you buy is hallmarked that assures the quality and standard is maintained by Bureau of Indian Standards. This way you don’t compromise on the quality of gold. Whenever you buy gold, always look for hallmark. A hallmark gold is comprised of these elements:

1. BIS logo
2. Retailer’s logo
3. Assaying centre’s logo
4. Purity in carat and fineness (916, 875, etc.)

KDM Gold

To understand KDM gold, we should know the process of crafting gold jewellery. Raw gold is shaped by melting it with solder and other metals. Solder is an alloy of gold with a lower melting point, which in the process helps in joining the gold pieces together without affecting the purity of gold.

The soldering material was traditionally an alloy of gold and copper; the ratio should be 60 percent gold alloy and 40 percent copper. But using this method added to the impurity in the gold. For instance, if 22-carat gold is made using this process upon meeting for reselling, the value will go down due to less purity. So, to improve it, use of cadmium was initiated to replace copper and the ratios were set for 92% and 8%. This way solder retains the purity level of 92%.

This process of crafting gold using sodium is known as KDM gold. The best part is that upon mention the purity level sticks to the same. The use of cadmium resulted in health problems among the gold makers and wearers as well. Due to its effect on the health of the users, the method is less no more popular among the jewellers. Finally, BIS put a ban on it. Other advanced alloys were introduced to replace it.

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Historical Gold Prices in Chennai

With the Chennai, jewellers deal in the superb range of traditional and modern jewellery in gold, platinum, diamonds, pearls and precious stones, the demand for buying gold from Chennai is evident. Also, from today gold rate in Chennai, one can predict a bright investment future on gold. Lets have a glance on recent gold rates in Chennai. This table is for last year (2016) gold rate for the month of November:

Date	22 Carat Gold (1gm)	24 Carat Gold (1gm)
10-Nov-2016	Rs. 3024.00	Rs. 3131.00
09-Nov-2016	Rs. 3060.00	Rs. 3166.00
08-Nov-2016	Rs. 2878.00	Rs. 3078.00
07-Nov-2016	Rs. 2883.00	Rs. 3083.00
04-Nov-2016	Rs. 2902.00	Rs. 3104.00
03-Nov-2016	Rs. 2897.00	Rs. 3098.00
02-Nov-2016	Rs. 2902.00	Rs. 3104.00
01-Nov-2016	Rs. 2875.00	Rs. 3075.00

Studying the gold rate in Chennai for the month of November last year provides an insight into future fluctuation is predicted. So, the investments should be made accordingly. However, the gold rate in India depends on certain factors like constancy of the central bank, demand and supply of the metal in the Indian market, quantitative easing, the situation of the jewellery industry and overall annual production of gold top the list.

In 2016, the lowest price that was recorded for this time was Rs. 2878 for 22 Carat and 3104 for 24 carats per grams. If we consider gold rate today in Chennai for the same period this year, it was recorded for Rs. 27790 for 22 carat is and Rs. 29721.9 for 24 Carat per gm.

The major affecting events this year could be the jewellers strike against PAN card registration, the prediction of an interest hike by the U.S. Federal Reserve, the Brexit vote, wedding season, festive season, Trump’s victory in the US Presidential election, PM Modi’s demonetisation reform to name a few.

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