24 Carat Gold rate per gram in Chennai – Updated Mar 26 2023
24 Carat Gold Today
24 Carat Gold Yesterday
Today 22 Carat Gold rate per gram in Chennai – Updated Mar 26 2023
22 Carat Gold Today
22 Carat Gold Yesterday
Daily Price Change
Today Gold Loan Rate In Chennai: Mar 26 2023
The gold rate in Chennai has seen a slow uprise in gold rate In Chennai than ever before, being a trendy commodity among Indians. There has been a great demand for it, thus a steady increase in the gold rate In Chennai. The gold rate In Chennai today is well above Rs. 2,700 for one gram of gold, marking a profit in the industry.
The gold rate In Chennai is set by international standards. The purchase of gold in this city is primarily for the making of jewellery and ornaments, which follows the trend of the entire country as a whole. Indians have a great history of investing their gold as a way of banking. Thus, gold acts as means of investment for consumers in Chennai. In addition to this, there are a number of gold dealers in Chennai who form the backbone of the local gold industry.
Compare 22k & 24k Gold Rate in Chennai
|Standard Gold (22 K) ( 1 gram )||₹ 4,610||₹ 4,560||₹ 50 ↑|
|Standard Gold (22 K) ( 8 grams )||₹ 36,880||₹ 36,480||₹ 400 ↑|
|Pure Gold (24 K) ( 1 gram )||₹ 5,030||₹ 4,976||₹ 54 ↑|
|Pure Gold (24 K) ( 8 grams )||₹ 40,240||₹ 39,808||₹ 432 ↑|
Last 10 Days Gold Rate in Chennai
STANDARD GOLD 22K
PURE GOLD 24K
24 July 2021
23 July 2021
22 July 2021
21 July 2021
20 July 2021
19 July 2021
18 July 2021
17 July 2021
16 July 2021
15 July 2021
Gold Rate Price in Chennai
Gold is a very popular commodity in Chennai and in India in general. The gold rate in Chennai is decided by international trends. Gold prices are highly dynamic and are affected by a wide range of factors, from the strength of the US Dollar to seasonal demand in the country. Gold is purchased in Chennai primarily as jewellery and ornaments, following the trend of most of the country when it comes to gold usage.
Gold is also traded as a commodity in exchanges such as Multi Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX), and National Spot Exchange (NSEL). The contracts are available both as spot contracts where gold can be bought and delivered right away and futures contracts wherein gold is bought and sold at a later date.
Indians have a history of banking on gold more than the actual banks. Gold therefore also acts as an investment portfolio for consumers in Chennai looking at stable and long-term returns from the metal. There are many large and small gold dealers in Chennai that are exclusively into precious metals and form the backbone of the local gold industry.
List of banks providing gold loan in Chennai
Customers who own gold jewellery can always approach a bank or a gold loan company to get a loan against jewellery to meet any urgent personal or business expense. Some of the large banks and gold loan NBFCs in Chennai that provide loan against gold jewellery are:
|Bank / NBFC||Rate Per Gram||Interest Rate||Gold Loan Tenure||Min – Max Loan Amount|
|₹ 3,506 to ₹ 4,621||0.099||3 to 24 months||₹ 10 thousand to 5 crore|
|Private Gold Loan||₹ 3,506 to ₹ 4,621||0.1||6 to 12 months||₹ 10 thousand to 5 crore|
|₹ 3,506 to ₹ 4,621||0.12||7 days to 36 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1225||12 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1025||36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1||3 to 36 months||₹ 10 thousand to 5 crore|
|SBI Gold Loan||₹ 3,506 to ₹ 4,621||0.0975||12 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.075||3 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 10 thousand to 5 crore|
|IIFL Gold Loan||₹ 3,506 to ₹ 4,621||0.12||11 months||₹ 3 thousand to 50 lakh|
The Malabar gold rate in Chennai is decided by international trends and affected by a wide range of influential factors, including the strength of the Indian rupee to the seasonal demand for gold.
Gold purchased in Chennai is primarily used for jewellery because, in India, gold jewellery plays a prime role on most occasions. The twenty-two-carat gold rate in Chennai today has witnessed a gradual rise over the course of the year 2017 and is on an inclining trend. So, if you are looking out for a valuable investment, gold can be a great option for you.
How do Gold Traders Determine Future Gold Prices in Chennai?
Today’s gold rate in Chennai is not determined by a single factor. There are various factors that lead to price variations. However, the investors take into consideration a few parameters to predict the gold rate In Chennai:
- Gold Related News: Investors check the news for today’s gold rate in Chennai every day for any price fluctuation due to global market fluctuations. The gold rate In Chennai is also changed as the market fluctuates. By following gold-related 0news on our site, you can also stay updated about any changes in the current gold rate in Chennai and the reasons for any change.
- Prices of Other Valuable Metals: The gold rate In Chennai are also influenced by the prices of other precious metals. So, investors also follow the rate of other metals in the city. You can check today’s gold rate in Chennai and other cities online.
- Rupee Foreign Exchange Rate: Fluctuations in the rupee rates also affect gold prices in Chennai because the rupee exchange rate shows the impact of imports and exports on our currency. So the exchange rate plays an important role in deciding the gold prices in Chennai.
What Leads to the Increment of Gold Rates When the Stock Market Falls?
Chennai investors usually rely on gold when no other investment option works. When the stock market falls, investors start pulling their money out. Some investors also park their money in fixed deposits or invest in other precious metals like gold and silver as a safe investment option.
Investors across the world rely on Gold as a safe and fruitful investment option. Gold’s value does not diminish after a certain point that makes it popular with the investors. But the stock market keeps on fluctuating, and the value of stocks goes up and down due to various factors.
Impact of GST on Gold Rate in Chennai
There has been a lot of ebbs and flow in the gold rate, especially after the enactment of Goods and Service Tax (GST) in India. Along with international trends, the advent of GST has also reflected on the gold rate in Chennai as well. This means the taxation on gold jewellery is now 3%, which is exclusive of the 1.5% VAT, which was levied earlier, along with 1% excise duty.
After GST, the taxation has been streamlined, the final jewellery bills are now inclusive of 3% GST, customs duty of 10%, and processing charges are imposed as 5%. This has increased the total cost by 1.6%, leading to a marginal increase in the gold rate in Chennai today, but this has not affected the sales much. Big players in the gold industry are benefitting from it, as it has neutralized both the organized and unorganized sector. Customers can now purchase from small and big dealers at the same price, as it has reduced the drastic gap between the two.
Gold as an Investment in Chennai
The investment portfolio of gold is distinguished for its stability. Indians believe in investing in gold for the long-term benefits, which they get in the form of returns. Chennai is considered to be a safe haven to invest in gold jewellery, ornaments, gold coins, or bullions, as people here view it as an important investment to keep their wealth intact. It is widely used for multi-commodity exchange as well.
There are several jewellery stores in Chennai, where you can buy genuine gold products for investment, as well as personal use. But before making the purchase, it is advisable that you do some online research to know about gold prices today in Chennai so that you make an informed decision.
The gold prices keep on fluctuating every day, so you need to check on that particular day as well. Make sure that you get the purity certification from your vendor against the jewellery that you have purchased. This ensures that you have invested your money safely, and it is only possible to exchange certified jewellery at the current gold rate in India.
Nonetheless, all the big players provide their customers with the same. It would be best if you cared about it, getting it from the small vendors as well.
How Can You Make Gold Investments in Chennai
When it comes to investing in gold, there are a number of ways to do that. Either you can invest in gold coins or jewellery. Below mentioned are a few viable investment opportunities in gold –
How about investing in gold coins? – You can either invest in a 22 karat gold coin or a 24 karats gold coin. The purity level varies, though; it’s 92% of its 22 karats and 99.99% of its 24 karats. You can make the purchase directly from banks or from any of the big or small stores or dealers in Chennai. The purpose of buying a gold coin is either to gift during marriages or festivals or to sell it once the price rises higher than the price at which you bought it to serve your investment requirements.
Purchasing Jewelry – In India, people love to invest in gold ornaments and jewellery, as it serves the dual purpose of investment as well as gifts for your loved ones during festivals and marriages. The bride and groom are gifted many gold items, which they either wear on special occasions or use as investments later.
The market gold rate is the actual price of the metal, and if you buy jewellery, the jeweller will levy making charges or labour charges on it. Make sure that you buy certified jewellery, so you get the current exchange rate on your jewellery minus the making charges.
Gold bullions – Bullions are bigger in size as compared to gold coins. They are mostly purchased in kilograms. They are usually cast in the form of bars or slabs and are used to make high-value investments. They are purchased at the prevailing gold price in the city and are considered to be a great medium of investment, especially if you want to get returns similar or higher than your investment cost.
Exchange-Traded Funds – Investing in gold traded funds is a lucrative option to keep your money safe without needing to keep it with you. You can easily exchange them for cash if you need some money on an urgent basis.
Gold Schemes To Invest in Chennai
Gold saving schemes work well for those who want to save money for bigger occasions like weddings, anniversaries, and any other ceremony or occasion. There are various gold schemes in Chennai to help you purchase gold. You can easily get them from some of the top jewellers in Chennai. However, the interest rate on these schemes tends to change as per the interest rate and the prevailing current gold rate in Chennai.
You can check for discounts on the making charges while purchasing the precious metal. But do not expect a lot of freebies. The scheme will lock the money starting from the day when you invest in the scheme. Do check gold price today in Chennai before investing in any such schemes.
It is advisable to invest in gold schemes as a purpose to accumulate gold for future purposes. Invest in any such scheme, not for investment purposes, but to buy physical gold at a later stage.
Some Interesting Facts on Gold
Here is a quick rundown of the facts on gold that investors should know.
- Gold never oxidants
- Gold is softer than other metals, and 1g of the precious metal can be easily beaten with a hammer.
- Gold becomes very hard if it is alloyed with certain metals
Things to Consider Before Buying Gold Jewelry in Chennai
Today gold rate in Chennai is prone to a lot of influential factors, and before you make the purchase, it’s important to ascertain the factors listed below –
Purity – You can’t purchase gold without considering its purity factor. If you are purchasing jewellery or ornaments, it’s recommended to buy one made using 22 karat gold, i.e. 92% purity level. And if it’s a gold coin or bullion, you can go for 24 karat gold, i.e. 99.99% purity level. You can also purchase 14 karat gold jewellery with 58.33% purity level and 18 karat gold ornaments with 75% purity level.
Weight – The price of gold jewellery is calculated on the basis of its weight. If you add more stones to it, the weight will certainly increase and so will the cost. At the time of making the purchase, ensure that you are not charged unnecessarily by your dealer for the stones at the same price as that of gold.
Certification – if you want to ensure the authenticity of your gold, then make sure that your dealer gives you a purity certificate. The certificate allows you to exchange it in the future at the current market price.
Labor Charges – Every jeweller includes jewellery making charges or labour charges in the total bill. This is the cost that goes into designing the jewellery. The labour charges would be added to the actual gold price in Chennai, and that’s how your total jewellery cost would come out.
You need to search online and note the gold price today in Chennai so that you can make an informed choice while making the final purchase.
Factors that Influence Gold Prices in Chennai
Factors influencing the gold prices in Chennai are numerous. Listed below are a few of them –
- International market fluctuations are one of the most important factors influencing the price of gold around the country. If there is a rise in gold prices globally, then the price would increase correspondingly in Chennai as well.
- As the value of the rupee rises against other currencies globally, gold prices decrease and vice versa. India imports gold from other countries. When the rupee appreciates, the government has to pay less to import it from other nations, and if it decreases, the government is liable to pay more. So, if there is a rise in the value of the rupee, the gold prices in Chennai would fall.
- The prices of gold in Chennai and in the entire country are certainly influenced by the upsurge in demand and supply during the festival season. Especially during Diwali season, wedding season, dhanteras, and they are like.
KDM and Hallmarked Gold in Chennai
Hallmark – Hallmark jewellery refers to a quality certification as per the international standards of purity by (BIS) Bureau of Indian Standards. This is based on the composition of metal which is used for alloying and the purity levels of the gold used.
KDM – 92% of gold is mixed with 8% of cadmium. This is how this alloy is formed. In the process of jewellery designing, older material is used, but the two metals, i.e. gold and solder material, have different melting points, so cadmium is now mixed with gold; that is why it is called KDM.
Understanding 916 Gold rate Today in Chennai?
This is one of the most common questions, and it can be difficult to get the answer. For instance, you need to study the global trend that largely determines 916 gold prices in Chennai. It is further affected by the currency fluctuation of the USD against other currencies. In India, 22 karat gold is termed as 916 gold.
Today’s gold rate in Chennai is affected by a number of factors, including the rate of import duty. The lesser the import duty, the lesser will be the gold rate in Chennai and vice versa. The gold price in Chennai decrease when the government lessens the import tariff. In addition to the local tariffs, there are numerous other factors that determine the gold rate in Chennai.
Though every factor affecting the gold price in Chennai cannot be mentioned broadly speaking, the investors can put their money in gold when the current gold rate in Chennai is low and can sell I when the gold rate in Chennai goes higher. However, gold prices in Chennai have been quite volatile, and additional volatility is expected when policies in different countries also remain volatile. Check the 22-carat gold rate in Chennai today, and when it is less, then you buy it to make a profit. Long story short, 916 gold prices will get influenced by different factors and not by a single factor.
Best Place to Buy Gold in Chennai
For those who are looking to buy or invest in gold, you can check out different options. Check today’s gold rate in Chennai online or in the newspaper, and then you can shop around from Dickenson Road. There are other shops at Chickpet, Jayanagar and also other parts of the city.
Though, you can buy precious metal from any place that is offering the best gold price in Chennai today. In fact, today’s gold rate in Chennai will also vary on the basis of the making charges. If you are lucky, your jeweller can also offer you some discount, or you can bargain to get some discount on the making charges.
Buying a Gold Loan in Chennai
You can easily buy a gold loan against the gold you possess. The norms to buy a gold loan are not stringent as you buy it against your own gold, and it gives assurance to the Gold Insurers. But make sure that you have enough money to repay the amount. The gold insurance can confiscate the entire amount in case you fail to pay it back. And you would end up losing all the gold that you have pledged.
Usually, a gold loan is issued for a period of 11 months. There are a number of gold insurance companies and banks that can offer you gold loans. After comparing the rate of gold loans in Chennai and across India, you can buy it from a bank or an insurance provider.
What are the Advantages and Disadvantages of Sovereign Gold Bond Scheme
Advantages of Sovereign Gold Bond Scheme:
- Sovereign Gold Bond Scheme can be purchased in both Demat form and paper form.
- The major benefit of such schemes are they are backed by the Government
- As you can keep it in digital form, you do not need to worry about its security, unlike the physical gold
- Do not fret about gold’s purity as the bonds are in paper or electronic form
- There is an annual interest in Sovereign Gold Bond Scheme. Even if today’s gold rate In Chennai drop and keep dropping you can still keep these schemes as you will earn fixed interest every 6 months.
Disadvantages of Sovereign Gold Bond Scheme:
- If the gold rate in Chennai today drops after you make the purchase, then there will be a capital loss of investment. And if you opt for a long-term plan, then you will not be affected by price fluctuations.
- And the procedure to switch your gold bonds into physical gold is quite tedious. And if you are planning to use the gold for personal requirements, then investing in bonds might not work well.
Gold Vs. Mutual Funds
Greater market risk Involved
Options to invest in Equity linked saving scheme (ELSS), Equity mutual funds, debt fund, liquid funds, etc.
More opportunity cost
About Gold Rate In Chennai
Chennai, on the Bay of Bengal in eastern India, is the capital of the state of Tamil Nadu. The city is home to Fort St. George, built in 1644 and now a museum showcasing the city’s roots as a British military garrison and East India Company trading outpost, when it was called Madras. Religious sites include Kapaleeshwarar Temple, adorned with carved and painted gods, and St. Mary’s, a 17th-century Anglican church.
✅ What is the gold price in Chennai for 916 hallmark gold?
The gold price in Chennai for 916 hallmark gold is ₹ 44,250. The 916 KDM gold price is the same as the 22-carat hallmark gold.
✅ What is the price of 1 gram of gold in Chennai today?
The price of 1 gm gold in Chennai today is ₹ 4,829 for 24 carats of gold and ₹ 44,250 for 22 carats of gold.
✅ What is the rate of 23-carat gold in Chennai?
The rate of hallmark gold of 23-carat in Chennai is ₹ 48,290.
✅ How is today’s gold rate in Chennai 916 determined?
The gold rate in Chennai is determined based on various factors such as the interest rates in the developed countries, demand for gold, wherein a lower demand for gold leads to low prices and higher demand leads to high prices. Further, the gold price in Chennai is also affected by Government policies related to tariffs on gold and the tariffs charged by the Local Governments.
✅ What is the important checklist for buying gold in Chennai?
A checklist for buying gold in Chennai involves being mindful of the following things: