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Gold Rate Today in Chennai
gold rate in Chennai

24K Gold/ 10gm
₹72,850.00
-260(0.36%)
22K Gold/ 10gm
₹66,781.60
-238.34(0.30%)

Last updated on: 18th Apr 2024

Chennai is the capital and the largest city (in terms of population and area) of Tamil Nadu. It is also one of the wealthiest cities in India, thanks to its IT & ITES sectors, healthcare tourism, and automobile industries. The high per capita income and cultural factors have made Chennai a significant gold jewellery trade hub of the state. People in this city also invest in alternatives to physical gold, such as gold exchange-traded funds (ETFs), sovereign gold bonds, etc. This ensures the preservation of wealth in the long run. To get the best deal, you must keep track of the fluctuating prices of gold in the city. Keep reading to know Chennai's per-gram price of 24-karat and 22-karat gold.

Gold Rate Comparison - 22K vs 24K

How is the Purity of Gold Evaluated in Chennai?

The purity of gold in Chennai is certified by the Bureau of Indian Standards (BIS). The gold purity certification process followed by the BIS is known as hallmarking. Like any other part of the country, all Chennai-based jewellers must sell customers hallmarked gold only.

When you visit a jewellery store in Chennai, you can find the following hallmarks on the ornaments to determine their purity: - 22K916: It signifies 22-karat gold that contains 91.6% pure gold. - 18K750: It represents 18-karat gold that has 75% pure gold. - 14K585: It denotes 14-karat gold that comprises 58.5% pure gold.

Today's 22K & 24K Gold Rates Per Gram in Chennai

24K
DownArrow
GramYesterdayToday
1 gram
₹7,311.00
-28 (0.38%)
₹7,285.00
-26 (0.36%)
8 grams
₹58,488.00
-224 (0.38%)
₹58,280.00
-208 (0.36%)
10 grams
₹73,110.00
-280 (0.38%)
₹72,850.00
-260 (0.36%)
100 grams
₹7,31,100.00
-2800 (0.38%)
₹7,28,500.00
-2600 (0.36%)
GramYesterdayToday
1 gram
₹7,311.00
-28 (0.38%)
₹7,285.00
-26 (0.36%)
8 grams
₹58,488.00
-224 (0.38%)
₹58,280.00
-208 (0.36%)
10 grams
₹73,110.00
-280 (0.38%)
₹72,850.00
-260 (0.36%)
100 grams
₹7,31,100.00
-2800 (0.38%)
₹7,28,500.00
-2600 (0.36%)

Points of Caution

When you are buying gold in Chennai, you should keep these four things in mind:

BIS Mark: You should check whether the BIS logo is present on your gold ornaments. The presence of this logo will confirm the authenticity of the gold item.


Karat and Fineness Purity: To confirm the fineness level or purity of the gold in your jewellery, you should check whether the fineness number is embossed. The six gold jewellery and artefact cartage values are 24-karat, 23-karat, 22-karat, 20-karat, 18-karat and 14-karat. 


Mark or Number of the Centre Hallmarking or Assaying: The laboratory or centre that hallmarks your gold is required to put the logo on the assessed jewellery. Before buying a gold ornament in Chennai, you should check whether the gold hallmarking centre is BIS-certified. 


Identification Mark of the Chennai Jeweller: Look for the identification mark of the jewellery manufacturer before buying gold jewellery from a store in Chennai.

Historical Gold Rate in Chennai for Last 10 Days

10 grams
DownArrow
Day24K Gold22K Gold
18 Apr 2024
₹72,850.00
-260 (0.36%)
₹66,781.60
-238.34 (0.30%)
17 Apr 2024
₹73,110.00
-280 (0.38%)
₹67,019.94
-256.68 (0.32%)
16 Apr 2024
₹73,390.00
+1010 (1.38%)
₹67,276.61
+925.87 (1.16%)
15 Apr 2024
₹72,380.00
-720 (0.99%)
₹66,350.75
-660.02 (0.84%)
12 Apr 2024
₹73,100.00
+1290 (1.76%)
₹67,010.77
+1182.54 (1.48%)
11 Apr 2024
₹71,810.00
+420 (0.58%)
₹65,828.23
+385.01 (0.49%)
10 Apr 2024
₹71,390.00
+10 (0.01%)
₹65,443.21
+9.17 (0.01%)
09 Apr 2024
₹71,380.00
+460 (0.64%)
₹65,434.05
+421.68 (0.54%)
08 Apr 2024
₹70,920.00
+210 (0.30%)
₹65,012.36
+192.51 (0.25%)
05 Apr 2024
₹70,710.00
+960 (1.36%)
₹64,819.86
+880.03 (1.14%)
Day24K Gold22K Gold
18 Apr 2024
₹72,850.00
-260 (0.36%)
₹66,781.60
-238.34 (0.30%)
17 Apr 2024
₹73,110.00
-280 (0.38%)
₹67,019.94
-256.68 (0.32%)
16 Apr 2024
₹73,390.00
+1010 (1.38%)
₹67,276.61
+925.87 (1.16%)
15 Apr 2024
₹72,380.00
-720 (0.99%)
₹66,350.75
-660.02 (0.84%)
12 Apr 2024
₹73,100.00
+1290 (1.76%)
₹67,010.77
+1182.54 (1.48%)
11 Apr 2024
₹71,810.00
+420 (0.58%)
₹65,828.23
+385.01 (0.49%)
10 Apr 2024
₹71,390.00
+10 (0.01%)
₹65,443.21
+9.17 (0.01%)
09 Apr 2024
₹71,380.00
+460 (0.64%)
₹65,434.05
+421.68 (0.54%)
08 Apr 2024
₹70,920.00
+210 (0.30%)
₹65,012.36
+192.51 (0.25%)
05 Apr 2024
₹70,710.00
+960 (1.36%)
₹64,819.86
+880.03 (1.14%)
Day24K Gold22K Gold
18 Apr 2024
₹72,850.00
-260 (0.36%)
₹66,781.60
-238.34 (0.30%)
17 Apr 2024
₹73,110.00
-280 (0.38%)
₹67,019.94
-256.68 (0.32%)
16 Apr 2024
₹73,390.00
+1010 (1.38%)
₹67,276.61
+925.87 (1.16%)
15 Apr 2024
₹72,380.00
-720 (0.99%)
₹66,350.75
-660.02 (0.84%)
12 Apr 2024
₹73,100.00
+1290 (1.76%)
₹67,010.77
+1182.54 (1.48%)
11 Apr 2024
₹71,810.00
+420 (0.58%)
₹65,828.23
+385.01 (0.49%)
10 Apr 2024
₹71,390.00
+10 (0.01%)
₹65,443.21
+9.17 (0.01%)
09 Apr 2024
₹71,380.00
+460 (0.64%)
₹65,434.05
+421.68 (0.54%)
08 Apr 2024
₹70,920.00
+210 (0.30%)
₹65,012.36
+192.51 (0.25%)
05 Apr 2024
₹70,710.00
+960 (1.36%)
₹64,819.86
+880.03 (1.14%)
Day24K Gold22K Gold
18 Apr 2024
₹72,850.00
-260 (0.36%)
₹66,781.60
-238.34 (0.30%)
17 Apr 2024
₹73,110.00
-280 (0.38%)
₹67,019.94
-256.68 (0.32%)
16 Apr 2024
₹73,390.00
+1010 (1.38%)
₹67,276.61
+925.87 (1.16%)
15 Apr 2024
₹72,380.00
-720 (0.99%)
₹66,350.75
-660.02 (0.84%)
12 Apr 2024
₹73,100.00
+1290 (1.76%)
₹67,010.77
+1182.54 (1.48%)
11 Apr 2024
₹71,810.00
+420 (0.58%)
₹65,828.23
+385.01 (0.49%)
10 Apr 2024
₹71,390.00
+10 (0.01%)
₹65,443.21
+9.17 (0.01%)
09 Apr 2024
₹71,380.00
+460 (0.64%)
₹65,434.05
+421.68 (0.54%)
08 Apr 2024
₹70,920.00
+210 (0.30%)
₹65,012.36
+192.51 (0.25%)
05 Apr 2024
₹70,710.00
+960 (1.36%)
₹64,819.86
+880.03 (1.14%)

Best Place to Buy Precious Metal in Chennai

Here are some of the best places to find precious metal in Chennai 

  • Napier's: This is one of Chennai's oldest and most trusted gold jewellers. They have a wide variety of gold jewellery and offer competitive prices.
  • Kalyan Jewellers: This is another famous gold jeweller in Chennai. They have a large chain of stores across the city, and they offer a variety of gold jewellery and other gemstone jewellery.
  • Lalitha Jewellers: This family-owned gold jeweller has been in business for over 50 years. They offer various traditional and modern gold jewellery at affordable prices.
  • Saravana Stores: This well-known gold jeweller in Chennai offers various gold jewellery and other precious metals. They also have a good reputation for their customer service.
  • Thirumala Jewellers: This famous gold jeweller in Chennai offers various gold jewellery and other precious stones. They also have a good reputation for their quality and craftsmanship.
  • Malabar Gold & Diamonds: This is a famous gold jeweller chain with stores all over India. They offer a wide variety of gold jewellery and other precious metals.
  • PC Jewellers: This is another popular gold jeweller chain with stores all over India. They offer a wide variety of gold jewellery and other precious metals.
  • Bhima Jewellers: This famous gold jeweller in Chennai is known for its affordable prices. They offer various gold jewellery, silver jewellery and other precious metals.
  • Senco Gold and Diamonds: This is a famous gold jeweller chain with stores all over India. They offer a wide variety of gold jewellery and other precious metals.
  • GRT Jewellers: This is a famous gold jeweller chain with stores all over India. They offer a wide variety of gold jewellery and other precious metals.

What do I Need to Know when Buying Gold Jewellery for the First Time in Chennai?

Here are some things you need to know when you are buying gold jewellery for the first time in Chennai:

  • Karat: The purity of gold is measured in karats. 24-karat gold is pure gold, but it is too soft for jewellery. 22-karat gold is 91.6% pure gold, the most common karat used for jewellery in India. 18-karat gold is 75% pure gold, and it is also a popular choice for jewellery.
  • Hallmark: All gold jewellery sold in India must be hallmarked. The hallmark is a stamp that guarantees the purity of the gold. The hallmark will show the karat of the gold and the name of the assaying center that tested the gold.
  • Price: Gold prices can vary from jeweller to jeweller, so it is important to compare prices before you buy. You can also check the gold price online to understand the current market price.
  • Quality: Make sure that the jeweller you choose sells high-quality gold jewellery. You can check the jeweller's reputation online or ask for recommendations from friends and family.
  • Customer service: The jeweller you choose should have excellent customer service. You should feel comfortable asking questions and getting help from the jeweller's staff.
  • Warranty: Make sure that the jeweller you choose offers a warranty on their jewellery. This will protect you in case the jewellery is damaged or defective.

Quality Inspection Before Buying Gold in Chennai

Here’s how you can do the quality inspection of gold jewellery in Chennai:

  • Karat: The purity of gold is measured in karats. 24-karat gold is pure gold, but it is too soft for jewellery. 22 karat gold is 91.6% pure gold, the most common karat used for jewellery in India. 18-karat gold is 75% pure gold, and it is also a popular choice for jewellery.
  • Hallmark: All gold jewellery sold in India must be hallmarked. The hallmark is a stamp that guarantees the purity of the gold. The hallmark will show the karat of the gold and the name of the assaying centre that tested the gold.
  • Weight: The weight of the gold jewellery should be accurate. You can weigh the jewellery yourself or ask the jeweller to weigh it.
  • Clarity: The gold jewellery should be free of any visible flaws. If you see any flaws, such as scratches or dents, the quality of the jewellery may be compromised.
  • Finish: The gold jewellery should have a smooth, shiny finish. If the finish is dull or rough, the quality of the jewellery may be compromised.
  • Sturdiness: The gold jewellery should be sturdy and well-made. If the jewellery is flimsy or easily bent, the quality of the jewellery may be compromised.

You can also ask the jeweller for a certificate of authenticity. This certificate will confirm the purity and weight of the gold jewellery.

What is Making Charges on Gold Jewellery?

Making charges are the additional costs that are incurred in making gold jewellery. They include the cost of labour, the cost of materials, and the cost of overhead. The making charges can vary depending on the jeweller, the design's complexity, and the gold's weight.

In India, making charges typically range from 5% to 25% of the cost of the gold. For example, if you buy 10 grams of 22-karat gold at the current market price of Rs. 48,000, the making charges would be around Rs. 2,400 to Rs. 12,000.

Here are some factors that can affect the making charges for gold jewellery:

  • The karat of the gold: The higher the karat, the higher the making charges will be. This is because pure gold is softer and more difficult to work with.
  • The complexity of the design: The more complex the jewellery design, the higher the making charges will be. This is because it takes more time and skill to create intricate designs.
  • The weight of the gold: The heavier the gold jewellery, the higher the making charges will be. This is because it takes more gold to create heavier pieces of jewellery.

Checking for Purity of Gold in Chennai

Here are some ways to check the purity of gold in Chennai:

  • Hallmark: All gold jewellery sold in India must be hallmarked. The hallmark is a stamp that guarantees the purity of the gold. The hallmark will show the karat of the gold and the name of the assaying centre that tested the gold. You can look for the hallmark on the jewellery itself or ask the jeweller to show you the hallmark.
  • Dry Test: This simple test you can do at home. Rub the gold jewellery against a piece of unglazed porcelain. If the jewellery leaves a gold streak on the porcelain, it is real gold. If the jewellery leaves a black streak, it is fake gold.
  • Hydrochloric Acid Test: This is a more accurate test you can do at home. Apply a drop of hydrochloric acid to the gold jewellery. If the jewellery fizzes, it is fake gold. If the jewellery does not fizz, it is real gold.
  • Specific Gravity Test: This test is the most accurate but requires special equipment. The specific gravity of gold is 19.32. You can compare the specific gravity of the gold jewellery to the specific gravity of pure gold to determine its purity.

Purchasing Hallmarked Gold in Chennai

The hallmark is a stamp that guarantees the purity of the gold. It is mandatory for all gold jewellery sold in India to be hallmarked. The hallmark will show the karat of the gold and the name of the assaying center that tested the gold.

Here are some of the benefits of purchasing hallmarked gold:

  • Guarantee of purity: The hallmark guarantees the purity of the gold. This means that you can be sure that the gold jewellery you are buying is actually made of gold and not a fake.
  • Protection against fraud: The hallmark is a deterrent against fraud. It is difficult to counterfeit a hallmark, so it is less likely that you will be scammed into buying fake gold.
  • Easy resale: Hallmarked gold is easier to resell than non-hallmarked gold. This is because buyers can be sure of the purity of the gold.

Buying Gold in Chennai? Try Small Quantities

There are many jewellers in Chennai that sell gold in small quantities, starting from 1 gram.

Here are some benefits of buying gold in small quantities:

  • Affordability: Gold is a precious metal, and it can be expensive to buy large quantities of gold. Buying gold in small quantities can help you to save money.
  • Liquidity: Gold is a liquid asset, which can be easily converted into cash. This makes it a good investment option, especially if you want to save for the future.
  • Diversification: Gold is a good way to diversify your investment portfolio. It is not correlated with other asset classes, such as stocks and bonds, so it can help to reduce your risk.

What Type of Gold to Buy in Chennai?

You can buy the following types of gold in Chennai

  • Physical gold: Jewellery shops are Chennai's most common place to buy physical gold. They offer gold bars, coins and various gold jewellery, including necklaces, earrings, bracelets, and rings.
  • Sovereign Gold Bonds:  are government securities denominated in grams of gold. They are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. SGBs are a good option for investors who want to invest in gold without holding it physically.
  • Digital gold: Digital gold is a way to invest in gold without physically owning it. It is stored in a secure vault and can be bought, sold, and traded just like physical gold.
  • Gold ETFs are an exchange-traded fund that tracks the price of gold. This means that when you buy a gold ETF, you essentially buy a small piece.

Digital Gold: A New Concept in Chennai

Digital gold is a way to invest in gold without physically owning it. It is stored in a secure vault, and it can be bought, sold, and traded just like physical gold.

There are many benefits to investing in digital gold. Here are a few:

  • Portability: Digital gold is portable and can be accessed from anywhere in the world. This makes it a good option for investors who travel frequently or who want to avoid the hassle of storing physical gold.
  • Security: Digital gold is stored in a secure vault and is insured against loss or theft. This gives investors peace of mind knowing that their investment is safe.
  • Liquidity: Digital gold is a liquid asset, which means that it can be easily converted into cash. This makes it a good option for investors who need to access their money quickly.
  • Accessibility: Digital gold is accessible to everyone, regardless of their investment experience or knowledge. This makes it a good option for first-time investors or investors unfamiliar with the gold market.

Suppose you are interested in investing in digital gold. In that case, there are a few things you need to do:

  • Open an account with a digital gold platform: There are several digital gold platforms available in India. When choosing a platform, do your research and choose one that is reputable and secure.
  • Verify your identity: The platform will need to verify your identity before you can start investing in digital gold. This is a standard security measure to protect your account.
  • Deposit funds: You can deposit funds into your account using a bank transfer, debit card, or credit card.
  • Buy digital gold: Once you have deposited funds into your account, you can start buying digital gold. You can buy gold in grams or kilograms.
  • Sell digital gold: If you need to sell your digital gold, you can do so through the platform. The platform will sell your gold at the current market price.

Digital gold is a new concept, but it is gaining popularity in India. It is a good option for investors who want to invest in gold without having to physically own it.

Buying Gold ETFs in Chennai

Gold ETFs are a type of exchange-traded fund that tracks the price of gold. This means that when you buy a gold ETF, you are essentially buying a small piece of gold.

There are a few advantages to buying gold ETFs:

  • Liquidity: Gold ETFs are liquid assets, which means that they can be easily bought and sold. This makes them a good option for investors who need to access their money quickly.
  • Diversification: Gold ETFs can be a good way to diversify your investment portfolio. They are not correlated with other asset classes, such as stocks and bonds, so they can help to reduce your risk.
  • Low fees: Gold ETFs typically have low fees, which can help you to save money on your investment.

A Healthy Trend for Gold

Gold has always been a popular investment option in India, and the trend is expected to continue in 2023. The World Gold Council (WGC) has forecast that gold demand in India will reach 880 tonnes in 2023, up from 855 tonnes in 2022. This growth is being driven by several factors, including:

  • Inflation: Inflation is expected to remain high in India in 2023, which could drive demand for gold as a hedge against inflation.
  • Geopolitical uncertainty: The ongoing war in Ukraine and other geopolitical risks are also expected to support gold demand in India.
  • Cultural factors: Gold is seen as a store of value and a symbol of wealth in India, and this cultural factor is also expected to support demand.

Importance of Tracking Live Gold Prices Chennai

There are a few reasons why tracking live gold prices in Chennai is essential:

  • To make informed investment decisions: Gold is a popular investment option, and the price of gold can fluctuate significantly. By tracking live gold prices, you can make informed investment decisions and buy or sell gold at the right time.
  • To avoid overpaying: The price of gold can vary from jeweller to jeweller. By tracking live gold prices, you can avoid overpaying for gold.
  • To stay up-to-date on the latest market trends: The gold market is volatile and the price of gold can be affected by a number of factors, such as inflation, interest rates, and geopolitical events. You can stay up-to-date on the latest market trends by tracking live gold prices and making informed investment decisions.
  • To hedge against inflation: Gold is often seen as a hedge against inflation, as its price tends to rise when inflation is high. By tracking live gold prices, you can buy gold when prices are low and sell it when prices are high as a way to protect your wealth from inflation.

Looking to Sell Gold in Chennai? Try this Place.

Here are some places where you can sell gold in Chennai:

  • Jewellers: jewellers are the most common place to sell gold. They will typically offer you a lower price than you would get if you sold your gold to a pawn shop or a gold exchange. However, jewellers are more likely to offer you cash for your gold, which can be convenient if you need the money immediately.
  • Pawn shops: Pawn shops will typically offer you a higher price for your gold than jewellers, but they will also charge you interest on the loan. If you cannot repay the loan, you may lose your gold.
  • Gold exchanges: Gold exchanges are a good option if you want to get the best price for your gold. However, they may not offer you cash for your gold. Instead, they will give you a check or wire transfer.
  • Online gold buyers: There are a number of online gold buyers that will purchase your gold. They typically offer competitive prices but may charge shipping and handling fees.

Why People in Chennai Buy and Sell Gold Coins?

Here are a few reasons why people in Chennai buy and sell gold coins.

  • As an investment: Gold is seen as a safe investment and a hedge against inflation. Gold coins are a more portable and liquid form of gold than bars, making them a good option for investors who want to be able to easily sell their investment.
  • As a gift: Gold coins are often given as gifts, especially on special occasions such as weddings and birthdays. They are seen as a symbol of wealth and prosperity.
  • As a collectible: Gold coins are also collectible items. Some people collect gold coins for their beauty or historical significance.
  • As a way to store wealth: Gold coins can be a way to store wealth outside of the traditional financial system. This can be seen as a way to protect your wealth from inflation, political instability, or other risks.

The Problems of Investing in Gold in Chennai

Like any investment, there are risks involved in investing in gold in Chennai. Here are some of the most common problems:

  • Volatility: The price of gold can fluctuate significantly, which means that you could lose money if you sell your investment at the wrong time.
  • Storage: Gold is a physical asset, so you need to find a safe place to store it. This can be a problem if you don't have a safe at home or if you travel frequently.
  • Fraud: There is a risk of fraud when buying and selling gold, so it's important to do your research and buy from reputable dealers.
  • Taxes: You may have to pay taxes on your gold investment, depending on your income and investment goals.
  • Illiquidity: Gold can be illiquid, which means that it can be difficult to sell quickly if you need the money. This is especially true if the gold market is volatile.

What Causes Chennai Gold Demand to Fall?

There are a few reasons why Chennai gold demand might fall. Here are some of the most common reasons:

  • Rising prices: The price of gold has been rising steadily in recent years. This could make gold less affordable for some buyers.
  • Economic slowdown: If the economy slows down, people may have less money to spend on discretionary items like gold jewellery.
  • Falling interest rates: When interest rates fall, the opportunity cost of holding gold increases. This is because investors can earn a lower return on their money by holding gold instead of investing it in other assets, such as stocks or bonds.
  • Weakening rupee: The Indian rupee has been weakening against the US dollar recently. This makes gold more expensive for buyers in India.
  • Changing preferences: People's preferences for gold jewellery may change over time. For example, if people become more interested in other types of jewellery, such as diamond jewellery, demand for gold jewellery may fall.

What are the Different Karat Options for Buying Gold in Chennai?

Here are a few different karat options for buying gold in Chennai.

  • 24 karat (99.99% pure): This is the purest form of gold and is often used for investment purposes. It is also the most expensive option.
  • 22 karat (91.67% pure): This is the most common karat for gold jewellery in India. It is less expensive than 24 karat gold, but it is still considered to be a high-quality option.
  • 18 karat (75% pure): This is another popular karat for gold jewellery in India. It is less expensive than 22 karat gold, but it is still considered to be a good quality option.

22 Karats or 24 Karats: Which to Buy in Chennai?

The best karat of gold to buy in Chennai depends on your individual needs and preferences. Here are some factors to consider when making your decision:

  • Purity: 24 karat gold is the purest form of gold, but it is also the most expensive. 22 karat gold is less pure than 24 karat gold, but it is still considered to be a high-quality option.
  • Price: 24 karat gold is more expensive than 22 karat gold. If you are on a budget, then 22 karat gold may be a better option for you.
  • Durability: 24 karat gold is more durable than 22 karat gold. If you are looking for gold jewellery that you can wear every day, then 24 karat gold may be a better option.
  • Color: 24 karat gold is a brighter yellow color than 22 karat gold. If you prefer a brighter yellow color, then 24 karat gold may be a better option for you.
  • Purpose: If you are buying gold for investment purposes, then 24 karat gold is the best option. However, if you are buying gold for jewellery, then 22 karat gold may be a better option.

How to Convert Karats?

To convert karats to grams, you can use the following formula:

Karats * 24 / 100 = Grams

For example, to convert 22 karat gold to grams, you would use the following formula:

22 * 24 / 100 = 528/100 = 5.28 grams

To convert grams to karats, you can use the following formula:

Grams * 100 / 24 = Karats

For example, to convert 5.28 grams of gold to karats, you would use the following formula:

5.28 * 100 / 24 = 22 karats

What is the Meaning of 916 Hallmarked Gold?

916 hallmarked gold means that the gold item is 91.67% pure gold. The remaining 8.33% comprises other metals, such as copper, silver, or zinc.

The 916 hallmark is a stamp that guarantees the purity of the gold. It is issued by the Bureau of Indian Standards (BIS) and is required for all gold items sold in India.

To find the hallmark on a gold item, look for a small stamp on the inside or back. The hallmark will usually be a number followed by the letters "K" or "kt" for karats. In this case, the hallmark 916 means the gold item is 22-karat gold.

916 hallmarked gold is a popular choice for gold jewellery in India because it balances purity and affordability. It is also durable and can withstand everyday wear and tear.

If you are buying gold jewellery in India, look for 916 hallmarked gold to ensure you get a genuine product.

Why Central Bank Policy Impacts Gold Rates in Chennai?

The Reserve Bank of India (RBI) is the central bank of India and it has a significant impact on the gold market in Chennai. The RBI's policies can affect gold rates in a number of ways, including:

  • Interest rates: When interest rates are low, investors are more likely to buy gold as an alternative investment. This can push up gold prices. Conversely, when interest rates are high, investors are more likely to put their money in other investments, such as bonds, which can lead to lower gold prices.
  • Import duties: The RBI can impose import duties on gold, which can make it more expensive to buy gold in India. This can lead to lower gold prices in Chennai. Conversely, when the RBI lowers import duties, it can make gold cheaper, which can lead to higher gold prices.
  • Foreign exchange reserves: The RBI holds gold as part of its foreign exchange reserves. When the RBI sells gold from its reserves, it can put downward pressure on gold prices. Conversely, when the RBI buys gold, it can put upward pressure on gold prices.
  • Inflation: Gold is often seen as a hedge against inflation. When inflation is high, investors are more likely to buy gold as a way to protect their savings from losing value. This can push up gold prices. Conversely, when inflation is low, investors are less likely to buy gold, which can lead to lower gold prices.

Overall, the RBI's policies can have a significant impact on gold rates in Chennai. Investors should keep an eye on the RBI's policies when making investment decisions involving gold.

Chennai Gold Rates and Central Bank's Intervention

The Reserve Bank of India (RBI) often intervenes in the gold market in Chennai in order to stabilize prices. This can be done through a variety of measures, such as:

  • Importing gold: The RBI can import gold into India to increase the supply of gold in the market. This can help to lower gold prices.
  • Selling gold: The RBI can sell gold from its reserves to reduce the supply of gold in the market. This can help to raise gold prices.
  • Setting gold import quotas: The RBI can set quotas on the amount of gold that can be imported into India. This can help to control the supply of gold in the market.
  • Imposing gold taxes: The RBI can impose taxes on gold imports or sales. This can make gold more expensive, which can help to lower demand.

The RBI's interventions in the gold market are often controversial. Some people believe that the RBI should not intervene in the market, while others believe that the RBI's interventions are necessary to stabilize prices and protect consumers.

The RBI's interventions in the gold market can have a significant impact on gold rates in Chennai. When the RBI intervenes to buy gold, it can push up gold prices. Conversely, when the RBI intervenes to sell gold, it can push down gold prices.

Here are some of the factors that the RBI considers when deciding whether or not to intervene in the gold market:

  • The level of gold prices: The RBI is more likely to intervene when gold prices are rising sharply. Rising gold prices can hurt the Indian economy by making imports more expensive.
  • The state of the Indian economy: The RBI is more likely to intervene when the Indian economy is weak. Weak economic conditions can lead to higher gold demand as investors seek to protect their savings.
  • The global gold market: The RBI also considers the state of the global gold market when making its decisions. If gold prices rise sharply in the global market, the RBI is more likely to intervene in the Indian market to prevent gold prices from rising too high.

Overall, the RBI's interventions in the gold market are complex and can significantly impact gold rates in Chennai. Investors should keep an eye on the RBI's policies when making investment decisions involving gold.

How do Gold Traders in Chennai Assume Future Gold Prices?

Gold traders in Chennai use a variety of factors to assume future gold prices. These factors include:

  • The level of current gold prices: Gold traders will often look at the current level of gold prices as a starting point for their assumptions. If gold prices are rising, traders may assume that they will continue to rise in the future. Conversely, if gold prices are falling, traders may assume that they will continue to fall in the future.
  • The state of the global economy: Gold is often seen as a safe haven asset, meaning that it is often bought when investors are worried about the global economy. If the global economy is doing poorly, traders may assume that gold prices will rise as investors seek to protect their savings. Conversely, if the global economy is doing well, traders may assume that gold prices will fall as investors become more confident in the economy.
  • Geopolitical events: Geopolitical events, such as wars or natural disasters, can also affect gold prices. If there is a major geopolitical event, traders may assume that gold prices will rise as investors seek to protect their savings.
  • Technical analysis: Technical analysis is the study of historical price movements to identify patterns that can be used to predict future prices. Gold traders may use technical analysis to identify trends in gold prices and to make assumptions about future prices.
  • Fundamental analysis: Fundamental analysis is the study of economic factors that can affect gold prices. This includes factors such as interest rates, inflation, and economic growth. Gold traders may use fundamental analysis to identify factors that are likely to affect gold prices in the future.

Why Gold Rate Keep on Rising when the Stock Market Falls?

Here are some of the reasons why gold prices tend to rise when the stock market falls:

  • Portfolio diversification: Investors often hold gold as a way to diversify their portfolios. This means that they do not put all of their eggs in one basket. If the stock market falls, the value of their stocks may go down, but the value of their gold may go up, which can help to offset their losses.
  • Safe haven asset: Gold is often seen as a safe haven asset, meaning that it is often bought when investors are worried about the stock market or the overall economy. When the stock market falls, investors may sell their stocks and buy gold as a way to protect their savings. This can drive up gold prices.
  • Limited supply: Gold is a limited resource, meaning that there is only a finite amount of it available. This can make gold prices more volatile than other assets, such as stocks. When the stock market falls, investors may buy gold as a way to protect their savings, which can drive up gold prices.
  • Inflation hedge: Gold is often seen as an inflation hedge, meaning that it can hold its value or even increase in value during times of inflation. When inflation is high, the value of stocks and other assets may go down, but the value of gold may go up. This can make gold an attractive investment for investors who are worried about inflation.

Taxation of Gold in Chennai

Gold is subject to a variety of taxes in India, including:

  • Import duty: An import duty of 7.5% is levied on gold imports into India.
  • GST: A Goods and Services Tax (GST) of 3% is levied on the sale of gold jewellery in India.
  • Capital gains tax: A capital gains tax is levied on the profits made from the sale of gold. The capital gains tax rate depends on the holding period of the gold. If the gold is held for less than 3 years, the capital gains tax rate is 20%. If the gold is held for more than 3 years, the capital gains tax rate is 10%.
  • Income tax: Gold can be considered a capital asset for income tax purposes. This means that any profits made from the sale of gold can be taxed as capital gains. However, there are some exceptions to this rule. For example, gold that is used for personal or household purposes is not considered a capital asset and is therefore not subject to capital gains tax.

Availing Gold Loans in Chennai

Gold loans are a type of loan that is secured by gold. This means that the lender can take possession of the gold if you default on the loan. Gold loans are a popular option for people who need quick cash, as they typically have lower interest rates than other types of loans.

To avail of a gold loan in Chennai, you will need to provide the following documents:

  • Gold jewellery: The gold jewellery that you are using as collateral for the loan.
  • Proof of identity: A government-issued ID card, such as a passport or driving license.
  • Proof of address: A utility bill or bank statement that shows your current address.
  • Income proof: A recent payslip or tax return.

The interest rates on gold loans vary depending on the lender and the amount of the loan. However, they are typically lower than the interest rates on other types of loans, such as personal loans or credit cards.

The repayment period for gold loans is also typically shorter than the repayment period for other types of loans. This is because the lender is taking less risk, as they have the gold as collateral.

Should You Take a Gold Loan in Chennai? 

Whether or not you should take a gold loan in Chennai depends on your individual circumstances. Here are some factors to consider:

  • Your financial situation: If you have good credit and can afford to repay the loan, then a gold loan may be a good option for you. However, if you have bad credit or are not sure that you can make the monthly payments, then you should avoid taking out a gold loan.
  • The amount of money you need: Gold loans typically have lower interest rates than other types of loans, but they also have lower loan amounts. If you need a large amount of money, then a gold loan may not be the best option for you.
  • The interest rate and fees: Make sure to compare interest rates and fees from different lenders before you take out a gold loan. You should also ask about prepayment penalties, which are fees that some lenders charge if you repay the loan early.
  • The collateral: The gold that you use as collateral for the loan is at risk if you default on the loan. Ensure you are comfortable with this risk before taking out a gold loan.

Ultimately, the decision of whether or not to take a gold loan is a personal one. You should weigh the risks and benefits carefully before making a decision.

Gold Schemes in Chennai

There are many gold schemes available in Chennai, each with its own advantages and disadvantages. Here are a few of the most popular schemes:

  • Gold loan scheme: This is a loan that is secured by gold. The lender will lend you a certain amount of money based on the value of your gold. You will then have to repay the loan with interest over a specified period of time.
  • Gold saving scheme: This is a scheme where you invest a fixed amount of money in gold every month. The gold is then accumulated in your account and can be redeemed at any time.
  • Gold exchange traded fund (ETF): This is a type of mutual fund that invests in gold. You can buy and sell gold ETFs just like you would shares of a company.
  • Gold bullion scheme: This is a scheme where you buy physical gold bars or coins. You can then store the gold in a safe deposit box or at home.

Sovereign Gold Bonds: How Good are They?

Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold. They are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. SGBs are a good option for investors who want to invest in gold without holding it physically.

Here are some of the advantages of SGBs:

  • Physically owning gold is not required: SGBs are a paper-based investment, meaning you do not have to own gold physically. This can be a good option for people who do not have the space to store gold or who are worried about the security of their gold.
  • Tax benefits: SGBs offer several tax benefits. The interest earned on SGBs is tax free up to ₹30,000 per year. The capital gains arising from the sale of SGBs after holding them for more than three years are also tax free.
  • Liquidity: SGBs are listed on the stock exchanges, which means that they can be easily bought and sold. This makes them a more liquid investment than physical gold.
  • Safety: SGBs are backed by the government, which means that they are a safe investment.

Buying Gold Through the Gold Sovereign Bond Scheme

The Sovereign Gold Bond (SGB) scheme is a government-backed investment option that allows you to invest in gold without having to physically hold it. The scheme is open to all Indian residents, including individuals, HUFs, trusts, and corporate bodies.

To buy SGBs, you can either:

  • Apply online: You can apply online through the RBI's website or through the websites of the participating banks and institutions.
  • Apply offline: You can apply offline through the designated branches of the participating banks and institutions.

When you apply for SGBs, you will need to provide the following information:

  • Your name and address
  • Your PAN number
  • The amount you want to invest
  • The bank or institution through which you want to invest

The minimum investment in SGBs is ₹500 and the maximum investment is ₹25 lakhs per person per fiscal year. The SGBs are issued in denominations of 1 gram, 2 grams, 5 grams, 10 grams, 20 grams, 50 grams, and 100 grams. The interest on SGBs is paid semi-annually at a fixed rate of 2.5% per annum. The interest is credited to your bank account on the 31st of May and the 30th of November of each year.

The SGBs have a lock-in period of five years. This means that you cannot sell your SGBs before the five-year period is over. However, you can surrender your SGBs before the lock-in period is over, but you will have to pay a penalty.

Pros and Cons of Sovereign Gold Bond Scheme

Pros:

  • Invest in gold without physical possession: SGBs are paper-based investments, which means that you do not have to physically hold gold. This can be a good option for people who do not have the space to store gold or who are worried about the security of their gold.
  • Backed by the government: SGBs are backed by the government, which means that they are a relatively safe investment.
  • Tax benefits: The interest earned on SGBs is tax free up to ₹30,000 per year. The capital gains arising from the sale of SGBs after holding them for more than three years are also tax free.
  • Liquidity: SGBs are listed on the stock exchanges, which means that they can be easily bought and sold. This makes them a more liquid investment than physical gold.

Cons:

  • Lower returns: The returns on SGBs are lower than the returns on physical gold. This is because the government charges a small interest rate on SGBs.
  • Lock-in period: SGBs have a lock-in period of five years. This means that you cannot sell your SGBs before the five-year period is over.
  • Complexity: SGBs are a relatively complex investment product. This means that investors should do their research before investing in them.

Gold in the Futures Market in Chennai

You can trade gold in the futures market in Chennai. The Multi Commodity Exchange (MCX) is the leading exchange for trading gold futures in India. The MCX offers a variety of gold futures contracts, with different delivery months and contract sizes.

To trade gold futures in Chennai, you will need to open a trading account with a broker who is a member of the MCX. You will also need to deposit some money into your trading account as margin money. When you trade gold futures, you are not actually buying or selling gold. You are buying or selling a contract that gives you the right to buy or sell gold at a certain price on a certain date.

The price of gold futures contracts is determined by supply and demand. If there is more demand for gold futures contracts than there is supply, the price of the contracts will go up. If there is more supply than demand, the price of the contracts will go down.

How to Sell Physical Gold at the Highest Price in Chennai?

You can do a few things to sell physical gold at the highest price in Chennai:

  • Shop around: Get quotes from different buyers before you sell your gold. This will help you ensure that you are getting the best possible price.
  • Sell in bulk: If you have a large amount of gold to sell, you may be able to get a better price if you sell it in bulk.
  • Sell to a reputable buyer: There are many gold buyers in Chennai, but not all of them are reputable. Do your research and choose a buyer who has a good reputation and who is willing to pay you a fair price.
  • Get it appraised: Before you sell your gold, it is a good idea to get it appraised by a jeweller. This will help you determine the current market value of your gold.
  • Be prepared to negotiate: The buyer may not offer you the full market value for your gold. Be prepared to negotiate and haggle to get the best possible price.

Why Indians Love Gold?

Gold is a popular investment in India for a variety of reasons, including:

  • Cultural significance: Gold has long been considered a symbol of wealth and prosperity in India. It is often given as a gift on auspicious occasions, such as weddings and births.
  • Financial security: Gold is seen as a safe haven asset, meaning that it can hold its value or even increase in value during times of economic turmoil. This makes it a popular investment for people who are worried about the future of their financial security.
  • Liquidity: Gold is a liquid asset, meaning that it can easily be bought and sold. This makes it a good investment for people who need to access their money quickly.
  • Tax benefits: There are certain tax benefits associated with investing in gold in India. For example, the interest earned on gold loans is tax-deductible.
  • Durability: Gold is a durable metal that does not corrode or tarnish. This makes it a good investment for people who want to preserve their wealth over the long term.

Some Interesting Facts on Gold for Chennaians

here are some interesting facts on gold for Chennaians:

  • Chennai is the largest gold market in India: Chennai is the largest gold market in India, accounting for around 20% of the country's gold consumption.
  • The demand for gold in Chennai is driven by a number of factors, including:
    • Cultural factors: Gold has long been considered a symbol of wealth and prosperity in India, and this is especially true in Chennai.
    • Economic factors: Chennai is a major financial center, and the city's growing economy has led to an increase in the demand for gold as an investment.
    • Demographic factors: Chennai is a densely populated city with a large middle class, and this has also led to an increase in the demand for gold.
  • The gold market in Chennai is regulated by the Tamil Nadu Gold Control Act, 1997: The Tamil Nadu Gold Control Act, 1997 regulates the gold market in Chennai. The act sets out the standards for gold jewellery and the procedures for assaying and hallmarking gold.
  • The hallmarking of gold jewellery is compulsory in Chennai: The hallmarking of gold jewellery is compulsory in Chennai under the Tamil Nadu Gold Control Act, 1997. Hallmarking is a process that ensures the quality of gold jewellery.
  • There are a number of goldsmiths and jewellers in Chennai: There are a number of goldsmiths and jewellers in Chennai. These jewellers can help you buy, sell, or design gold jewellery.
  • The price of gold in Chennai is influenced by a number of factors, including:
    • The global price of gold: The price of gold in Chennai is influenced by the global price of gold.
    • The demand for gold in Chennai: The demand for gold in Chennai also influences the price of gold in the city.
    • The supply of gold in Chennai: The supply of gold in Chennai also influences the price of gold in the city.

Importing Gold into Chennai

Here are the things you need to know about importing gold into Chennai:

  • Import duty: The import duty on gold is currently 18%, which includes basic customs duty, agriculture infrastructure cess, and GST.
  • Quantity: You can import up to 1 kg of gold without paying any import duty. However, if you want to import more than 1 kg, you will have to pay the import duty.
  • Documentation: You will need to have the following documentation when importing gold into Chennai:
    • Import permit: You will need to obtain an import permit from the Directorate General of Foreign Trade (DGFT).
    • Bill of lading: This is a document that shows that the gold has been shipped from the exporting country.
    • Invoice: This is a document that shows the value of the gold.
    • Certificate of origin: This is a document that shows the country where the gold was manufactured.
  • Customs clearance: When the gold arrives in Chennai, it will need to be cleared by customs. This process can take a few days.

Gold: A Great Diversification Strategy in Chennai

Gold can be a great diversification strategy in Chennai. Here are some reasons why:

  • Gold is a non-correlated asset: Gold is not correlated with other asset classes, such as stocks and bonds. This means that when stocks and bonds are going down, gold is likely to go up. This can help to reduce the risk of your overall portfolio.
  • Gold is a safe haven asset: Gold is seen as a safe haven asset, meaning that it can hold its value or even increase in value during times of economic turmoil. This makes it a good investment for people who are worried about the future of their financial security.
  • Gold is a liquid asset: Gold is a liquid asset, meaning that it can easily be bought and sold. This makes it a good investment for people who need to access their money quickly.
  • Gold has a long history of value: Gold has been used as a form of currency for centuries. This gives it a long history of value, which can make it a good investment for the long term.
  • Gold is a beautiful and versatile metal: Gold is a beautiful and versatile metal that can be used to make jewellery, coins, and other objects. This makes it a good investment for people who appreciate the beauty and craftsmanship of gold.

A Fall in Demand in Chennai

According to a report by the World Gold Council, the demand for gold in India fell by 7% in the second quarter of 2023. This was the first decline in demand for gold in India since the first quarter of 2020.

There are a few reasons for the fall in demand for gold in Chennai:

  • Rising prices: The price of gold has been rising in recent months, which has made it less affordable for some people.
  • Weakening economy: The Indian economy is slowing down, which has led to a decline in disposable income among some people.
  • Shifting preferences: Some people are shifting their investments to other asset classes, such as stocks and bonds.
  • Reduced wedding season: The wedding season in India is typically a time when there is a high demand for gold. However, the wedding season in 2023 was weaker than usual, due to the ongoing COVID-19 pandemic.

Despite the fall in demand, gold is still a popular investment in Chennai. The city is the largest gold market in India, and the demand for gold is expected to recover in the coming month.

Problems with Essayed Gold in India

Here are some problems with essayed gold in India:

  • Lack of standardisation: There is no standard for essayed gold in India. This means that the quality of essayed gold can vary from jeweller to jeweller.
  • Misrepresentation: Some jewellers may misrepresent the quality of their essayed gold. This could lead to you buying gold that is not as pure as you thought it was.
  • Fraud: There have been cases of fraud involving essayed gold in India. This could lead to you losing money if you buy essayed gold from a fraudulent jeweller.
  • High prices: Essayed gold is typically more expensive than non-essayed gold. This is because the jeweller has to pay for the assaying process.

Gold and Inflation

There is a long-held belief that gold is a hedge against inflation, meaning that its value tends to increase when the prices of goods and services are rising. However, the relationship between gold and inflation is not always clear-cut.

There are a few reasons why gold is often seen as a hedge against inflation. First, gold is a physical asset that has intrinsic value. This means that it is not subject to the same kind of inflation as fiat currencies, which are backed by governments and can lose value if the government's finances are in trouble.

Second, gold is a scarce resource. There is a finite amount of gold in the world, and it is not easily produced. This means that its supply cannot be easily increased to meet demand, which can help to keep its price stable.

Third, gold is a global asset. It is traded on exchanges all over the world, and its price is not affected by the economic conditions of any one country. This makes it a good investment for people who are worried about the stability of their own currency.

Myriad Choices to Buy Gold in Chennai

There are many ways in which one can buy gold Chennai. Here are a few of the most popular options:

  • Jewellers: jewellers are the most common place to buy gold in Chennai. They offer a wide variety of gold jewellery, including necklaces, earrings, bracelets, and rings.
  • Goldsmiths: Goldsmiths are skilled craftsmen who can make custom gold jewellery. They can also repair or resize existing jewellery.
  • Gold exchanges: Gold exchanges are where gold is traded in bulk. They offer a wider variety of gold products than jewellers, and they typically have lower prices.
  • Online retailers: There are a number of online retailers that sell gold. They offer a wide variety of gold products, and they often have competitive prices.

Rising Interest Rates vis a vis Gold

Traditionally, gold and interest rates have a negative correlation, meaning that when interest rates rise, the price of gold tends to fall, and vice versa. This is because gold is seen as a non-interest-bearing asset, so when interest rates rise, investors have more attractive options for their money. So, while there is a general negative correlation between gold and interest rates, it is important to consider the specific economic conditions when making investment decisions.

Here are some of the factors that can affect the relationship between gold and interest rates:

  • The state of the economy: When the economy is doing well, interest rates are typically low. This is because central banks want to encourage economic growth by making it cheaper for businesses to borrow money. In this environment, gold is less attractive to investors, as they can earn a higher return by investing in other assets, such as stocks and bonds.
  • Inflation: When inflation is high, interest rates are also typically high. This is because central banks want to control inflation by making it more expensive for businesses to borrow money. In this environment, gold can become more attractive to investors, as it is seen as a hedge against inflation.
  • Geopolitical uncertainty: When there is geopolitical uncertainty, such as a war or a natural disaster, gold can become more attractive to investors, as it is seen as a safe haven asset.

Understanding Karats Before Buying Gold

Karat is a unit of purity used to measure the fineness of gold. It is based on a 24-karat scale, where 24 karats is pure gold and 0 karats is no gold at all.

The higher the karat, the purer the gold. For example, 24 karat gold is 100% pure gold, while 18 karat gold is 75% pure gold.

The most common karats for gold jewellery are 18 karat, 14 karat, and 10 karats. 18-karat gold is the most popular choice for jewellery because it is a good balance of purity and durability. 14 karat gold is less pure than 18 karat gold, but it is also less expensive. 10 karat gold is the least pure of the three, but it is also the most affordable.

When buying gold jewellery, it is important to know the karat of the gold. This will help you to determine the purity of the gold and the price of the jewellery.

Does KDM Gold Jewellery really Cause Skin Allergy?

KDM gold jewellery is made with a high percentage of gold, typically 18 karat or 22 karat. This means that it is less likely to cause skin allergies than jewellery made with lower karat gold or other metals. However, it is still possible for some people to have an allergic reaction to KDM gold jewellery. This is because gold can contain trace amounts of other metals, such as nickel, which can trigger an allergic reaction in some people.

If you are concerned about the possibility of an allergic reaction to KDM gold jewellery, it is best to try it on before you buy it. You can also ask the jeweller if they can test the jewellery on your skin to see if you have a reaction.

Here are some of the things that can cause skin allergies to gold jewellery:

  • The karat of the gold: The higher the karat, the less likely it is to cause an allergic reaction.
  • The other metals in the gold: Gold jewellery can contain trace amounts of other metals, such as nickel, which can trigger an allergic reaction in some people.
  • The soldering process: The soldering process used to make gold jewellery can also release trace amounts of metals that can cause an allergic reaction.
  • The cleaning process: The cleaning process used to clean gold jewellery can also release trace amounts of metals that can cause an allergic reaction.

Is Investing in Gold is Better than Investing in Mutual Funds?

Whether investing in gold is better than investing in mutual funds depends on your individual investment goals and risk tolerance.

Gold is a physical asset that has intrinsic value. This means it is not subject to the same kind of inflation as fiat currencies, which are backed by governments and can lose value if the government's finances are in trouble. Gold is also a scarce resource, and its supply cannot be easily increased to meet demand, which can help to keep its price stable.

Mutual funds are baskets of stocks, bonds, or other assets that a professional fund manager manages. Mutual funds offer diversification, which can reduce risk. They also offer liquidity, meaning you can quickly sell your shares to access your money.

Why do Gold Prices in Chennai Different from Other Cities in India?

There are a few reasons why gold prices in Chennai can be different from other cities in India:

  • Local demand and supply: The demand for gold in Chennai is higher than in some other cities, which can drive up the price. The supply of gold in Chennai is also limited, which can contribute to higher prices.
  • Transportation costs: The cost of transporting gold to Chennai can be higher than in other cities, thus contributing to higher prices.
  • Local taxes and duties: Chennai has a higher rate of local taxes and duties on gold than other cities, which can also contribute to higher prices.
  • Exchange rates: The exchange rate between the Indian rupee and the US dollar can also affect the price of gold in Chennai. If the rupee weakens against the dollar, the price of gold in India will tend to increase.
  • Government policies: The Indian government sometimes imposes restrictions on the import and export of gold, which can also affect the price of gold in Chennai.

Impact of GST on Gold Rate in Chennai

The implementation of GST has raised gold prices in Chennai.

Before GST was implemented, gold buyers had to pay 1.2% VAT (Value Added Tax) + 1% customs duty + 10% gold import duty, equating to a total of 12.2% in taxes and duties. On June 3rd, 2017, the government announced that the revised GST on gold tax slabs would be 3%. This means that all gold items, whether they are completed or unfinished, will have to pay a 3% fee.

On June 3rd, 2017, the government announced that the revised GST on gold tax slabs would be 3%. This means that all gold items, whether they are completed or unfinished, will have to pay a 3% fee.

FAQs of Gold price in Chennai

Which are the best jewellery shops in Chennai to buy gold ornaments, coins, biscuits and bars?

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The best gold jewellery shops in Chennai to buy your gold coins, bars, biscuits, and ornaments are - - Tanishq Jewellery (Usman Road) - Saravana Stores Elite Diamonds (Duraiswamy Road) - GRT Jewellers (Coats Road T. Nagar)

How can I Invest in gold in Chennai?

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What are the different types of gold colours available in Chennai's jewellery stores?

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What are the different measurements in which the jewellery shops sell gold in Chennai?

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What are the highest and lowest rates of 24-karat gold in Chennai till now in 2022?

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Last updated on: 18th Apr 2024

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.