Todays Gold Rate In Chennai
Gold rate in Chennai today – The Gold Rate in Chennai is at Rs. 5013 per gram Today and Gold Price in Chennai are revised daily. Find Gold Price in Chennai Today and also know the 22 Carat and 24 Carat current Chennai Gold rate which are verified and updated every hour only on our website.
Discover 1 gram 22ct Gold Price and 8 grams Gold rate Chennai, find the exact change in current Gold Price in Chennai from the previous day, also explore the daily change in Chennai Gold Rate for the past few months accurately in this page and you can perceive all essential details and latest updates on Gold price in Chennai Today in a jiffy.
Why important To Check Gold Rate In Chennai?
Checking price of gold today is crucial for a simple reason- gold isn’t the commodity it once used to be. As a matter of fact, gold prices today are way too different from the price of gold 10 years ago. Today, even a minor variation in rates can trigger big losses. It’s, therefore, significant to cross-check gold prices before buying. Also, it’s important to compare the yellow metal’s price with different jewelers.
The rates in a few cities are formulated by the jewelers’ association so the rate is announced accordingly. Yet, it’s normal to find a price variation between local goldsmiths. Having said that, some highly reputed jewellers might ask for a higher making-charge. If you are sure that the making charges of a particular jeweler are significantly high, it’s recommended to have a look around to get a decent rate. After all, it’s better to compare instead of paying a big amount.
What is the Rate of 1gram gold today in Chennai?
Gold rates is in Chennai today is Rs.5468 for 1 gram gold(24K pure gold). Gold rates in Chennai are increasing day by day as there is always an increase in the sale of gold in the form of jewellery more than bars or coins. The gold rates of Chennai today are provided in the table given below.
|Gram||24 K Gold Rate in INR|
What is the 916 gold Rate today in Chennai & different cities?
916 indicates the purity of the gold. 916 KDM is same as the standard 22K gold. Gold rates for 916 gold of 10 grams in different cities are provided below.
|Cities||Gold rate for 10g of 916 gold|
How is Gold Rate different In Chennai And other cities?
Gold rate in Chennai slightly varies from the current gold rate in other cities. There are several reasons for this variation in live gold rate including internal as well as external factors. Some factors affecting Gold Rate in Chennai are:
- Making charges for a gold Jewellery. Even for 1 gram gold Jewellery, price varies for different Jewellers due to variation in making charges.
- Transportation expenses in and around Chennai.
- Various taxes that are levied on buying gold in Chennai.
Current rate of gold in Chennai is greatly affected by these common factors.
When To Buy Gold In Chennai?
You can purchase gold anytime in India, depending on the need. However, if you are an investor, it is best to exercise caution. Gold over the last few years has not given any phenomenal returns. So, it is best to buy only as a measure of diversification.
If any other asset class like equities or real estate drops, gold would rally. This is because it is considered as a safe haven asset. However, you should not put all your eggs in one basket and spread the risk wth different asset classes. In any case, you can buy gold in India in a very systematic and planned way.
3 Reasons To Buy Gold In Chennai On Actual Rate
The first is that when there is political turmoil or economic chaos, the first thing to rally would be gold prices. Sadly, if you have not invested in the same you would be a sad person. So, if you need to spread your investment gold is an obvious choice.
The second reason to be buying gold is that it has been an excellent hedge against inflation. For example, in the last 8-10 years gold prices in India have tripled. So, they have given you better returns than even fixed interest bearing securities. So there is no reason why you should not be buying into the precious metal.
The last and the final reason is that it can be pledged and it is very liquid. For example, you can even take loans by pledging this precious metal. Today there are plenty of people who are willing to buy hypothecated gold. So, its is not a bad idea to stay invested. It has stood the test of times and that cannot be denied at all.
Difference Between 22 Karats & 24 Karats Gold
Karats is used to measure the purity of gold. 24 karats gold, means all the 24 karats of the precious metal comprises of gold. This is the purest form of gold and it cannot get purer then that. In fact, we can consider it as 99.9 per cent pure.
On the other hand, 22 karats means that only 22 karats is pure, which also means that 91.67 per cent purity. one also has 18 karats gold, which is only 75 per cent pure, while the rest comprises of other metals. The one method of also mentioning purity is the fineness in the gold, which is a concept used abroad. Another way of examining the metal is also to look at its colour.
24 karats gold will generally be very bright and alive. 22 karats on the other hand could be slightly less bright and a little more darkish. When other metals are added to gold the colour would also change. For example, white gold has more of nickle as a combination in it.
Why You Should Invest In Gold & Ways?
If you are keen to invest in gold, you’ll get a plethora of investment options in India. But before investing in gold, you need to be clear about certain things such as why you are investing, the tax liability, the other investment options and everything that you aspire to know about gold. Gold trading has picked the pace within a short span of time by offering favourite investment avenues in India.
Though Indian gold market witnessed a stagger in the initial phase of this year regarding Indian Gold Rate, the stalwarts say this is a transitory phase that will pass by soon. Here are various gold options you can avail in India to invest for good returns:
Buying jewellery every now and then is just like a tradition. In India, some rituals urge to wear or buy jewellery. This way you can invest in gold and can keep it for future use.
However, one disadvantage associated with this is that the making charge is included in the buying cost and at the time of selling it, you might get the lesser amount or have to compromise on the making charge if you sell it to the same jeweller from whom you bought it. Because there is no guarantee that the gold price today will remain the same the very next day.
Gold Coin & Bars:
Investing in gold coins and bars is trending these days. But be careful while buying. You should only prefer buying it from jewellers or authorised banks. The only difference is that banks sell gold coins and bar but they cannot buy it again. Jewellers, on the other hand, sell the gold and can buy it back from you as well.
ETF stands for Gold Exchanged Traded Fund, a type of mutual fund which invests in gold and its units are being listed on the stock exchange. If you are seeking to invest in ETF in India, you need to purchase it from the stock exchange by simply opening a demat and trading account. The brokerage fee will be borne by you at the applicable ROI. Further, you need to pay the fund management charge as per the stock exchange norms.
Gold Mutual Fund:
Also, SIP investment is probable in gold mutual funds. But keep this mind: You’ll have to pay annual management charges for Gold ETF Annual management charges to be paid for FOD Scheme Needless to say, before buying or investing in any of the above-mentioned options, a web search today gold rate would be a wise decision. Doing this will help you keep tabs on the current gold rate.
Advantages Of Investing In Gold
There are many advantages of investing in gold. The first and the foremost is that it is easy liquidity. For example, you can sell the precious metal any time you want. Of course, if it is the physical form you would barely get the actual cost of the gold, as there would be numerous charges that you would lose on, including the making charges. the other advantage is that it is a perfect hedge against inflation, as also against political turmoil.
Hence, if you have not invested in gold, you are making a big mistake. At least an individual should have partial amounts in gold as investment. And yes, you can get instant loan against gold, which is not possible in other asset classes like real estate, which will under go valuation and stuff. So, gold loans will also serve your purpose in times of distress.
What is the demand for Gold in Chennai?
Nowadays People in Chennai have a great desire for Gold. Thus Chennai is now boosting the gold market in India. In Chennai, mainly Gold is consumed in the form of jewelry and ornaments. There are several large and small gold dealers in Chennai, forming the backbone of the good local gold market. Thirst and demand for gold is increasing each and every day in Chennai. Gold rate Chennai fluctuates according to market conditions and availability. Grasp precise Gold Rate in Chennai from this page.
Gold Import In Chennai
If you are traveling to India from abroad and gold is one thing you’d like to bring with you, then you need to know how gold is imported to India. Here is the criterion for duty-free import of gold:
For Male Passengers –
Male passengers can’t carry gold worth more than Rs. 50 thousand.
For Female Passengers –
Female passengers can’t carry gold worth more than Rs. 1 Lakh. You can ask your kids to carry the yellow metal if they are eligible as per the import allowance, but only if they have stayed abroad for at least a year.
People coming to India from overseas have a few import-related questions in their mind. The prices are based on the rates defined by the government for gold import.
Indian government discourages import of gold in India. It’s because the gold purchased in dollars drains the Forex reserves of India. The Indian government has come up with Sovereign Gold Scheme in order to make sure the demand for physical gold is reduced. Because it might not be feasible to continue doing the same, the government has come up with various alternatives to serve this purpose.
How To Check Gold Purity In Chennai?
These days one need not focus too much on the gold purity like before, as most of the gold in the country is hallmarked. It is always better to buy hallmarked gold in India as one can be ensured of purity. These days most of the gold that we see is hallmarked, which is why one can see some comfort level before buying gold from the large jewelry shops in the country.
However, if you have some suspicion on the purity of the gold in India, you can do an inspection. By and large, we find that the precious metal is of the purest form in India. Talking of today’s gold rates in India, we believe that prices would remain static, unless we have some definite cues from across the globe.
There are various factors that influence gold prices in India, including local tariffs and duties, international prices of gold, which largely depend on interest rates. Apart from this, the movement of the rupee against the dollar, would also impact local prices in India. In any case, before checking gold rates in India, you could go through the latest gold prices in India, which we have provided.
When You Buy Gold In Chennai?
The one important question that you must always ask yourself before buying gold in India is: How much gold would I actually get? The question arises because there are so many charges on the gold, including taxes and levies, making charges etc. If you buy a gold coin there is a tax element of 10 to 15 per cent, which pushes the cost price higher.
Let us explain this with an example. Say you buy 8 grams of gold for Rs 27,000, you have actually paid Rs 3375 per grams, while when you sell you would get only the rate of Rs 2800 per gram. So, you have actually paid extra because of the making charges, taxes etc., on the gold, which has inflated the cost of the precious metal. So, the most important thing to ask yourself is the cost associated with the total cost of buying gold in India.
916 Gold Rate In Chennai?
Before discussing 916 hallmarked gold rate, it is important to understand what this 916 hallmarked gold in India means. This is the finesse of gold defined. So you take 91.6 grams of pure gold in 100 grams of gold that includes alloy and arrive at 916, as simple as that. In simple terms 916 gold means 22 karats gold.
Most gold rates for 916 hallmarked can be easily be got from your local jeweller. The other important aspect to understand is hallmarked gold and KDM, which are a must to check before buying gold in India. We have provided all the gold rates in India for 916 hallmarked gold.
Do not forget to look for things like the date of manufacture of the gold, the stamp of the jeweler etc., before you buy hallmarked gold in India. This way you are certain of the purity of the gold that you are buying. It is important to do that, so the chances of you getting duped when buying gold is minimal.