Today Gold Rate in Chennai

Today Gold Rate in Chennai – Here we offer latest price of gold rate in Chennai for 916 kdm 18k 22K & 24k Gold (99.9%) price. Tamil Typing Online offers you today gold rate in Chennai. Here, we offer exact prices of gold in Chennai, Tamil Nadu. These information are accurate legitimate and updated in daily basis.  Here, we have included gold rates per 1 gram, gold rates per 8 grams, gold rates 18k, gold rates 22k, gold rates 24 k. check out the today Gold rate in Chennai.

Gold is an important commodity in Chennai, the capital of Tamil Nadu and one of 4 metropolitan cities in India. When comes to gold trade and usage, Chennai ranks top of all cities and towns in India. This high-tech city accounts maximum number of sales and purchase of Gold in India. Comparted to other Indian cities, the people of Tamil Nadu purchase gold in the form of jewelries.

From the ancient times, people from Tamil Nadu known for their gold usages and it plays important role in their custom and tradition. To cater the demand, there are several jewelry shops and establishments spread around the city. Here, Gold prices are updated in daily basics – we always ensure 100% precise information. Gold rates in Chennai can be used to know today’s gold price for those who dealing with gold sales and purchase.

India imports most of its gold from abroad to fulfil its raising gold demand. Chennai does not make any contribution to the gold production also leads to country’s need through imports. Even gold is brought as ornaments, some people purchase gold for investment portfolio.

Gold Trend in Chennai for 2020: (updated Weekly)

Gold Price Trend in Chennai:

Gold trade in Chennai has good start since the year starting. With the demand of precious metal keep on increasing, the bullion market has witnessed rapid improvement in gold rates. Based on the experts, with the demand of gold usage for ornaments and industrial unites expected to raise gold rates expected to increase higher in coming years.

Today Gold Rate in Chennai: How GST affects it

  Prior to GST implantation, government has imposed 12% tax on the precious metal based on tax policy. Gold attracted 10% as import duty, 1.2% of VAT (Value Added Tax) and 1% of custom duty. After 1^st July 2017, Goods and Services Tax (GST) was introduced that eliminate earlier tax implementation and replaced GST, which makes gold rate more or less even in all Indian states.  As per GST, gold trend is accessed with 13% of GST, out of which 10% for import duty and remaining 3% as Goods and Service Tax. However, in retail section additional 5% added to the import duty and GST – it leads to 18% of tax compared to 12% tax in VAT tax policy.

Investing in Gold in Chennai:

Chennai is one of the four metropolitan cities in India, offer investors with extensive range of option to invest in gold. May it be large quantity of jewellery purchases, people also have lots of option to invest in bullions. Investors can choose from wide of assets like jewellery, gold coins, gold bullions (ingots), and gold Exchange Traded Funds (ETFs).

Difference between KDM Gold and Hallmark Gold:

Before investing in Gold, It is important to know the difference between the Hall Marked gold and the KDM gold. In simple terms, gold is categorized into KDM and hallmark based on the metal used for purity and alloying of gold. As per science, purest form of gold is very brittle, soft and malleable form. To improve gold in jewelry form, soldering with another metal is used to improve the shape. Usually metal that has low melting point is used in the soldering process. Earlier, cadmium is used as the soldering metal due to its liquidity and low melting point. In the process, 8% of cadmium is used with 92% of the gold – it results in 92% of purity in Gold ornaments. However, usage of cadmium is banned by Bureau of Indian Standard (BIS) after it creates several health issues like skin allergies to artisans and goldsmiths. Now, Cadmium is replaced by copper or zinc, it results in less health hazardous in the industry.

On the other hand, Hallmark is the certification quality awarded to gold by BIS (Bureau of Indian Standards). They access whether the gold meets the national and international purity and fineness standards. Hallmark gold is marked with BIS logo, purity level, logo of maker, logo of the retailer and year of certification. Hence, its recommended to buy BIS certified hallmarked gold inform of Jewels and bars.

Factors Affecting Gold Rates in Chennai

Gold trade in Chennai is determined by various factors that influence the price of the precious metals, here are the important factors that affect gold rates in Chennai, Tamil Nadu.

Currency Exchange Value between USD and INR:

India is the second largest importer of gold in the world, most of the trade happens in the US Dollars for bullion. With gold being most depended asset, whenever the US Dollar strengths against the Indian Rupee gold rate in Chennai will surge, This is mainly because of import charges paid by the traders, likewise, if the US Dollar losses against the Indian rupee, gold price tend to decrease in the domestic market.

Bullion Associations:

In Chennai, gold rates are fixed two times in a day. The price of the gold when trading starts for the day is called as opening gold rate whereas the rate at which gold trading ends for the day called as the closing price. Madras Jewelers and diamond association is responsible for fixing the gold rates for the day. Most of the jewelers in the city are associated with the associations and follow the gold price uniformly. The association members will determine the gold rates at least twice a day. Hence, investors are advised to check the price before making any sales or purchase. Ensure that you always enquire about the quality and certification of the product and always request for the receipt or purchase bill.

Logistics:

Another important factor that determines the gold rates in Chennai is the logistic expense. In simple terms, the logistic sector determines the time taken after the gold imported to reach the investors. Gold being a precious metal and has huge monetary value, it requires higher level of security. The harder to bring the gold into the city determine the gold value in the city.

Things to Be Remembered When Investing the Gold

Before making any gold purchase or sales, it’s important to every aspect of gold. In this section, we are going to explore some important factors to be remembered when investing on gold.

Purity of Gold:

As mentioned before, purity of the gold is measured in Karats. These are categorized based on the gold amount to other soldering alloys (Zinc or Copper) in the jewellery. Some of the common gold varieties based on the purity levels are 14 karat (58.33% pure ), 18 karat (75% pure), 22 karat (92% pure) and 24 karat(99.9% and above) gold.

24 karat gold is purest form and it’s restricted to use in jewelry sector due to its high ductility and malleability nature. However, 24 karat gold is more expensive and it’s recommended to check the purity of gold before making an investment.

Labour charges:

Labour charges is actually the making charge involve creating specific jewellery. It depends based on the complexity and detail required to make the design. Labour charges are influenced by the current gold rates, requesting for fixed making charge will help you to minimize the cost of investment.

Certification:

The main aim of the certification is to ensure the quality of the gold jewellery and to avoid over charging. Bureau of Indian Standards (BIS) ensure the level of purity. The smarter option is to check for certification before making the purchase.

Weight:

Gold rate in Indian is determined by the gold weight. Mostly, precious metal such as gold makes the gold little bit heavier during the making process. The price of the precious material will be included in the ornament price. Hence, keeping this in mind and know about the gems used in the ornaments before making purchase.

Time of Purchase:

Like all other commodity, the demand and supply determine the rate of the gold. Gold price tend to increase with respect to the consumer demand. The demand is high during the festive season as keep tend to buy more gold ornaments during the festival and marriage seasons. Buying gold during off season will help you to minimise your investment on gold rates.