Chennai, also known as Madras, is the state capital of Tamil Nadu. Being the largest city in area and population, Chennai has a lot of demand for Gold. Since gold is considered as an asset, many people invest in Gold because it acts as a security which can be sold at the time of any financial crisis. Chennai, being famous for its bridal jewellery collection has a lot of demand for gold jewellery. However in order to buy gold in any form you should be aware about the gold rate today Chennai. Moreover, today Gold rate Chennai stands at INR 5045 per gram for 24K and INR 4625 per gram for 22K. The table to give you a better understanding about the Gold rate Today in Chennai is mentioned below:
24 Karat and 22 Karat Gold Rate Today in Chennai
|Karat||Gram||Gold Rate Today|
What Determines the Gold Rate Today Chennai?
The process of determining the Gold rate in Chennai is more complicated than you might assume. This is because of the following factors:
1. Interest rates- Interest rates are an important element to consider when you invest in gold. Investors sell gold and acquire fixed-yielding securities when interest rates in industrialised countries rise. This has an impact on the gold rate today in Chennai.
2. Gold Demand- Anything with an increase in demand will see a rise in price, whereas anything with low demand will experience a fall in price. This is true for the gold rate today in Chennai as well.
3. Government policies- Whenever the government’s policies are unfavourable to gold, the gold rate in Chennai rises. For example, when the government adds levies and tariffs, prices fall. The government has increased the Goods and Services Tax, causing the gold rate in Chennai to fluctuate. The GST currently includes a 5% manufacturing charge on gold, whereas gold itself is subject to a 3% Goods and Services Tax. Moreover, comparing gold rate in Chennai to pre-GST levels is impossible. Therefore, you should research the gold rate today in Chennai before investing in gold.
Frequently Asked Questions
1. What is today Gold rate in Chennai?
The today Gold rate in Chennai stands at INR 5045 per gram for 24 carat gold. Whereas INR 4625 per gram for 22 carat gold.
2. What factors determine the Gold rate in Chennai?
Interest rates, demand of Gold and the Government policies are the major three factors that determine the Gold rate in Chennai.
3. What is the Gold rate today in Chennai for 1gm?
Today you can buy 1gm of 24 carat Gold in Chennai for INR 5045 . While on the other hand, you can get 1gm of 22 carat Gold for INR 4625 in Chennai.
4. What is the difference between 24 karat Gold and 22 karat Gold?
24 karat Gold is known as pure gold as all the 24 parts of gold are pure gold without the addition of any other metal. Whereas, 22 karat Gold has 22 parts of gold and the remaining two parts have some other metal. 24 karat gold has 99.9% purity levels while the 22 karat gold has 91.6% purity.
5. What can you do with your Gold in Chennai?
You can either give your gold to a jeweller and make jewellery or you can sell the same for instant cash if you wish to.
6. What is the limit of bringing Gold into Chennai from abroad?
If you are a male traveller you can bring duty free Gold upto INR 50,000. Whereas, female travellers can bring duty free Gold upto INR 1 lakh into Chennai.
7. What is the Gold rate today Chennai for 10gm?
The Gold rate today Chennai is INR 50450 for 10gm of 24 carat gold and INR 46250 for 10gm of 22 carat gold.
8. How to check Gold purity in Chennai?
There are various hallmarking centres located in Chennai, where you can check the purity of your Gold. Moreover, it is advisable to always buy hallmarked jewellery so that there is no need to check the purity of Gold.
9. How to buy Digital Gold in Chennai?
There are various apps and websites available over the internet through which you can buy Digital Gold in Chennai.
10. What is the 916 gold rate today Chennai?
The 916 Gold rate today Chennai is INR 4625 per gram.