Gold Rate Today in Chennai (26th April 2024) - 22 Carat and 24 Karat Gold Price in Chennai

There is no denying that gold is highly traded in Chennai. The yellow metal gets sold in various forms like jewellery, gold coins, and so on. Gold is purchased in Chennai both as jewellery and as an investment. 

In India, the gold rate in Chennai is affected by several factors. Gold is purchased in Chennai not just for festivals or weddings but also for occasions like Akshaya Tritiya when there are many exciting offers to tempt the buyers.

Today’s Gold Rate in Chennai 

Many factors affect gold prices, including harvest, monsoon season, and so on. The per gram price of 22 Carat Gold rate in Chennai is ₹6710/gm while for 24 Carat Gold rate in Chennai is ₹7046/gm.

Also Read: Steps to Calculate the Gold Price for Jewellery

Gold Rate in Chennai for last 10 Days

Historical Price of Gold Rate in Chennai

Investment in Gold 

Investment in Gold is recognised for its stability. Indians trust in putting investment into gold for the long term benefits. We usually put gold investment into gold bullions, gold coins, ornaments or gold jewellery. People here see it as a significant investment to keep their wealth steady. It is also used for other purposes too. 

Gold vs FD: A Comparative Analysis 

The comparative analysis between Gold vs FD is shown in the table below:

*CAGR = Compounded Annual Growth Rate.

How is the Gold Rate Today in Chennai 916 Determined?

Have you at any point asked yourself how the gold rate in Chennai today is fixed? It is more complex than you think to decide the rates of Gold in Chennai. So let us look into the factors that affect the gold rate in Chennai.

1. Interest Rate:

One major factor is the rate of interest. When rates of interest rise, investors sell gold and purchase fixed interest instruments. This influences the current Gold rate in Chennai.

2. Local Factors:

Transportation costs involved in moving the physical gold is an important local factor. Also, the local demand and supply for gold affect the gold rate in Chennai. 

3. Policies of Government:

The policies and procedures of the government have affected gold prices. For example, after the introduction of GST, 5% GST is now charged on making charges on gold, apart from 3% GST charged on gold. This has made the gold slightly costlier. 

Also Read: What are Gold Exchange Traded Funds or Gold ETFs?

GST Impact on Gold Rate in Chennai

After the introduction of Goods & Service Tax, 3% GST is currently charged on Gold. When compared with the previous rate, it is somewhat higher. For the people who are interested in buying Gold ornaments, Goods & Service Tax has slightly increased the prices. Previously, the making charges were tax-exempt, yet with Goods & Service Tax, a 5% charge applies on the making charges. Though it had influenced the Gold Rate in Chennai at first, it is now steady. 

Difference Between Hallmarked Gold and KDM Gold

Cadmium-soldered gold was traditionally used for making Gold ornaments in light of its low melting point and was known as KDM Gold. However, KDM is restricted due to its harmful impacts on health and has been replaced by Hallmark Gold. 

Hallmarked Gold is very well-known in Chennai. It is the purity certificate of Gold jewellery. Hallmark has five sections: the year of making, jewellery mark, Hallmarking Centre, fineness/purity of gold, and the BIS mark. Therefore, wherever you purchase Gold in Chennai, search for Hallmarked gold.

Is a Gold Loan or a Personal Loan Better? 

Banks consider Gold ornaments as a good security choice. In case of non-repayment of the loan, the Bank can hold onto the gold and sell it to recover the loan amount. Also, a Bank offers a gold loan quickly, and you don't have to give surety while taking a Gold loan. However, it is important to check the Gold rate in Chennai before taking a Gold loan. 

You can take a personal loan with a repayment period of 1 to 3 years. The rate of interest varies from 16 to 22%, depending on your credit score. The Bank needs an income verification, a surety, and gets your credit score checked before approving your loan. The documentation and approval would take three days to two weeks. Also, there are prepayment charges of 2 to 3%. 

Gold is the better option in comparison to personal loans. You can use gold loans to raise funds to meet your needs. 

Investment in Digital Gold 

You can invest in gold in multiple ways. Here’s how: 

1. Purchasing Jewellery: The well-established traditional strategy for putting investment into Gold is ornaments or jewellery. However, people also buy alternatives like coins, bars or Demat forms (Gold ETFs or Gold Sovereign Bonds) to save money on making charges.

2. Gold Coins and Bars: When compared with jewellery, Gold bars and coins are better as you can save money on any making charges. You buy Gold coins and bars from goldsmiths, jewellery stores or banks.

3. Gold ETF: Gold Exchange Traded Fund is a Mutual Fund that trades in gold. When you buy a unit or units, they buy gold and hold it physically against the units.

Also Read: Here are the 8 Most Famous Types of Gold

Trading of Digital Gold 

You can visit any of the platforms, like Khatabook, which offer to trade in digital gold. The following steps should be kept in mind while trading: 

1. Enter an amount in rupees or grams.
2. Pick your payment option.
3. Gold to be store in a secured locker.
4. Sell whenever you need.
5. You should take Physical delivery of the gold.

What is the Checklist for Purchasing Gold?

1. Collect bill
2. Ensure certification
3. Check the gold price per gram
4. Be aware of the buy-back terms
5. Know about different purity levels 

Where To Buy Gold in Chennai?

1. Khazana Jewellery
2. Mehta Jewellery
3. Damini Jewellery
4. Kirtilal Kalidas
5. GRT