Gold Rate in Chennai

Gold Rate in Chennai1 gm10 gm
24 Karat22 Karat18 Karat24 Karat22 Karat18 Karat
Today
South India has maintained its position as the largest consumer in terms of gold investments in the country. Furthermore, among the southern states, Tamil Nadu leads in the consumption of this yellow metal in terms of gold investments. Big jewelry brands target the southern region of India for investments in gold. According to a recent report by Karvy Private Wealth, the four southern states together account for more than 40% of the country’s overall demand for gold jewellery.

Gold as an Investment in Chennai

One on the major states in the buying of gold jewellery, there are a number of gold investment options in Chennai, the main of which are:

 

Jewelry – The people of the South India invest in Gold mostly in the form of jewelry, as this jewelry is associated with their tradition. Jewelry made of gold is heavily worn and purchased by the women in the state of Tamil Nadu. Gold is considered to be a safe investment in Chennai and the gold consumption with this state justifies this fact.

 

Gold Bullion Coins and Gold Bullion Bars – Gold can also be purchased as gold bars or coins from the various jewelers or Banks. This Gold can be used and exchanged in the future for money or can also be utilized to make jewelry.

 

Gold Exchange Traded Funds- Gold, with good reason, is looked upon as a good investment option and you can buy an ETF if you wish to invest in Gold. ETFs have higher liquidity and lower cost as compared to mutual fund shares, making them a profitable investment alternative.

Reasons to Invest in Gold

Gold accumulation plans are a popular investment option among the Chennai population. The reason behind this being the traditional angle and also that Gold is considered as an asset. Further, another major reason being that the gold prices increase with the increase in inflation. 

Last 6 Months Trend of Gold Rate in Chennai

Gold Rate Trend in Chennai, April 2017

Trend Gold Rates (24 Carat)
On April 1st, 2017 Rs. 2956/gm
On April 30th, 2017 Rs. 2984/gm
Highest Rate during April Rs. 3035/gm on 22nd Apr
Lowest Rate during April Rs. 2954/gm on 8th Apr
Overall Trend in April Rising
% Change +0.94%

Gold Rate Trend in Chennai, March 2017

Trend Gold Rates (24 Carat)
On March 1st, 2017 Rs. 2994/gm
On March 31st, 2017 Rs. 2942/gm
Highest Rate during March Rs. 2994/gm on 1st Mar
Lowest Rate during March Rs. 2906/gm on 15th Mar
Overall Trend in March Decline
% Change -1.73%

Gold Rate Trend in Chennai, February 2017

Trend Gold Rates (24 Carat)
On February 1st, 2017 Rs. 2957/gm
On February 28th, 2017 Rs. 3003/gm
Highest Rate during February Rs. 3014/gm on 25th Feb
Lowest Rate during February Rs. 2940/gm on 3rd Feb
Overall Trend in February Positive
% Change +1.55%
 

Gold Rate Trend in Chennai, January 2017

Trend Gold Rates (24 Carat)
On January 1st, 2017 Rs. 2821/gm
On January 31st, 2017 Rs. 2942/gm
Highest Rate during January Rs. 2974/gm on 24th Jan
Lowest Rate during January Rs. 2821/gm on 2nd Jan
Overall Trend in January Positive
% Change +4.28%
 

Gold Rate Trend in Chennai, December 2016

Trend Gold Rates (24 Carat)
On December 1st, 2016 Rs. 2890/gm
On December 31st, 2016 Rs. 2821/gm
Highest Rate during December Rs. 2892/gm on 2nd Dec
Lowest Rate during December Rs. 2870/gm on 20th Dec
Overall Trend in December Negative
% Change -2.38%
 

Gold Rate Trend in Chennai, November 2016

Trend Gold Rates (24 Carat)
On November 1st, 2016 Rs. 3075/gm
On November 30th, 2016 Rs. 2942/gm
Highest Rate during November Rs. 3166/gm on 9th Nov
Lowest Rate during November Rs. 2932/gm on 25th Nov
Overall Trend in November Negative
% Change -4.33%
Historical Trends in Gold Rates for Trading

The rates that are mentioned below are commonly for 24 karat and 22 karat gold. The weights also vary, e.g. 1 gram, 8 grams, 10 grams, 100 grams, 1 kilogram, etc.

The prices for various gold pieces have fallen and risen, keeping in line with the varying demand and price of the precious yellow metal.

 

Prices for 24 karat pieces: Over the last three years, from 2012 to 2015, the price of gold reached a high at an amount of Rs. 3,276 for one gram. This was on the 27th of November, 2011. The following years saw a steady decline in the prevalent rates and prices for gold in Chennai. The prices dipped to an amount of Rs. 2,608 for a gram of gold on the 18th of April, 2013. The next few months also saw a rather choppy performance over the next few months before reaching a new low at Rs. 2,544 on June 28th, 2013. By 26th August, 2013, the rates rallied to Rs. 3,255 for a gram of gold. The general trends in the rates for gold have been of decline since then. The prices dropped to an amount of Rs. 2,580 on the 1st of December, 2014. The following months saw some amount of recovery in terms of rates but they still remained predominantly below the Rs. 2,800 mar for a gram of gold. On the 7th of June, 2015, the rate stood at an amount of Rs. 2,703 per gram.

 

Prices for 22 karat pieces: The price trends for 22 karat gold have in general mirrored the variations of the prices for 24 karat gold, falling and rising at the same rates and times. The maximum price that was recorded for 22 karat gold over the last three years was recorded on the 27th of November, 2012 at a rate of Rs. 3,604 per gram of gold, while the lowest price that was recorded was at a rate of Rs. 2,372 per gram on the 1st of December, 2014. Given the fact that 22 karat gold is not as pure as 24 karat gold, it always trades at a price lower than that of the 24 karat gold. More recently, the price for the 22 karat gold has been ranging between an amount of Rs. 2,400 per gram to Rs. 2,600 per gram. As of the 7th of June, 2015, the price for a gram of 22 karat gold stood at Rs. 2,521 per gram.

Trends of Gold Rate in Chennai for the year of 2015

Prices for 24 karat gold: The highest price that was recorded for the year of 2015 for 24 karat gold from the beginning of the year until the 7th of June 2015 was an amount of Rs. 2,865 per gram, on the 21st of January, 2015. Meanwhile, the lowest recorded price for the same time period was an amount of Rs. 2,619 per gram of 24 karat gold, on the 18th of March, 2015.

 

Prices for 22 karat gold: The highest price that was recorded for the year of 2015 for 22 karat gold from the beginning of the year until the 7th of June 2015 was an amount of Rs. 2,678 per gram, on the 21st of January, 2015. Meanwhile, the lowest recorded price for the same time period was an amount of Rs. 2,441 per gram of 22 karat gold, on the 18th of March, 2015.

News About Gold Rate Chennai
  Gold Prices Decline at Hint of Fed Rate Increase

9 January, 2017 - Gold prices witnessed a decline this week as a new report suggested that a Fed rate hike is imminent, which is expected to boost the American Dollar and US inflation. However even after this decline, gold rates are much higher as compared to their rates last month. With the new US president Trump scheduled to assume office in the coming week, many experts project that gold prices will react in interesting ways to reflect investor sentiments. When Trump emerged as the US President-elect, gold prices fell by 12% as investors sold their gold investments and invested elsewhere under the impression that new spending and tax policies would boost the dollar as well as inflation leading to Fed rate increases.

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