Today gold rate in Chennai
Gold rate today in Chennai per gram is Rs. 2,773.00. 1 sovereign gold price in Chennai today is Rs. 22,184.00. Today 8 gram gold rate in Chennai is Rs. 22,184.00. Todays gold rate in Chennai per ounce is Rs. 86,249.94. Gold price in Chennai per tola is Rs. 32,343.73. Chennai gold rate today per kilogram is Rs. 2,773,000.00.
Yesterday gold rate in Chennai
Gold rate yesterday in Chennai per gram was INR 2,773.00. Yesterday 8 gram gold rate in Chennai was INR 22,184.00. Yesterdays gold rate in Chennai per ounce was INR 86,249.94. 1 sovereign gold price in Chennai yesterday was INR 22,184.00. Gold price in Chennai yesterday per tola was INR 32,343.73. Chennai gold rate yesterday per kilogram was INR 2,773,000.00.
Today gold rate in Chennai 916
916 gold rate in Chennai today per gram is Rs. 2,773.00. Today gold rate in Chennai 916 per 1 sovereign is Rs. 22,184.00. Today gold rate in Chennai 916 KDM is Rs. 22,184.00 per 8 grams. 916 gold price today in Chennai per ounce is Rs. 86,249.94. Gold rate today in Chennai 916 per tola is Rs. 32,343.73. 916 gold rate today in Chennai per kg is Rs. 2,773,000.00. Gold rate in Chennai 916 yesterday was Rs. 2,773.00 per gram. today 916 gold rate in Chennai per 4 grams is 11,092.00. 916 gold price per gram today is Rs. 2,773.00.
22 carat gold rate in Chennai today
22 carat gold rate today in Chennai is INR 2,773.00 per 1 gram. 22 carat gold rate in Chennai today per sovereign is INR 22,184.00. 22 carat gold rate in Chennai per 8 grams is 22,184.00. 22 carat gold price in Chennai per ounce is INR 86,249.94. Gold rate 22 carat in Chennai per tola is INR 32,343.73. 22 carat gold rate today Chennai is INR 2,773.00.
24 carat gold rate in Chennai today
24 carat gold rate today in Chennai is Rs. 2,964.00 per 1 gram. 24 carat gold rate in Chennai today per sovereign is Rs. 23,712.00. 24 carat gold rate in Chennai per 8 grams is 23,712.00. 24 carat gold price in Chennai per ounce is Rs. 92,190.71. Gold rate 24 carat in Chennai per tola is Rs. 34,571.51. 24 carat gold rate today Chennai is Rs. 2,964.00.
Gold coin rate in Chennai
Gold coin rate in Chennai per gram today is INR 2,773.00. Gold coin rate today in Chennai is INR 22,184.00 per sovereign. Today gold coin rate in Chennai per ounce is INR 86,249.94. Gold coin price in Chennai today per tola is INR 32,343.73.
Gold rate in Chennai GRT
GRT gold rate today per gram is Rs. 2,773.00. Today gold rate in Chennai grt per 8 grams is Rs. 22,184.00. Today 916 KDM gold rate in Chennai grt is Rs. 2,773.00. GRT gold rate today in 22,184.00 per sovereign. 22 carat gold rate in Chennai today per gram in grt is Rs. 2,773.00 per gram. GRT gold rate in Chennai is Rs. 86,249.94 per ounce. GRT gold rate today evening is Rs. 2,773.00 per gram. Gold rate in Chennai today grt per tola is Rs. 32,343.73. Silver rate in Chennai today per gram in grt is Rs. 41.60. GRT silver rate per kg today is Rs. 41,600.00.
Gold rate in Chennai today per gram in Lalitha
Gold rate in Chennai today per gram in Lalitha is INR 2,773.00. Lalitha gold rate today per sovereign in Chennai is INR 22,184.00. Gold price in Lalitha Jewellery today per 8 grams is INR 22,184.00. Silver rate in Chennai Lalitha per gram is INR 41.60. Today silver price in Lalitha is INR 41,600.00 per kilo.
22 Carat Gold vs 24 Carat Gold
22 carat gold rate in Chennai is less expensive than 24 carat gold rate in Chennai, the actual reason behind this is that 24 carat gold contains 99.99% pure gold while the 22 carat gold contains 91.6% pure gold. 24 carat gold in Chennai are majorly used for making gold coins, gold biscuits and gold bars, while 22 carat gold in Chennai is used for making gold jewellery. You should not buy a 24 carat gold jewellery since pure gold is soft and it may break easily. If you are planning to invest in gold, 24 carat gold is the best choice since 24 carat gold has less wastage and making charges. The other fact is that 24 carat gold has a better resale value than the 22 carat gold. Buying 22 carat gold in Chennai or 24 carat gold in Chennai depends on your own requirement. The decision making is simple, if you are planning to buy gold jewels or ornaments there are very little options in buying 24 carat gold jewellery or ornaments since the jewellery models in jewellery shops in Chennai are very little. The better option is to buy 22 carat gold jewellery or ornaments since you may have many options in choosing from the vast collection of jewellery available from retailers in the jewellery market across Chennai.
How to import gold into Chennai?
There are quite a number of aspects for importing gold into Chennai. Some of the important things are listed below:
i) If you have stayed in a country other than India for more than one year and if you are a female, you can import a maximum of INR 1 Lakh of gold into Chennai.
ii) If you are a male and if you have stayed in abroad for more than 1 year, you can import a maximum of INR 50,000.00 of gold into Chennai.
iii) If you havn't stayed outside of India for a period of 365 days, the above norms will not be applicable.
iv) It is better to carry an export certificate while carrying gold from Chennai, India. This certificate would be helpfull while you return back to Chennai, India when you bring the same gold back otherwise you would be questioned.
v) Export certificate is a valuable document and forms an important basis of proof that you carried gold jewellery out of the country.
vi) Each person is limited to carry a maximum of 1 kg of gold after paying applicable charges.
Before you buy the precious metal (gold) and import into the country, you must be clear with the government rules in importing gold. It is also important to understand that the rules regarding import of gold into the country keep changing over time and you should check these rules periodically. Being aware of these rules would restrict you in getting into trouble. The most important thing to note is that you need to stay out of the country for a period of time, before you import gold into the country. Imported gold are mostly pure. Gold in India is imported by some of the big institutions like Mineral and Metal Trading Corporation and most banks like State Bank of India, Indian Overseas Bank, Punjab National Bank etc.
Rich returns from Chennai gold
Gold prices in Chennai in 1964 was Rs. 65.00 per 10 grams, while gold price in Chennai have touched Rs. 30,000.00 per 10 grams this year. In Chennai, there has always been a heavy demand for the precious metal in and around the city, which has pushed gold prices even higher. Even in the last 10 years, gold has given good returns to investers in Chennai. In 2007 the gold prices were Rs. 10,000.00 per 10 grams in Chennai and as per 2017 it has rose 200 percent. If you are a long term investor, you should not be worried about temporary fall in gold prices. Investment in gold in Chennai has helped investors reap good profit over time. As the past suggest us that gold investment have yeilded rich returns, we can assume or get into a conclusion that in future it may be the same.
Right time to bring gold into Chennai from abroad
Before buying gold from abroad, you should first check the gold rate in Chennai and compare it with the gold rate abroad. If you find the price difference to be big, you can plan to bring gold to Chennai from abroad. You can bring duty free gold worth Rs 50,000.00, if you are a male traveler, or upto Rs 1 lakh, if you are a female traveler. In Chennai, if there is high demand for gold during festivals, the prices may rise and investors abroad can sell gold in Chennai and make profit.
Taxes on gold
Let it be gold coins or gold jewellery, not only there is a capital gain tax on gold, but there is also a wealth tax that is applicable on gold. If you have gold in any form and the value of gold crosses 30 Lakhs, you must pay wealth tax in India. The valuation of the gold have to be done by March 31, 2017. It doesn't matter at what prices you bought the gold in Chennai and when you bought it. So, if the amount of gold held by you crosses Rs 30 lakhs, you need to pay a wealth tax at 1 percent of the value for that particular financial year. The Income Tax Authorities have the power to raid and seize gold if taxes are not paid. Apart from the wealth tax, there is also a capital gains tax that is applicable on sale of gold. You need to pay capital gains tax only if you sell gold and you receive a profit from it. There are two types of capital gains: The first type is the short term capital gains when you sell shares and the second type is the long term capital gains. In the case of short term capital gains, tax is calculated as per your tax slab, while in the case of long term it is 20 percent, plus indexation.
Physical gold vs gold ETFs
Physical gold is the real gold what you buy in a jewellery store in Chennai. ETF means electronic traded fund where gold is bought and sold online. However, the important thing is you must not completely ignore buying gold ETFs in Chennai as compared to physical gold if you are a investor. This is because, gold ETFs are much better than buying physical gold, because there is no need for storage. Also, you would not be worried of theft, as these gold ETFs are held in the electronic form. Today, there are a plethora of options for buying gold, including the recently included sovereign gold bonds. Make sure that you look at all options available and do not chase physical gold only. There are high chances that you would make more money by buying this gold option in Chennai, as it is cheaper and better and simple.
Rising gold consumption
Gold has seen a steady rise in consumption in India from 450 metric tonnes in 2009 to 975 metric tonnes by 2013. India is the second largest consumer of gold after China. China is the largest consumer of gold in the world. The United States of America is the third largest consumer of the precious metal. In Chennai, gold is primaryly used for making gold jewellery and gold coins. Indians are the largest users of gold jewellery in the world. Gold is also used in manufacturing industries increasing its demand and consumption. Most of the gold in India is in the form of jewellery. Since Indians love gold jewellery there is always a rise in consumption of gold in India.
Where to check for live gold rate in Chennai?
Gold rates in Chennai can be found in numerous portals online. We at Golden Chennai update Chennai gold rates twice everyday. You can also check for gold rate in any jewellery shop in Chennai. We wish to emphasize that you must check the gold prices before buying. This is because there could be minor changes in gold prices amongst jewelery shops in Chennai. One of the most important thing that you should be careful about is the making and wastage charges of gold jewelry. Sometimes, the difference can be substantial, though gold rates in Chennai among different shops is unlikely to be very different from each other. What differs largely is the making and wastage charges. We hope that investors and buyers will check making charges before investing or buying gold jewelry in Chennai.
Why gold price in Chennai differ from other cities in India?
Gold price in Chennai is different from other cities in India due to the following reasons. Gold is imported into Chennai as the city does not produce it. Local taxes is the important factor deciding the gold rate in Chennai. Tax rate may differ from state to state in India. The other factors include transportation and labour. Chennai city has a port and the transportation cost might be lesser compared to other cities which does not have a port. The cities with ports need not worry about costs associated with transport. Many jewellers in Chennai are members of an association and these associations tend to fix the price of gold. They notify their members through various means on gold prices. In Chennai many are members of the Madras Jewellers and Diamonds Association. This association provide the prices, which are updated at least twice every day except sundays. The timings may vary slightly depending on when the information is received.
Why investors should buy gold in Chennai?
In past 50 years gold has not reduced in value, but it has increased a lot in value. For example, a Rs 0.10 coin in 1970's had tremendous value, but, today it is out of circulation in India. Gold on the other hand had kept increasing in value and hence its value never diminishes and it is a perfect hedge against inflation. Therefore, if you are looking to buy gold, use it as a hedge against inflation. It is also pretty much liquid and can be sold in an emergency situation. One can also avail loans, if one can pledge the precious metal with a gold loan company in Chennai. If you are looking to buy gold in Chennai, always look at the long term prospects for gold and not the vest short trem opportunities that the precious metal would offer.
Importance of hallmarking
Hallmarking is one the key feature which has to be noted when you are about to buy gold jewels. Chennai city in India is one the leading market for retail gold jewellery business. In the olden days, there were no fixed standards for checking the purity of gold. Gold buyers were cheated easily in the olden past. In the year 2000, Bureau of Indian Standards system of hallmarking of gold jewellery was started. Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in the precious metal articles such as gold, silver etc. Many countries across the globe use hallmark as symbol of guarantee of purity and fineness of the precious metal articles. Hallmarking was developed to protect the public against the adulteration of the precious metals and to maintain legal standards of fineness. In December 2005, BIS also started the hallmarking of the silver jewellery. Ever since BIS started to hallmark the precious gold and silver jewellery, there has been constant awareness programme which has been organised to educate the public about the importance and uses of BIS Hallmark. Inspite of the existence of the BIS Hallmark, there are jewellers who dont sell hallmarked gold jewellery. Buying gold jewels from such a gold jewellery retailer would be risky and a wrong decision to make even if he sells those gold jewellery at a lower cost. The reason behind this is simple and clear that the purity of gold is going to less than what he claims. For example the 22 Carat gold jewellery which has a BIS Hallmark certification has 91.6 percent of gold content where as the one without the Hallmark may have a lesser gold content than that of the BIS Hallmarked one. Government has taken various steps to force jewellers to sell BIS Hallmarked gold and silver jewellery. Hallmarking centres are less in number which is one of the major issue faced by the retail jewellery manufacturers. However the Bureau of Indian Standards has taken many steps to resolve this issue. There has recent increase in hallmarking centres to meet the ever increasing demand in the retail gold jewellery market.
Rising demand for gold in Chennai
Chennai has always been a city with a greater demand of gold when compared with other cities in India. There has also been a steady rise in the demand for gold in Chennai. Though there is a existence of other precious metal like platinum, the craze for gold jewellery has never got reduced among the people of Chennai which is driving great demand for gold in Chennai gold retail market. The people of Chennai are more concerned about the models and designs rather than the gold rate in Chennai. This makes them to even buy gold at a higher gold rate. And one more important factor is the repeated buying of gold jewels in Chennai at a regular intervals which has become as a habit of many families which is leading to rise of demand for gold in Chennai to hit the roof. However strict government laws which are implemented from time to time may decrease the demand of gold in Chennai. The analysts and experts expect the demand to taper in the upcoming years which makes gold as a better investment option. The fall in gold demand may be supported by the investors who hesitate to invest in gold to create a demand and also decrease in purchase of retail gold jewellery in Chennai which further deteriorates the demand. Investors need to be warned of dumping of gold by buying constantly in the rising gold market where they could end up with huge losses on gold.
What influences gold prices in Chennai?
The elements which are involved in the fluctuation of gold price in Chennai are many but the most important among them is the US Dollar rate, stability of the Reserve Bank of India, the financial costs involved in the making of the jewellery and government tax which keeps changing from time to time. Even the Loan price may play a greater part in the fluctuation of gold rate in Chennai. Increasing loan prices will bring down the price of gold in Chennai. As far the US currency rate, gold price in Chennai may reach its peak if the currency rate of the US Dollar falls to bottom. while the price of gold may hit the bottom of the sea if the US Dollar rate is climbing high to the skies. Other minor elements which are involved fluctuation of gold price in every single jewel is its making charges of the particular jewel and wastage charges of the gold jewellery. Higher the wastage and making charges, higher will be the cost of that particular jewel. However people in Chennai dont bother much about these charges if the jewellery model looks too good. Demand of gold easily increases the cost of gold in Chennai. Higher the demand of gold, greater will be the price of gold in Chennai. Vulnerability of cash has forced the investors to smartly opt for commodities such as gold and silver. Gold loans are easy to get when compared with other forms for availing of loan. Any person who is about to buy gold has to know all the other factors also for making the prediction of gold price for tomorrow. Any minor mistake made by not considering the factors involved in the influence of gold price may lead to greater losses. And wrong prediction may cause you to pay more for every single gram of gold in unavoidable circumstances when the jewel has to be purchased for important functions such as marriages.
When to buy gold in Chennai?
The right season to buy gold in Chennai can never be predicted unless you keep a close watch of many factors which are directly involved in the influence of the gold price in Chennai. And its bit hard to predict the certain factors such as US Dollar currency rate, government taxes, stability of Reserve Bank. However best time to buy gold in Chennai is during festival time when every leading jewellery retailer in Chennai would announce a better offer ranging from reduction of price for every one gram of gold to reduction of the wastage and making charges. Decision regarding what offer to avail will depend on the gold jewellery and mindset of the gold buyer. Availing a wrong offer for a gold jewel may further add burden to the customer. For example, if you are going to buy more jewel which already has less making and wastage charges, its better to opt for price reduction per gram offer. If your going to buy less jewels with higher wastage and making charges, then its wise to opt for reduction in making and wastage charges offer. Other technique what the gold buyers in jewellery stores in Chennai do is that they get registered to monthly saving schemes of leading jewellery retailers such as Lalitha Jewellers, GRT Jewellers, Joyalukkas etc where they offer low wastage and making charges. Infact some of these leading jewellery stores in Chennai offer zero percent making or wastage charge offers from time to time. After enrolling in these schemes, people opt for reduction in price offers to make a maximum benefit out of it and purchase gold jewels at a lower cost. Important thing which you need to have in mind is that your gold saving scheme in Chennai in a particular leading gold jewellery retailer in Chennai should have been completed before some festival where you expect them to give you some great offers during that festival. Other disadvantage of this technique is that it would fail if the particular gold retailer does not announce a offer or an appropriate offer which would benefit you. And worst part would be when you have enrolled yourself in a particular jewellery retailers gold scheme and there would be better offers which are given by other jewellery retailers in Chennai. There is also some difficulty in predicting the best season for buying gold with great offers. This is because you cannot predicted when the jewellery stores in Chennai will announce a best offer among all the festivals. The most important festival among them would be the Akshaya Tritiya festival when the buying of gold is considered to be auspicious and its also the time when we can expect great offers from leading gold jewellery retailers in Chennai. However parents planning to buy gold for the marriages of their sons or daughters will not be able to buy gold with exciting offers unless they have started buying gold years prior utilising these offers or the date marriage falls either after the festival where they can avail those great offers and make a maximum use of it.
Why gold rates in Chennai Change?
The change in gold prices in Chennai is influenced by a number of factors. The foremost important factor which is involved in the daily gold rate change across the globe is due to the buying and selling of gold by the Central Banks across the world. When the demand of gold is high, the Central Banks tend to push the gold rates to peak which inturn will increase the price of gold in Chennai. Next main factor which is contributing to the increase in the gold rate in cities like Chennai is due the gold ETFs. Most of the people are not aware of the fact that the gold ETFs can play a major role in influencing the rates at which the gold are sold in the retail market. When people start buying gold ETFs, it causes the increase in demand in the gold market across the globe leading to steep rise in the price at which the gold is sold in major retail markets such as Chennai. In the same way, when there is decrease in the demand for gold in global market, the gold price in Chennai tend to go down. Gold rate in Chennai is directly influenced by the currency rate of US Dollar. When the US dollar rate increases, there will be a good news for the people of Chennai as far as the gold rate in Chennai is concerned as it may lead to fall in the gold prices in Chennai gold retail market. However when there fall in the Dollar currency rate, it may lead to increase in the price of gold which is sold in Chennai. If you are interested in predicting the price change in Chennai, you need to look into many more factors. This is making it difficult even for the analyst and expert to arrive at a conclusion regarding the daily gold price change in Chennai. And it is even more difficult to offer prediction for gold rate in Chennai for tomorrow. However people seek the assistance of experts and analyst opinion regarding their investment in gold. Every investment has a risk factor which is involved along with it. Higher the returns you expect, greater will be the loss if you dont predict the change of gold price correctly. So, people need to be ready for facing even the worst part to get high returns. Keeping a watch over the daily gold rate in Chennai, the daily currency rate of US Dollar, Chennai gold price trends in the past, global gold market demand, gold ETFs, Demand of gold in Chennai etc one could arrive a conclusion of the gold price change in Chennai. But this conclusion will have less probablity of reaping you great returns. Seeking the advise of experts would be handy along with your indepth analysis of the gold price change in Chennai.
Checking the purity of gold in Chennai
Checking of purity of the gold is a mandatory step which every gold consumer should be aware of before buying a gold jewellery. Gold jewels in Chennai is available in various purities ranging from pure 24 carat gold to 9 carat of gold which contains meagre amount of gold and more amount of other alloys which are mixed with it. If you are planning to buy a 22 carat gold jewellery in Chennai, there are few steps which would make you to buy gold jewellery without being cheated or tricked to pay more amount for a gold of less purity. The first step would be to buy 22 carat gold jewellery at a right market gold rate on that day. So its mandatory to check today's 916 gold prices in Chennai. Once you are aware of 916 gold price in Chennai today, you can find if any gold retailer in Chennai is charging you more for that particular purity of gold today as the gold rates in Chennai keep changing everyday. The next step would be to check that there is no adulteration which has been done to your 22 carat gold jewellery. Strong recommendation has been laid down by the government and BIS for the public to look for Hallmarked gold. Hallmark on gold jewellery suggests that the particular gold jewellery has been assayed by the hallmarking centres and the purity of the gold for that particular gold jewellery is correct. In our case, 22 carat gold jewellery hallmarked in Chennai would contain BIS Mark, 22K916 mark which corresponds to gold purity of 22 carat, Hallmarking centre's identification mark, year of marking and the jewellers identification mark. Once you have made a brief look of all these small things, you can boldly go ahead and buy that 22 carat gold jewellery in Chennai. There are other things which you should be aware that there is less number of hallmarking centres in Chennai which may lead to increase in the selling of the non hallmarked gold jewels in Chennai. So, its mandatory for you to stay alert and check for the above mention points to buy right gold effectively without problems in Chennai. Government has been constantly involved in increasing the number of hallmarking centres in Chennai. There has been some home remedies which has been used in the olden days to check the precious metal. However, these home remedies for checking the purity of gold is less accurate and leads to wastage of gold when rubbed against a coarse object. Moreover these techniques were only used to detect whether the metal is gold or not and it is no way related to the checking of the purity of the gold. The foremost advantage of buying a hallmarked gold jewellery is that you will able to sell it easily because of the availability increased number of buyers for hallmarked gold jewels. Before you buy or sell gold in Chennai, you should check the accurate gold rate in Chennai which makes you to buy or sell gold at an accurate price in Chennai without any loss.
Making and Wastage Charges
The gold jewellers in Chennai may burden you with extra charges such making charges and wastage charges when you buy gold jewellery. It is necessary for the people in Chennai to understand what these charges really are and tips for reducing the making and wastage charges. When raw gold is made into gold jewel, it involves labour. These labour charges along with few more things contribute to the so called making charges. It is expressed in terms of percentage. The making charges can range from as low as zero percentage to as high as 20 percentage depending on the design and amount of labour time involved. Usually the gold jewels which are manufactured and designed by the machines will have lesser making charges when compared with the ones which involves high amount labour and skill. The best way to reduce making charge is to bargain and negotiate
the making charges in the gold retail shop in Chennai as these costs are unorganised. And an important fact about making charges is that these charges are not taken into account when you sell the gold jewel and they pay you only for the grams of gold which you sell in Chennai. Hence, you need to be careful about the making charges when you buy gold in Chennai as it may play a greater part when you sell the same gold in Chennai. Right from the olden days, we are familiar with the fact that gold jewellers in Chennai use the term wastage charges for making every single gold jewel. People are more curious to know about what these wastage charges really are and how to overcome this extra charge. The gold jewellers in Chennai claim that there is quite an amount of gold which is being wasted when a gold jewel is made. As far as critics are concerned, they claim that these gold jewels are made by machines and they dont even waste a single grain of gold in the process of making of gold jewellery. However, we generally encounter this wastage charges term in every single retail gold jewellery shop in Chennai. These charges may also vary from 4 percent to 12 percent depending on the gold jewellery in every leading jewellery shop in Chennai but the gold rate in Chennai remains the same in almost all the jewellery shops in Chennai. The investors and gold buyers should check the making and wastage charges of various jewellery retailers in Chennai and also the gold price in Chennai before making a decision of buying gold jewel with a higher making and wastage charges. Negotiating and bargaining may save you few thousands if you are successful and it would be very helpful when you are about to sell gold in Chennai.
What drive the gold prices in Chennai?
There are lot of factors which drives the gold rates in Chennai. One prominent factor among that would be the economic status of the country. If there is some economic chaos going on, then the gold rates would be higher globally and it would directly influence the major cities like Chennai. Volatility of the government policies needs to remain stable inorder to ensure that the gold rate in Chennai does not move further higher. The demand for gold in the Chennai city acts as a driving force to fluctuate the gold prices in Chennai to either extremities. Higher Demand pushes the rate of gold in Chennai to its peak while fall in demand would make the price of gold in Chennai to fall to the bottom. One can expect the fall in the cost of gold in Chennai, when the equity markets are in rally to touch the top. However, gold prices tend to rise when there is no surge in the equity market accompanied by its decline. The duties for gold in Chennai keep changing from time to time which also impacts the rate of gold which is sold in Chennai. The increase in the import and excise duties further adds burden to the gold buyers in Chennai by increasing the price of gold in Chennai. Inflation is one of the biggest reason which influences the cost of gold in Chennai city. Inflation not only increases the prices of gold but also increases rate of silver and platinum which are considered to be precious metals.
What will be the gold rate in Chennai in 2017?
The prediction of gold rate in Chennai for 2017 is very difficult as it involves a great number of factors which influences gold rate in Chennai everyday. But depending on the movement of the gold prices in Chennai in the recent past, it is expected that the gold rate in Chennai could dip in 2017. This can be substantiated by the fact that there could be increasing interest rates in the United States. This important factor will push gold investors to move towards buying of the sovereign gold bond in US. The best way to buy gold is to buy it when the gold rate in Chennai falls. It is also important that you buy gold in Chennai in small quantities. Buying of gold in Chennai in small quantities can give you a extra chance of buying more gold when the prices of gold in Chennai goes further down. The returns from these gold investments are fully taxable and it is necessary for every citizen of India to pay applicable taxes on time to avoid facing of legal issues. As far as the gold rate in Chennai in 2017 is concerned, we believe that there is less chances for the gold to reach higher rates in Chennai within a short span. Hence the investors can buy gold when the gold prices in Chennai dips. It is also important that you buy gold only in small quantities to have second oppurtunity to grab when the gold prices in Chennai goes further down.
Why Chennai is a big consumer of gold?
The southern part of India is the largest consumer of gold in India. Chennai is one of the top cities which leads in the list of largest consumer for gold in India. Around 30 percent of gold is consumed by South India. Even when the gold rates in Chennai remains high, the demand for gold in Chennai has never seen a fall. People in Chennai consider gold to be auspicious. The more of gold you wear, it shows others how rich you are. Gold is considered as a matter of prestige and pride. However, the more quantity of gold is bought during occasions such as marriages. Parents start aggregating gold for their children right from their birth so that they dont face the burden of buying gold in Chennai in the last minute when the price of gold in Chennai may be very high. They also will have a surplus time period for aggregating the gold for future of their children. People in Chennai also have the habit of gifting gold ornaments to their loved ones which is driving extra demand for the gold in Chennai. However the craze for gold in Chennai has never seen a fall in the last few decades. The affordability of a person is also shown by the amount of gold he or she wears during special occasions. Jewellery retailers in Chennai keep changing the designs which tend to attract the youth in Chennai to spend more on gold. The demand for gold may tend to increase in Chennai with the increasing population of Chennai even if the Chennai gold price is high. The people who buy gold for investment purpose may shift to other forms of gold such Gold ETFs and Sovereign Gold Bonds. The daily gold prices in Chennai play a important role in the minds of people to make any investment decision. If you are planning to invest in gold today, you need to check the prices of Gold in Chennai before investing. It would be wise to invest in physical gold when the gold rate in Chennai dips in small quantities. Always wait for the fall in Chennai gold rate before you plan to buy some gold as an investment purpose. The next most important factor for the increasing demand for gold in Chennai is its use in times of financial trouble where the people tend to sell them. Today, if you are planning to sell the gold in Chennai, most of the gold jewellery shops in Chennai tend to buy gold at today's gold rate per gram in Chennai. The loss what the customer faces is the making charges and wastage charges which he would have paid at the time of purchase. However, this can be overcome by the customers when they buy gold coins and gold bars which does not have any wastage or making charges. These gold bars and coins can be bought only by the people who are saving gold as an investment purpose in Chennai. The other varieties of gold where people can save gold includes Gold ETFs, gold jewellery schemes, sovereign gold bonds etc. These gold investments can fetch you good returns only when you keep monitoring the prices of gold in Chennai. The love for gold in Chennai has increased the demand of gold which is not a good sign for country as it needs to import more amount of gold inorder to satify the needs of consumers which inturns impairs the economy of the country and further increases the price of gold in Chennai. Smart way to save gold is accumulating gold by dividing it within the given time frame. For example, if your planning to buy 200 gms of gold for your daughter's marriage and you are planning to get her married after 5 years, you need keep a watch on daily gold rate in Chennai and decide to buy a small portion of it every year like 40 grams each year. It is also wise to buy two or three times a year when gold rate in Chennai dips low. Before you take such decisions, check accurate gold rate in Chennai. Over a period of five years, you would have saved the desired amount gold in Chennai at a lower cost and burden of paying it in one settlement would not be present. The key to your success for your mission of saving gold would depend on your ability to check the gold rate in Chennai everyday. When you are aware of the gold rate history in Chennai, then you can easily predict whether the gold rate in Chennai today is high or low.
Impact of de-monetization on gold
Recently, the government withdrew INR 500 and INR 1,000 currency notes from the market. The immediate impact of this was that lot of money would have flown into gold, which is good for demand of the precious metal. However, one cannot be sure that the same would have happened. In any case, gold demand in Chennai has been healthy this season, led by the festive season first and the wedding season now. Gold rates may remain stable in Chennai in 2017 as well, given that 2016 has been a year of fabulous returns for the precious metal. This is despite the fact that other asset classes like equities and real estate have remained flat over a period of time. In any case, if you are looking to buy gold in Chennai adopt a buy on declines, as the precious metal could also fall.
Is demand for physical gold in Chennai slowing down?
It is always difficult to predict the price of gold in Chennai. One important factor that can influence gold rates in Chennai is demand across the world. We are gradually seeing that the demand for physical gold in the city is quickly declining. In fact, the city is seeing various alternatives to physical gold investments and these include gold ETFs and sovereign gold bonds. Today, there are a plethora of investment options for those looking to buy gold in Chennai.
What is the difference between carats and karats?
There is no difference between carats and karats and they are spelt differently in different countries across the world. In gold, carat means the purity of gold, higher the carat higher is the purity. In Chennai 22 carat gold, 24 carat gold, 18 carat gold and 14 carat gold are primaryly sold. Before buying a gold jewellery check for the caratage which may be like this "22Ct", "22K" or "22Kt". Gold is not weighed in carats but in grams, tolas, ounces and kilograms. In United States gold is measured in Troy Ounce. In India gold is measured in grams, tolas and sovereigns. In fact, gold in he spot market is traded in ounces.
What can you do with your old gold in Chennai?
If you have old or unused gold in Chennai, you have couple of options on what you can do with it. The first option is to give your old or unused gold to a reputed jeweller to make new jewellery or coins. The second option is to sell your old or unused jewellery. The better option is to sell your old or unused gold in Chennai, since to make new jewellery you would be asked to pay wastage and making charges. If you are planning to sell your old unused gold it is better to sell it with a gold loan company rather than a local jeweller. Gold loan company buy gold at good rates and they have latest machines to check the purity of gold without damaging your gold. However, remember that you need to carry your address proof or else you might not be able to encash. If you are not satisfied with the rate you can go to a jeweller to make new jewellery.
When buying gold in Chennai what things you must be aware of?
The good thing when buying gold these days is that we have come a long way since the good old days, when it was very difficult to check purity and buy gold in Chennai. Today in any jewellery showroom, we can conduct checks before buying. In fact, when buying the precious metal in Chennai, we suggest that if it is jewellery or gold coins and bars, you make sure that you look for hallmarked quality. Also, it is important that you do not melt gold and make new ones, as you get very little value when you melt gold. Always go for BIS hallmark gold. These days there are reports that even hallmarking of the precious metal can result in duplication. So, the best way out would be to buy gold from a reputed jewelery store only. At least, this way you can be rest assured on the purity of gold you buy. If you are buying gold online, remember there is always an element of risk, so you need to be careful. There is no mechanism, by which you can check the purity of gold online, so always go for hallmark gold. Credibility in this case is what matters the most to a buyer. So, go by past track record, which is important in this case. Before there was a high possibility of getting a duplicate, but, that is no longer possible today in Chennai.