Gold Rate In Chennai Today

Chennai is one of the leading consumers of gold in India which is why the city is flocked with a number of places that sell this yellow metal. There are several trusted jewellery hubs from where people can buy gold in Chennai. So, let’s discuss the best places to buy gold in Chennai.

1. Tanishq Jewellery: Tanishq is one of the leading jewellery brands that has branches all over the country. In Chennai too, Tanishq is the most sought-after place to buy gold.
2. GRT Jewellers: GRT Jewellers is a 100% certified jewellery shop in Chennai. Here you can find different types of gold such as jewellery, gold biscuit and many more.
3. Joyalukkas Jewellery: Joyalukkas Jewellery is another trusted brand which has branches all over, including Chennai. Here at Joyalukkas Jewellery, you can find an extensive range of gold jewellery.
4. Lalitha Jewellery Mart Pvt. Ltd.: The Lalitha Jewellery Mart Pvt. Ltd. located in Anna Nagar is another recommended place to buy gold in Chennai. The friendly staff here guides you through the process of buying gold jewellery in a hassle-free manner.
5. Kalyan Jewellers: Offering a vast range of gold jewellery to meet the varied needs of customers, Kalyan Jewellers has established its name as a popular gold brand in Chennai.
6. NBFCs: There are a number of NBFCs in Chennai from which you can buy gold plans such as Muthoot Finance Gold Loans, IIFL Gold Loan and a few more.

The demand for gold in India is massive such that people from all walks of life now invest in gold. As gold demand grows with each passing day, it is possible to make some common mistakes while buying it. So, we have listed down some of the important things to remember while buying gold in Chennai:

• Check For The Purity Of Gold: The purity of gold is determined in karats and it is stated that 24 karat gold is 99.9% pure and 22 karat gold on the other hand is 92% pure. So, whenever you decide to buy gold, always check its purity and only then invest in gold.
• Buy Hallmarked Gold: Hallmarked gold is also an indication of gold’s purity, thus, it is advisable that you purchase gold from shops that sell hallmarked gold.
• Avoid Buying Gold During The Festive Season: In case you are buying gold for mere investment, then it is better that you avoid buying gold during the festive season. The reason for this is that the gold price goes up during the festive season due to the high demand.
• Buy Gold From Reputed Stores: Like all the other things, it is also important to buy gold only from reputed stores so that you can buy the best quality of gold.
• Understand The Making Charges: The making charge of gold generally depends on its current price. So, it is wise to first understand the making charges and then invest in gold purchase.

As we all know that the price of gold keeps changing, but little do we know which factors play a vital role in determining the price of gold in Chennai or elsewhere. So, scroll through the section below to understand which factors affect the price of gold in Chennai:

• US Dollar: The price of gold is largely affected by the value of the US dollar. US dollar and the price of gold have an inverse relationship to follow which means that when the value of the US dollar decreases, the price of gold inversely increases.
• Festivals: During festivals such as Akshya Tritya and Diwali, the demand for gold is immensely high. With this rapid demand for gold, the price of gold also goes up to meet the consumer-production chain. Moreover, even during the wedding season, the price of gold goes up due to the increase in demand.
• Inflation: During inflation, the price of different commodities increases. However, gold acts as a hedge against inflation and the price of gold generally increase during this period.
• Import Costs: The demand for gold in India is immensely high which is generally met through imports from other countries. So, the moment the cost of import goes up or down, the price of gold also gets subsequently affected.
• Political Upheaval: During the political upheaval or war, the price of commodities generally falls. So, it is during this time that people tend to invest in gold more as the price of gold generally goes up.