Gold Rate In Madurai Today
Deemed as one of the most precious metals, investing in gold has been one of the safest havens. Since time immemorial, people have invested in gold as doing so yields great returns in the long run. Moreover, with the importance of gold during Indian weddings and festivals, investing in gold is an obvious choice. So, here in this blog, let us discuss all the gold rates in Madurai.
Today Gold Price in Major Indian Cities
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Today 22 Carat Gold Rate in Madurai
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Today 24 Carat Gold Rate in Madurai
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Best Places To Buy Gold In Madurai
People of Madurai love buying gold and thus the city has a number of places where you can buy gold. So, if you are one of those who are planning to buy gold in Madurai, here are some of the places that you must visit:
1. Lalitha Jewellery: Lalitha Jewellery is one of the renowned places to buy gold in South India. The excellent staff members, as well as the talented goldsmiths of this jewellery shop, always prioritise customer satisfaction over anything else. Offering a variety of gold designs, Lalitha Jewellery is definitely a go-to place for gold buyers in Madurai.
2. GRT Jewellers: The GRT Jewellers has a number of branches in different cities in Madurai. In Madurai, the GRT Jewellers is located in the heart of the city and has operating hours from Monday to Sunday, between 10 am - 9 pm. The GRT Jewellers has even been recognised with different awards such as Accessory Jewellery Of the Year in 2015 - India's Elite Circle of Excellence by Retail Jeweller India Awards. Throughout the year, the GRT Jewellers come up with different offers so that buying gold becomes an affordable option.
3. Jos Alukkas: A trusted name when it comes to buying gold, Jos Alukkas is another famous jewellery brand in Madurai. Jos Alukkas offers a variety of jewellery designs to cater to different occasions.
4. NBFCs: Some of the NBFCs in Madurai from where you can buy gold include Muthalagu Finance, Mannapuram Gold Loan, Muthoot Finance, and more.
Gold Rate / 10g in Madurai for Last 10 Days
|Date||22 Carat Gold Price Today||24 Carat Gold Price Today|
Historical Gold Rates in Madurai
|Months||Lowest Price (24 Carat) Gold rate/ 10gram||Highest Price (24 Carat) Gold rate/ 10gram|
Gold As An Investment
The benefits of gold as a safe investment choice cannot be much emphasised. However, in the section below, we have listed some of the major reasons to invest in gold at the earliest:
- Protection Against Inflation: Gold has an inflation-beating capacity and thus many people invest in gold for the same reason. As compared to other assets, the value of gold does not depreciate during inflation.
- Gold Is Easy To Buy And Sell: Buying and selling physical gold is very easy as gold shops are spread across the country. You can keep an eye on the gold price to buy as well as sell gold at the most affordable price. Moreover, it is always advised to buy gold from trusted brands so that quality is never compromised.
- Buying Gold Does Not Require A Lot Of Maintenance: As compared to other types of investment, gold investment requires very little maintenance. You just need to keep gold in a safe place like bank lockers, on the other hand investing in property requires you to constantly look after its maintenance. So, it is always a better idea to invest in gold.
- Gold Can Easily Be Passed On: It is an age-old tradition to pass gold from one generation to another. Passing gold from one generation to another makes it easier for individuals to create a corpus for the future. Moreover, gold can also be exchanged for money in case of crisis.
Things To Remember While Buying Gold in Madurai
Buying gold is definitely a smart choice, however, when you are buying gold, there are certain things that you must be aware of. So, listed below are the things to remember when you set out to buy gold in Madurai or anywhere else:
- Gold Rates In Madurai: The current gold price is one of the most important things that you must consider when buying gold in Madurai or anywhere else. The price of gold varies from one city to another as transportation, import costs and other factors play a role in it. Moreover, the gold rate also keeps fluctuating on a daily basis, so be aware of the present gold rate to avoid any fallacy when buying gold.
- Purity: The purity of gold is something that you should never compromise on as there won’t be any value of gold if the quality is not up to the standard. The purity of gold is measured in karats, and 22 karat gold is the highest standard of gold.
- Hallmark: A hallmark certification indicates the credibility of gold purity from the manufacturer’s end. The Bureau of Indian Standards or BIS is responsible for regulating the hallmarking and purity certification of gold. So, always check the hallmark sign on the back side of the jewellery before buying it.
- Buy-back Policy: Many jewellers in India now have a buying-back policy as well so that it becomes easier for customers to exchange their old jewellery. So, another thing to remember while buying gold in Madurai is to check the buy-back policy of the seller.
Factors Which Affect The Price Of Gold in Madurai
There are certain factors that affect the gold price in Madurai, some of the factors are also enumerated below:
- Inflation: Global or political events like inflation play a major role in determining the price of gold in Madurai. As gold acts as a hedge against inflation, the value of gold becomes significantly important during the time of inflation. The price of gold gets affected by inflation that occurs at both international and domestic levels.
- Jewellery Market: There are times when the demand for gold goes exceptionally high. It so happens during Indian festivals or wedding season as during this time the demand for gold becomes considerably high. Apart from this, gold is also used at various other levels. So, once the demand for gold goes up, the price of gold also gets affected significantly.
- Interest Rates: Another determinant of gold price in Madurai or any other city is the interest rate. If the present interest rate increase, the price of gold also decreases, as people tend to sell gold during this period to acquire more and more cash. Consequently, when the interest rate decreases, the price of gold increases due to the increased demand for gold during this time.
- Government Gold Reserves: Many countries including India, hold gold reserves as well. So, when the banks start holding a large number of gold reserves, the price of gold gets affected and in turn, rises. This happens mainly because there is a mismatch between the demand and supply of gold.
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How to check for the hallmarked 916 22 karats gold in Madurai?
The BIS hallmark is indicated on the back side of the jewellery, so to check whether your jewellery is hallmarked or not, always see the BIS mark.
Do I need to pay tax on bringing gold into Madurai from abroad?
Yes, you need to pay duty charges when bringing Madurai from abroad. A duty charge of 10% is applicable when you bring gold from abroad to Madurai.
How to check the purity of gold in Madurai?
Karats is the unit that measures the purity of gold. So, always purchase 22 or 24 karat gold only.
What is the difference between 22 karats and 24 karat gold?
The difference between 22 karats and 24 karat gold is in terms of purity. 22 karat gold is 92% pure and 24 karat gold on the other hand is 99.9% pure.
How Do You Double-Check Your BIS-Hallmark in Madurai?
On the BIS care app, customers can use the HUID feature and double-check the BIS hallmark.