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Check out today's gold rate in Chennai. Compare 22-carat and 24-carat gold prices per gram in Chennai & get the best value for your money.
29 Sep 2023
22-carat gold Rate
24-carat gold Rate
The trend of Gold Rate in Chennai for September 2023 (rates per gram for 22/24 carat gold)
The trend of Gold Rate in Chennai for August 2023 (rates per gram for 22/24 carat gold)
The trend of Gold Rate in Chennai for July 2023 (rates per gram for 22/24 carat gold)
The trend of Gold Rate in Chennai for June 2023 (rates per gram for 22/24 carat gold)
The trend of Gold Rate in Chennai for May 2023 (rates per gram for 22/24 carat gold)
Chennaites purchase gold not only as an investment but also to adorn themselves with elegant jewellery. Gold jewellery is an important part of marriages and other celebrations in Chennai. People love to wear gold jewellery during all important ceremonies and festivals. Diwali, Pongal and Akshaya Tritiya are 3 important festivals in Chennai during which people throng jewellery shops to buy gold. Gold also has a very personal connotation in the life of Tamilians. At weddings and other family gatherings, it's a regular sight.
Gold is a great investment option. Over the last few decades, it has provided stable and consistent returns. As a result, it has proven to be a safe investment option for many Indians. Gold also offers a variety of investment options, such as ETFs, mutual funds, and sovereign gold bonds, allowing investors to diversify their holdings across multiple pockets.
Physical gold, ETFs, Gold Funds, Sovereign Gold Bonds, and even Digital Gold are all excellent options for gold investment. Physical gold ownership, on the other hand, is the most prevalent and straightforward way of gold investment.
Also Read: Gold Rates in Major Indian Cities
Chennai houses thousands of Jewellery shops. Physical gold can be found in the form of jewellery, coins, and bars. Physical gold can be purchased in Chennai at the following locations:
The only drawback of buying physical gold is, in addition to the gold price, you will be charged a processing fee or a wastage fee when purchasing gold from a jeweller or a bank. Fees can be calculated as a percentage of the gold rate and can be quite high. Jewellers charge between 8% and 10% of the gold rate as manufacturing fees for gold coins and gold bars. In the case of jewellery, this is significantly higher. Making costs for some exceptional jewellery items could reach up to 25% of the item's total gold weight.
When you go to sell or trade this gold, they will only consider the weight of the gold jewel to determine the selling price, resulting in a significant loss for the buyer. When it comes to making a financial investment, gold jewellery isn't the best option. Invest in gold exchange-traded funds (ETFs) instead.
Investing in a Gold ETF is similar to investing in stocks. Gold ETFs, which are paper or dematerialized units, are used to represent physical gold. An exchange-traded fund (ETF) that tracks the domestic physical gold price is known as a Gold ETF. They are gold-based passive investment products that invest in gold bullion and are based on gold prices.
Gold ETFs are a simple and convenient way for Chennai residents to invest in gold. Thanks to the internet, these investments may be done swiftly and easily. It has radically changed the way people in Chennai acquire and invest in gold. They're gaining popularity as a result of the numerous benefits they provide over purchasing actual gold jewellery or coins. Trading ETFs, on the other hand, requires the creation of a trading account as well as the payment of a brokerage charge, which is often a percentage of the investment. It's possible that holding gold in a bank vault will result in a levy.
Gold ETFs are popular among investors due to their high liquidity and ease of trading. You'll need a high-risk tolerance and a thorough understanding of gold as a commodity, as well as stock markets in general, to trade gold equities. Prices of gold fluctuate for a variety of reasons, necessitating constant monitoring and the ability to spot market shifts.
A safer option is to invest in gold through gold mutual funds. The fund invests in gold and gold-related firms' stocks. Silver, platinum, and other metals are included in the investment portfolios of gold mutual funds. The fund manager buys and sells shares based on fundamental trading analysis to maximize investor earnings. Returns on gold funds are influenced by market factors to some extent. By distributing assets among a variety of investment possibilities, gold mutual funds greatly reduce the risk of returns.
Additional Read – Gold Loans – Benefits and Features
Sovereign Gold Bonds (SGBs) has been making the rounds in the financial sector in recent years. International gold rates have been impacted significantly by recent market volatility and uncertainty in the global market. SGBs have long been regarded as the safest investment option for gold investors.
SGBs are issued on behalf of the government by the RBI. They feature an 8-year maturity period and a guaranteed annual interest rate of 2.5%. You can withdraw money or opt to get physical gold when the bond matures, depending on the current market rate of the gold you possess. Because of the steadiness it gives, gold investing is a fantastic option for anyone looking for dependability.
Gold's purity is measured in karats. Despite the fact that 24-karat gold is % gold, it is quite soft. As a result, it can be used to make jewellery only when mixed with another metal, such as copper or silver. A karat is a measurement of how much gold is in a gram. As a result, a piece of gold labelled 18-karat is composed of 18 parts gold and 6 parts copper.
The purity of 24 karat gold is 99.9%, while 22 karat gold is 91.6%. That is why 24 karat gold costs more than 22-carat gold.
1. Where can I get a regular update on gold rates in Chennai?
You can check online portals such as CreditMantri for the latest gold prices in Chennai.
2. Should I buy only Hallmarked gold?
Hallmark certification ensures that your gold adheres to the set standards. Hallmark certified gold will be exchanged for the day’s value which is more beneficial for the end consumer.
3. Why is the rate of gold different in different states of India?
The final gold rate is influenced by transit costs as well as local jewellery associations. As a result, the rate varies per state in India.
4. What factors influence the price of gold in India?
Inflation, demand and supply, interest rates, government reserves, and the Indian market all influence the gold rate in India.
5. Do gold coins and bars have making charges?
Yes, similar to gold jewellery, gold coins and gold bars will also carry a making charge. However, they are very low compared to gold jewellery.
6. Will I need a trading account to invest in Gold ETFs?
Yes, you need a Demat account to buy and sell gold ETFs.
7. Can I withdraw my SGBs as cash?
Yes, SGBs can be withdrawn as physical gold or as cash at the time of maturity.
8. Where can I buy Gold Mutual Funds?
Gold Mutual Funds can be purchased directly from the fund houses through the internet. You can also go to a mutual fund company's nearby branch and invest there.
9. what is the gold rate today?
Good website - easy to use,
Good information. Thanks, creditMantri
good information thanks CreditMantri.
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