Do you want to know today gold rate in Chennai (May 17, 2022)? Then, you are with the best website that will provide you with accurate and genuine gold prices. Indian females have the world’s maximum share of gold, especially in south India. Also, gold holds traditional sentiments in Indian ladies. Our tool will provide you with the latest gold price in Chennai for standard and pure gold, along with silver prices.
Today 22 Carat & 24 Carat Gold Price Per Gram in Chennai (INR) – May 17, 2022
|Gram||22 Carat Gold Today||24 Carat Gold Today|
Gold Price in Chennai for Last 10 Days
|Date||Standard Gold (22 K)||Pure Gold (24 K)|
|# of Grams||1|
|17 May 2022||₹4,771||₹38,168||₹5,170||₹41,360|
|16 May 2022||₹4,744||₹37,952||₹5,143||₹41,144|
|15 May 2022||₹4,737||₹37,896||₹5,136||₹41,088|
|14 May 2022||₹4,737||₹37,896||₹5,136||₹41,088|
|13 May 2022||₹4,764||₹38,112||₹5,163||₹41,304|
|12 May 2022||₹4,823||₹38,584||₹5,222||₹41,776|
|11 May 2022||₹4,787||₹38,296||₹5,186||₹41,488|
|10 May 2022||₹4,846||₹38,768||₹5,245||₹41,960|
|9 May 2022||₹4,859||₹38,872||₹5,258||₹42,064|
|8 May 2022||₹4,877||₹39,016||₹5,276||₹42,208|
The Decision of Gold Rate in Chennai
The gold rate in Chennai is principally decided based on changes in US dollars rates. Furthermore, it also varies with the change in the cost of import, interest rates fixed by banks, and many other criteria. Also, the price of gold in Chennai depends on the rates of gold in other cities. Today gold rate in chennai (May 17, 2022) might not be the same as yesterday or will be the same tomorrow. Even it can change in the hour of a day.
Reason for fluctuation in gold rate in Chennai
Today, gold prices in Chennai or the Chennai gold prices of weeks, months, or years are not the same; the price varies with different factors because gold trading is carried out worldwide. Gold prices in Chennai, or all over India, fluctuate with various economic, political, and social factors.
The demand for the gold increase during crises like trade wars or arm conflicts because gold is considered a source of financial security. One can even check out gold rate history to see the effects of geopolitical crises on the price of gold in Chennai.
The gold price around India drops when RBI hikes interest rates, and people start to invest their funds in government funds or bank deposits.
During inflation, Chennai gold prices or gold prices in other Indian cities also go up because demand for gold increases with inflation in currency. Also, gold is viewed as a hedge against inflation and currency devaluation.
Demand and Supply:
Change in Today gold rate in Chennai is also determined by the gap in demand and supply of gold. If the demand is more than supply, the prices of the gold hike, and if demand is less than supply, the prices of gold drop in Chennai and other cities of India.
Rupee and US dollar equation:
The change in the equation of Indian Rupee and US dollar has a significant impact on the gold rate in Chennai and all over India. However, this equation change has no impact on global gold prices.
How GST affects the gold rate in Chennai?
Considering the purchase of gold jewellery, in past times, gold rate in Chennai are added with 1% of excise duty and 1.5% of the VAT on the gold but in present time government has only applied 3% of GST on gold hence the consumer needs to pay that 3% of the gold value that includes making charges also.
Gold Rate, Silver Rate, and Platinum Rate
The Gold Rate in Chennai of any other city of India is determined by various factors discussed in the above paragraph. The rate of gold also depends on the quality of gold that a consumer purchases. The pure or 24-carat gold rate is slightly more than the price of standard 22-carat gold. And when it comes to jewellery, the total price is added with GST and making charges. So, the gold rate depends on what you are buying and when.
The silver rate in chennai is not much as the gold rate, but silver is also considered an auspicious and precious metal in India. It is a dynamic and precious metal, and like gold, silver rates are also determined by various factors such as selling, buying, demand, but the rates do not fluctuate like gold.
The platinum rate in chennai is very high as it is a rare metal. It is also a precious and exclusive metal compared to gold and silver. That is why platinum is considered and associated with wealth and has a fluctuating price like gold.
Frequently Asked Questions (FAQs)
Gold is a precious yellow metal used to make jewellery, coins, and many electronic components. In India, it is seen as a very promising metal found in pure or standard form. As gold is very precious and guarantees the value of currencies, it is an excellent source of investment.
916 gold is commonly known as standard or 22-carat gold. The term 916 defines the purity of gold that means if you take 100 grams of 916 gold or standard gold, there would be 91.6 grams of pure gold, and the remaining is the other metal like silver, zinc, or copper. This gold is mostly used to make jewellery in India.
The main difference between 24 carats and 22-carat gold is purity. 24-carat gold has all 24 parts of pure gold; on the other side, 22-carat gold has 22 parts of pure gold and two parts of other metals like silver, copper, etc. 24-carat gold has almost 99.9% gold, whereas 22-carat gold has only 91.6% gold.
As of May 17, 2022, the price of gold today for 24 karats and 22 karat is displayed in above table. One can also find the latest gold price trends from the above table that contains gold rates of 1 gram and 8-gram gold.
In India, gold is considered an excellent way of investment. People in India usually invest in gold jewellery, gold bars, or coins. But one can invest in gold bullions, gold exchange-traded funds and gold mutual funds. All the investment source has their pros and cons.
As per the gold price forecast for the next six months, it is predicted that there will be a gradual increase in gold rates in the coming 2022. In the next six months, the average price of 24-carat gold may reach 49,415 INR per 10 grams.
The decision taken by Union Finance Minister to cut the custom duty on gold from 12 per cent to 7 per cent has reduced the price of gold. Another reason for price falling in gold is due to investors’ preference towards risky assets like stocks.
There are many ways to buy sovereign gold bonds. One can buy a gold bond at a post office, bank, stock market, stock holding corporation or online by enrolling net banking interface.
Gold is a precious metal found on the earth’s surface in pure form; it is not produced using any other elements. Gold is taken from mines in dust and then cleaned to separate the precious metal.
Typically, white gold is one of the alloys of pure yellow gold. It simply means that white gold is made of pure yellow gold mixed with other white or silvery metals like palladium, silver, nickel, zinc, etc.
Similarly, like white gold, black gold is also an alloy of pure or natural gold with a yellow colour. Black gold is made by mixing metals like cobalt in yellow gold normally with a ratio of 3:1 where three parts of gold are taken, and one part of cobalt is mixed.
There are 8 grams of gold in 1 Sovereign Gold. The weight of 1 Sovereign Gold is around 7.98 grams so, if you calculate Sovereign Gold rates, you are calculating rates of 8 grams of gold.
The 10 grams of gold is also known as one tola gold used to measure India’s gold rate from ancient times.