Chennai is the capital of Tamil Nadu and the gold trade takes place in Chennai on a huge level. Also, the level of import of gold in Chennai is very high as gold as a commodity is highly traded in Chennai. Chennai ranks above all other cities in India when it comes to the gold rate. The maximum number of sales and purchases of gold in India takes place in Chennai city.
Like the rest of the Indian cities, the people of Chennai city sale and purchase gold mainly in the form of jewelry. Whenever you visit Chennai you can see many numbers of jewelry shops spread in and around the city. There are various big and famous shops in Chennai to meet the demand for gold. Gold rates tend to change daily and the newly updated gold rates can be obtained through newspapers, or the people dealing in gold, or from various other financial sites.
Gold production in Chennai is very less or insignificant. Therefore, being the most prominent city for sale and purchase of gold, a huge amount of gold is imported in Chennai. Most of India’s requirement for gold is fulfilled through imports. Chennai also contributes to fulfilling the country’s demand for gold. Gold is seen as a long-term investment that is secured and gives assured returns. Gold is mainly brought in form of jewelry which also acts as an ornament of the buyer.
The trend of Gold Rate in Chennai for January 2018
(Rates per gram for 24 karat gold)
January 2018 – Week 1
- At the beginning of the New Year, the gold rate in Chennai was Rupees 3,002 per gram.
- On the next day, the gold price in Chennai raised to Rupees 3, 011 per gram.
- Gold demand saw an increase in demand, with the US dollar losing its value. This raised the prices of gold to Rupees 3, 014 per gram.
- When positive US jobs data emerged, the greenback regained the lost ground, which led to a decrease in the gold prices to Rupees 3, 001 per gram.
- Gold prices in the global market declined badly.
- However, again a steady demand for gold pushed the gold rates up to Rupees 3, 013 per gram.
- As the demand for gold raised continuously, gold rates were further raised to Rupees 3, 021 per gram.
- On the last day of the week, gold prices were recorded at Rupees 3, 021 per gram.
January 2018 – Week 2
- Gold trade in Chennai opened at Rupees 3, 009 per gram due to subdued demand from industries, domestic jewelers, and retailers.
- However, because the U.S dollar became weak this led to gold rates in Chennai rise significantly during the week.
- The price further rose to Rupees 3, 022 per gram.
- The dollar lost against major apex currencies, the precious gold metal price rose to Rupees 3, 030 per gram.
- Gold price in Chennai surged further to Rupees 3, 048 per gram due to an incline in global demand amid the strong trend overseas.
- Strong overseas trends led to increased local buying which in turn led to gold prices rising to Rupees 3, 068 per gram.
- The week ended with the gold priced at Rupees 3, 068 per gram.
January 2018 – Week 3
- In the third week, gold opened at Rupees 3, 073 per gram.
- Increased demand from local buyers led to a rise in gold prices to Rupees 3, 082 per gram.
- Soon US dollar regained its lost value which led to a decline in the gold price to Rupees 3, 079 per gram.
- Gold prices dropped again to Rupees 3, 060 as the value of the US dollar increased.
- Soon the price rose again to Rupees 3, 076 per gram as the US government was headed towards a shutdown which in turn raised the demand for gold.
- At the end of the third week, the Gold was traded at Rupees 3, 084 per gram.
The table below shows the gold price for the last four days.
|DATE||Standard Gold Rate 22K||Pure Gold Rate 24K|
|1 Gram||8 Gram||1 Gram||8 Gram|
|1 Feb 2018||Rs. 2,895||Rs. 23,160||Rs. 3,040||Rs. 24,320|
|31 Jan 2018||Rs. 2,900||Rs. 23,200||Rs. 3,045||Rs. 24,360|
|30 Jan 2018||Rs. 2,886||Rs. 23,088||Rs. 3,030||Rs. 24,240|
|29 Jan 2018||Rs. 2,898||Rs. 23,184||Rs. 3,043||Rs. 24,344|