Are you also trying to check today gold rate in Chennai everyday?
Then first you need to understand, how every day’s gold rate change in Chennai.
How Gold Rate in Chennai works:
Gold market calculate today gold rate in Chennai today gold rate(7/12/21) in Chennai per gram is 4938.5 rupees, per ounce it is 140,004.00575 rupees and per kilo 4,938,500 rupees for 24 karat gold.
Gold is a precious metal and dearest for investors. As it is comes under commodity, rate of gold changes on everyday basis in Chennai or even in India. If you want to sell your gold, check today’s gold rate using the link given above:
*You can check your today gold rate in Chennai in any percentage of purity
Pure 24 karat gold features deep yellow color and it is too soft to make any jewelry. There is no alloy in 24 karat gold. You can buy 24karat gold in the form of gold coin and bullion gold form for investment purpose. Gold rate of 24 karat gold is highest in all purity category.
Gold coins and gold bars are come under bullion gold. 22karat, 18karat, 14karat and 10karat gold use to make gold jewelry. Even though these are not the purest form yet you can sell your gold with this purity. You can easily get the today gold rate in Chennai for your gold according to the purity.
Know about Today Gold Rate in India
India is the largest consumer and 5th largest importer of gold in the world. It accounts for almost a quarter of the world’s total consumption. China, India and other countries have been using gold and gold jewelry as an investment since ancient times. It is one of the favorite investments for common people and the traders who are in commodity trading business.
Traders use to invest in gold bullion(gold bars and gold coins together come under gold bullion). So for everyone who are interested in buying gold, gold rate is an important entity.
Investing in gold is like a safe haven, you can invest even when the economy of a country is not at good pace.
Today Gold rate in Chennai is different from yesterday’s due to the multiple factors. There are different factors that affect or can affect today gold rate in Chennai, like demand, supply and other global factors. Currency fluctuations is the most critical factor in changing the today’s gold rate in Chennai.
Gold Rate History
|Monthly Gold rate||Lowest Price(24 Karat) – ₹ Per 10 Grams||Highest Price(24 Karat)– ₹ Per 10 Grams|
As you can see the trend, Gold rate is rising every month in Chennai. If you have already invested in gold in any form or purity. This is the best time to sell your gold to get maximum cash benefit.
Benaka Gold Company is the leading old gold buyer in India. It buys gold in any form or purity. Either it is old gold jewelry or scrap gold or bullion. Benaka Gold is the only company in the market which buys your gold at live market price.
Call Benaka Gold Company or submit your details to sell your gold:
Reason for which gold rate is increasing in Hyderabad.
The factors impacting gold rates in Chennai are mentioned below.
Demand and supply
It is natural that whenever demand increase and supply is lesser than demand then rate of gold increases in Chennai. Gold is a natural resource and of course it is available in limited quantities. Each time the supply reduces, there is an increase in today gold rate in Chennai suddenly.
As India is one of the largest consumer of the Gold in the world and India has very less production of gold. India’s demand can only be fulfilled by the international market. Any change in international relations could change the today gold rate in any moment in Chennai.
The US dollar plays an important role in determining international gold rates. If dollar become stronger then today gold rate will increase in Chennai. Similarly, If dollar became weak against rupee then today gold rate will decreases in Chennai.
Gold is inversely proportional to market performance, rate of the gold in Chennai will increase if there is a downfall in the market.
Government taxes and duties
Central government imposes taxes and import duty on number of commodities, including gold. Any increase in these taxes can automatically increases the today gold rates in Chennai.
Types of purity in gold
Today Gold rate whether in Chennai or in any other city of India is always measure keeping weight and purity of the gold in loop. It is always purchased by weight and purity. purity of the gold is defined in terms of karat. Gold is available in different purities. Popularly it comes in 24 karat, 22 karat and 18 karat. 24k gold is used extensively as an investment, 22k and 18k gold use in making jewelry.
22 karat gold is a mixture of gold and other metal, in that mixture, 22 part is gold and rest 2 part is alloy. This essentially means that 1 gram of 22 karat gold has around 91.67% pure gold, with other metals making up the remaining portion. These impurities are added to pure gold to make it stronger.
Similarly, in 18 karat gold 18 part is pure gold and rest are impurity. That makes it cheaper than 22k and 24k gold.18 karat gold typically has a dull color that makes it easily recognizable.
Other gold options include 14 karat gold (which has 58% gold), 10 karat gold (with 42% gold) and 6 karat gold (with 25% gold).
Which is the best investment option: Physical Gold, Gold ETFs, or Sovereign Gold Bonds?
In this section, we will compare all the three investment options and determine which is better:
|Factors||Physical Gold||Gold ETFs||Sovereign Gold Bonds|
|Liquidity||Offers high liquidity. It can be invested or sell out any time an individual wants to.||ETFs also offers highly liquidity option. It can be traded on the stock exchange and can be liquidated during a trading session but the cost of selling is quite less as compared to physical gold.||Can be bought from local banks and trade exchanges. Again, the rate of selling is quite less as compared to physical gold.|
|Safety||Highly vulnerable to theft and burglary.||Very safe as it is stored in a dematerialized form in a DEMAT account.||Again, SGBs are kept in a DEMAT account and offers optimum safety.|
|Loan facility||Easily available.||Loans can be availed against gold ETFs.||Not available|
|Investment flexibility||you can invested in short time frame.||Bought in shorter quantities and requires less maintenance.||Bought in shorter quantities and requires less maintenance.|
|Tax Liability||All three opportunity are taxed in a similar tax slab. To start any investment that is kept for more than three years is considered a long term holding and is eligible for Long Term Capital Gains (LTCG) tax, which currently at 20% after indexation. If they are held for less than 3 years, they are considered a short term holding and is taxed based on the individual’s tax slab. Sovereign Gold Bonds offers one advantage on the tax front, where the gain is exempted from tax. It is applicable only if the investment is redeemed after the maturity period.|
Taxes on Gold in India
Gold as a commodity attracts taxation in India. Rate of taxation depends on what it is used for.
Tax on Purchase of Gold
Most of the gold in India is imported from other country and subjected to customs duty. Government charges 10% custom duty on that gold. In addition to that charge, they add 5% processing charge.
Visit Benaka Gold Company to sell your gold and get instant cash at live market price.
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