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Gold Rate and its Dynamicity in Chennai India Today
Gold is the most precious element found on Earth. It is also considered as one of the most auspicious metal and hence worn as ornaments during festive & Family celebrations. Gold rate in Chennai is big news which we notice in daily newspapers and TV Channels. Gold rate changes in Chennai every day and it varies from place to place. As of Tamil Nadu is concerned, each district has its own Gold rate. Although there are major economically strong cities in Tamil Nadu, Chennai being the capital of the state gains more attention. Gold rate in Chennai is considered a lot by the Indians.
How Purity of Gold is considered?
Gold is a pure metal and is measured in Carat. It is divided into 24 Carat, 22 Carat, and 18 Carat according to the purity level. The higher the measured quantity, the higher will be the purity. Here is a basic and important note for the Gold buyers,
24 Carat = 100% gold or Pure gold
22 Carat = 91.70 % gold
18 Carat = 75% gold
14 Carat = 58.3 % gold
12 Carat = 50 % gold
10 Carat = 41.7 % gold
How Gold Rate Fixed in India?
Indians stand to be the largest Gold consumer around the globe. Generally, in India, Gold is considered to be very auspicious and is an integral part of everyone’s life. An Indian celebration without gold is unimaginable. Every festivity, irrespective of the religions, gold will always have its importance. Gold Purchase is a tradition followed irrespective of its prices. Gold price matters a lot for every woman in Chennai, India. We, as a country are more concerned about the rates commanded by gold, but have we ever wondered what the factors which determine gold rates are? It’s common for things to be taken at face value, and gold is no exception in that case.
Factors Which Determine Gold rate in India
Gold is a scarce commodity and thereby the supply of gold is also dynamic. The supply of gold is directly proportional to the Gold Rate. Prices can alter according to the demand and supply of gold.
Natural gold reserves are diminishing in India and the country’s gold production has dropped down compared to the past. Hence, we Indians are importing Gold to fulfill the needs of the common People of India. Import rate is proportional to gold rate and if former increases then latter will also simultaneously increase.
Gold rates are utmost dependent on the US dollar performance. Gold prices are inversely proportional to dollar rates. This also depicts the fact that gold is an internationally traded commodity. Since the US dollar is the preferred international currency, it plays a major role in Gold rate Fixing. Any small changes within the United States will lead to having an effect on gold prices in either direct or indirect way.
The International relationship between nations can also influence gold prices. If there are some disagreements between global powers, it can push up rates. Making sanctions and overall global relations at ease can play a vital role in deciding gold rates.
Who determines Gold Prices in India?
As there is no Central head in the Indian gold industry compared to other countries, Gold Rate in India is determined mostly through an informal process. Although the foreign rates don’t match with our country, International prices will influence gold rates in India. The Indian Bullion Jewelers Association ( IBJA ) plays a major role in determining day to day gold rates in the country. IBJA comprises of the biggest gold dealers in the country as its members and they have a collective hand in establishing prices. All the legal gold sold and purchased in India will be known by these members, and they come from all corners of this diverse nation.
India imports gold primarily via banks which in turn supply this to bullion dealers all over the country. Banks supply the gold only after adding charge fee to it. India’s ten big gold dealers will speak on determining the gold rate in major places like Chennai in India. The dealers give a detailed and respective note on their purchase and sale of Gold. IBJA then takes the average rate and thereby determines the gold rate for a particular day. This average rate will be adjusted for local taxes and according to that rates will be fixed.
In India, the gold rate varies generally from place to place. The price of Gold in Mumbai will not be equal to that of Delhi or Chennai. As of Tamil Nadu is concerned, there is a difference in prices of gold fixed even for each district.
Some of the major factors causing Gold rate fixing in Chennai are
- Transportation Cost – Gold will not be available everywhere in India. So, if it is brought from some other place to Chennai, then the charge will be obviously more.
- Local Gold Associations – In every city, a local Gold Association will be present. As of Chennai, there will be Bullion Members who will determine the Gold rate in Chennai.
- Volume Play – Sometimes if the gold merchants buy in a bulk, they will sell it at some low cost. This is not a frequent case but it is also the main factor for gold rate difference in India.
- Purchase Price – At times, there are chances for the seller to have old gold in hand. They tend to sell it at present rate which also creates a serious impact on Gold rate in Chennai.
Gold Rate in Chennai Today
Gold Rate in Chennai is determined by the IBJA members as discussed above. Every city will be assigned a price valuation for Gold according to their condition along with International relations. Gold rate in Chennai, India is calculated per ounce, gram and Kilogram. Here is a table which provides you the information of gold rate in Chennai today and the day before. The price per gram is listed for 24 Carat and 22 Carat Gold. You can easily spot out the Gold rate difference in Chennai daily since this is a regularly updated record of current occurrence.