24 Carat Gold Price

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Gold Rate in Dubai Today Retail gold rates in Dubai today are: 24K 161.50 AED, 22K 151.75 AED, 21K 144.75 AED, and 18K 124.00 AED. Prices are quoted in AED (United Arab Emirates Dirham) for one gram of gold. Rates were last updated on Monday 22nd of January 2018 at 10:33 pm GMT. The Government of Dubai (Department of Economic Development) has outdoor signs that display the Dubai’s live retail gold rate.

They are located in prominent gold trading locations such as the Gold Souk. The authorities are keen to promote transparency and ensure the city retains its status as the ‘City of Gold’ Carats Explained The carat or karat (symbol K) is the unit used to measure the purity of gold. 24K – pure gold 22K – alloy with 22 parts of pure gold and 2 parts of other metals 21K – alloy with 21 parts of pure gold and 3 parts of other metals 18K – alloy with 18 parts of pure gold and 6 parts of other metals Gold chains, necklaces, bangles, and other items of jewellery on display in Gold Souk in Dubai.

Gold Rate in Dubai – Dollars, Euros, Pounds, and Indian Rupees The table below shows the current price in Dubai for a gram of gold in several popular currencies (US dollars, euros, pounds and Indian rupees). Gold Type AED USD EUR GBP INR 24K 161.50 43.97 35.86 31.44 2,809.03 22K 151.75 41.31 33.69 29.54 2,639.45 21K 144.75 39.41 32.14 28.18 2,517.69 18K 124.00 33.76 27.53 24.14 2,156.78 The exchange rates used were as follows: US dollars - 1 US dollar (USD) = 3.

673 AED / 1 AED = 0.272 US dollars Eurozone euros - 1 euro (EUR) = 4.504 AED / 1 AED = 0.222 euros British pounds - 1 British pound (GBP) = 5.137 AED / 1 AED = 0.195 British pounds Indian rupees - 1 Indian rupee (INR) = 0.057 AED / 1 AED = 17.393 Indian rupees Exchange rates were last updated on Monday 22nd of January 2018 at 10:45 pm GMT. To calculate the current Dubai gold price equivalent in other currencies please use the exchange rates on this page.

International Gold Price - LBMA Gold Price - Troy Ounce It is important to note that gold is a commonly traded commodity and its price is set internationally. A benchmark price is set in London and is used as guidance to settle trades in markets around the world. Members of the London Bullion Market Association (LMBA) participate in electronic auctions to establish the price. Two auctions are held every business day; one at 10.

30 am and another at 3 pm (GMT). The price is quoted in US dollars for a troy ounce (31.1034768 grams) of pure gold (24K). At the time of writing (July 2015) the participants in the auction are Bank of China, Barclays, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Scotia-Mocatta (the gold trading division of Scotiabank), Societe Generale, Standard Chartered, and UBS. LBMA Gold Prices for the last seven trading days are shown in the table below.

Equivalent prices in AED are also listed (1 USD = 3.673 AED). Date USD (AM) USD (PM) AED (AM) AED (PM) Monday 22nd January 2018 1,334.15 1,332.60 4,900.47 4,894.77 Friday 19th January 2018 1,335.80 1,334.95 4,906.53 4,903.40 Thursday 18th January 2018 1,329.75 1,332.20 4,884.30 4,893.30 Wednesday 17th January 2018 1,337.35 1,335.65 4,912.22 4,905.98 Tuesday 16th January 2018 1,334.95 1,333.85 4,903.

40 4,899.36 Monday 15th January 2018 1,343.00 1,339.25 4,932.97 4,919.20 Friday 12th January 2018 1,332.90 1,326.80 4,895.87 4,873.47 Thursday 11th January 2018 1,319.85 1,323.05 4,847.94 4,859.69 International Gold Price - LBMA Gold Price - Gram The LBMA Gold Price is the price for a troy ounce of pure gold. The Dubai retail rate quoted is for one gram of gold. There are 31.1034768 grams in a troy ounce.

For comparison purposes, the LBMA Gold Prices for a gram of gold over the last seven trading days are shown in the table below. Date USD (AM) USD (PM) AED (AM) AED (PM) Monday 22nd January 2018 42.89 42.84 157.55 157.37 Friday 19th January 2018 42.95 42.92 157.75 157.65 Thursday 18th January 2018 42.75 42.83 157.03 157.32 Wednesday 17th January 2018 43.00 42.94 157.93 157.73 Tuesday 16th January 2018 42.

92 42.88 157.65 157.52 Monday 15th January 2018 43.18 43.06 158.60 158.16 Friday 12th January 2018 42.85 42.66 157.41 156.69 Thursday 11th January 2018 42.43 42.54 155.86 156.24 The Dubai retail rate and the LBMA Gold Price (1 gram equivalent) will usually differ. Reasons include: The LBMA Gold Price is a benchmark. Timing differences. Dubai is four hours ahead of London. When Dubai opens for business the most recent LBMA Gold Price will have been set the previous day.

The Dubai rate quoted is a retail rate and includes a small premium to cover bullion delivery charges and customs duties. It also includes a margin to protect sellers from price fluctuations. Gold Jewellery Prices The price of an item of gold jewellery purchased in Dubai comprises: Gold price – the price of the gold used in the item (gold weight in grams multiplied by the Dubai retail gold rate) Making charge – the amount added by the retailer to cover the cost of producing the item and make a profit Haggling is possible at many of shops and outlets in Dubai that sell gold and jewellery, including the Gold Souk and the Gold and Diamond Park.

However, only the making charge element of the price can be negotiated. No retailer is going to sell a gold item at a price equal to or less than the live value of its gold content. Cash buyers frequently obtain cheaper prices. Making charge margins are low compared to other locations around the world. There is also no VAT or sales tax in Dubai. Savings on VAT/sales tax alone can make shopping for jewellery in Dubai considerably cheaper than in many other countries.

However, it is important to note that import/customs duties may be payable on gold and jewellery when returning to your home country. The rules and rates vary by country and cannot be covered here in detail.

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22 Carat Gold Rate In Chennai Today Vs 24 Carats This is a question that many investors and users of the precious metal would like to know. Let us quickly take this question in a quick point by point answer. 1) 24 Carats is fully pure, while 22 carats is not. 2) The former has purity of 99.99 per cent, while the later is 91.6 per cent pure. 3) 24 karats gold is more expensive than 22 karats. 4) 22 karats is used to make jewellery, while 24 karats is not, because it can break rather easily.

So, should you buy 22 karats or 24 karats? Read: A beginners guide to buying gold here This is something that is always so very difficult to answer. It depends on your own needs and requirements. For example, if you are going to buy gold ornaments, there is no way you are going to get them with 24 karats purity. You have to buy them as 22 karats purity for which you must check the gold rates in Chennai.

Now, the resale value is always better in the case of 24 karats, but individuals largely restrict themselves to coins and bars. Of course, the latter is for the rich and affluent class as the costs involved is very high. In any case, you can make a choice yourself, given the fact on your own financial condition and whether you have money for the same. So individuals often ask the question: Should we go with 22 karats or 24 karats gold? The answer is very simple: 22 karats gold would fetch you lesser price, while 24 karats gold would fetch you a higher price.

If you are looking to buy and sell both are very much marketable. So, the choice of which level of purity of gold to buy is purely your own prerogative. As for us we would recommend that you buy either. The general theme is that 22 karats gold would come in jewellery and for 24 karats you hav o necessarily go with gold coins and bars. It is always advisable that one waits and watched the gold prices in Chennai before buying.

How is todays gold rate in Chennai 916 determined? Have you ever asked yourself how gold rates in GRT Chennai or gold rates in Lalitha Jewellery are determined? It is more complex then you think to determine the gold rates in Chennai. This is because let us see what are the factors that influence the gold prices of 916 gold in Chennai. In fact, not only 22 karats, but all other varieties of gold. a) Interest rates: One big factor is the interest rates.

When interest rates in developed countries rise, investors sell gold and buying fixed yielding instruments. This affects the daily gold rates in Chennai. b) Demand for the precious metal This is a pretty straight forward point. As is widely known anything that has lower demand will see a fall in prices and anything that has good demand will see a rise in prices. This is also true for gold. c) Government policies Gold prices go higher when the government policies are not favourable for the precious metal.

Say for example, when the government imposes duties and tariffs it leads to a fall in prices and this is very simple. The government recently added to the Goods and Services Tax, which has altered the gold prices in Chennai. For example, the GST has now added a making charge of 5 per cent on gold, while gold itself attracts a 3 per cent Goods and Services Tax. the imposition of this has made gold rates in Chennai more costlier than ever before.

In fact, the gold industry was lucky that the making charges on gold itself was reduced, though it is difficult to compare gold prices in chennai with the pre-GST levels. d) Local factors Gold is also impacted by a number of local factors like the local government's tariffs and duties. In short, there are a host of factors that influence gold rates in Chennai today. You need to examine the prices before buying.

Unless, there is a need you should avoid buying at high prices. You can adopt a strategy of buying on declines. We suggest that you buy for the very long term or else you would not be able to make any money from the price rise in the precious metal. All these have their impact on Chennai Gold prices today. Understanding the gold markings on Jewellery in Chennai There are various markings on gold Jewellery that could happen from time to time.

These include the hallmarkings, which have the typical markings with the date of manufacture etc. But, what you could also look at as is the markings for the typical purity of gold. let us see what these gold markings in Chennai comprise of: 24 karats marking: The 24 karats marking comprises of no other metal that is mixed with it. So, if you buy 24 karats gold in Chennai, you are assured of the purity of the metal, which is 100 per cent pure.

It does not get purer then this. Generally, we find this in gold coins and gold bars, which is a good thing. 22 karats gold Typically this would be used in gold jewellery and you can see the marking on the jewellery. This is about 91.6 per cent pure with the remaining being probably copper. So, check the marking before buying. 18 karats marking This is another common form of gold and gold jewellery that we see in the 18 karats marking.

Gold jewellery is often used to make with 18 karats gold. Now, there are emerging worries as far as hallmarked gold is concerned. There are reports that are emerging that gold in Chennai or any other centre, should have hallmarking centres that are thoroughly monitored, so that there is no scope for duping the customer. Also, the belief is that if we see a lot of gold being hallmarked, India could have the potential to generate large amounts from export of the precious metal.

You can have all the details on hallmarking from the Bureau of Indian Standards which have some designated hallmarking centres in the country. Lower karats forms There are many lower forms of Karats which could as low as 8 karats. These are rarely used in India and we do not even know whether anybody sells the same. We suggest that you go with the usual tried and tested method of 22 karats and 24 karats gold.

Even the 18 karats gold is good enough in Chennai. The long term stories for all of these precious metals is good. In India generally, you should be buying the 22 karats or the 24 karats or the 18 karats. However, we do not recommend that individuals buy the lower karat variety, as this may lead to an inability to sell the precious metal. In countries like the US you could also see much lower form of karats and these are also pretty much in demand.

In India, particularly in Chennai we do not find the lower forms of gold, as investors and buyers tend to stay with the purer forms of gold. Currency volatility on gold pricingCurrency volatility is the unpredictable movement of exchange rates in the global foreign exchange market. Currency volatility can lead to significant losses or gains in the foreign exchange market. Currency volatility is also known as foreign exchange or FX volatility.

Volatility is a critical measure in evaluating the risk of an investment. If the volatility is great, wider will be the range of prices. High volatility refers to the point that price of the asset can change dramatically over a short period. A lower volatility means the asset's value does not fluctuate as significantly.  Gold prices are volatile, that is moving quickly and dramatically, often with no warning at all.

Gold is one of the most widely discussed metals in the world. It is classed as a commodity and a monetary asset. It is primarily because of its prominent role in both the investment and consumer world.Gold prices tend to rise and fall for a variety of reasons. There is a correlation between the value of the yellow metal and the strength of currencies trading on foreign exchanges. Earlier gold was used to back up fiat currencies.

Gold has long been considered a haven because if there is a war, currency crises, stock market crashes, change in interest rates and inflation, etc., it won't affect the investors. Importing gold into Chennai There are various aspects of importing gold into Chennai. Here are a few things that you need to keep in mind. a) You can import a maximum of Rs 1 lakh of gold and that too you have stayed outside the country for more than 1 year.

b) The above is for women and men are allowed to import gold to the tune of Rs 50,000 only. c) It is important to carry an export certificate, if you are carrying gold on your way out of the country, so you are not questioned on your way back into Chennai. d) This is also a valuable document and forms an important basis of proof that you carried gold out of the country. e) It is important to understand that you should have stayed outside the country for more than 1 year for the above norms to be applicable.

g) It is also important to remember that you cannot carry more than 1 kg gold and the limit is presently restricted to 1 KG. h) There are other aspects that you need to keep in mind before you buy into the precious metal and import into the country. it is also important to understand that the rules regarding import of gold into the country keep changing and you should know all the rules surrounding them.

Otherwise you will get into trouble that you do not want. It is also important to note that you need to stay out of the country for a period of time, before you import gold into the country. Otherwise, you canot import gold into the country. Remember, imported gold is always pure and there are not too many concerns on those front. Of course, the layman should not be too concerned with the import of gold as most of the big banks and trading institutions import gold into India.

For example, gold in India is imported by some of the biggies like Mineral and Metal Trading Corporation, State Bank of India etc. Shops to buy Gold In Chennai? There are a number of Jewellery shops in Chennai. Tanishq has as many as six gold jewellery shops in Chennai. In fact, we do not know, if they have added a few more in the city. Prince Jewellery located at RT Nagar in Chennai is another. Lalitha Jewellery and Mart at T Nagar is another popular place that you can buy gold and gold jewellery in chennai.

When passing by Catheral Road in Chennai, you cannot miss the huge shop of Khazana. In fact, it has now expanded to other cities like Bengaluru. There is also Lalitha Jewellery wher you can check and buy gold in Chennai. If you go to Usman Road in the heart of Chennai city, you cannot miss the huge shop of Sree Kumaran Gold House. It is a part of the Chennai Silks Group and has a great variety of gold and gold jewellery in the city.

There are many places in Chennai where yyou can go and shop and the number of places should not deter you from the best possible gold which is if very high quality. This is a very restrictive list that we have given and the number of shops in Chennai is second to none. It is extremely difficult to highlight all the shops in the city because Chennai itself is so vast. There are several things to remember while buying gold in Chennai ? Pure or Impure: The purity of gold defined in karats, with 24 karat gold being 99.

9 percent pure and 22 karat gold is 92 percent pure. 24 karat gold is not suited to make jewelry, which is why jewelers use either 14, 18 or 22 karat gold. Purchasing gold jewelry without checking its purity is not a good deal, and it always pays to check purity before parting with your hard-earned money. Hallmark is an indication of the purity of gold, and it is advisable to purchase hallmarked jewelry.

Making charges: A making charge is linked to every piece of gold jewelry, which is essentially the labor charge involved in creating it. Making costs are a reflection of current gold rates and one could be fleeced into paying higher making charges than necessary. Insisting on fixed making charges could make gold purchases cheaper and would be the smarter way to go about it. Check the weight: Most gold jewelry in India is sold by weight, with more massive pieces costing more.

Precious stones like diamond and emerald are often added to gold jewelry, making them heavier in the process. Jewellers weigh a bit in its entirety, which means that one might end up paying for gold which is not there and it is imperative to keep this in mind while purchasing studded jewelry Understanding making and wastage charges It is important to understand how making and gold wastage charges work in Chennai.

There used to be a time when jewellers would claim that the old gold jewellery melted entailed a lot of wastage. They would then claim this from the melted jewellery of the individual. What would happen in the end would be that the investor or the individual got very little value for his money. Sometimes, there was no way to be sure that this was a fact or not. It could also result in individuals getting duped.

We are not saying that all of the jewellers could make this happen. However, one must note that there can be no exorbitant charges when it comes to gold in Chennai. Another issue that we need to discuss is the making charges. This of course has to be paid and can vary from jeweller to jeweller. Again this has to be compared to jewellers in the viscinity so that you get the best on making charges. This is why we had time and again at the outset suggested that investors should go to shops that have some credibility.

Remember, the making charges of gold is a lost cause and you do not get your money back. So, you need to be extra cautious on the same. What to do with your old gold in Chennai? If you have old unused gold in Chennai, you have plenty of options on what you can do with it. The first is that you can either give it to the jeweller and make new jewellery or you can sell the same. We would advise you to sell the same for a number of reasons.

The first and foremost is that it gives you instant money in the form of cash or cheque. Secondly, there are many gold loan companies that give you a better gold rate then the jewellers. Some of them use the latest German machines to check for the gold purity. If you are looking to sell the same, the right way would be to approach them. You might get good rates and that too without damaging your gold.

However, remember that you need to carry your address proof or else you might not be able to encash. Probably, if you do not end-up encashing your gold you should because it is better than giving the jeweller.  Where to check for the hallmarked 916 22 karats gold in Chennai? As we have been saying in many of our article, go for the hallmarked gold rates in Chennai. Now, the question is where do I get hallmarked jewellery shops in and around Chennai offer you hallmarked gold.

Once you buy them you have to look for the stamp. Check for the BIS hallmark, which will be on the inner or back side of each of the ornaments that you are buying. You can see the date, year of logo manufacturing date etc. So, once you are done you have finally purchased a hallmarked piece of gold. This is imperative because it becomes easier to sell a hallmarked piece of gold then any other. However, you may not find all jewellers providing this facility, especially in the rural areas.

Looking foward to better prices It has not been a bad year for people in Chennai who invested in gold. It is always a good idea to be a little more optimistic when it comes to prices. This is because, there are always hopes of better recovery in gold prices for a number of reasons. Demand for the precious metal is likely to rise in the coming years and this should augur well for the precious metal.

We believe that demand not only from the making of jewlery, but, also from industrial use would rise in the state of Chennai. When that happens Chennai live gold rates are likely to move higher. Demand from industry, so fas has been very subdued, as industrial growth has slumped across the globe. This has put some pressure on gold prices in Chennai and across the various parts of India. How much gold ornaments can you import into Chennai? There is a restriction on gold jewelery and ornaments that you can bring into India.

If you thought there is zero duty when bringing gold into Chennai, you are wrong. There is an amount up to which you can freely bring the precious metal. for example, you can bring up to Rs 50,000 of gold jewellery into the country without any duties, if you are a male. On the other hand the amount is restricted to Rs 1 lakh, for a female traveller. However, there is a cap of up to 1 kg that you can bring.

There is some misconception that we can import gold duty free up to 1 kg. This is not true and you need to pay the applicable duties beyond the value that we have mentioned above. Therefore, if you are staying abroad it makes sense to come to India and buy your required quantities of gold. Today, the city of Chennai boasts some of the finest patterns of the precious metal. Famous jewellery shops in Chennai There are a number of famous jewellery shops in Chennai where you can buy gold from.

Some of these include Laliltha Jewellery, G R Thanga Maligai, Khazana Jewellery etc. However, one can also visit the popular stores or chains. Among these include the Tanishq and Reliance Jewels as well. for example, Tanishq has a number of showrooms in Anna Nagar and R T Nagar area in Chennai. Lalitha Jewelery is another popular place to shop for gold in Chennai. There are many companies that also offer schemes where you can have a monthly sum deduct from your account.

There are also mechanisms whereby you can pay the money online. You need to visit the showroom of some of these companies. Reliance Jewels too runs a showroom in Chennai. We are not sure of some of the branches of these big chains, but, you can check through the local directories. Rich returns from Chennai gold Investment in gold in Chennai has helped investors reap a bountiful. Gold prices in Chennai, which were trading at Rs 65 in 1964, has galloped to Rs 27,300 for 10 grams today.

In fact, there has been a heavy demand for the precious metal in the city, which has pushed gold prices higher. Even in the last 10 years or so, gold has given solid returns. For example, in 2008, gold prices were near the Rs 10,000 mark, they have already grown by 2 and half times in the last 8 years or so. This is why individuals prefer the precious metal, as it has provided a perfect hedge in times of crisis.

And, if you are a long term investor, you should just not be worried about temporary fall in prices. Lalitha Jewellery Gold Sparrow Scheme in Chennai Lalitha Jewellery, the renowned gold Jewellery shop in Chennai and Tamil Nadu runs the popular Golden Sparrow Scheme. under this scheme you pay money in 11 installments and buy gold jewellery after this period, but, within 30 days of completion of 11 months.

One is still not clear on what is the discount the firm is offering. You can also buy gold Jewellery above this amount, but then you have to pay the excess amount. Say for example your 11 month installments amount to Rs 25,000. What you can do is buy gold worth Rs 30,000 and pay the balance of Rs 5,000. We so no advantage in buying through Jewellery schemes. in fact, we suggest you put money in fixed deposits, where you earn an interest and after 11 months redeem the same and buy gold.

Why should one complicate the life with these schemes, where again there are so many terms and conditions involved. In any case, even if you are going to purchase these schemes do it from reputed Jewellers. Understanding how gold rates in Chennai fluctuate? Gold prices tend to fluctuate based on a host of factors. Among these include how the dollar behaves against a number of important currencies - let us say for example the euro and the Japanese Yen.

When the dollar moves up against these important currencies gold prices tend to fall. On the other hand when the dollar moves down, gold prices tend to go higher. This is the simple co-relation between gold and the US Dollar. Another important factor that you should always keep in mind is that the government will levy duties to protect the flow of dollars outside the country. In the past, it has altered the duty structure on gold, which had had its own influence on gold prices in the city of Chennai.

Hence, you should exercise some caution before buying. There have been frequent changes in the structure of gold, which has altered the price of the precious metal. Remember, that gold prices are extremely sensitive to gold duties and structures. Where to check gold rates in Chennai? There are a number of online portals where you can check for gold rates. We at www.goodreturns.in update our gold rates frequently everyday.

You can come back here to check gold rates across Chennai. We wish to emphasize that you must check the prices before buying. This is because there could be minor changes in gold prices amongst jewelery shops in Chennai. One of the most important things that you should be careful about is the making charges of gold jewelry. Sometimes, the difference can be substantial, though gold rates in Chennai among different shops is unlikely to be very different from each other.

What differs largely is the making charges. We hope that discerning investors and buyers will check making charges before investing or buying gold jewelry. What drives gold prices in Chennai? A while lot of things can move gold prices in Chennai. For example, when there is less economic chaos, gold prices would be higher globally and hence in Chennai. It is generally observed that as gold prices fall, equity markets tend to rally.

So, shares and gold tend to move in opposite directions. There can also be a condition when both the asset classes are stable. There are many other factors that can drive gold prices either way. One important factor that can ensure less volatility is government policies that need to be stable. Frequent changes in duties can act as a deterrent to price stability in the market. We have seen that happen so often in the past, where gold prices have succumbed to an increase in import and excise duties.

There are also things like inflation, which influence prices, which we shall discuss later. Gold investment: A long term proposition Gold investment is more a long term investment proposition in Chennai. If you want to have a perfect hedge against different asset classes, the best way would be through gold. In Chennai today, gold rates have given more of long-term returns than any other asset class.

Gold has often known to be a perfect hedge against inflation. These days, gold rates have been more volatile than inflation, which is why the safe haven tag has been lost. In any case, you cannot have a portfolio, which does not comprise of gold. It is a good idea that gold be a part of your portfolio. The best way would be to invest in the precious metal through small amounts. The ideal would be through a scheme that is promoted by some of the local jewelers.

This would help you save in gold for a wedding or a special occasion. However, you need not invest a lumpsum amount, given the fact that gold prices are rather high now. It is a good idea to buy into the precious metal on declines. Gold consumption on the rise The precious metal has seen a steady rise in consumption in India from 442 metric tonnes in 2009 to 974 tonnes by 2013. However, this is not the highest when compared to countries like China which have a higher consumption.

In fact, gold consumption in China at 1120 metric tonnes, was higher by almost 10 per cent as compared to India. In India most of the consumption goes into jewelery, while in China is is used a lot as bars and coins as investments. The country also uses the precious metal in manufacturing items. Of late there have been reports that the reserves of China was not as large as it was believed to have.

The United States is the third largest consumer of the precious metal. Taxes on sale of gold If you thought there were no taxes that are applicable on gold, you are making a mistake. Not only is there capital gains tax on gold, but, there is also a wealth tax that is applicable. To begin with, you must remember that if your gold value crosses Rs 30 lakhs, you must pay wealth tax. The valuation of the gold prices have to be done by March 31, 2016.

It does not matter at what rates you bought the gold in Chennai and when. So, if the amount of gold held crosses Rs 30 lakhs, you need to pay a wealth at 1 per cent of the value for that particular financial year. Remember, the Income Tax Authorities have the power to raid and seize gold. Apart from this there is also a capital gains tax that is applicable on sale of gold. It is pertinent to note that this is only when you sell the gold and the profit arises thereof.

There are two types of capital gains that will arise. One is short term capital gains when you sell shares and the other is long term capital gains. In the case of short-term capital gains, tax is done as per your tax bracket, while in the case of long-term it is 20 per cent, plus indexation. Gold rates in other parts of Tamil Nadu Gold prices in other parts of Tamil Nadu like important cities of Madurai, Coimbatore always tend to follow the prevailing rates seen in Chennai.

In fact, there is not much of price difference in these cities, if at all. Bringing gold into Chennai from abroad? Those travelling from abroad, can bring gold into Chennai, but, you need to watch for gold rates in Chennai and compare them with the rates abroad. You can bring duty free gold worth Rs 50,000, if you are a male traveler, or upto Rs 1 lakh, if you are a female traveler. Gold prices in Chennai, will not defer too much from that prevailing abroad, though these days the quality of gold jewelry would not defer too much when compared to that imported from abroad.

Earlier, investors or consumers were always worried on the impurities, but, the precious metal is today available in India, in its purest form. Why investors should buy gold in Chennai? Gold has not reduce in value over the last many years. For example, a Re 0.25 coin in 1970 had tremendous value. But, today it is out of circulation. Gold on the other hand keeps increasing in value and hence its value never diminishes and why it is a perfect hedge against inflation.

Therefore, if you are looking to buy gold, use it as a hedge against inflation. It is also pretty much liquid and can be sold as an emergency. One can also avail loans, if one can pledge the precious metal with a gold loan company. If you are looking to buy gold in Chennai, always look at the long term prospects for gold and not the vest short trem opportunities that the precious metal ould offer.

Checking gold purity in Chennai There are many hallmarking centres, where you can check the purity of Gold. These are set-up by the Bureau of Indian Standards. You can ask and make enquiries in Chennai to see where these centres are located. These days, howeever, there is no need to check the purity of gold, given that we get hallmarked jewelery. You can insist on hallmarked jewelry. Since, these are already tested, there maybe no worries on quality.

Checking for purity does not take time and it should be done in 15 minutes. Last year, there were reports that an associate of the Chennai Hallmarking Centre do checking of thousands of ornaments a day. There is a constant demand to add ore such centres. Global demand is fast falling Worldwide the demand for gold is fast slowing down. Traditional demand which came from industry and jewelry is showing a decline.

For example, gold demand for jewelry, according t statistics provided by the World Gold Council was just about  2,390 tonnes in 2015, as compared to 2,479 tonnes in 2014. So, the year-on-year demand has actually declined as compared to the last year. In fact, even in industries like electronics the demand for the precious metal has actually declined. Physical bar demand was flat at 761 tonnes in both 2015 and 2016.

On the other hand official coin demand rose from 205 to 220 tonnes from 2014 to 2015. It is likely that we may see an increased demand for the precious metal in the coming years, if prices dip. It must be remembered that prices of gold in 2016 have gained and when this happens demand tends to fall. Investing options for Gold in Chennai? If you thought, that investing in gold coins, gold biscuits and gold jewelry was the only way to invest in gold in Chennai, you are making a big mistake.

There are various options, including the recently launched sovereign gold bonds. However, we want to suggest that those who want to invest in gold in Chennai, must also look at gold etfs. These are the best form of investing in gold, because of a number of reasons. The first is that they cannot be stolen. It is pertinent to note that gold ETFs are traded electronically, so if you wish to buy them you can buy them electronically.

Secondly, you need not worry about storage, and charges associated with them. Do not forget to also invest in the sovereign gold bonds, as they offer you interest as well. Before investing in gold, also remember that there is a capital gains tax that is payable, when you sell the gold. What will be the gold rates in Chennai in 2018? It is always difficult to hazard, which way gold prices would move in 2017.

But, what we believe is that Chennai gold prices could dip in 2017. This is largely because there is a chance that interest rates in the US could be hiked. When that happens, investors move away from gold and buy into sovereign gold bonds in the US. This is why when you are buying gold, it is best to buy in smaller quantities. As the prices of gold keeps falling in Chennai, you could keep adding to your investments.

However, remember that gold is fully taxable and if you have made a profit, you better pay the applicable taxes on the same. We believe that gold rates in Chennai, are unlikely to go-up in a hurry. Hence, you can make sure that you buy only on dips and avoid buying in large quantities. When to buy gold in Chennai? This is one question, that no one can answer. In the last few years, gold has managed to give superb returns, since the US sub prime mortgage crisis.

Hence, if you are looking to buy gold, you can keep buying in small amounts every month. This will help you build wealth, as also invest systematically in gold. Of course, if you are buying in large quantities it is better to seek professional advise, before buying gold in Chennai. Why gold prices in Chennai differ from other cities?  There are various reasons why gold rates in Chennai is different from other cities.

Gold is imported into India as the country does not produce its own gold. So, when it is imported into ports, the cheapest is the places which have ports like Mumbai city. This is because, you do not have to worry about costs associated with transport. On the other hand further it goes, more expensive the price of gold becomes. Most jewellers are members of an association and these associations tend to fix the prices of gold.

They notify their members through various means on gold prices. In Chennai most are members of the Madras Jewellers and Diamonds Association. Here they receive the prices, which are updated at least twice every day. The timings may vary slightly depending on when the information is received. Investors should look at the prices before they buy the gold. It is also important to negotiate with your jeweller, before you buy the gold.

Investors of the precious metal in Chennai, should also check for the quality and ask for a receipt. Make sure that you check the quality is hallmarked. These days the jewelery we get in India is second to none. There is less chances of quality issues as most of the gold in India is now hallmarked and the design is comparable or is rather the best in the world. Physical gold vs gold ETFs Gold ETFs track Gold prices in Chennai today.

However, the important thing is you must not completely ignore buying gold ETFs in Chennai as compared to physical gold. This is because, gold ETFs are much better than buying physical gold, because there is no need for storage. Also, you would not be worried of thieves coming and stealing your gold, as these gold ETFs are held in the electronic form. Today, there are a plethora of options for buying gold, including the recently included soeverign gold bonds.

Make sure that you look at all options and merely do not chase physical gold. There are high chances that you would make more money by buying this gold option in Chennai, as it is cheaper and better. De-monetization and its impact on gold Recently, the government withdrew Rs 500 and Rs 1,000 notes from the market. The immediate impact of this is that lot of money could have flown into gold, which is good for demand of the precious metal.

However, one cannot be sure that the same may have happened. In any case, gold demand in Chennai has been healthy this season, led by the festive season first and the marriage season now. Gold prices may remain stable in Chennai in 2017 as well, given that 2016 has been a year of fabulous returns for the precious metal. This is despite the fact that other asset classes like equities and real estate have remained flat over a period of time.

In any case, if you are looking to buy gold in Chennai adopt a buy on declines, as the precious metal could also fall. Understanding the difference between 22 karats and 24 karats gold There is a major difference between 22 karats and 24 karats. Before understanding the difference between both, one needs to understand what is karats. This is nothing, but, purity of gold. When we say 24 karats gold, it means gold that is of the highest possible purity.

Purity of gold cannot really go beyond 24 karats. Gold of 22 karats would imply lesser purity and is useful in making gold jewelery because, gold is brittle and it would ensure that gold does not break. In fact, all gold jewelery is made of 22 karats gold. If you want to buy gold biscuits and gold bars, the best option would be to buy 24 karats gold. This would be gold in its purest form. Apart from this, there is no much difference, except in terms of purity.

Gold can also be lower than 18 karats. For example, we also have gold which can go to as low as 9 ounce, in which there is just gold of 41

Hazel Gordon

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