Gold Rate Today In Chennai: May 10, 2024

Q: How is the price of gold determined in India?

Firstly, “spot price” of 24K gold is set everyday in the U.S. dollar at the London bullion market. Then the exchange rate, customs duty, agriculture and infrastructure cess as well as transportation cost, cost added by jewelers, discount on bulk purchase, among taxes like GST are levied on it to arrive at the landing cost to the consumer.

Q: What are the top gold investment options in India?

There are multiple ways to invest in gold. Besides retail investors, majority interest for gold arises from central governments worldwide and exchange traded funds (ETFs) houses as well. Here’s a detailed guide to the price of gold and top gold investment options in India.

Q: How to buy digital gold?

One can buy digital gold in the form of sovereign gold bonds (SGBs), gold ETFs, and digital gold wallets. Here we discuss ways to buy and invest in 24K pure gold online.

Q: Why is the gold price not shooting up in spite of raging inflation?

Interest rates in the global economy are considered currently keeping a check on gold rates. Gold price in India as of Oct. 20, 2022, was INR 4,367 per one gram of 24-carat gold. It has been down 1.34% from last week and up 1.74% a month ago. The country’s retail inflation , on the other hand, has spiked to 7.41% in Sept. 2022, up from 7% a month ago.

Dipen Pradhan

Forbes Staff

Published: May 10, 2024, 9:35am

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

The price of gold across Indian cities and states differ. Forbes Advisor has put together the gold price of one and 10 grams of 24-Carat and 22-Carat pure gold in Chennai today, as of 9:35 am.

Gold Rate In Chennai (May 10, 2024)

Today 22 Carat Gold Price in Chennai (Per Gram)

Today 24 Carat Gold Price in Chennai (Per Gram)

Gold Rates in Chennai for the Last 10 Days (Per Gram)

Compare 22K & 24K Gold Rate In Chennai (Yesterday & May 10, 2024)

Monthly Graph of Gold Rate in Chennai (22 Carat gold)

Monthly Graph of Gold Rate in Chennai (24 Carat gold)

Gold Rate In India Today: May 10, 2024

Where to Buy Gold in Chennai?

Physical gold

Physical gold can be obtained from jewelers, retailers, and even financial institutions, such as banks.

Gold saving schemes

Gold saving schemes are opted by individuals who agree to purchase gold by depositing a certain amount every month for a specific tenure. Jewelers usually pay the last installment in such a scheme.

Sovereign gold bonds

RBI issues SGBs and notifies its terms and conditions, calendar for subscription, its rate. A minimum subscription fee of sovereign gold bonds is one gram of gold and maximum up to 4 kgs.

Digital gold

Various forms of investing in digital gold include buying:

Gold exchange traded funds (ETFs): ETF involves investing in the stock market, with its value backed by pure physical gold. Its value is based on current gold prices and gold bullion. One gold ETF unit is equal to 1 gram of gold.

Gold accumulation plan: Mobile wallets, such as Paytm and Phonepe, allow consumers to buy digital gold upon monthly investment and accumulate physical gold over a period of time.

Where to Sell Gold in Chennai?

Retailers buy physical gold from individuals upon verifying the bill of purchase. Though it takes into account the gold’s weight and current rates, jewelers agree to buy on their own terms and added cost.

Gold loan: Banks offer lenders loans against gold as a collateral. The interest rates on gold loans are levied upon the principal amount agreed by individuals to pay as the EMI.

Frequently Asked Questions (FAQs)

What are the best ways to check gold purity?

BIS hallmark is the best way to guarantee the purity or fineness of your gold. Here’s the purity or fineness scale in gold:

• 24K = 99.9% Purity
• 22K = 91.6% Purity
• 18K = 75% Purity
• 14K = 58.5% Purity
• 12K = 50% Purity
• 9K = 37.5% Purity

If your 24K gold is 99.9% Purity, other metal constitutes only 0.1%.

What is the price of gold in major cities of India?

How is the price of gold determined in India?

What are the top gold investment options in India?

How to buy digital gold?

Why is the gold price not shooting up in spite of raging inflation?

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Dipen Pradhan Forbes Staff

Dipen Pradhan is a Staff Reporter for Forbes Advisor India. He has more than 10 years of experience in journalism. He covers the personal finance beat. When he is not writing, he enjoys documenting the community's ethnic knowledge, and travels to explore rural hotspots.