Apr 16

Gold Rate In Chennai

Team Antworks

Gold is a hugely important commodity in Chennai, the capital of South-Indian state Tamil Nadu. Chennai ranks above all other cities and towns in India when it comes to gold trade. This cosmopolitan city boasts the maximum number of sales and purchases of gold in India.

Trend of Gold Rate in Chennai for April 2018 (rates per gram for 24 karat gold)

April 2018- Week 1 (1st-7th)

The price of gold in Chennai saw a surge in price towards the middle of the week before prices stabilized.
The month opened with gold priced at Rs.3,072 per gram in Chennai as strong global cues, as well as steady demand from jewellers, kept prices high.
An increase in interest from investors saw gold prices rise to Rs.3,091 per gram on 3 April due to plunging equities and a shaky U.S. Dollar.
Fears of a trade war with China being escalated kept demand for gold high overseas, which influenced local prices and led to gold trading at Rs.3,100 per gram on 4 April.
There was a sharp reduction in prices as demand dropped following a rally by the dollar, which saw gold fall to Rs.3,066 per gram on 5 April.
Fluctuations in demand resulted in some turbulence in prices, with gold price in Chennai falling further to Rs.3,058 per gram on 6 April as retail demand as customers waited for rates to fall further.
Gold price in Chennai rose as the week drew to a close, with gold trading at Rs.3,075 per gram on 7 April on positive market cues.

Trend of Gold Rate in Chennai for March 2018 (rates per gram for 24 karat gold)

Parameters	Gold price (24 karat)
Gold Rate on 1st March 2018	Rs.3,043 per gram
Gold Rate on 31st March 2018	Rs.3,072 per gram
Highest Rate in March	Rs.3,105 per gram on 24 and 25 March
Lowest Rate in March	Rs.3,030 per gram on 19 March
Overall Monthly Performance	Incline
Percentage Change	0.95%

March 2018 – Week 1 (1 – 5):

Gold in Chennai was priced at Rs.3,043 per gram on 1 March as demand was more or less steady from the previous month.
A steady rise in price was observed as markets in the U.S. were jittery after the shock announcement of the implementation of restrictive tariffs on imported aluminum and steel.
Gold price in Chennai rose to Rs.3,049 per gram on 2 March before prices jumped to Rs.3,068 per gram on 3 March.
Demand was stable as European markets also reacted sharply to the sudden tariff news, with Asian stocks tumbling.
There was no change in the gold rate in Chennai as the week drew to a close, with gold priced at Rs.3,068 per gram on 5 March.

March 2018 – Week 2 (5-11):

When the second week of March opened in Chennai, gold was seen trading at Rs.3,064 per gram.
Though, certainties over a trade war remained, a strong dollar pushed gold rates down in the global market. This caused gold to trade at Rs.3,054 per gram on the 6th of March.
The 7th saw gold rates go up to Rs.3,074 per gram as the dollar could no longer withstand the pressure and markets fell.
On the 8th, gold traded at Rs.3,061 per gram before falling to Rs.3,047 per gram as investor sentiments was low.
The 10th saw prices rise to Rs.3,067 per gram as domestic demand surged amid some poor wage gains in the US.
When the week ended, gold was still seen trading at Rs.3,067 per gram, thanks to a stable demand.

March 2018 – Week 3 (12 – 18):

The bullion trade in Chennai commenced with the precious metal priced at Rs.3,057 per gram on the 12th as the US dollar rose against a basket of other emerging currencies after the US employment data reported a rise in a number of jobs included in the US economy.
With markets eyeing on the US consumer price reports for clues on inflation and US Fed rate hikes, the US dollar strengthened. This led to gold rates in Chennai plunging to Rs.3,047 per gram on the 13th.
The dollar, however, lost its ground after Rex Tillerson, the US Secretary of State was suddenly dismissed by President Trump. This resulted in gold prices surging to Rs.3,062 per gram on the 14th.
With investors and traders refraining from making purchases ahead of the US Federal Reserve meeting next week, the US greenback strengthened. This led to gold being priced at Rs.3,056 per gram the next day.
The dollar rose further with markets expecting the Federal Reserve to raise its interest rates for the first time this year and the bullion was recorded trading at Rs.3,037 per gram on the 16th.
The 17th witnessed a slight increase in domestic demand from local jewellers, retailers, and industries amid a positive trend overseas. This led to gold being priced at Rs.3,040 per gram.
Steady demand coupled with firm trends overseas resulted in gold prices in Chennai remaining unchanged at Rs.3,040 per gram for the rest of the week.

March 2018 – Week 4 (19 – 25):

Gold prices in Chennai were on the increase, echoing trends seen in other Indian cities.
The yellow metal was priced at Rs.3,030 per gram when trading opened on 19 March, the price seeing a minor slide from the previous week due to a drop in domestic demand.
Prices soon rose as bullion performed well across the globe due to a decline in the dollar rate, with gold trading at Rs.3,067 per gram on 22 March in Chennai.
A rise in retail demand, as well as positive market cues, especially from Asia, led to a marginal rise in price, as gold was priced at Rs.3,081 per gram as the trading day closed on 23 March.
Equity markets dropped ahead of the Fed’s announcement on its monetary policy, which led to greater demand for bullion.
Fewer rate hikes were announced at the Fed meeting, which came as a surprise and helped gold rate in Chennai stay steady, with the metal trading at Rs.3,105 per gram as the week ended on 25 March.

March 2018 – Week 5 (26 – 31):

The week began in Chennai with the yellow metal trading at Rs.3,095 per gram on the 26th after the US dollar regained lost ground with the US-China trade war spat cooling down following negotiations.
However, with diplomatic relations between Russia and the US deteriorating, demand for safe-haven investments rose. This led to gold rates in Chennai rising at Rs.3,098 per gram on the 27th.
With the US dollar regaining lost ground in the international markets, gold rates plunged to Rs.3,084 per gram on the 28th.
On the 29th, the precious metal was recorded trading at Rs.3,067 per gram before dropping slightly to Rs.3,066 per gram on the 30th after the dollar held on its previous session’s gains.
The week came to an end with the yellow metal prices holding at Rs.3,072 per gram on the 31st after demand from local industries, jewellers and retailers picked up.
In Chennai, gold prices rose by 0.95% amid strong overseas trends during the course of the month.

Trend of Gold Rate in Chennai for February 2018 (rates per gram for 24 karat gold)

Parameters	Gold price (24 karat)
Gold rate on 1st February 2018	Rs.3,040 per gram
Gold rate on 28th February 2018	Rs.3,046 per gram
Highest Rate in February	Rs.3,103 per gram on 14 February
Lowest Rate in February	Rs.3,003 per gram on 8 February
Overall Monthly Performance	Incline
Percentage Change	0.19%

February 2018 – Week 1 (1st – 4th)

Gold rate in Chennai were greatly impacted by the strengthening US dollar and highly anticipated US jobs data release during the week.
Gold price in Chennai was recorded trading at Rs.3,040 per gram on the 1st of February.
The 2nd, however, saw domestic demand pick up with a rise in prices by industries and jewellers. This led to gold being priced at Rs.3,071 per gram.
But with the US dollar strengthening against the euro and other apex currencies following the release of the US payrolls data, prices plummeted to Rs.3,050 per gram on the 3rd.
The week concluded with the bullion rates holding at Rs.3,050 per gram amid steady local demand for the metal.

February 2018 – Week 2 (5th -11th)

In Chennai, gold opened at Rs.3,035 per gram when this week began with signs of a possible increase on the cards.
The 6th, i.e., the second day of the week, saw gold price in Chennai surge by Rs.31 to bring prices up to Rs.3,071 per gram. This was due to rising equity liquidation issued from across the world, which pushed safe-haven purchases to new levels.
As the US dollar strengthened after a brief fall and the sudden demand from the previous day fall, gold rate in Chennai came back to Rs.3,031 per gram on the 7th of February.
With the US dollar gaining against other apex currencies, gold rates worldwide took a dip. This caused prices in Chennai to hit Rs.3,003 per gram on the 8th.
The 9th, however, as rates surge to Rs.3,018 per gram, thanks to increased demand from the domestic market.
Due to local demand holding steady, gold rates went up again on the 10th to Rs.3,023 per gram. This happened despite the fact that the US dollar continued to gain against other currencies.
The final day of this week saw gold continue at Rs.3,023 per gram as demand seemed to saturate.

February 2018 – Week 3 (12th – 18th)

The week began in Chennai with the precious metal was recorded trading at Rs.3,025 per gram with investors and stockists awaiting the US inflation data for clues on the pace of the US interest rate hikes.
Gold price in Chennai surged to Rs.3,030 per gram on the 13th with the US dollar index losing considerably ahead of the US inflation data release.
Gold rate in Chennai hit a one-week high with the precious metal gaining for the third straight session during the week. The bullion was recorded trading at Rs.3,103 per gram on the 14th.
The 15th, however, saw prices plunging to Rs.3,071 per gram with the dollar rising against a basket of other emerging currencies after the inflation data turned out to be stronger than expected.
Gold prices rose to Rs.3,074 per gram on the 16th before surging to Rs.3,096 per gram the next day with investors gravitating towards safe-haven assets to hedge against the inflation.
Steady domestic demand coupled with firm overseas trends led to bullion prices remaining unchanged at Rs.3,096 per gram for the remainder of the week.

February 2018 – Week 4 (19th – 25th)

In Chennai, gold was seen trading at Rs.3,083 per gram when the fourth week of February began.
The US dollar mounted a comeback on the 20th, thereby pushing gold rate in Chennai down to Rs.3,068 per gram.
With the dollar continuing to make daily gains, gold became expensive for the investors. This caused demand to plummet and gold prices hit Rs.3,057 per gram on the third day of this week.
The yellow metal’s rates fell for the third consecutive day and a Rs.4 decline was recorded on the 22nd, bringing gold price in Chennai effectively down to Rs.3,054 per gram.
However, local demand was boosted by a number of factors on the 23rd and the metal’s rates surged to Rs.3,060 per gram on this day.
As domestic demand remained strong amid a well-performing dollar, gold rates in Chennai surged to Rs.3,067 per gram on the 24th of February.
The final day of this week saw gold continue to trade at Rs.3,067 per gram as demand remained steady.

February 2018 – Week 5 (26th – 28th)

Trading opened in Chennai with the yellow metal priced at Rs.3,069 per gram after gold recovered from its previous 1% loss during the previous week.
With markets eyeing on the US Federal Reserve Chairman’s first congressional testimony for clues on future Fed rate hikes, gold price in Chennai remained unaltered at Rs.3,069 per gram on the 27th.
The month concluded with the precious metal trading at Rs.3,046 per gram on the 28th after the US dollar held steady following Fed Reserve Chair Jerome Powell’s decision to increase the US interest rates as planned during the year.
Firm global cues coupled with steady domestic demand resulted in gold rate in Chennai rising by 0.19% during the course of the month.

Trend of Gold Rate in Chennai for January 2018 (rates per gram for 24 karat gold)

Parameters	Gold price (24 karat)
Gold Rate on 1st January 2018	Rs.3,002 per gram
Gold Rate on 31st January 2018	Rs.3,045 per gram
Highest Rate in January	Rs.3,084 per gram on 20 and 21 January
Lowest Rate in January	Rs.3,001 per gram on 4 January
Overall Monthly Performance	Incline
Percentage Change	1.43%