Gold Rate in Madurai
The gold rate in Madurai varies based on factors such as demand, supply, and market trends. Live prices for 22 and 24-karat gold can be found on various websites. These rates are indicative and do not include GST, TCS, and other levies, which may be applicable.
Today MCX gold price in rupees per 10 grams.
(10 grams = 1 tola gold)
- 22 Carat Gold
- ₹ 55,650(10 gram)
- 24 Carat Gold
- ₹ 60,710(10 gram)
22 Carat & 24 Carat Compare Gold Rate In Madurai (Today & Yesterday)
|Gold Rate 22 Carat||Gold Rate 24 Carat|
|Yesterday||₹ 56,000||₹ 61,100|
|Today||₹ 55,650||₹ 60,710|
Today 24 Carat Gold Price per gram in Madurai (INR)
|Gram||Gold Rate Yesterday 24k||Gold Rate Today 24k||Daily Price Change|
|1 Gram Gold Rate||₹ 6,110||₹ 6,071||-39|
|8 Gram Gold Rate||₹ 48,880||₹ 48,568||-312|
|10 Gram Gold Rate||₹ 61,100||₹ 60,710||-390|
|100 Gram Gold Rate||₹ 6,11,000||₹ 6,07,100||-3,900|
Today 22 Carat Gold Price per gram in Madurai (INR)
|Gram||Gold Rate Yesterday 22k||Gold Rate Today 22k||Daily Price Change|
|1 Gram Gold Rate||₹ 5,600||₹ 5,565||-35|
|8 Gram Gold Rate||₹ 44,800||₹ 44,520||-280|
|10 Gram Gold Rate||₹ 56,000||₹ 55,650||-350|
|100 Gram Gold Rate||₹ 5,60,000||₹ 5,56,500||-3,500|
Today Gold Rate of Metro Cities in India
|City||Gold Rate 22k||Gold Rate 24k|
|Bangalore||₹ 55,250||₹ 60,270|
|Chennai||₹ 55,650||₹ 60,710|
|Coimbatore||₹ 55,650||₹ 60,710|
|Delhi||₹ 55,350||₹ 60,370|
|Gurgaon||₹ 55,350||₹ 60,370|
|Hyderabad||₹ 55,200||₹ 60,220|
|Kolkata||₹ 55,200||₹ 60,220|
|Mumbai||₹ 55,200||₹ 60,220|
|Pune||₹ 55,200||₹ 60,220|
|Surat||₹ 55,250||₹ 60,270|
Today Gold Rate in Madurai - An Overview
Gold in India is predominantly purchased in its jewellery form. This thought process is slowly evolving, and consumers are now buying the metal as a long time investment strategy. Gold, in the long run, can be traded for higher profit.
Gold prices today in Madurai are witnessing an upward trend in terms of pricing. The demand and awareness of gold as a profitable and tradable commodity are gaining momentum.
How is the Purity of Gold Determined?
The following factors can determine the purity of gold-
- The purity of gold is determined by the karat system, a 24-point scale signifying the percentage of gold a piece of metal contains.
- Pure gold is 24 karats, meaning it is 99.9% gold and 0.1% other metals or impurities.
- An item with a purity of one karat encompasses 1 part gold and 23 parts other metals or alloys, or 4.16% gold.
- Gold jewellery is usually stamped with a number representing the gold's karat weight.
- For instance, if gold jewellery is stamped as 14K, it contains 14 out of 24 parts gold or 58.33% gold.
- An assay test is performed to determine the purity of gold, which determines the metal content and quality.
How Can You Make Gold as an Investment in Madurai
- Gold investment schemes and plans: You can invest in gold through various investment schemes and plans offered by leading investment companies, advisors, planners, and consultants in Madurai. These schemes and plans offer different investment options and returns, so it's essential to research and compares before deciding.
- Buying physical gold: The traditional form of gold investment is purchasing physical gold, such as coins, bars, and jewellery. You can buy gold from many stores and traders across Madurai, such as Balan Jewellery, Shanmuga Jewellers, Prince of Peace Jewel Crafts, Annam Jewellers, Joyalukkas, Tanishq, and Ponnazhagu Jewellers.
- Investing in gold-related stocks and mutual funds: Investors can also invest in gold-related stocks and mutual funds. This option allows for more flexibility and liquidity than physical gold but involves higher risk and lower returns.
- Gold bonds: Another option is to invest in gold bonds, which are government securities denominated in grams of gold. Gold bonds offer investors a fixed interest rate and capital gains tax exemption on redemption.
- Consider taxes and gold rates: Considering them when investing in gold is essential. Investors should understand how much tax will be applicable when buying and selling gold in the market and monitor the gold rates to make informed investment decisions.
Things to Know Before Buying Gold Jewelry in Madurai
Buying gold jewellery is a significant investment and requires careful consideration. Here are some things to know before buying gold jewellery in Madurai:
- Price of Gold: Staying updated with the current gold rates while buying gold jewellery is essential. You can check the current gold rates in Madurai on various websites.
- The reputation of the Jeweller: It is essential to purchase gold jewellery from a reputable jeweller committed to the quality and purity of the jewellery they craft.
- Purity of Gold: The purity of gold is measured in karats. 24-karat gold is the purest form but is also the most expensive. It is essential to check the purity of gold before purchasing the jewellery.
- Making Charges: Making charges are the charges the jeweller charges for making the jewellery. It is crucial to compare the making charges of different jewellers before purchasing.
- Hallmark: Ensure that the jewellery has the BIS hallmark, which certifies the purity of the gold jewellery.
- Buy-Back Guarantee: Some jewellers offer a buy-back guarantee, which allows the customer to sell the jewellery back to the jeweller at a predetermined rate. It is essential to check if the jeweller provides a buy-back guarantee.
Factors Affecting the Gold Price Today in Madurai
Here are the factors that can affect today’s gold price in Madurai:
- Uncertainty in financial markets: Economic uncertainty can cause investors to turn to gold as a haven, which can drive up the demand and hence the price of gold.
- Global trends and factors: The gold price in Madurai, like any other city, is influenced by several global trends and characteristics, such as the behaviour of central banks globally.
- Currency exchange rates: Gold is priced in US dollars, so changes in the exchange rate between the dollar and the Indian rupee can affect the price of gold in Madurai and other Indian cities.
- Supply and demand: The availability of gold and the level of need for it in Madurai and worldwide can also affect the gold price.
- Government policies and regulations: Changes in government policies, such as taxes or import duties, can also impact the gold price in Madurai and other parts of India.
What is the Difference between KDM and Hallmarked Gold in Madurai?
KDM gold and hallmarked gold are two types of gold jewellery that differ in purity and certification. KDM gold is a type of gold jewellery made of 92% gold and 8% cadmium alloy, while BIS 916 or 22K is made of 91.6 gm of pure gold.
While KDM gold may have a higher percentage of gold, it is not hallmarked, meaning it is not certified for purity and fineness. On the other hand, BIS 916 gold is hallmarked, guaranteeing its purity and fineness. It is suggested to go for hallmarked gold items only to avoid forgery when purchasing physical gold such as gold coins & jewellery. Not only does it ensure purity, but the hallmark also helps one get better resale value while selling it later.
Impact of GST on Gold Rate in Madurai
The implementation of GST in India has affected the gold rates in Madurai. The GST rate on gold is 3%, which is higher than the previous tax rate of 2%. As a result, both physical and virtual gold prices have increased, making investing in precious metals costlier than during the pre-GST regime.
However, it is essential to note that many factors affect the prices of gold, both domestically and internationally, with inflation being a significant factor. During market fluctuations, gold holds substantial value to offset inflation; hence, the demand for gold increases, resulting in price hikes. This stands for domestic and international inflation.
How Can Interest Rates Affect Gold Prices in Madurai?
Interest rate hikes can impact the price of gold in Madurai and elsewhere. Gold's price is inversely related to interest rates, meaning when interest rates increase, gold prices tend to decrease, and when interest rates decrease, gold prices tend to increase. The rationale is that higher interest rates increase the opportunity cost of holding gold since it does not yield any interest.
Therefore, investors sell gold to move their money into interest-bearing investments like bonds. Conversely, when interest rates are low, the opportunity cost of holding gold decreases, increasing gold demand and prices. Additionally, other factors like changes in the value of the rupee, inflation concerns, trade tensions, and political uncertainty can also affect the price of gold in Madurai.
Latest News on Gold Rate in Madurai
[3 April 2023] - Gold rates today in Madurai see an increase
As of 3 April 2023, the 24-carat gold rate in Madurai is INR 62,174.00 per 10 grams, while the 22-carat gold rate is INR 56,992.83 per 10 grams. It is important to note that these rates are indicative and may not include GST, TCS, and other levies.
Like in other parts of the world, gold rates in Madurai are subject to various factors that can cause market volatility, such as changes in the dollar index and interest rates, central bank policies, inflation concerns, trade tensions, and political uncertainty. The price of gold is also affected by global trends, including changes in the value of the rupee and changes in import tariffs.
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Frequently Asked Questions (FAQs)
Why should Madurai investors buy gold?
Central banks globally have accumulated gold reserves at a pace never seen since 1967. Demand for gold was up 28% YoY, reaching 1,181 tons in the quarter ending September 2022.
What are the different choices in buying gold in Madurai?
You can buy gold in Madurai in various forms, such as coins, bars, jewellery, or ETFs. Gold coins are commonly bought by investors from private dealers at a premium of about 1% to 5% above their underlying gold value.
How to track gold rates in Madurai today?
You can track gold rates in Madurai today through various online platforms that provide real-time updates on the current gold price.
Where to buy gold in Madurai?
You can buy gold in Madurai from various jewellery stores, banks, and authorised dealers. Some popular places to buy gold in Madurai are Joyalukkas, Lalitha Jewellery, and Jos Alukkas.
Will I have to pay GST while buying gold in Madurai?
Yes, buyers have to pay a 3% GST on the value of gold and an additional 5% tax on the making charges while buying gold in Madurai.
Why should I check the daily gold rates in Madurai?
Checking the daily gold rates in Madurai can help you make informed decisions about buying or selling gold. As gold rates are subject to market fluctuations, keeping track of daily rates can help you decide on the best time to buy or sell gold.