Today's Gold Rate in Chennai

Gold Rate History in Chennai

Where to Buy Gold in Chennai Today?

There are various certified stores in Chennai from where gold can be purchased. However, some of the popular gold jewellers in Chennai are NAC Jewellers, Lalitha Jewellery, Bapalal & Co. Jewellery, Nathella Sampathu Chetty Jewellery, Prince Jewellery, G R Thanga Maligai, Mehta Jewellery, Vummidi Bangaru Srihari Sons, and so on.

Gold as an investment in Chennai

The following are the different types of investment options for gold:

1. Bullion - Buyers of bullions typically purchase them in the shape of bars. The amount of precious metals included in bullion, which is determined by its purity and mass, determines its market worth.
2. Jewellery - People choose to purchase gold jewellery since Chennai is known for its collections of bridal jewellery.
3. Coins - As part of their investment, investors purchase gold coins. In Chennai, gold coins come in a variety of weights, as well as karats.

Impact of GST on Gold Price in Chennai  

The largest tax reform passed since independence, the Goods and Services Tax (GST), was warmly received in India on July 1. Since then, the topic has received a lot of attention, especially in relation to how the GST would ultimately impact the Indian economy. The GST council arrived at the final rates for products and significant services by merging the indirect taxes for all Indian states. The finalised GST tax rates for a range of products and services are 0%, 5%, 12%, 18%, and 28%, with the 18% tax rate being applied to approximately 50% of all goods and services.   

Due to the GST, the price of gold in India has climbed somewhat from the 2% it was in most states prior to the tax to 3% for gold and 5% for manufacturing charges. All households have always needed gold jewellery, according to the head of the Chennai Gold and Diamond Jewellery Traders Association. The GST has also had an impact on gold prices in Chennai. Gold taxes in Chennai were 1% before the introduction of the GST; they are currently 3%. Buyers of gold would be required to pay a GST tax of Rs. 400 per sovereign. Therefore, buyers will be liable for both the GST tax and Chennai's exorbitant gold price.