Gold Rate in Tamil Nadu - 8th September 2024

What is the Current Trend in the Gold Price in Tamil Nadu?

A high demand all around the year for gold is observed in Tamil Nadu though prices did fluctuate often. Buying and selling gold requires one to understand the nuances of market dynamics of gold prices in the state. If you are in Tamil Nadu, you can assess today’s gold price by contrasting it with the current gold prices with that of the historical data of Tamil Nadu.

Importance of Checking Gold Rates in Tamil Nadu Before Buying

With the gold rate changing often, the exchange value differs and this is good to know when you are buying or selling gold. Hence checking the gold rate in TamilNadu shall prove to be worth before trading gold.

Factors that Affect Gold Prices in Tami Nadu

Gold prices in Tamil Nadu can fluctuate as this is related to many external factors, making it important to check the gold prices. These factors include:

• Demand and Supply: As demand and supply fluctuate often, gold prices rise or fall accordingly in Tamil Nadu.·
• Price of US Dollar: Current market dynamics affect gold price in Tamil Nadu for 22 Karat especially concerning the value of US dollars. The US Dollar impacts gold prices in the market extensively.
• Margin: The gold price is affected in Tamil Nadu because local jewellers levy a charge on the import price. With the margin, prices of gold go higher.
•  Interest Rates: Gold price is impacted by the oscillating interest rates on gold across India. Tamil Nadu is also affected as there is surmounting buying and selling of the commodity.

How is gold purity determined

Parallel to Tamil Nadu’s tradition of buying gold throughout the year the gold demands in the state see a continuous high curve. Needless to say, the residents automatically prefer 916 hallmarked gold based on the 916-hallmark gold today in Tamil Nadu. The reason for going for this gold is because of its purity which is enforced by the Bureau of Indian Standards. To know more about the hallmarking system given below are some details

1. International Gold Price: Local jewelers of Tamil Nadu set an import duty over the international gold price and it is at that price they import the gold to Tamil Nadu. Overall, the import duty plays a role in determining the gold rates in TamilNadu.
2. Demand and Supply: The price of gold gets affected when the volume is bought and sold in Tamil Nadu apropos the demand.
3. Purity: A 916 hallmarked gold will have a different price when compared with other gold variants like 18 karat or 24 karat.

Steps to Evaluate Gold Prices in Tamil Nadu

It is a good practice to always assess and determine the genuine value of gold as per the current market price in Tamil Nadu or anywhere in the world. This tip can save your hard-earned savings when you decide to purchase or sell gold to fulfill your needs. A peek at two formulas here will guide you to evaluate gold:

• Purity Method (Percentage): Gold value = (Gold’s purity x weight x gold rate) /24

• Karats Method: Gold value = (Gold’s purity x weight x gold rate) / 100

These methods give you a good understanding of the value of gold before applying for a gold loan and also if you need to be involved in buying and selling gold in Tamil Nadu.

Reasons why Gold Rates Differ Between Tamil Nadu and Other Cities

Each state is different and so are the gold rates in comparison to Tamil Nadu. The buying and selling volume of gold is a burgeoning factor that is key to variation in gold rates in the state. Two more important factors are also to be taken into account as given below:

•  Import Price: International gold rates fluctuate and have a direct impact on the value of import of gold in Tamil Nadu. On top of that, the local jewelers impose a tax and this leads to higher gold prices.
• Volume: Gold prices go down when demand surges. Alternatively, gold prices may see an escalation if demand is on a downward slope.

Techniques to check the purity of gold

Check your gold for purity with suitable techniques and if you need more accuracy consult a professional jeweller or gold assayer to help you.

Here are some tests that you can do

• Check very meticulously for any hallmark or stamp on the gold with a magnifying glass to establish the purity of your gold.
• Make a very close inspection to verify if any discoloration or tarnishing exists on the gold. In this way, you can identify the damages. 
• Gold is non-magnetic and this is established by magnetic tests to check the purity of gold. A simple and easy test to do and takes less time.
• Another test is the nitric acid test by which you can determine the purity of gold. Preferably involve a professional gold dealer as this a test with chemicals.