India is the 2nd biggest consumer of gold globally. Thus, there is a significant demand for this metal across the country, and among the cities, Chennai ranks higher in terms of sales and consumption of this valuable metal. However, market demand and additional factors influence the gold price in Chennai. Hence, knowing about it is essential for Chennai residents.


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There are 3 purity levels of gold jewellery- 18, 22, and 24 karats. 18 karat jewellery items are the cheapest of the other two types. On the other hand, 22 karats are less expensive than 24 karats and more costly than 18 karats. Finally, 24 karats are the purest form of gold and the most expensive on this list. Chennai residents can check the price of yellow metal of different qualities on this page, which is updated daily.


## Gold Rate in Chennai According to Purities (Comparison Table for 18, 22, and 24 Karats)

Gold is an excellent investment instrument and serves as collateral for borrowing a loan and meeting urgent financial crises. However, the price of this yellow metal is dynamic due to changing market conditions. In the following table, individuals can find this fluctuating trend of the gold rate in Chennai for the last 7 days.

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## Gold Prices of Chennai for Last 7 Days 

The gold price in Chennai is expected to continue on an inflationary trend in future. However, dynamic change in its price makes it difficult for individuals to keep track of it. Therefore, take a look at the weekly and monthly graph of gold rates in Chennai to get a clear idea about them.

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## Weekly and Monthly Graph of Gold Rate in Chennai 

Individuals must be updated on the price of yellow metal and can find the same on this page. This is because its price is volatile due to fluctuations in internal and external factors. Knowing about its rate will assist individuals in comparing the same with every lender in Chennai and selecting the best loan offer.


## Reason to Check Gold Rate in Chennai Before Buying

Factors influencing gold prices in Chennai are as follows:

1. Demand and supply of the metal
2. Inflation
3. Interest rates, 
4. The exchange rate between INR and American dollars and 
5. Geopolitical situations 


## Top 5 Factors Affecting Gold Prices in Chennai 

Here are two ways through which individuals can compute the value of the yellow metal in Chennai:

- **Percentage Purity Method**- Gold value = (Gold’s purity x weight x gold rate) / 24
- **Karat Purity Method**- Gold value = (Gold’s purity x weight x gold rate) / 100

Additionally, individuals can use this value to obtain results from our [online gold loan calculator](https://rupeek.com/calculator)-

To Know the Eligible Gold Loan Amount 
- *Step 1*: Select the ‘Choose available Gold Weight’.
- *Step 2*: Provide weight and purity of gold, interest rate and tenure 

This online tool will display the following results –
- Total and monthly interest payments
- The loan amount that borrowers can secure

**To Know the Gold Required to Get a Loan**
- *Step 1*: Click on ‘Choose required Loan Amount’.
- *Step 2*: Provide details of the loan amount, interest rate and tenure 

This online gold loan calculator will display the following results –
- Total and monthly interest payments
- Gold ornaments required to get a loan


## Evaluate Gold Price in Chennai with Purity and Karat Methods  

Making charges on gold ornaments, transportation costs and taxes on the metal are some of the factors that make the price of yellow metal in Chennai different from other cities.
