Chennai Gold Price On May 13: 24K Gold Crosses Rs 16,300 Amid Duty Hike - Know Today's Rates In Jewellery Shop
Gold and silver prices in Tamil Nadu witnessed a sharp surge on Wednesday after the Central government increased import duties on precious metals from 6 per cent to 15 per cent. The move, aimed at curbing overseas purchases and reducing pressure on India's foreign exchange reserves, triggered an immediate spike in bullion rates across the state.
Tamil Nadu and Chennai Gold Price Today
The price of 24-carat gold in Tamil Nadu climbed to Rs 1,63,250 per 10 grams, registering a jump of Rs 9,080 or 5.89 per cent in a single day. Silver prices also rose steeply, with the rate touching Rs 2,97,590 per kilogram, up by Rs 17,710 or 6.33 per cent.
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Jewellers across Chennai reported heavy enquiries from customers, with many buyers rushing to book jewellery before prices rise further. Traders said the sudden increase has created uncertainty in the retail market, especially among wedding season buyers.
According to bullion market data, 24-carat gold in Chennai is now priced at Rs 16,325 per gram, while 22-carat gold stands at Rs 14,965 per gram. The rate for 18-carat gold is Rs 12,244 per gram.
| Category | Price |
|---|---|
| Gold 24 Karat (1 gram) | Rs 16,325 |
| Gold 22 Karat (1 gram) | Rs 14,965 |
| Gold 18 Karat (1 gram) | Rs 12,244 |
| Silver (1 kg) | Rs 2,97,590 |
The rise has been significant when compared to previous periods. Gold prices are now 73.57 per cent higher than the same day last year, while silver has surged by a massive 206.94 per cent year-on-year.
| Metal | Current Price | 1 Day Ago | Weekly Change | Yearly Change |
|---|---|---|---|---|
| Gold 24K (10 gm) | Rs 1,63,250 | Rs 1,54,170 | +6.90% | +73.57% |
| Silver 999 (1 kg) | Rs 2,97,590 | Rs 2,79,880 | +17.04% | +206.94% |
Gold and Silver Rates In Chennai's Leading Jewellery Stores
Leading jewellery chains in Chennai and Tamil Nadu also revised their retail rates sharply upwards.
| Jewellery Store | 24K Gold (1g) | 22K Gold (1g) | 18K Gold (1g) | Silver (1g) |
|---|---|---|---|---|
| GRT Jewellers | Rs 16,801 | Rs 15,390 | Rs 12,601 | Rs 330 |
| Vummidi Bangaru Jewellers | Rs 16,801 | Rs 15,390 | Rs 12,592 | Rs 330 |
| Lalitha Jewellery | - | Rs 15,390 | - | Rs 330 |
| Saravana Stores Elite Jewellery | - | Rs 15,385 | Rs 12,597 | - |
| Swarna Maligai | - | Rs 15,400 | Rs 12,860 | Rs 330 |
| D.A.R Jewellery | Rs 16,800 | Rs 15,390 | Rs 12,601 | Rs 266-295 |
In Coimbatore, Kota Gold Jewellery quoted 24-carat gold at Rs 15,633 per gram and 22-carat gold at Rs 14,330 per gram. Silver was priced at Rs 300 per gram.
Industry experts said the increase in import duty is expected to keep domestic prices elevated in the coming weeks. They also warned that jewellery demand could slow temporarily due to the steep rise in rates.
Despite the price shock, traders believe gold will continue to remain a preferred investment option among Indian households, particularly in Tamil Nadu where demand for jewellery traditionally remains strong during weddings and festive occasions.
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