Chennai Gold Price Today May 8: What Is The Rates For Yellow Metal and Silver In Jewellery Shops Today?

Chennai Gold Price on May 8: The gold market in Chennai on Friday exhibits a high but relatively stable pricing structure across its most prominent jewellery houses. For those navigating the bustling streets of T. Nagar or the high-end showrooms of Cathedral Road, the prevailing rate for 22-karat gold-the standard for traditional jewellery-is largely consolidated at ₹13,995 per gram.

Market Breakdown by Leading Showrooms

The pricing across Chennai's "Big Three" demonstrates significant market alignment. GRT Jewellers and Vummidi Bangaru Jewellers (VBJ) are currently quoting identical rates for the primary tiers of purity. At these establishments, 24-karat gold (pure gold) is priced at ₹15,278 per gram, while 22-karat stands at ₹13,995. For those seeking lighter 18-karat ornaments, the rate is ₹11,459.

Lalitha Jewellery maintains this competitive 22-karat rate of ₹13,995, though they also offer a baseline for Platinum at ₹7,652 per gram, providing an alternative for modern consumers.

Interestingly, minor fluctuations appear when visiting volume-driven retailers. Saravana Stores Elite Jewellery offers a slight marginal benefit for the 22-karat buyer, with a rate of ₹13,990 per gram-a five-rupee difference from the market leaders. Conversely, Swarna Maligai marks the higher end of the retail spectrum today, with 22-karat gold priced at ₹14,150 per gram.

Bullion Market and Regional Variations

The broader Tamil Nadu bullion market reflects a slight afternoon surge. As of 1:25 PM, state-level averages for 24-karat gold reached ₹15,341 per gram, which translates to ₹153,410 for 10 grams. The 22-karat state average is slightly higher than the city-specific showroom floor prices, sitting at ₹14,063.

For buyers looking outside Chennai, the Coimbatore market shows a higher premium. In the "Manchester of South India," 22-karat gold is trading at ₹14,102 per gram, with an 8-gram sovereign (Bhavan) costing ₹1,12,816.

Silver and Industrial Metals

The silver market remains volatile but largely centered around ₹280 per gram for retail jewellery. However, the bullion rate for 1kg of silver has climbed to ₹261,450, reflecting a 0.43% increase. D.A.R. Jewellery provides the most competitive silver rates for raw metal, starting as low as ₹237 per gram, while Saravana Stores Elite holds the highest retail silver price at ₹289.

In summary, while the market remains at a historic high, the consistency between major Chennai retailers like GRT, VBJ, and Lalitha provides a stable environment for consumers, with the 22-karat rate of ₹13,995 acting as the day's primary benchmark.