Gold Rate in Madurai

Name: Check gold rate in Madurai today
Brand: Axis Max Life Insurance
Rating: 4.3 (2102 reviews)

Below are the rates for 22 carat gold and 24 carat gold in Madurai today

Disclaimers: *T&C Apply. Check prospectus for details. Axis Max Life Online Savings Plan (UIN: 104L098V06). A unit-linked non-participating individual life insurance plan | Axis Max Life Insurance Company Limitedis only the name of the Insurance company and Axis Max Life Insurance Online Savings Plan is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects of returns. 4Tax benefits a per prevailing tax laws, subject to change. Axis Max Life Insurance is only the name of the Life Insurance Company and Axis Max Life Online Savings Plan is only the name of the linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.

Gold Rate Today in Different Cities

Common Factors that Determine Gold Prices in India

Supply

Gold is a mineral that is not presently available in abundance. It is present in limited reserves across the world.

Import Price

As gold reserves in India are limited and most of the gold is imported, heavy import duty is levied on the import.

US Dollar

Gold is a commodity traded internationally. Gold has been a preferred currency in the transactions. Therefore, the gold rate today is highly influenced by US foreign exchange.

International Relations

International relations between countries can have an effect on gold prices. Global conflicts as well as economic issues can impact global stock markets and in such cases, investors tend to increase gold investments to hedge their potential equity losses. This increase in demand can also increase the gold rate.

Historical Gold Rates

Gold Rates	22k	24k
1st November 2023 Rate	Rs. 5640/gm	Rs. 6153/gm
30th November 2023 Rate	Rs. 5750/gm	Rs. 6273/gm
Highest Rate in November	Rs. 5810/gm on November 29	Rs. 6338/gm on November 29
Lowest Rate in November	Rs. 5545/gm on November 13	Rs. 6049/gm on November 13
% Change	(+) 1.95%	(+) 1.95%

Factors Affecting Gold Rate in Madurai

When it comes to purchasing gold, it is crucial to know the factors that cause frequent fluctuations in the cost of this metal. Find the factors that affect the gold rate in Madurai below:

Currency fluctuations

Fluctuations in the currency valuations are one of the most crucial factors that impact gold rates. When the dollar strengthens against the rupee, the cost of gold import increases, sending the price of gold in Madurai as well as the rest of India higher. Similarly, if the rupee becomes stronger against the dollar, the price of gold usually goes down.

Demand and supply

Quite often, the price of commodities such as gold is determined through changes in demand and supply. In this regard, when gold demand increases, the price will go up and when the demand decreases, the price of gold will decline, too. For instance, during festival seasons in India, the gold rate in Madurai shoots up because of the increased demand for this metal.

Gold Reserves of the RBI

Supply of gold in the country depends upon government reserves. If the Reserve Bank of India decides to buy more reserves, it will reduce the gold supply and lead to an increase in gold prices. Similarly, if RBI reduces its gold reserves, the gold rate in Madurai will decrease along with gold price in other Indian cities too.

Inflation

Typically, inflation and gold rate feature a direct co-relation i.e. when inflation increases, price of gold also increases. Similarly, a fall in inflation would typically lead to a decline in gold prices. This is a key reason why gold investments are typically considered as a hedge against inflation.

International factors

India brings most of its gold from other countries. Thus, changes in international gold prices would significantly affect the price of gold in the country. So an increase in internal gold prices would result in higher gold prices in India and an increase in the gold rate in Madurai.

Benefits of Checking Gold Rate in Madurai

Purchasing gold is considered a safe investment plan, irrespective of the daily rise and fall in the price of this metal. However, it is extremely important for you to keep track of the price fluctuations of gold in Madurai for informed decision-making. Here are some key benefits of checking the gold rate in Madurai:

If you track the rate of gold regularly, it will help you bag the metal at the best price. As a result, you would be able to make more profit when you sell your gold.

Assessing the gold market on a regular basis would also help you if you are planning on taking a gold loan. This way, you could know the approximate amount of loan you can get.

Gold is also a safer investment plan. Tracking the price of this metal can help you plan your investment and diversify your portfolio accordingly.

Gold Weight Conversion Table

To Convert From	To	Multiply By
Tonnes	Troy Ounces	32150.7
Troy ounces	Grains	480
Kilograms	Tolas	85.755
Kilograms	Bahts	68.41
Kilograms	Troy Ounces	32.1507
Troy ounces	Grams	31.1035
Million Ounces	Tonnes	31.1035
Kilograms	Taels	26.7172
Troy ounces	Penny Weights	20
Troy ounces	Avoirdupois Ounces	1.09714
Avoirdupois Ounces	Troy Ounces	0.911458
Short Tonne	Metric Tonne	0.9072
Grams	Troy Ounces	0.0321507

Frequently Asked Questions(FAQs)

Who decides the rate of gold in Madurai?

What are the different investment options in gold?

What does the gold carat signify?

What are the taxes charged on the gold rate in Madurai?

What is one tola of gold?

ARN NO: PCP/MAGRT/020823

Sources:

www.moneycontrol.com/news/gold-rates-today/madurai/

groww.in/gold-rates/gold-rate-today-in-madurai

business.outlookindia.com/gold/gold-price-surges-amid-israel-hamas-conflict-herere-a-few-investment-options

www.livemint.com/market/commodities/five-factors-affecting-gold-prices-11656733639500.html

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Customer Reviews

Axis Max Life Savings Plan

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Why Choose Axis Max Life?

99.65% Claims Paid Percentage

(Source : Individual Death Claim Paid Ratio as per audited financials for FY 2023-2024)

304 Offices Axis Max Life Presence

(Source : As reported to IRDAI, FY 2023-24)

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In force (individual) (Source : Axis Max Life Public Disclosure, FY 2023-24)

₹150,836 Cr. Assets Under Management

(Source : Axis Max Life Public Disclosure, FY 2022-23)

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Gold Rate in Madurai

Axis Max Life Online Savings Plan

Gold Rate Today in Different Cities

Common Factors that Determine Gold Prices in India

Historical Gold Rates