Gold Rate In Madurai Today

People of Madurai love buying gold and thus the city has a number of places where you can buy gold. So, if you are one of those who are planning to buy gold in Madurai, here are some of the places that you must visit:

1. Lalitha Jewellery: Lalitha Jewellery is one of the renowned places to buy gold in South India. The excellent staff members, as well as the talented goldsmiths of this jewellery shop, always prioritise customer satisfaction over anything else. Offering a variety of gold designs, Lalitha Jewellery is definitely a go-to place for gold buyers in Madurai.
2. GRT Jewellers: The GRT Jewellers has a number of branches in different cities in Madurai. In Madurai, the GRT Jewellers is located in the heart of the city and has operating hours from Monday to Sunday, between 10 am - 9 pm. The GRT Jewellers has even been recognised with different awards such as Accessory Jewellery Of the Year in 2015 - India's Elite Circle of Excellence by Retail Jeweller India Awards. Throughout the year, the GRT Jewellers come up with different offers so that buying gold becomes an affordable option.
3. Jos Alukkas: A trusted name when it comes to buying gold, Jos Alukkas is another famous jewellery brand in Madurai. Jos Alukkas offers a variety of jewellery designs to cater to different occasions.
4. NBFCs: Some of the NBFCs in Madurai from where you can buy gold include Muthalagu Finance, Mannapuram Gold Loan, Muthoot Finance, and more.

Buying gold is definitely a smart choice, however, when you are buying gold, there are certain things that you must be aware of. So, listed below are the things to remember when you set out to buy gold in Madurai or anywhere else:

• Gold Rates In Madurai: The current gold price is one of the most important things that you must consider when buying gold in Madurai or anywhere else. The price of gold varies from one city to another as transportation, import costs and other factors play a role in it. Moreover, the gold rate also keeps fluctuating on a daily basis, so be aware of the present gold rate to avoid any fallacy when buying gold.
• Purity: The purity of gold is something that you should never compromise on as there won’t be any value of gold if the quality is not up to the standard. The purity of gold is measured in karats, and 22 karat gold is the highest standard of gold.

• Hallmark: A hallmark certification indicates the credibility of gold purity from the manufacturer’s end. The Bureau of Indian Standards or BIS is responsible for regulating the hallmarking and purity certification of gold. So, always check the hallmark sign on the back side of the jewellery before buying it.
• Buy-back Policy: Many jewellers in India now have a buying-back policy as well so that it becomes easier for customers to exchange their old jewellery. So, another thing to remember while buying gold in Madurai is to check the buy-back policy of the seller.

There are certain factors that affect the gold price in Madurai, some of the factors are also enumerated below:

• Inflation: Global or political events like inflation play a major role in determining the price of gold in Madurai. As gold acts as a hedge against inflation, the value of gold becomes significantly important during the time of inflation. The price of gold gets affected by inflation that occurs at both international and domestic levels.
• Jewellery Market: There are times when the demand for gold goes exceptionally high. It so happens during Indian festivals or wedding season as during this time the demand for gold becomes considerably high. Apart from this, gold is also used at various other levels. So, once the demand for gold goes up, the price of gold also gets affected significantly.
• Interest Rates: Another determinant of gold price in Madurai or any other city is the interest rate. If the present interest rate increase, the price of gold also decreases, as people tend to sell gold during this period to acquire more and more cash. Consequently, when the interest rate decreases, the price of gold increases due to the increased demand for gold during this time.
• Government Gold Reserves: Many countries including India, hold gold reserves as well. So, when the banks start holding a large number of gold reserves, the price of gold gets affected and in turn, rises. This happens mainly because there is a mismatch between the demand and supply of gold.