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Madurai is an ancient city in the Indian State of Tamil Nadu. It is said that majority of Tamil scholars in India resided in Madurai. The city is touted to be the third largest city in Tamil Nadu and the 25th most populated city in India. For people in Madurai, it is common to invest most of their wealth in gold as it seems to be one of the stable forms of investment. There are various reasons due to which people in Madurai invest in gold to meet their financial requirements; it could be due to cultural demand, hedge inflation, portfolio diversification, avoid investment in risky assets or any others. Due to this ever-growing demand for the precious metal, the demand for gold in Madurai has increased due to which the gold rates have witnessed a steady incline. Gold rates in Madurai undergo a change on a daily basis, twice in a day, depending on the demand for gold and other factors that heavily influence it. To buy gold in Madurai, one needs to check gold rates today and then accordingly make a choice to invest in the metal.
To buy gold in Madurai, it’s necessary for people to understand the factors that affect the gold price in the city.
There is no such kingmaker in Madurai that has a say in gold rates in Madurai. Therefore, the gold rate today in Madurai is determined by the Madurai Jewellers and Bullion Merchants Association. The Bullion association consists of unit manufacturers, wholesalers, retailers and exporters from all over Madurai who consider the ‘buy’ and ‘sell’ quotes and other factors to determine the price of gold for the given day. The association has a website www.mjbma.com that gives information about gold and silver rates today in Madurai.
People in Madurai are crazy for gold, which has led to the introduction of several gold investment avenues that promise to give high returns help an investor build a stable financial portfolio. It is important to know about various gold investment options one can avail in Madurai to make an informed decision.
Never purchase a gold item without knowing its purity as it determines the exact content of real gold used in it. Also, gold purity is always hallmarked on the gold item that you are buying.
What is the GST on gold in Madurai?
GST of 3% is levied on the purchase of gold in Madurai.
Which are the well-known gold jewellers in Madurai?
Well-known gold jewellers in Madurai are Bhima jewellers, Lalithaa jewellers and Sri Vasavi jewellers.
Is gold rate in Madurai the same in all the areas of the city?
Yes, the gold rate in Madurai is the same in all the areas of the city.
Can I buy gold coins from banks in Madurai?
Yes, it is always a good idea to purchase gold coins from banks in Madurai as they provide you with the authenticity certificate.