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Gold Price in Coimbatore
Coimbatore is the second largest city in the southern state of Tamil Nadu and is one of the fastest growing tier 2 cities in India. It is home to some of the biggest textile and manufacturing industries, which have ensured that the city has a high standard of living. Gold has been the preferred choice of investments among Indians and Coimbatore too has seen a steady increase in gold consumption, regardless of the prevailing gold rates.
Gold rates in Coimbatore depend on market fluctuations and availability. Gold buyers can choose from 22 karat or 24 karat gold, depending on their needs and budget. 22 karat gold is about 92% and the gold rate for this is less than 24 karat gold, which is 99.99% pure.
Trend of Gold Rate in Coimbatore for February 2017 (rates per gram for 24karat gold)
February 2017 - Week 1 (1st-4th):
- When the week began on 1st, gold was trading at Rs.2,957 per gram and continued at the same rate on 2nd as well.
- As global demand fell slightly amidst strengthening dollar, gold prices fell to Rs.2,940 per gram on 3rd.
- The 4th saw prices increase slightly to end the first week of February at Rs.2,944 per gram.
February 2017 - Week 2 (5th-11th)
- While demand was high at the beginning of the week, prices dropped towards the end of the week due to fluctuations in demand.
- Gold was priced at Rs.2,944 per gram on 5th February as retail demand was strong and industrial demand also rose.
- Prices rose to Rs.2,954 per gram on 6th February, an increase of Rs.10 per gram as markets appeared to be losing steam due to ambiguities over the immigration ban imposed in the United States.
- Gold continued to trade high on strong demand from investors, reaching Rs.2,989 per gram on 8th February.
- Prices dipped as the week ended, with gold trading at Rs.2,946 per gram on 10th February, the price falling by Rs.43 per gram.
- Gold ended the week trading at Rs.2,964 per gram on 11th February, an overall increase of Rs.20 per gram.
Trend of Gold Rate in Coimbatore for January 2017 (rates per gram for 24karat gold)
|January 1st Rate||Rs.2,821 per gram|
|January 31st Rate||Rs.2,957 per gram|
|Highest Rate in January||Rs.2,974 per gram on 24th January|
|Lowest Rate in January||Rs.2,821 per gram on 1st & 2nd January|
January 2017 - Week 1 (1st to 7th)
- Courtesy of the new year, gold prices were on a high for much of the week.
- On the first day of the week and year, gold traded at Rs.2,821 per gram.
- Over the 2nd and 3rd, gold prices remained the same, which increased by Rs.7 to trade at Rs.2,828 per gram.
- When the business day began on the 4th, gold prices had increased considerably by Rs.29 to trade at Rs.2,857 per gram.
- The next day on the 5th saw prices again increase to trade at Rs.2,869 per gram.
- At the end of the week on the 7th, gold rates increased further more to trade at Rs.2,872 per gram.
January 2017 - Week 2 (8th to 15th)
- Demand for gold was high as markets were unstable and consumer sentiment was positive.
- Gold traded at Rs.2,872 per gram on 8th January, the price remaining unchanged from the previous week.
- Prices rose marginally to trade at Rs.2,878 per gram on 9th January as demand increased gradually.
- Gold prices increased by Rs.17 per gram to trade at Rs.2,895 per gram on 10th January as the U.S. Dollar fell slightly over concerns of a shaky start to the Trump presidency.
- Trading in gold continued to see a rise as the metal was valued at Rs.2,914 per gram on 11th January, an increase of Rs.19 per gram.
- Prices kept rising marginally as the week progressed, with gold trading at Rs.2,935 per gram on 12th January as domestic demand rose significantly.
- The week ended with gold trading at Rs.2,941 per gram on 15th January, marking an increase in price of Rs.69 for the week.
January 2017 - Week 3 (15th to 21st):
- There were quite a few fluctuations to be witnessed in Coimbatore during the third week of January.
- On 15th, gold was seen trading at Rs.2,941 per gram, which increased to Rs.2,955 per gram on 16th.
- The 17th saw prices increase yet again to end the business day at Rs.2,971 per gram.
- Business slowed down on 18th as prices increased by just Rs.2 to hit Rs.2,971 per gram.
- On 19th, prices fell significantly by Rs.20 which led to gold trading at Rs.2,951 per gram before continuing at the same rate on the 20th.
- The last day of the week saw gold prices get back up slightly for the metal to trade at Rs.2,962 per gram.
January 2017- Weeks 4 & 5 (22nd to 31st)
- Gold prices in Coimbatore followed the trend across the country, registering an increase in price as the week began but falling towards the end of the week.
- Gold traded at Rs.2,962 per gram on 22nd January, with prices rising to Rs.2,974 per gram on 24th January due to higher demand from overseas markets.
- Prices fell to Rs.2,951 per gram on 25th January as demand from Asia fell as gold purchases fell before Lunar New Year.
- Domestic demand also declined, resulting in gold trading at Rs.2,911 per gram on 27th January.
- Prices recovered to close at Rs.2,957 per gram on 31st January.
|December 1st Rate||Rs.2,890 per gram|
|December 31st Rate||Rs.2,821 per gram|
|Highest Rate in December||Rs.2,892 per gram on 1st and 2nd December|
|Lowest Rate in December||Rs.2,767 per gram on 22nd December|
December 2016 - Week 1 (1st to 4th)
- Compared to the last week of November, gold prices fell by a huge margin during the 1st of December as it was traded at Rs.2,890 as compared to Rs.2,938.
- As the aftereffects of the Rs.500 and Rs.1,000 ban still lingered, demand for gold purchases remained dormant.
- There was only a slight change on the 2nd of December where in gold traded at Rs.2,892.
- Gold traded at Rs.2,890 again at the end of the week on the 4th of December till the time of closing.
December 2016 - Week 2 (5th-11th)
- Coimbatore was also victim to plenty of fluctuations throughout the second week of December.
- On December 5th, gold traded at Rs.2,869 per gram and continued to do the same on December 6th.
- On December 7th, gold prices increased slightly as they began to trade at Rs.2,972 per gram.
- December 8th, though, wasn’t the same as it saw a considerable decrease in trading as prices hit Rs.2,963 per gram.
- The subsequent day on December 9th again saw a decrease in gold prices as they went down by Rs.12 to trade at Rs.2,951 per gram.
- December 10th and 11th saw the biggest fall as gold began trading at Rs.2,936 per gram, and remained the same till the closing hours of the week.
December 2016 - Week 3 (12th to 18th)
- At the beginning of the week on the 12th, gold traded at Rs.2,836 per gram.
- Prices stabilised till the 14th as the yellow metal was still trading at Rs.2,836 per gram.
- On the 15th, prices saw a stark decrease as gold began to trade at Rs.2,800 per gram.
- Prices again fell on the 16th as gold traded at Rs.2,785 per gram.
- Demand for gold slightly increased as prices hit Rs.2,781 per gram on the 17th and remained the same at the end of the week on the 18th.
December 2016 - Week 4 (19th to 25th)
- As was the case with the rest of the country, gold prices didn’t witness any major changes in Coimbatore too.
- The week began with gold trading at Rs.2,790 per gram and slid down by R.2,780 per gram the next day.
- On the 21st, prices increased slightly as the metal traded at Ts.2,782 per gram.
- The 22nd however, saw prices decrease by over Rs.15 as it sold at Rs.2,767 per gram.
- The fourth week of December ended with gold trading at Rs.2,773 per gram.
December 2016 - Week 5 (26th to 31st)
- The price of gold in Coimbatore saw slow increases due to the shortage of liquidity in the market as a result of the policy of demonetisation.
- Gold was priced at Rs.2,771 per gram on 26th December, with the price rising to Rs.2,804 per gram on 28th and 29th December.
- Market uncertainty contributed to a rise in price, with gold trading at Rs.2,814 per gram on 29th December.
- As the deadline for surrendering old demonetised currency neared, demand for gold rose, trading at Rs.2,830 per gram on 30th December.
- The price of gold fell slightly to trade at Rs.2,821 per gram on 31st December.
|1st November rate||Rs.3,075 per gram|
|30th November rate||Rs.2,942 per gram|
|Highest rate in November||Rs.3,166 per gram on 9th November|
|Lowest rate in November||Rs.2,932 per gram on 25th November|
November '16 - Week 1 (1st to 6th)
- Gold traded at Rs.3,075 per gram on 1st November.
- Prices started to climb as demand in the domestic market was high.
- On 3rd November, gold prices fell on account of uncertainty of the U.S. elections and the possibility of a Fed rate hike in December.
- Gold prices started to increase again as wedding season demand gained momentum.
- By November 5th and 6th, gold was trading at Rs.3,119 per gram, the highest for this week.
November '16 - Week 2 (7th to 13th)
- Gold traded at Rs.3,083 per gram on 7th November and prices started to climb.
- Demand for gold surged on 8th November night as people rushed to buy gold after Prime Minister Modi announced that Rs.500 and Rs.1,000 notes would not be legal tender from midnight.
- Gold rates jumped to Rs.3,166 per gram on 9th November, the highest for this week.
- The global market was affected by the U.S. elections and the prospects of a Fed rate hike in December.
- The domestic market was affected by the surgical strike on black money and the requirement of PAN card to purchase gold in cash.
- Gold prices dropped to Rs.3,059 per gram by the end of the week.
November '16 - Week 3 (14th to 20th)
- Gold traded at Rs.3,054 per gram on 14th November.
- Gold price were sliding down this week as the Indian economy experienced a shortage of cash after PM Modi announced his demonetisation scheme.
- Gold fell to its lowest price this week on 18th November, trading at Rs.2,976 per gram.
- Prices started to stabilise towards the end of the week as the wedding season kept demand up.
- In the overseas markets, gold prices edged higher against a retreating dollar.
November '16 - Week 4 and 5 (21st to 30th)
- The dollar climbed this week on account of positive economic data which raised the confidence levels of the U.S. Federal Reserve to increase the interest rate next month.
- In the domestic market, demand for gold plunged as the demonetisation scheme played out resulting in a serious cash crisis in the Indian economy.
- At the peak of the wedding season in India, jewellers and retailers have found their stores empty.
- Gold traded at Rs.2,984 per gram on 21st November.
- By the end of the month, prices had dipped to Rs.2,942 per gram.
- The trend for this month was a decrease in gold prices by 4.33%.
|1st October rate||Rs.3,152 per gram|
|31st October rate||Rs.3,065 per gram|
|Highest rate in October||Rs.3,152 per gram on 1st and 2nd October|
|Lowest rate in October||Rs.3,018 per gram on 17th October|
October '16 - Week 1 (1st to 7th)
- Gold traded at Rs.3,152 per gram on 1st October.
- The trend for this week was a decline in prices as the global market turned bearish on account of rising expectations of a Fed rate hike.
- Gold traded at Rs.3,027 per gram on 7th October as demand in the domestic market also fell.
- A gloomy global market and stricter Indian tax laws led to a drastic fall in gold rates.
October '16 - Week 2 (8th to 14th)
- Gold prices rose this week on account of positive trends overseas coupled with an increase in domestic demand.
- On 8th October, gold traded at Rs.3,020 per gram
- Gold rates climbed to Rs.3,030 per gram on 10th October and stayed constant till 13th October.
- Prices dropped to Rs.3,025 per gram as global political and financial risks led to a weak trend in the overseas market.
- Demand in the domestic market also dropped as jewellers and retailers reduced their offtake.
October '16 - Week 3 (15th to 21st)
- Gold prices climbed this week on account of the wedding season giving demand a boost.
- Gold traded at Rs.3,021 per gram on 15th October.
- Prices of the yellow metal dropped on 17th October to Rs.3,018 per gram as expectations of the Fed rate hike grew strong.
- Gold was able to recover as demand for the metal surged in the domestic market.
- As trends overseas firmed up, gold climbed to Rs.3,049 per gram on 20th October, the highest for this week.
October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)
- Gold traded at Rs.3,046 per gram on 22nd and 23rd October.
- The global market turned positive for gold as the dollar weakened.
- Festive demand kept gold rates up in the domestic market.
- Speculations of the Fed rate hike indicated that it would be introduced gradually.
- The highest price for this week fell on 29th and 30th October when gold traded at Rs.3,067 per gram.
- High demand is expected to continue as the wedding season draws near.
- The week closed with gold trading at Rs.3,065 per gram.
Gold has been considered a safe investment as it negate any rise in inflation. One can choose to invest in any of the following gold options in Coimbatore.
Jewelry – The love for jewelry among Indians is well known and jewelry constitutes the major portion of gold investments in Coimbatore. Jewelry can be sold or exchanged for good rates, making it an investment for all seasons.
Gold Bullion Bars – Gold bullion bars are an ideal investment option for those who can afford them. These bars can weigh up to 1 kg each and are highly desired across the world. With 99.5% purity these bars can be perfect for those who wish to invest in a commodity which has no risk.
Gold Bullion Coins – Gold coins are today considered the safest and smartest investment in gold. People in Coimbatore prefer buying gold coins rather than jewelry as there is no wastage or making charge involved with gold coins. They are easy to liquidate and can offer instant money when the need arises.
Gold Accumulation Plan – This new investment method revolves around people depositing small amounts of money into an account on a monthly basis. After a specified period the investor can choose from gold bars/coins or jewelry, as per the needs.
Allocated Gold Accounts – This plan is perfect for those who wish to own gold but do not want to keep it with them. Investing in gold account ensures that banks keep the gold safe and secure and the owner can access the gold when need be.
24 karat gold – The current rate of 1 gram of 24 karat gold in Coimbatore is Rs 2715 (as of June 15, 2015). The rate has remained constant over the last few months, averaging at around Rs 2700 per gram.
22 karat gold – The cost of 1 gram 22 karat gold is approximately Rs 2540 as of June 15, 2015. The cost of 22 karat gold has hovered around the Rs 2550 mark, indicating a stability in costs, making it an opportune time to invest in gold.
Coimbatore is home to most of the well-established gold dealers and jewellers, some of the major ones being Malabar Gold, Kalyan Jewellers, Josco Jewellers, Karpagam Jewellers and Joyalukkas. Residents can also find smaller gold dealers across the city, with each one catering to specific needs.
- Also Check:Gold Rate in Tamil Nadu
Also Check Gold Price in NearBy Cities of Coimbatore
|Also Know: Silver Rate in Coimbatore|
Read more on Gold
- Buying Gold This Akshaya Tritiya
- Which One Should You Buy, Gold Coins Or Gold Bars
- How Gold Price Is valuated In India
- How Do Fluctuations In The Gold Rate Affect The Indian Economy
- Important Points To Remember Before Buying Gold Jewellery
- Reasons Why Jewellery Is Significant In Indian culture