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According to latest reports, Gold rates are set for recovery in 2016. Various national and international economic and political developments such as boost in safe-haven buying, oil prices, quantitative easing, currency fluctuations, inflation, investment inflow, inflation, growth of Indian economy, current account deficit and import duties among many others determine the price of Gold. It is important to note that gold rates differ from one city to another owing to local taxes, transportation costs, procurement costs and making charges among others.
Dindigul is one of the major commercial hubs in the state of Tamil Nadu. Dindigul is known for its muslins, silks, blankets and horticulture among others. The precious yellow metal is held in high regard in Dindigul as a conventional form of investment. The precious metal is also viewed as a safe haven against inflation in Dindigul. Many residents in Dindigul buy Gold as a form of security for periods of any financial instability as the precious metal can be used as a collateral for loans.
Gold Rate Trend in Dindigul for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,922 per gram||Rs.4,077 per gram||Rs.4,185 per gram|
|Last Day||Rs.4,074 per gram||Rs.4,185 per gram||Rs.4,150 per gram|
|Highest Price||Rs.4,125 per gram on 8 January||Rs.4,305 per gram on 24 February||Rs.4,443 per gram on 6 March|
|Lowest Price||Rs.3,922 per gram on 1 January||Rs.4,030 per gram on 6 February||Rs.4,026 per gram on 19 March|
Quarterly Gold Rate in Dindigul from January to March:
- In Dindigul, gold started the month of January at Rs.3,992 per gram. Over the month, the rates of the yellow metal witnessed an incline. Due to trade tensions between the United States of America and China as well as escalating tensions in the Middle East, the value of dollar dipped. Gold hit its highest price for the opening month of 2020 on 8th January with a gram of the precious metal being retailed for Rs.4,125 in the city. The rates fluctuated in Dindigul over the next two weeks of the month and stood at Rs.4,028 per gram on 21st January. In the final week of January, gold prices were on the upward curve for the most part and closed at Rs.4,074 per gram.
- The rates of yellow metal stood at Rs.4,077 per gram in the city. Compared to the closing price of the previous month, gold prices increased by Rs.3 for every gram. With traders investing in the bullion market, the month turned out to be a beneficial one for the precious metal. Having started slowly, gold recorded its lowest price for the month in the city on 6th February with a gram of the 24-karat gold costing Rs.4,030. As coronavirus affected people across the world, investors shifted to the bullion market, this is turn resulted in the prices going skywards. The highest price for the month of February was recorded on 24th February with a gram costing Rs.4,305. At the end of the month, gold was priced at Rs.4,185 per gram with incline of 2.64%.
- At the start of the final month of the first quarter of 2020, gold was priced at Rs.4,185 per gram in Dindigul. There was no change in the rates of gold when compared to the previous month’s closing price. In the opening week, the rates shot up as investors looked at the US Federal Reserve to cut the interest rates. Gold recorded its highest price for the month on 6th March with a gram costing Rs.4,443 in the city. The rates witnessed a lot of fluctuations over the next few days before slipping considerably as many countries went into lockdown to prevent the spread of the deadly virus. The rates of the yellow metal touched its lowest for the month on 19th March when a gram of the 24-karat gold cost Rs.4,026. As trade was stopped completely due to the lockdowns, the price of the precious metal remained stagnant over the last week of the month and closed at Rs.4,150 per gram recording a percentage decline of -0.83%.
Gold as an investment
All forms of Gold such as bars, coins and jewelry are sold in the Dindigul district. Bullion bars are much in demand as a traditional form of investment. There are serpentine queues across jewelery stores in the district during festivals and other auspicious occasions.
Physical Gold: Different styles of traditional jewelery including temple jewelery is sought-after in Dindigul. Handcrafted jewellery is also popular. Customers can buy gold with assay certifications across various jewelry stores such as Thangamayil Jewellery, Vasavi Jewellery Mart and Paramasivan Pillai Jewellers among others.
Gold contracts: Consumers in Dindigul also invest in gold contracts at commodities trading exchanges such as the Multi Commodity Exchange and National Spot Exchange. Both the MCX and NSE sell gold contracts (spot and future) in India with electronic settlement systems. Commodity futures entail low brokerage costs. The exchanges have both delivery and cash systems. The Forward Markets Commission regulates both the exchanges.
Gold rates in Dindigul
Gold rates in Dindigul increased in the first two months of 2016. 1 gm of 24 karat gold which was pegged at Rs.2554 on December 27th, 2015, rose by 2.3% to Rs.2613 in the first week of January 2016. Gold rates rose throughout January in that the price of 1 gm of 24 karat gold pegged at Rs.2677 on January 11th rose by 1.5% to Rs.2718 towards the end of the month. The trend continued in February as the price of 1 gm of 24 karat gold pegged at Rs.2755 on February 16th, rose by 3.8% to Rs.2862 on February 20th. The trend continued in the first week of March with 1 gm of 24 karat gold pegged at Rs.3036. Gold rates in Dindigul plummeted in the latter half of 2015 barring mini-rallies in that 1 gm of 24 karat gold which was pegged at Rs.2720 in August, fell by 0.5% to Rs.2705 in September 2015. The downward slide continued in the month of October as well. 1 gm of 24 karat gold was pegged at Rs.2562 in November 2015.
Also Check Gold Price in NearBy Cities of Dindigul
- Also Check: Gold Rate in Tamil Nadu
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