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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 April 2017 to June 2017 (per gram of 24 karat gold)
|1st day||Rs.2,956 per gram||Rs.2,984 per gram||Rs.2,977 per gram|
|Last day||Rs.2,984 per gram||Rs.2,968 per gram||Rs.2,962 per gram|
|Highest price||Rs.3,040 per gram on 15 April and 16 April||Rs.2,971 per gram on 23 May||Rs.3,012 per gram on 8 June|
|Lowest price||Rs.2,954 per gram on 8 April and 9 April||Rs.2,888 per gram on 15 May||Rs.2,942 per gram on 20 June|
Gold rate trend in Dindigul for April 2017
- Gold prices in Dindigul fluctuated as April began due to mixed cues from the markets, opening the month at Rs.2,956 per gram and reaching Rs.2,987 per gram on 4 April before dropping to Rs.2,954 per gram on 8 April.
- Demand from industry was low due to an ascendant U.S. dollar, which led to prices falling slightly in spite of markets being volatile.
- Influenced by global trends, there was a decrease in local demand which contributed to the low prices towards the middle of the month.
- Prices began to rise as the U.S. dollar rate fell due to continued political turmoil surrounding the investigation into alleged Russian interference in the U.S. presidential election, resulting in gold trading at Rs.3,040 per gram on 15 & 16 April.
- Demand for gold began to wane as the month progressed as markets recovered ahead of the French presidential elections, falling to Rs.2,998 per gram on 24 April.
- The month ended with gold trading at Rs.2,984 per gram on 30 April to record a 0.94% rise in price over the month.
Gold rate trend in Dindigul for May 2017
- Gold traded at Rs.2,984 per gram on 1 May before dropping to Rs.2,899 per gram on 7 May due to declining demand from Europe following the victory of Emmanuel Macron in the French presidential election.
- Local demand was on the rise and helped stabilise prices though the precious metal continued to trade below expectation, with the price averaging at Rs.2,889 per gram.
- Demand began to rise as higher demand from jewellers pushed prices to Rs.2,954 per gram on 19 May and Asian markets also increased orders.
- A dip in U.S. dollar rates due to poor jobs data led to increased demand for bullion from investors as the yellow metal rose to trade at Rs.2,971 per gram on 23 May.
- Prices were more or less steady for the rest of the month, trading at Rs.2,979 per gram on 27 May before ending the month at Rs.2,968 per gram on 31 May.
- Relatively muted demand for gold during the month led to a fall in its overall value by 0.53%.
Gold rate trend in Dindigul for June 2017
- Steady demand led to gold trading at Rs.2,977 per gram on 1 June amidst a weakening of the U.S. dollar due to increased speculation over Russian collusion in the U.S. election.
- Market volatility due to the possibility of a repeal of the American health care system led to investors rushing to gold, which pushed prices to Rs.3,025 per gram on 5 June.
- Positive outcomes from the G20 summit led to markets recovering marginally, which led to a drop in demand for gold as price dipped to Rs.2,983 per gram on 14 June.
- Local demand was muted as currency markets were high, leading to reduced overseas demand as gold traded at Rs.2,949 per gram on 19 June.
- The impending implementation of GST led to increased demand from retail as well as industrial consumers, which led to a slight rise in the price of gold to Rs.2,965 per gram on 23 June.
- Prices fluctuated towards the end of June, with gold trading at Rs.2,962 per gram on 30 June.
Gold Rate Trend in Dindigul for January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,821 per gram||Rs.2,957 per gram||Rs.2,990 per gram|
|Last day||Rs.2,942 per gram||Rs.3,001 per gram||Rs.2,942 per gram|
|Highest price||Rs.2,974 per gram on 24th January||Rs.3,014 per gram on 25th and 26th February||Rs.2,994 per gram on March 4thand 5th|
|Lowest price||Rs.2,821 per gram on 1st January||Rs.2,940 per gram on 3rd February||Rs.2,900 per gram on March 15th|
Gold Rate Trend for Dindigul in January 2017:
- Gold opened the trading for the month of January at Rs.2,821 per gram on January 1st.
- A healthy demand for Gold globally saw the price of Gold rise to Rs.2,858 per gram on January 5th.
- Gold closed the first week of trading at Rs.2,872 per gram on January 8th.
- Uncertainty pertaining to the US monetary policy allowed Gold to climb to Rs.2,895 on the 9th of January.
- A healthy demand for the precious metal allowed Gold to continue its rise to Rs.2,914 per gram on January 11th.
- A weak US Dollar and healthy global demand for the metal saw Gold close the week’s trading at Rs.2,941 per gram on January 15th.
- Healthy global demand saw Gold open the third week pf trading at Rs.2,955 per gram on January 16th.
- Sustained demand and a weakening US Dollar saw Gold rise to Rs.2,971 per gram on January 18th.
- Technical buying saw Gold prices slip to Rs.2,951 per gram on January 19th and January 20th.
- Prevailing prices saw a marginal increase in the demand for Gold, allowing it to climb to Rs.2,962 per gram to close the third week of trading on January 22nd.
- A healthy demand in the domestic market for Gold saw it open the fourth week of trading at Rs.2,970 per gram on January 23rd.
- Technical corrections caused Gold to slip to Rs.2,911 per gram on January 27th.
- A strong trend globally and a weakened US Dollar saw Gold prices rise to Rs.2,937 per gram on January 30th.
- Sustained demand for Gold saw it close the month’s trading at Rs.2,942 per gram on January 31st.
Gold Rate Trend for Dindigul in February 2017:
- A healthy demand for Gold globally saw it open trading for the month of February at Rs.2,957 per gram on February 1st which was sustained till February 2nd.
- Gold hit a monthly low of Rs.2,940 per gram on February 3rd.
- Technical buying saw Gold prices marginally rise to Rs.2,944 per gram on February 4th, which was sustained till February 5th to close the week’s trading.
- Sustained technical buying from retailers, jewellers and investors saw Gold open the second week of trading at Rs.2,954 per gram on February 6th.
- Uncertainty pertaining to the US monetary policy saw Gold climb to a week high of Rs.2,989 per gram on February 8th.
- Expected US Federal Interest Rate hikes saw Gold slip to Rs.2,946 per gram on February 10th.
- Prevailing prices saw an increase in demand, allowing Gold to recover to Rs.2,964 per gram on February 11th, this price was sustained till the end of the week’s trade on February 12th.
- Technical selling saw Gold prices drop to Rs.2,959 per gram to open the third week of trading on February 13th.
- A drop in domestic demand saw Gold prices slip to its week’s lowest price of Rs.2,947 per gram on February 15th.
- Negative US economic data saw Gold prices rise to Rs.2,990 per gram on February 17th.
- A drop in domestic demand saw Gold slip to Rs.2,980 per gram on February 18th, this was sustained till the end of the week on February 19th.
- Technical buying saw Gold open the fourth week of trading at Rs.2,976 per gram on February 20th.
- Gold hit a monthly high of Rs.3,014 on February 25th and 26th amid uncertainty pertaining to the US monetary policy.
- Technical trading stabilized Gold at Rs.3,001 per gram on February 27th, this was held till February 28th to close the month’s trading.
Gold Rate Trend for Dindigul in March 2017:
- Gold opened trading for the month of March at Rs.2,994 per gram on March 1st.
- Expectations of a US Federal Interest Rate hike in March saw Gold slip to Rs.2,961 per gram on March 3rd.
- A weak demand domestically saw Gold prices slip to Rs.2,931 per gram on March 10th.
- A stronger US Dollar and a weak global demand saw domestic prices of Gold fall to Rs.2,929 per gram on March 14th.
- A marginally weakened US Dollar saw Gold prices rise to Rs.2,940 per gram on March 18th and March 19th.
- Technical corrections caused Gold to slip to Rs.2,964 per gram between March 24th and March 26th.
- A strong demand for Gold allowed it to recover to Rs.2,979 per gram on March 27th.
- Technical corrections caused Gold to drop to Rs.2,942 per gram to close the month’s trading on March 31st.
|1st day||Rs.3,152 per gram||Rs.3,075 per gram||Rs.2,890 per gram|
|Last day||Rs.3,065 per gram||Rs.2,938 per gram||Rs.2,821 per gram|
|Highest price||Rs.3,152 per gram on 1st October and 2nd October||Rs.3,166 per gram on 5th and 6th November||Rs.2,892 per gram on 2nd December|
|Lowest price||Rs.3,021 per gram on 15th and 16th of October||Rs.2,932 per gram on 9th November||Rs.2,767 per gram on 22nd December|
Gold Rate Trend for Dindigul in October 2016
- Gold opened at Rs.3,152 per gram in Dindigul, with prices remaining constant until the 2nd due to sustained demand. This was also the highest rate at which gold traded in October. However, over the next couple of days, gold rate declined.
- Gold was priced at Rs.3,040 per gram for 24 karat gold on the 6th of October and declined steadily as the weeks progressed. On the 15th of October, rate of gold plunged to Rs.3,021 per gram and was the same the next day as well. This was the lowest rate at which gold traded at for the month.
- As the month progressed there were a few fluctuations in the rate of gold but the price was relatively low nevertheless.
- However, despite demand due to ongoing wedding season, there was a decline of 2.76% noted in the price of gold at the end of October.
Gold Rate Trend for Dindigul in November 2016
- In November, the price of gold was relatively high, due to an increase in demand as it was a continuation of the wedding season in India. Gold rate was quite high during the beginning of the month where the price was Rs.3,075 per gram. However, prices increased from the 2nd of November due to a high demand for gold in both overseas and domestic markets.
- The rate of gold was Rs.3,104 per gram on 2nd November and Rs.3,098 per gram on 3rd November. On the 4th of November, rate of gold increased to Rs.3,112 per gram.
- On the November 5th, the rate of gold shot up to Rs.3,119 per gram and stayed steady at this the next day as well.This price could not be sustained and reduced again before shooting up to Rs.3166 per gram on the 9th of December which was the highest for the month of November.
- On November 8th, Prime Minister Narendra Modi announced the ban of notes worth Rs.500 and Rs.1,000 in order to combat corruption. This rule was termed as demonetization. Due to the severe cash crunch that followed in the wake of this announcement, fluctuations were noted in the price of gold.
- The rate of gold declined steadily throughout November with some fluctuations here and there.
- From the 20th of November, gold was priced at Rs.2,986 per gram. Gold traded at Rs.2,932 per gram on the 25th of November and this was the lowest rate at which gold traded at for the month.
- Towards the end of November, the price of gold fluctuated before closing at Rs.2,942 per gram.. A number of factors contributed to a decline of 4.01% in the price of gold.
Gold Rate Trend for Dindigul in December 2016
- On the 1st of December, the rate of gold was Rs.2,890 per gram. Gold rate increased by Rs.2 the next day but decreased steadily thereafter over the following days.
- However, the gold increased to Rs.2,893 per gram on the 5th of December and 6th of December which was also the highest rate at which gold traded at for the month.
- Price of gold reduced thereafter and was steady at Rs.2,836 per gram and finally declined to Rs.2,800 per gram in the 15th of December.
- The rate of gold continued declined with a few minor fluctuations. This could be attributed to reduced demand for gold both overseas and in India.
- On the last day of December, the price of gold was Rs.2,821 per gram. A decline of 2.38% was recorded over with respect to gold rate.
|First day||Rs.3,129 per gram||Rs.3,201 per gram||Rs.3,120 per gram|
|Last day||Rs.3,214 per gram||Rs.3,142 per gram||Rs.3,176 per gram|
|Highest price||Rs.3,214 per gram on 30th and 31st July||Rs.3,229 per gram on 3rd August||Rs.3,197 on 8th September|
|Lowest price||Rs.3,118.50 per gram on 25th July||Rs.3,142 per gram on 31st August||Rs.3,120 on 1st September|
Gold Rate Trend of Dindigul in July 2016
- The month of July saw positive trends in the global market.
- Gold prices experienced an overall increase of 2.72% this month.
- On 1st July gold traded at Rs.3,129 per gram.
- By the end of the month, gold had climbed to Rs.3,214 per gram.
- High demand this month could be attributed to the expectations of monetary stimulus from central banks post the Brexit vote.
Gold Rate Trend of Dindigul in August 2016
- Gold traded at Rs.3,201 per gram on 1st August.
- Demand for the yellow metal was high at the start of the month owing to bullish tendencies in the global market.
- The highest price for this month was Rs.3,229 per gram on 3rd August.
- Prospects of an interest rate hike by the U.S. Federal Reserve sprung up again and demand for gold dropped drastically.
- Gold traded at Rs.3,142 per gram on 31st August.
- The trend in gold prices this month was a decline of 2.08%.
Gold Rate Trend of Dindigul in September 2016
- On 1st September, gold traded at Rs.3,120 per gram. This was the lowest price for this month.
- Gold prices rose to Rs.3,197 per gram on 8th September, the highest price for this month.
- The highlight of this month was that the U.S. Federal Reserve decided to put the interest rate hike on hold for now on account of the presidential elections.
- Gold regained its sheen and prices soared as demand for the metal picked up.
- Gold traded at Rs.3,176 per gram on 30th September marking an increase of 1.79% in gold prices this month.
|1st day||Rs. 2,890 per gram||Rs. 3,069 per gram||Rs.2,934|
|Last day||Rs. 3,069 per gram||Rs. 2,914 per gram on 31st of May||Rs.3,105|
|Highest price||Rs.3,069 per gram on the 30th of April||Rs. 3,076 per gram on May 2nd||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2,869 per gram on 4th of April||Rs. 2,899 per gram on the 30th of May||Rs.2,916 per gram on 3rd June|
Gold Rate Trend of Dindigul in April 2016
- Gold traded at Rs. 2,890 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,069 per gram by the end of the month.
Gold Rate Trend of Dindigul in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 3,076 on May 2nd.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,914 on the 31st of May.
Gold Rate Trend of Dindigul in June 2016
- Gold traded at Rs.2,934 per gram at the beginning of the month.
- The Brexit polls resulted in very low prices at the start of June.
- Gold rates soon picked up owing to the trends in the global markets.
- There was an overall 5.83% increase as there was a renewed offtake by jewellers in the domestic market.
|1st day||Rs. 2,538 per gram||Rs. 2,720 per gram||Rs. 2,976 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,984 per gram||Rs. 2,891 per gram|
|Highest price||Rs. 2,719 per gram on January 28th||Rs. 2,984 per gram on 25th of February||Rs. 2,991 per gram on 8th and 9th of March|
|Lowest price||Rs. 2,538 per gram on 1st and 3rd of January||Rs. 2,720 per gram on 1st of February||Rs. 2,874 per gram on 28th of March|
Gold Rate Trend of Dindigul in January 2016
- Gold opened at Rs. 2,538 on 1st of January.
- Gold witnessed a steady rise in January owing to global demand.
- Gold hit its highest for the month on 28th January at Rs. 2,719 per gram.
Gold Rate Trend of Dindigul in February 2016
- Gold stood at Rs. 2,720 per gram on the 1st of February.
- There was a steady rise in gold rate in February and gold hits its peak for the month on 25th of February at Rs. 2,984 per gram.
Gold Rate Trend of Dindigul in March 2016
- There was a decline in gold rate from 29th of February as gold opened at Rs. 2,976 per gram on 1st of March.
- Low demand led to a further decline as gold was at its lowest for the month at Rs. 2,874 on 28th of March.
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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