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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 October 2016 to December 2016 (per gram of 24 karat gold)
|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.
Gold Rate Trend in Dindigul for July 2016 to September 2016 (per gram of 24 karat gold)
|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.
Gold Rate Trend in Dindigul for April 2016 to June 2016 (per gram of 24 karat gold)
|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
Read more on Gold
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- Significance Of Indian Jewellery
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- Basic Highlights Of The Gold Schemes Launched In 2015
- Which One Should You Buy Gold Coins Or Gold Bars