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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 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.
Gold Rate Trend in Dindigul for January 2016 to March 2016 (per gram of 24 karat gold)
|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
- How Gold Rate Fluctuation Affects Indian Economy
- Significance Of Indian Jewellery
- Sovereign Gold Bond Scheme
- Basic Highlights Of The Gold Schemes Launched In 2015
- Which One Should You Buy Gold Coins Or Gold Bars