Gold Rate In Erode

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Gold Price In Erode

Erode is a South Indian city located in Tamil Nadu. It is the seventh biggest continuous urbanized area in the state of Tamil Nadu and is located on the banks of River Kaveri. The city houses many historic temples which act as a tourist attraction. It is known to be one of the largest producers of turmeric in India and also has one of the largest markets for coconut. It has a booming agricultural and textile industry which provides employment to major part of the residents of Erode. Just like any other state in South India, Gold has a booming business in the city. There are gold store spread all over the city.

Gold Rate Trend in Erode for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Erode from January 2020 to March 2020:

• In January, gold price stood at Rs.3,992 per gram in Erode. The rates showed an incline in the city over the month. Gold recorded its lowest price for the month on 2nd January with a gram costing Rs.3,919 before increasing considerably due to the escalating tensions in the Middle East after the United States of America killed a top Iranian general in a drone attack. The yellow metal hit its highest price for the month of January on 8th with a gram of the 24-karat gold costing Rs.4,125. Over the next two weeks, the rates fluctuated in the city and was priced at Rs.4,006 per gram on 23rd January. The drop in the price was accounted to investors shifting to the stock market after the first phase of the trade deal between the United States of America and China was finalised and the increasing value of dollar. Gold closed the month at Rs.4,074 per gram with an incline of 3.87% in the prices.
• Gold opened the month of February at Rs.4,077 per gram in Erode. The rates remained constant for the first three days before slipping to the lowest price for the month on 6th February with a gram costing Rs.4,030 per gram. The decline in the price was accounted to investors shifting to the stock market with a higher risk appetite. With COVID – 19 affecting people all around the world, the rates of the precious metal fluctuated over the next couple of weeks. A gram cost Rs.4,082 on 13th March before increasing to Rs.4,213 per gram by the end of the third week i.e., 21st March. The increase in the rates was accounted to the safe-haven appeal of the precious metal. Gold recorded its highest price for the month on 24th February with a gram of the 24-karat gold being retailed for Rs.4,305 in the city before closing at Rs.4,185 with an overall incline of 2.64%.
• In Erode, the yellow metal opened the month of March at Rs.4,185 per gram. There was no change in the prices when compared to the closing price of the previous month. Over the month, the precious metal saw an overall decline in its prices. With investors awaiting a rate cut by the United States Federal Reserve to flow a certain amount of liquidity in the crisis-hit market, gold recorded its highest price for the month on 6th March with a gram costing Rs.4,443 per gram. The rates fluctuated over the next few days due to mixed trends in the global market. Gold was priced at Rs.4,026 per gram on 19th March, the lowest for the month as traders sold their assets in order to hoard cash and survive in the struggling economy. With trade being stopped completely with many countries imposing lockdowns to prevent the spread of the deadly virus, gold closed the month at Rs.4,150 per gram.

Also Check Gold Price in NearBy Cities of Erode

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