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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 In Erode
Gold rate anywhere is based on the weight, quantity and quality of the yellow metal and the same is applicable to the gold rate in Erode. The price for gold of 22 karat is different from that of 24 karat gold and gold is measured in grams when sold as a commodity or physical investment. Given below is the gold rate for 22 karat and 24 karat gold in Erode for different weights.
Gold rate for 22 karat
Weight of 22 karat gold
Price for 22 karat gold
Gold rate for 24 karat
Weight of 24 karat gold
Price for 24 karat gold
**The above mentioned rates are of 12/3/2016 and are subject to change.
Gold Rate Trend in Erode 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 Erode in October 2016
- On the 1st of October, the price of gold was Rs.3,152 per gram in erode, with prices remaining constant until the 2nd due to demand from both domestic as well as overseas markets. This was also the highest at which gold was priced in October. This rate, however could not be sustained and the price of gold declined over the next few days.
- Rate of gold was Rs.3,040 per gram for 24 karat gold on the 6th of October and declined steadily as the week progressed. On the 15th of October, rate of gold declined 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.
- 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 the month.
- Throughout the month of October, there were a minor fluctuations witnessed in gold prices.
Gold Rate Trend for Erode in November 2016
- In November, the rate of gold was quite high which can attributed to high 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 Erode in December 2016
- On the 1st of December, the price 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 reduced 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 Erode 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 Erode in July 2016
- Gold prices climbed by 2.72% this month on account of high demand in the domestic and global market.
- On 1st July, gold traded at Rs.3,129 per gram.
- The market had a bullish outlook as there were expectations that the central banks would provide monetary stimulus into the markets to negate the effects of the Brexit vote.
- By the end of the month, gold had climbed to Rs.3,214 per gram.
Gold Rate Trend of Erode in August 2016
- The trend in gold prices this month was a decline of 2.08% because of growing expectations of the Fed rate hike this month.
- Gold traded at Rs.3,201 per gram on 1st August.
- Initially, gold prices climbed as demand was stable.
- Gold traded at its highest on 3rd August at Rs.3,229 per gram.
- The U.S Federal Reserve raised expectations of the interest rate hike which led to demand dropping in the global markets.
- The week closed with gold trading low at Rs.3,142 on 31st August.
Gold Rate Trend of Erode in September 2016
- Gold prices were low at the start of the month.
- Gold traded at Rs.3,120 per gram on 1st September which was the lowest rate recorded for this month.
- By 8th September, gold reached its highest price for the month, trading at Rs.3,120 per gram.
- Gold prices climbed this month on account of the U.S. Federal Reserve rate hike being put on hold in light of the upcoming U.S. presidential elections.
- The trend for this month was an increase of 1.79% in gold prices.
Gold Rate Trend in Erode 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.2,918 per gram|
|Last day||Rs. 3,069 per gram||Rs. 2,914 per gram on 31st of May||Rs.3,103 per gram|
|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.2,911 per gram on 3rd June|
|Trend||Rising||Decline||Increase in price|
Gold Rate Trend of Erode 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 Erode 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 per gram on May 2nd.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,914 per gram on the 31st of May.
Gold Rate Trend of Erode in June 2016
- Gold prices in Guntur were on the rise due to market forces and increased domestic demand.
- Demand rose domestically in spite of a global trend of falling gold sales due to market stability at the start of the month.
- Equities fell as the British referendum drew close, with the markets falling sharply and gold demand rising as the results were announced.
- Gold prices were recorded at Rs.3,103 per gram after a high of Rs.3,180 per gram.
|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 Erode in January 2016
- Gold opened at Rs. 2,538 per gram on 1st of January.
- Gold witnessed a steady rise in January owing to global demand.
- By the end of January gold price had rose owing to the wedding season. Gold traded at Rs. 2,710 per gram on 30th of January.
Gold Rate Trend of Erode 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 Erode 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 per gram on 28th of March.
Gold investments in Erode
While majority of the population views gold as a commodity, there are others who know that gold can also act as an investment. Listed below are the most popular gold investment options in Erode.
- Gold jewelry- This is the most popular form of investment when it comes to Gold in Erode. Majority of the people prefer to purchase gold jewelry over other gold investments. But the price of gold jewelry will be much higher than the actual rate of gold as it includes many other charges like making charge, wastage charge, etc. Gold jewelry does not have much of a resale value if it has a very intricate design with precious stones and the price of the stones won’t be taken into value at the time of relase.
- Market trade- One can invest in gold ETFs, E-gold and gold futures. It offers a very convenient and easy way to get exposure to gold in India. Though this type of investment is not as popular yet, a lot of people have started investing in it owing to the advantages offered by the investment.
- Gold bullion and coins- Gold bullion and coins is another form to invest in gold. Gold bullion is the purest for of gold one can invest in and gold coins are relatively cheaper than bullion for people looking to invest minimum amount.
Also Check Gold Price in NearBy Cities of Erode
- Also Check: Gold Rate in Tamil Nadu
Read more on Gold
- India's Obsession For Gold
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- What Do The Markings On Gold Mean
- Gold Rate Outlook for India in 2016
- Where To Buy Gold In India