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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)
|1st Day||Rs.3,922 per gram||Rs.4,077 per gram||Rs.4,185 per gram|
|Last Day||Rs.4,074 per gram||Rs.4,185 per gram||Rs.4,150 per gram|
|Highest Price||Rs.4,125 per gram on 8 January||Rs.4,305 per gram on 24 and 25 February||Rs.4,443 per gram on 6 March|
|Lowest Price||Rs.3,992 per gram on 1 January||Rs.4,030 per gram on 6 February||Rs.4,026 per gram on 19 March|
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.
Gold Rate Trend in Erode for October 2019 to December 2019 (per gram of 24 karat gold)
|1st Day||Rs.3,722 per gram||Rs.3,892 per gram||Rs.3,828 per gram|
|Last Day||Rs.3,857 per gram||Rs.3,828 per gram||Rs.3,925 per gram|
|Highest Price||Rs.3,872 per gram on 26 and 27 October||Rs.3,892 per gram on 1 November||Rs.3,925 per gram on 31 December|
|Lowest Price||Rs.3,722 per gram on 1 October||Rs.3,792 per gram on 28 November||Rs.3,771 per gram on 11 and 13 December|
Quarterly Gold Rate in Erode from October 2019 to December 2019:
- Gold prices in Erode showed an upward trend in the month of October. This was majorly due to uncertainty in the trade war between the United States of America and China. Investors shifted to the bullion from the stock market amidst Brexit fears as well. Opening the month at Rs.3,722 per gram, gold prices ended October with a percentage incline of 3.62% at Rs.3,857 per gram.
- In November, the price of the precious metal opened at Rs.3,982 per gram. However, November was a poor month for the traders invested in gold. This was majorly due to an ease in trade tensions between China and the United States of America. Another major factor was another interest rate cut by the United States Federal Reserve. The metal closed the month at Rs.3,828 per gram with a percentage decline of 1.64%.
- December saw gold rates bounce back in the market. This was triggered majorly by a number of geopolitical events. Opening the month at Rs.3,828 per gram, the price of the metal fluctuated throughout the month. The major rise in prices was at the end of December due to the impeachment inquiry on United States President, Donald Trump. The metal closed the month with a percentage incline of 2.53% at Rs.3,925 per gram.
Gold Rate Trend in Erode for July 2019 to September 2019 (per gram of 24 karat gold)
|1st Day||Rs.3,373 per gram||Rs.3,481 per gram||Rs.3,876 per gram|
|Last Day||Rs.3,505 per gram||Rs.3,876 per gram||Rs.3,783 per gram|
|Highest Price||Rs.3,537 per gram on 19 July||Rs.3,913 per gram on 29 August||Rs.3,953 per gram on 4 September|
|Lowest Price||Rs.3,373 per gram on 1 July||Rs.3,481 per gram on 1 August||Rs.3,758 per gram on 19 September|
Gold Rate Trend in Erode for April 2019 to June 2019 (per gram of 24 karat gold)
|1st day||Rs.3,189 per gram||Rs.3,190 per gram||Rs.3,233 per gram|
|Last day||Rs.3,194 per gram||Rs.3,215 per gram||Rs.3,415 per gram|
|Highest price||Rs.3,208 per gram on 9, 27 and 28 April||Rs.3,246 per gram on 14 May||Rs.3,428 per gram on 28 June|
|Lowest price||Rs.3,161 per gram on 3 April||Rs.3,156 per gram on 23 May||Rs.3,233 per gram on 1 – 2 June|
Gold Rate Trend in Erode for January 2019 to March 2019 (per gram of 24 karat gold)
|1st day||Rs.3,172 per gram||Rs.3,326 per gram||Rs.3,305 per gram|
|Last day||Rs.3,321 per gram||Rs.3,333 per gram||Rs.3,200 per gram|
|Highest price||Rs.3,326 per gram on 30 January||Rs.3,373 per gram on 22 February||Rs.3,305 per gram on 1 March|
|Lowest price||Rs.3,172 per gram on 1 and 2 January||Rs.3,316 per gram on 7 February||Rs.3,169 per gram on 29 March|
Gold Trend in Erode for January 2019:
- Throughout January, gold trends showed a positive trend even though opening at Rs.3,172 per gram as the U.S. dollar recovered in the global market after a sluggish previous month.
- In the first week, gold prices soared quickly due to the U.S. dollar falling amongst global currencies. This was mainly due to the possible global economic slowdown and the U.S. Federal Reserve halting its rate hike this year.
- By 15 January, the value of gold increased to Rs.3,242 per gram as the local demand of the metal increased significantly due to the wedding season in the country and rose to Rs.3,246 per gram by 20 January.
- With the constant worry of the economic slowdown and a possible shutdown of the U.S. government, the price of gold held steady till the end of the month, closing at Rs.3,321 per gram. This resulted in a percentage incline of 4.69.
Gold Trend in Erode for February 2019:
- In February, gold prices opened at Rs.3,326 per gram and showed positive trends in the first week of the month, increasing to Rs.3,332 per gram till 10 February.
- However, the yellow metal’s price fell to Rs.3,298 per gram as the U.S. dollar gained momentum against the Yen in global markets but not before dipping due to the economic slowdown. This resulted in the price of gold holding steady at Rs.3,325 per gram by 15 March.
- As the uncertainty of Brexit followed, the price of gold held steady in Erode even though the U.S. dollar was firm in the global economy. On 20 February, a gram of the metal was priced at Rs.3,392 per gram.
- In the last week of the month, the U.S. dollar recovered as the stock market recovered, resulting in the shift in demand from the bullion to the markets. The price of gold fell and closed at Rs.3,333 per gram on 28 February.
Gold Trend in Erode for March 2019:
- March was not a good month for investors focusing on the bullion as the U.S. dollar recovered in the global markets resulting in the price of the metal hitting its two-week low, opening the month at Rs.3,305 per gram.
- In the first week, gold continued to show bearish signs as the U.S. dollar still hovered near its two-week high. By 10 March, the price of the yellow metal decreased to Rs.3,247 per gram as the U.S. dollar increased over the Euro in the global market.
- By the third week of the month, gold had touched new lows, priced at Rs.3,209 per gram on 20 March. This was mainly due to the fall of the rupee against the dollar ahead of the decision on the interest rate hike by the U.S. Federal Reserve.
- On 25 March, gold recovered slightly gaining on soft equities and as the Asian markets slipped. This resulted in the investors shifting focus to the bullion. However, the metal closed the month with a decline of 3.17% at Rs.3,200 per gram.
Gold Rate Trend in Erode for October 2018 to December 2018 (per gram of 24 karat gold)
|1st day||Rs.3,071 per gram||Rs.3,184 per gram||Rs.3,045 per gram|
|Last day||Rs.3,188 per gram||Rs.3,045 per gram||Rs.3,165 per gram|
|Highest price||Rs.3,211 per gram on 15 October||Rs.3,196 per gram on 6 November||Rs.3,192 per gram on 11 December|
|Lowest price||Rs.3,071 per gram on 1 October||Rs.3,045 per gram on 30 November||Rs.3,045 per gram on 1 December|
Gold Rate Trend in Erode for July 2018 to September 2018 (per gram of 24 karat gold)
|1st day||Rs.3,059 per gram||Rs.2,983 per gram||Rs.3,029 per gram|
|Last day||Rs.2,986 per gram||Rs.3,036 per gram||Rs.3,074 per gram|
|Highest price||Rs. 3,071 per gram on 6 July||Rs.3,036 per gram on 31 August||Rs.3,090 per gram on 25 and 26 September|
|Lowest price||Rs.2,986 per gram on 31 July||Rs.2,940 per gram on 16 August||Rs.3,019 per gram on 3 September|
Gold rate trend in Erode for July 2018
- Declining demand from investors caused the price of gold in Erode to dip at the beginning of July.
- The metal was priced at Rs.3,059 per gram at the start of the month, while domestic demand from industries and coin makers plummeted. During this time, the value of rupee declined too, playing a part in the drop in value.
- Gold price peaked for the month on 6 July, trading at Rs.3,071 per gram. Demand for the metal locally was on the rise, but the value of the dollar recovered which dented demand for the metal in the following days.
- Gold then declined steadily and fell to its lowest price point at the end of the month as it was trading at Rs.2,986 per gram.
Gold rate trend in Erode for August 2018
- The yellow metal commenced trading at Rs.2,983 per gram at the start of August 2018.
- Demand for the metal was unstable for the remainder of the month causing gold prices to fluctuate. On 16 August, the metal was trading at Rs.2,940 per gram.
- Demand for gold increased towards the end of the month leading to the price surging to its highest point at the end of the month.
- On 31 August, the precious metal was priced at Rs.3,036 per gram.
- The trend of gold for the month recorded an incline of 1.77%.
Trend of Gold Rate in Erode for April 2018 to May 2018 (rates per gram of 24 karat gold)
Rs.3,072 per gram
Rs.3,114 per gram
Rs.3,100 per gram
Rs.3,123 per gram
Rs.3,122 per gram
Rs.3,059 per gram
Rs.3,153 per gram on 19 April
Rs.3,213 per gram on 15 May
Rs.3,127 per gram on 15 June
Rs.3,064 per gram on 6 April
Rs.3,103 per gram on 3 May
Rs.3,054 per gram on 24 June
Overall Monthly Performance
Gold Rate Trend in Erode for April 2018:
- The second quarter of the year commenced with gold priced at Rs.3,072 per gram on the 1st with demand suppressed by the strong US dollar index and well-performing equities.
- Strong US jobs and payrolls’ reports coupled with rising dollar values led to gold rate in Erode plummeting to Rs.3,064 - the lowest recorded monthly figure - on the 6th.
- The next few weeks saw demand improving with investors banking on the bullion amid the losing US dollar and equities.
- Gold was recorded trading at Rs.3,153 per gram on the 19th with strong demand from industries, jewellers and retailers amid the firm trend overseas.
- The week ended with gold rates closing at Rs.3,123 per gram on the 30th with subdued local demand amid firm global cues.
Gold Rate Trend in Erode for May 2018:
- The month began with gold trading at Rs.3,114 per gram on the 1st with domestic demand capped by the weak global cues.
- Poor domestic demand coupled with weak international trends led to gold price in Erode dropping to a monthly low of Rs.3,103 per gram on the 3rd.
- However, demand picked up over the next few days with the US dollar losing against a basket of other emerging currencies and gold was priced at Rs.3,213 per gram on the 15th.
- On the 31st, the yellow metal was recorded trading at Rs.3,122 per gram with Erode recorded an increase of 0.25% in gold prices during the course of the month.
Gold Rate Trend in Erode for June 2018:
- The last month of Q2 2018 commenced with gold rate in Erode opening at Rs.3,100 per gram with subdued demand from local industries, retailers and jewellers amid the weak trend overseas.
- However, with the US central bank leaving the Fed rates untouched, demand for the metal surged globally. This led to gold prices surging to a monthly high of Rs.3127 per gram on the 15th.
- With the US dollar regaining lost ground against other apex currencies over the next few days, domestic demand was on the decline. This led to gold being priced at Rs.3,054 per gram on the 24th.
- The month came to an end with gold prices holding at Rs.3,059 per gram on the 31st with subdued but steady demand from domestic retailers amid firm overseas trends.
Gold Rate Trend in Erode for January 2018 to March 2018 (per gram of 24 karat gold)
Rs.3,002 per gram
Rs.3,040 per gram
Rs.3,043 per gram
Rs.3,045 per gram
Rs.3,046 per gram
Rs.3,072 per gram
Rs.3,084 per gram on 20 & 21 January
Rs.3,103 per gram on 14 February
Rs.3,105 per gram on 24 & 25 March
Rs.3,001 per gram on 4 January
Rs.3,003 per gram on 8 February
Rs.3,030 per gram on 19 March
Gold Rate Trend in Erode for January 2018:
- In Erode, gold was priced at Rs.3,002 per gram when the first month of 2018 began.
- Gold rates dropped to Rs.3,001 per gram - the month’s lowest rate - on the 4th as demand for the metal was rather weak.
- As the month progressed, the US dollar began to fluctuate, which caused gold rates to increase toward the fourth week.
- On the 20th and the 21st, gold was priced at Rs.3,084 per gram - the month’s highest rates as demand picked up around this time period.
- The greenback improved and gold rates took a back seat as a result towards the end of the month. The month ended with gold trading at Rs.3,045 per gram.
- A 1.43% change in gold price trends was recorded this month, which was due to a strong demand and a shaky dollar.
Gold Rate Trend in Erode for February 2018:
- February’s trading began with gold being priced at Rs.3,040 per gram.
- Rates saw a decline towards the beginning of the second week due to poor cues and weak local demand. As a result, the metal traded at Rs.3,003 per gram on the 8th.
- The arrival of the wedding season caused gold demand to rise. This period coincided with Valentine’s day, which also helped with the demand.
- On the 14th, gold was priced at Rs.3,103 per gram as sales surged, but fell as days passed.
- The remaining days of the month saw gold rates in Erode consolidate as the US dollar strengthened, pushing demand down.
- When the month ended, gold was priced at Rs.3,046 per gram. A change of 0.19% in price trend was recorded this month, owing to a decent increase in demand.
Gold Rate Trend in Erode for March 2018:
- March’s trading started on Erode with gold prices starting at Rs.3,043 per gram - a Rs.3 drop from the previous day’s rates.
- Demand for the yellow metal was rather steady for the first three weeks of the month, before witnessing some considerable fluctuations.
- On the 18th, the precious metal was priced at Rs.3,030 per gram - the month’s lowest rates as demand was on the weaker side.
- However, a rise in demand caused gold rates in Erode to surge during the subsequent week.
- On the 24th and 25th, the yellow metal traded at Rs.3,105 per gram . Gold prices dropped to Rs.3,072 per gram on the final day of the month.
- A 0.95% change in gold price trends were recorded over the course of March’s trading.
Gold Rate Trend in Erode for October 2017 to December 2017 (per gram of 24 karat gold)
|1st day||Rs.3,040 per gram||Rs.2,988 per gram||Rs.2,982 per gram|
|Last day||Rs.2,997 per gram||Rs.2,992 per gram||Rs.3,015 per gram|
|Highest price||Rs.3,059 per gram on 14 and 15 October||Rs.3,031 per gram on 18 and 19 November||Rs.3,015 per gram on 30, 31 December|
|Lowest price||Rs.2,997 per gram on 6, 30 and 31 October||Rs.2,974 per gram on 6 November||Rs.2,903 per gram on 13 December|
Gold rate trend in Erode for October 2017:
- Gold trade opened in Erode with the yellow metal priced at Rs.3,040 per gram on the 1st.
- With the US dollar rising against a basket of other apex currencies amid possibilities of a Fed rate hike during the quarter, prices plummeted to Rs.2,997 per gram on the 6th.
- However, with the KYC norms being mandated by the Indian government during the week, a rise in domestic demand brought about by positive buyer sentiments led to gold rates surging to Rs.3,042 per gram on the 12th.
- The 14th witnessed gold rate in Erode surging to Rs.3,059 per gram - the highest recorded monthly figure - amid the strong global trends that pushed demand higher for the precious metal.
- With the US dollar recovering the previous weeks’ losses, gold price in Erode plunged to Rs.3,026 per gram on the 20th.
- Strong dollar index coupled with firmer equities market resulted in gold prices declining over the next few days. On the 26th, the yellow metal was recorded trading at Rs.3,000 per gram.
- The month ended with the precious metal prices holding at Rs.2,997 per gram on the 31st with markets remaining cautious ahead of the monetary policy meetings by three major central banks.
Gold rate trend in Erode for November 2017:
- The month began with gold trading at Rs.2,998 per gram on the 1st with a slight increase in domestic demand for the metal.
- However, with the US dollar strengthening in the global market, gold price in Erode dropped to Rs.2,977 per gram on the 4th.
- The 6th witnessed gold rates in Erode hitting their lowest recorded monthly figure of Rs.2,974 per gram amid the poor trend overseas.
- Demand for safe-haven assets such as gold surged with the US-North Korean relations deteriorating in the Korean peninsula. This led to gold rate in Erode recovering to Rs.3,015 per gram on the 12th.
- On the 18th, the weakened US dollar coupled with poorly performing equities resulted in the bullion prices rising to Rs.3,059 per gram. This was also the highest recorded monthly figure during the month.
- Demand, however, couldn’t keep up against the rising US dollar and prices plummeted to Rs.3,012 per gram on the 24th.
- The US dollar rose further towards the end of the month with a landmark tax reform plan presented at the US Senate. This led to gold price in Erode plunging to Rs.2,992 per gram on the 30th when the month concluded.
- Strong global cues coupled with an increased domestic demand by jewellers, retailers and industries resulted in gold rates rising by 0.13% during the course of the month.
Gold rate trend in Erode for December 2017:
- When trading commenced for the month, the bullion was recorded holding at Rs.2,982 per gram on the 1st of December.
- The US dollar surged ahead of other major emerging currencies with the approval of the country’s largest tax reform plan to overhaul the present US tax system. This led to gold rates in Erode plummeting to Rs.2,917 per gram on the 8th.
- Poor global trends coupled with reduced domestic demand from jewellers, retailers and industries led to gold rates in Erode hitting their lowest at Rs.2,903 per gram on the 13th.
- The Federal Reserve decision to raise its benchmark interest rates proved to be unfavourable for the equity markets and resulted in the Asian stocks failing. This led to an increase in global demand for commodities such as gold and the precious metal was priced at Rs.2,956 per gram on the 23rd.
- On the 28th, with stockists and traders mulled over by the final result of the tax overhaul on the US economy, gold rates rebounded to Rs.2,985 per gram in the domestic markets.
- The bullion was recorded trading at Rs.3,015 per gram on the 31st and Erode registered a profit of 1.10% in gold trade during the course of the month.
Gold Rate Trend in Erode for July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,926 per gram||Rs.2,995 per gram|
|Last day||Rs.2,925 per gram||Rs.2,971 per gram||Rs.3,040 per gram|
|Highest price||Rs.2,950 per gram on 1 & 2 July||Rs.2,999 per gram on 29 August||Rs.3,102 per gram on 8 September|
|Lowest price||Rs.2,796 per gram on 11 July||Rs.2,900 per gram on 5 and 6 August||Rs.2,995 per gram on 1 September|
Gold Rate Trend in Erode for July 2017:
- Gold rate in Erode opened at Rs.2,950 per gram for the month of July.
- As demand was weak in the local circles because of GST, gold rates seemed to fall for most of the month,
- Prices went to as low as Rs.2,796 per kg on the 11th and fluctuated considerably over the course of the month.
- Demand picked up slightly to end at Rs.2,869 per gram by the 20th of July,
- When the month came to an end, gold was being traded at Rs.2,925 per gram.
- Low demand brought about by the introduction of GST saw gold rate in Erode trends drop by 0.84% compared to June.
Gold Rate Trend in Erode for August 2017:
- The month of August seemed to recover from GST’s clutches, which was evident from the positive change in gold rates.
- Gold traded at Rs.2,926 per gram on the 1st of August, but rates seemed to fall as demand remained subdued for much of the month.
- A strong dollar and a resultant weak demand saw gold perform underwhelmingly over the second and third week of the month.
- But, prices surged towards the end of the month as the metal traded at Rs.2,999 per gram on 29th August.
- On the final day of August, gold traded at Rs.2,971 per gram - marking a 1.76% increase in price trends.
Gold Rate Trend in Erode for September 2017:
- September’s gold trading gained on the positive trend seen in August.
- Trading commenced for the month with the yellow metal being priced at Rs.2,995 per gram. This also was the lowest gold rate for September.
- Rates hit a high of Rs.3,102 per gram on the 8th as US - North Korea diplomatic issues deteriorated further.
- The reason for such a significant rise in prices was due to confirmation offered by North Korea about its latest and most powerful nuclear test.
- However, prices stabilised after the US dollar improved after a shambolic performance put up in the initial days of the month.
- At the time of closing on the 30th of September, gold was priced at RS.3,040 per gram.
- Prices increased by 1.50% this month, thanks to festive demand and the geopolitical conflict involving US and North Korea.
Gold Rate Trend in Erode 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 Erode for April 2017
- Gold prices in Erode rose as April began, with the metal trading at Rs.2,956 per gram and rising to Rs.2,987 per gram on 4 April as a result of conducive market forces.
- The fluctuation in the U.S. dollar value led to increased offtake from jewellers as well as Asian markets, which helped keep prices steady with some minor variations.
- Gold traded at Rs.3,018 per gram on 13 April as U.S. markets reeled from continued allegations of Russian interference in the U.S. presidential election result, as the dollar fell heavily against other global currencies.
- Reaching a monthly high of Rs.3,040 per gram on 15 & 16 April, gold prices were steady for the majority of the month.
- A decline in local demand led to a drop in price as gold traded at Rs.2,998 per gram on 24 April.
- A recovery by the markets led to a further drop in demand for gold which led to the metal trading at Rs.2,973 per gram on 26 April before prices rose to Rs.2,984 per gram on 30 April.
- Positive cues and favourable market conditions led to gold prices rising by 0.94% over the course of the month.
Gold rate trend in Erode for May 2017
- Gold prices began the month trading at Rs.2,984 per gram and fell in the subsequent days due to reduced demand from European markets.
- The victory of Emmanuel Macron in the French election buoyed markets across the continent and also helped boost American markets, though the dollar was volatile.
- Gold was priced at Rs.2,896 per gram on 8 May with no major change in price observed for the rest of the week.
- As the U.S. markets recovered from their earlier slump, demand for gold plunged further with the metal trading at Rs.2,954 per gram from 19-21 May.
- Minor fluctuations in the price of gold were recorded as the month progressed but the general trend was one of a decline in demand.
- Gold traded at Rs.2,979 per gram on 27 May before prices fell to Rs.2,968 per gram on 31 May, recording a decline in the overall price by 0.53%.
Gold rate trend in Erode for June 2017
- Gold prices in Erode in June fluctuated due to the weakening U.S. dollar and fluctuations in demand from Asian countries as well as Europe.
- The yellow metal was priced at Rs.2,977 per gram on 1 June and rose to Rs.3,030 per gram on 7 June due to a weak dollar and falling U.S. markets.
- The ongoing investigation into Russia influencing the U.S. presidential election coupled with ramped up crude oil production kept dollar values low.
- Prices fell to Rs.2,967 per gram on 13 June as markets began to recover and local demand was low.
- European markets also reduced demand for gold as the G20 summit negotiations boosted bourses across the continent.
- Gold traded at Rs.2,942 per gram on 20 June but recovered as the month progressed, trading at Rs.2,965 per gram on 23 June.
- Prices were stable towards the end of the month, with gold trading at Rs.2,962 per gram on 30 June.
Gold Rate Trend in Erode 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 Erode in January 2017:
- Gold opened the trading for the month of January at Rs.2,821 per gram on January 1st.
- Positive global demand for Gold saw the price of Gold rise to Rs.2,858 per gram on January 5th.
- Gold ended the first week of trading at Rs.2,872 per gram on January 8th.
- A uncertain environment surrounding the US monetary policy allowed Gold to climb to Rs.2,895 on the 9th of January.
- A healthy demand for the precious metal globally allowed Gold to continue its rise to Rs.2,914 per gram on January 11th.
- A weakened US Dollar and healthy global demand saw Gold close the week’s trading at Rs.2,941 per gram on January 15th.
- Emerging global demand saw Gold open the third week of trading at Rs.2,955 per gram on January 16th.
- Sustained demand and a struggling US Dollar saw Gold rise to Rs.2,971 per gram on January 18th.
- Technical trading saw Gold prices slip to Rs.2,951 per gram on January 19th and January 20th.
- Prevailing low 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 Erode in February 2017:
- A global upswing in demand 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 allowed Gold to 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 in the domestic market saw Gold open the second week of trading at Rs.2,954 per gram on February 6th.
- Uncertainty looming over 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 low 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 Erode 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.
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