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Gold price in Hosur
The modern day Hosur, located in Tamil Nadu is a satellite town of Bangalore, though it falls under the legalities and jurisdiction of Tamil Nadu. Hosur houses many industrial complexes and SEZs for industrial companies. Though from a birds-eye-view it might seem that Hosur is not a very prospering region, looks often belie the fact that the region is quite prosperous and residents invest in gold quite frequently. Industrial activity and a good pay scale in these areas has contributed to a healthy consumption of gold in Hosur while the rates of gold are more or less in tune with the international markets. Hosur being primarily an industrial town, festivities being observed are far and few between, so the gold that is actually invested in Hosur accounts mostly through investment. That in no way may signify that the consumption of gold in the form of jewellery is ignored.
Gold Rate Trend in Hosur 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 Hosur for January 2018:
- Gold rates in Hosur saw considerable fluctuations over the first quarter of 2018
- When the month of January began in Hosur, gold was priced at Rs.3,002 per gram.
- Demand was very weak during the first week, which caused gold prices to drop to Rs.3,001 per gram - the month’s lowest rate.
- The subsequent days saw gold prices rise consistent as the US dollar weakened amid poor equity market conditions.
- Gold prices improved over the next few days, albeit with considerable fluctuations, as investors took advantage of a shaky US dollar.
- The 20th and the 21st saw gold rates rise up to Rs.3,084 per gram - the month’s highest rates as demand was on the rise.
- Over the remaining days of the month, gold prices consolidated as demand slowed down.
- When the month ended, gold prices were recorded at Rs.3,045 per gram.
- Gold price in Hosur inclined by 1.43% this month because of a strong demand seen during the third week.
Gold Rate Trend in Hosur for February 2018:
- February’s trading began with gold prices dropping down to Rs.3,040 per gram on the first day.
- Gold rate in Hosur held steady for the first seven days before a steady dollar pushed prices down to Rs.3,003 per gram - the month’s lowest rates.
- However, gold demand increased during the end of the third week as wedding season was approaching. This caused gold to trade at a consistently high price for a few days.
- On the 14th, gold traded at a monthly high figure of Rs.3,1,03 per gram before dropping down once demand flatlined,
- For the remainder of the month, gold prices consolidated as demand failed to pick up. The month ended with gold trading at Rs.3,046 per gram - a Rs.6 change from the first day’s rates.
- This month saw a marginal change in price trends with the recorded difference holding at just 0.19%.
Gold Rate Trend in Hosur for March 2018:
- March’s trading was relatively better compared to that of February with prices peaking towards the final half of the month.
- On the 1st of March, gold was priced at Rs.3,043 per gram, which rose to as high beyond the Rs.3,080 limit as demand surged.
- However, the US dollar consolidated its loses, which pushed gold rate in Hosur down for a few days.
- As the dollar’s gain remained steady towards the third week, gold rates went down to a monthly low figure of Rs.3,030 per gram on the 19th.
- Gold demand rebounded the subsequent week as various changes in the US dollar dynamic brought about an increase in purchases.
- The 24th and the 25th saw gold trade at Rs.3,105 per gram - the month’s highest rates - as fears of a trade war pushed the US dollar down. This, in turn, caused safe haven demand to increase and gold prices in Hosur rose as a result.
- Gold was priced at Rs.3,072 per gram when the month ended, recording a 0.95% incline over the course of the month’s trading sessions.
Gold Rate Trend in Hosur 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.3,030 per gram on 18 and 19 November||Rs.3,015 per gram on 30 and 31 December|
|Lowest price||Rs.2,997 per gram on 6, 27, 30, and 31 October||Rs.2,974 per gram on 6 November||Rs.2,903 per gram on 13 December|
Gold Rate Trend in Hosur for October 2017:
- The month began with the yellow metal trading at Rs.3,040 per gram on the 1st amid firm trend overseas.
- However, possibilities of an interest rate hike by the US Federal Reserve resulted in the dollar rising against a basket of other currencies. This led to gold rate in Hosur dropping to Rs.2,997 per gram on the 6th.
- Domestic demand from jewellers and retailers surged with the festive season around the corner. This led to prices rising to Rs.3,027 per gram on the 9th.
- Gold rate in Hosur hit their highest recorded monthly figure of Rs.3,059 per gram on the 14th with strong local demand amid the positive global trends.
- On the 20th, with the US dollar recovering from the previous days’ losses, bullion rates plunged to Rs.3,026 per gram.
- The strong US dollar index coupled with firmer equities brought about by speculating on the possible Fed rate hike during the quarter led to gold rates closing at Rs.2,996 per gram on the last day. This was also the lowest recorded monthly figure in the city.
- Hosur witnessed gold prices declining by 1.41% amid the poor global cues during the month.
Gold Rate Trend in Hosur for November 2017:
- Trading commenced for the month with the bullion priced at Rs.2,974 per gram on the 1st with declining demand for the metal.
- With the dollar gaining against other apex currencies amid the well-performing equities, the gold price in Hosur plunged to Rs.2,974 per gram on the 6th.
- The geopolitical crisis in the US and the Korean Peninsula resulted in an increased safe-haven demand around the world. This led to gold rates rebounding to Rs.3,015 per gram on the 10th.
- Strong global cues coupled with an increased domestic demand from local jewellers, industries and retailers resulted in gold being priced at Rs.3,030 per gram on the 19th.
- However, with the US tax reform plan being produced in the US Senate by the US President, the dollar regained lost ground. This resulted in gol rate in Hosur plunging to Rs.3,009 per gram on the 28th.
- When trading ended for the month, the precious metal was recorded trading at Rs.2,998 per gram amid the poor trends overseas and Hosur recorded an incline of 0.713% in the bullion trade during the course of the month.
Gold Rate Trend in Hosur for December 2017:
- Trading opened in Hosur with the yellow metal prices holding at Rs.2,982 per gram following a decline in demand from jewellers, retailers and industries amid poor global cues.
- The 5th witnessed gold rates plunging to Rs.2,968 per gram after the US dollar rose against the basket of other emerging currencies with the approval of the landmark US tax reform plan.
- The strong dollar performance coupled with gaining equities resulted in prices declining considerably during the month.
- Gold was recorded trading at Rs.2,908 per gram on the 12th before plummeting to a monthly low of Rs.2,906 per gram the next day after investors refrained themselves from making purchases ahead of the Federal Reserve meeting.
- However, the dollar lost its sheen following the Fed rate hike, thus, pushing demand higher for the safe-haven metal. Gold was recorded trading at Rs.2,933 per gram on the 19th.
- With investors gravitating towards safe-haven assets such as the bullion to hedge against the tax system overhaul concerns, gold rate in Hosur rose to Rs.2,956 per gram on the 23rd.
- A decline in the Asian stocks following the new tax cuts resulted in the dollar and equities losing in the global markets.
- Strong trends overseas coupled with an increased domestic demand resulted in the bullion being priced at Rs.3,015 per gram on the 31st, and Hosur registered an incline of 1.10% in gold rates during the month of December.
Gold Rate Trend in Hosur 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 Hosur for July 2017:
- Gold trading in July opened at Rs.2,950 per gram for 24 karat gold.
- But, prices remained on the weaker side despite the escalation between the US and North Korea ruled the market.
- Local demand seemed to worsen rather than improve despite international demand remaining on the higher side.
- Gold prices in Hosur had gone as low as Rs.2,875 per gram by the end of the 9th and hit the month’s lowest rate of Rs.2,796 per gram on the 12th of July.
- The implementation of GST rules led to demand remaining sluggish for much of the month. Rates, however, picked up slightly to reach Rs.2,869 per gram by the 20th of the month.
- Over the final 10-odd days of the month, gold rates in Hosur picked up slightly due to an increase in demand to end at Rs.2,925 per gram.
- Despite a late flourish, gold rates in Hosur fell by 0.84% for this month.
Gold Rate Trend in Hosur for August 2017:
- Gold performed significantly better as the effects of GST slowly wore off and as markets returned to normalcy.
- When the month began, gold rates in Hosur were holding at Rs.2,926 per gram.
- Due to demand being on the sluggish side, gold rates went down to Rs.2,899 per gram on the 5th of August.
- However, rates recovered from then on as local demand picked up after it received positive reinforcements from the international market.
- The metal traded mostly at Rs.2,977 per gram for much of the second week but crashed after the greenback showed consistent improvements.
- Domestic demand overpowered the US dollar value and gold rates in Hosur reached a high of Rs.2,999 per gram on the 29th of August.
- On the final day of this month, gold was trading at Rs.2,971 per gram.
- Overall, there was a 1.76% increase in gold rates this month, as the bullion industry recovering from post-GST stupor.
Gold Rate Trend in Hosur for September 2017:
- In September, gold prices in Hosur gained to provide continuity to the trend set in August.
- North Korea’s most biggest underground nuclear test was the highlight of this month, which consequently caused major US trade exchanges to hemorrhage money.
- On the 1st of September, gold was priced at Rs.2,992 per gram. Rates increased over the subsequent days and hit a monthly high rate of Rs.3,102 per gram on the 8th of the month.
- This increase was due to the escalation of the conflict between North Korea and the United States.
- The greenback, however, made a comeback over the second half of the month and regained some of its lost ground.
- Gold demand remained stable more or less over the final stretch of the month and the metal traded at Rs.3,040 per gram on the final day of the month.
- Price trends saw an increase of 1.50% this month, thanks to festive demand and positive cues brought about by a weak US economy.
Gold Rate Trend in Hosur 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 Hosur for April 2017
- Rate of gold in Hosur varied throughout the month due to market fluctuations in the rate of gold. This yellow metal opened at Rs.2,956 per gram and traded steadily at this rate until 3 April.
- Due to marginal increase in the demand for gold from domestic markets, the rate of gold increased to Rs.2,987 per gram on 4 April.
- Demand from markets were quite low due to a rise in the value of the U.S. dollar, resulting in the value of gold dropping marginally thereafter.
- The rate of gold plunged to monthly low of Rs.2,954 per gram on the 8 and 9 of April before marginally recovering thereafter.
- As the value of the U.S. dollar fell due to political situation, the rate of gold increased to trade at Rs.3,040 per gram on 15 and 16 of April which was also the highest at which gold was priced for the month of April in Hosur.
- Rate of gold was steady at Rs.3,035 per gram on 22 April and 23 April.
- On the last two days of the week, gold was priced at Rs.2,984 per gram recording an incline of 0.94%.
Gold rate trend in Hosur for May 2017
- There were a number of variations noted in the rate of gold throughout the month of May due to political situations such as Emmanuel Macron’s win in the French Presidential Elections.
- On the first day of the month, gold was priced at Rs.2,984 in Hosur but reduced the next day to Rs.2,952 per gram as a result of declining demand.
- On 9 May, the price of this yellow metal decreased quite significantly to trade at Rs.2,904 per gram. However, this price was not sustained and the rate of gold declined even further.
- Due to a reduction in the demand for this metal along with a rise in the value of the U.S. dollar, the price of gold fell to a monthly low of Rs.2,888 per gram on 15 May.
- The rate of this precious metal was steady at Rs.2,954 per gram on 19 and 20 May due to relatively stable demand.
- Due to a demand for bullion, the rate of gold increased significantly to trade at Rs.2,979 per gram on 27 and 28 May.
- On the last day of the month in Hosur, gold was priced at Rs.2,968 per gram, recording a decline of 0.53% in the price of this metal.
Gold rate trend in Hosur for June 2017
- Gold was priced at Rs.2,977 per gram on June 1 in Hosur and fell the next day to be priced at Rs.2,965 per gram due to a fall in the demand.
- The rate of gold rose to be priced at Rs.3,006 per gram on June 5 and continued to rise thereafter until June 8.
- There were a number of variations noted in the rate of this metal due to market factors and mixed cues.
- Rate of this metal varied between Rs.2,983 per gram on 12 June to Rs.2,949 per gram on 19 June.
- Due to the impending implementation of GST, there was a significant impact on the rate of gold from markets, both domestic as well as international.
- On the last day of the month of June, gold was priced at Rs.2,962 per gram in Hosur, recording a decline of 0.50% in the price of this metal.
Gold Rate Trend in Hosur 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.2,994 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 & 26th February||Rs.2,994 per gram on 1st March|
|Lowest price||Rs.2,821 per gram on 1st January||Rs.2,940 on 3rd February||Rs.2,906 per gram on 15th of March|
Gold Rate Trend in Hosur for January 2017:
- Tamil Nadu’s city of Hosur saw a similar to that of most Indian cities, wherein price trends were on the positive side in the first two months but fell in the third.
- When trading began in Hosur for January, gold was trading at Rs.2,821 per gram and seemed to increase as US dollar rate was valued at a much lower rate.
- In fact, the trend is Hosur was so positive that the rate seen on 1st was the lowest gold price for the month.
- Though there were plenty of fluctuations along the way, gold prices never looked like they would decline.
- Prices hit their highest on 24th, when the metal was trading at RS.2,974 per gram.
- The month ended on a slight low as bullion rates had gone down to Rs.2,942 per gram.
- January saw gold price trends change by 4.28% as opposed to the negative trend from Q4 2016.
Gold Rate Trend in Hosur for February 2017:
- Gold price trends dropped off considerably in February but still maintained a positive rate growth.
- The month began with gold selling at Rs.2,957 per gram but decreased to Rs.2,940 per gram on 3rd.
- However, rates seemed to pick up after that as prices went up for the next few days before fluctuating for most part of the second and third week.
- Gold rates reached their highest on 25th and 26th to reach Rs.3,014 per gram but trailed off at the end of the month to close at Rs.3,001 per gram.
- February, in all, saw gold price trends change by 1.49% - a good 2.79% less than that of January.
Gold Rate Trend in Hosur for March 2017:
- The last month of 2017 quarter one saw gold prices decline owing to a number of global and domestic factor.
- This is the time when US Federal Reserve decided to hike the interest rate, which brought about a fall in bullion demand.
- On 1st of March, gold was trading at Rs.2,994 per gram - Rs.7 drop from the last day of the previous month.
- Gold prices endured some tough days as they went down to as low as Rs.2,906 per gram but increased slightly over the next few days.
- Bullion demand rallied to end the month at Rs.2,942 per gram and clocked a decline of 1.73% for March 2017.
- Overall, gold price trend average remained at an average of 1.34% for the quarter ending in March.
|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 & 2nd October||Rs.3,166 per gram on 9th November||Rs.2,892 per gram on 2nd December|
|Lowest price||Rs.3,018 per gram on 17th October||Rs.2,932 per gram on 25th November||Rs.2,767 per gram on 22nd December|
Gold Rate Trend for Hosur in October 2016
- The price of gold in Hosur decreased over the month due to declining demand for gold.
- Gold was priced at Rs.3,152 per gram on 1st October, with gold trading strongly due to consistent demand from the industrial sector and high demand from jewellers.
- Demand fell as U.S. markets rose on the possibility of a U.S. Fed rate hike in the near future, which put investors off gold purchases.
- Local demand was strong due to the wedding season, which kept prices steady in spite of reducing demand from the industrial sector.
- Prices fell to a monthly low of Rs.3,018 per gram on 17th October as stricter scrutiny of gold purchases led to investors being wary of buying the metal.
- Prices recovered towards the end of the month, trading at Rs.3,065 per gram on 31st October, though prices fell by 2.76% overall.
Gold Rate Trend for Hosur in November 2016
- The price of gold in November continued to drop as markets fluctuated wildly following the declaration of the U.S. presidential election results.
- Gold was priced at Rs.3,075 per gram on 1st November, rising marginally as markets fell as the election results were declared.
- The demonetisation policy announcement led to India markets collapsing, as gold traded at Rs.3,166 per gram on 9th November, the highest for the month.
- Demand for gold began to dip as a currency shortage affected large parts of the country, reducing retail demand for gold.
- The recovery of the U.S. markets and strong data from labour markets led to the U.S. Dollar rising, which further curtailed demand for gold.
- Prices fluctuated towards the last week before settling at Rs.2,938 per gram on 30th November to register a loss of 4.45% during the month.
Gold Rate Trend for Hosur in December 2016
- Gold prices were high during the initial week before dropping due to lowered demand.
- Gold traded at Rs.2,890 per gram on 1st December as retail and industrial demand was stable.
- The festive season led to a drop in demand as markets were bolstered by increased spending, which decreased demand for bullion.
- Gold traded at Rs.2,767 per gram on 22nd December as prices fell to a quarterly low due to declining demand from Asia.
- Prices recovered marginally as the month ended, with gold trading at Rs.2,821 per gram on 31st December to record an overall loss of 2.38% for the month.
|1st day||Rs.3,130 per gram||Rs.3,201 per gram||Rs.3,184 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.3,210 per gram on 5th August||Rs.3,197 per gram on 8th September|
|Lowest price||Rs.3,119 per gram on the 19th and 25th of July||Rs.3,142 per gram on the 31st August||Rs.3,120 per gram on 1st September|
Gold Rate Trend of Hosur in July 2016
- Gold traded at Rs.3,130 per gram on the 1st of July and increased consistently until the 4th after which they began fluctuating.
- Prices were hardly stable over the course of the month, but the fluctuations led to the rate of gold falling to Rs.3,119 per gram on the 19th.
- Fluctuations continued until the end of the month, and the precious metal closed July at Rs.3,214 per gram.
- The overall increase in price over the course of the month was 2.68%.
Gold Rate Trend of Hosur in August 2016
- The rate of gold per gram on the 1stt of August was recorded at Rs.3,201.
- Prices fluctuated over the course of the month, with stability being achieved only on few days.
- The highest recorded rate of gold in the month of August was on the 5th when they soared to Rs.3,210 per gram.
- The lowest recorded rate during the month was on the last day of trading, when they touched Rs.3,142 per gram.
- The overall decline in prices between the first and last day of August was 1.84%.
Gold Rate Trend of Hosur in September 2016
- Gold traded at Rs.3,120 per gram on 1st September, after which they continued to increase consistently until the 8th when they hit Rs.3,195 per gram – the highest recorded rate in the month.
- Prices then fluctuated for a few days after which they began declining gradually until the 18th
- A minor decline on the 15th then saw prices settle at Rs.3,135 until the 18th.
- Consistent increases were recorded between the 20th and 25th of September after which prices decreased gradually until the 28th.
- Gold closed the month trading at Rs.3,176 per gram and the overall decline in prices between the first and last day of the month was a mere 0.25%.
|1st day||Rs. 2, 989 per gram||Rs. 3,154 per gram||Rs.2,934 per gram|
|Last day||Rs. 3, 154 per gram||Rs. 3, 018 per gram||Rs.3,105 per gram|
|Highest price||Rs. 3, 154 per gram on 30th April, 2016||Rs. 3, 155 per gram from 8th- 11th May, 2016||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2, 989 per gram from 1st-11th April, 2016||Rs. 3, 003 per gram on 30th May, 2016||Rs.2,916 per gram on 3rd June|
|Trend||Prices rose||Prices fell||Rise|
|Change||+5.52% increase||-4.31% decrease||+5.82%|
Gold Rate Trend in Hosur in April 2016
- The price of gold stayed at Rs. 2, 989 due to the ongoing jewellers’ strike.
- With the strike being called off, demand for gold slowly increased, driving up the price marginally.
- International markets began to show signs of a slump in prices as the US Fed indicated a hike in interest rates as soon as June, leading to the Dollar gaining value and pushing gold prices down.
- Gold fell by a significant margin but rallied to close at Rs. 3, 154.
Gold Rate Trend in Hosur in May 2016
- Concerns regarding the impending rate hike plagued the gold market as currencies strengthened internationally.
- Gold prices fell from their earlier high of Rs. 3, 154.
- The Rupee began to strengthen on positive currency data from the US, further weakening the gold price.
- Gold reached a low of Rs. 3, 003 but rallied to close out the month at Rs. 3, 018, resulting in a drop of 4.31% of its value over the month.
- Prices recovered marginally, closing at Rs. 2, 960, a decline of 5.09%.
Gold Rate Trend of Hosur in June 2016
- There were a number of minor fluctuations noted in the price of gold as the month progressed.
- An increase of 5.82% was seen in gold rate towards the end of the month as compared to the beginning.
- Although there was an increase in the price of gold due to economic uncertainty, demand was also quite high.
- The highest rate of gold during the month was seen on the 27th of June at Rs.3,180 per gram.
|1st day||Rs. 2, 601 per gram||Rs. 2, 775 per gram||Rs. 3, 068 per gram|
|Last day||Rs. 2, 775 per gram||Rs. 3, 068 per gram||Rs. 2, 989 per gram|
|Highest price||Rs. 2, 789 per gram on 27th and 28th Jan, 2016||Rs. 3, 068 per gram from 27th -29th Feb, 2016||Rs. 3, 093 per gram from 12thst- 17th March, 2016|
|Lowest price||Rs. 2,601 per gram from 1st- 3rd Jan, 2016||Rs. 2, 775 per gram on 1st and 2nd Feb, 2016||Rs. 2, 989 per gram from 22nd -31st March, 2016|
|Trend||Prices rose||Prices rose||Prices fell|
|Change||+6.68% increase||+10.55% increase||-2.57% decrease|
Gold Rate Trend in Hosur in January 2016
- The price of gold was Rs. 2,601 at the start of January, 2016.
- With the wedding season resulting in high demand by jewellers, prices rose.
- High demand from domestic markets and a strong rally internationally kept prices steady.
- The price rose in the last week of the month, resulting in gold gaining 6.68%.
Gold Rate Trend in Hosur in February 2016
- Jewellers continued to push up prices due to high demand during the wedding season.
- International prices rose on the back of a weak Dollar and volatile market scenario.
- Gold opened at Rs. 2, 775 for the month and prices rose marginally throughout the month.
- Strong demand by jewellers led to gold opening at Rs. 2, 756 in February.
- The price stayed high due to constant demand from domestic and international markets.
- Prices dipped on low demand for a short period but rallied to close at Rs.3, 068, an increase of 10.5%.
Gold Rate Trend in Hosur in March 2016
- The price of gold was at a high of Rs. 3, 068 at the start of the month, continuing the trend of high demand from both international and domestic markets.
- Protesting against a government taxation policy, jewellers across the country went on an indefinite strike.
- The strike affected demand as jewellers completely halted production.
- The price remained constant due to lack of demand.
- Prices fell towards the end of the month due to poor demand, coupled with a slump in international gold prices.
- Gold prices closed at Rs. 2, 989, a fall of 2.57%.
The 24 karat variant of gold that is regarded as the purest variety is also the softest variant of the precious metal and in its own weight, isn’t worth for crafting jewellery. The primary reason being that it is too soft for daily use. 24 karat gold is normally used in conjunction with other metals such as copper, platinum, bronze and others to produce different shades of gold that have some amount of weight and durability required in jewellery. 22 karat gold is also a variant that is used for jewellery and for plating conducting metals used in electronics. 18 karat and 14 karat gold are lesser used variants, finding their applications in mostly commercial uses though usability in jewellery is not unheard of. International market trends, import duties and various government cess affect the rates of gold in Hosur, along with the economic law of supply and demand. The difference in the international rates and the local rates in Hosur stays more or less marginal though.
24 karat gold
24 karat gold in all its purity, as told above, is unsuitable for jewellery. However this purity becomes an advantage when it comes to investing in gold. In March 10, 2010, 24 karat gold weighing a gram had a list price of INR 2968. This price is in accordance with the international rates and the duties and taxes added. Any physical form of this 24 karat gold, like coins and bars will cost marginally higher per gram. That marginal cost mostly includes making charges and minting costs. After a 5 year low in the rates of gold in 2015, the beginning of 2016 started off with gold rates stabilising and going back up to their former stature. There has been an increase of around INR 400 for the cost of one gram of 24 karat gold since January 2016 and post the hiatus of the US Federal Reserve taxation, it is expected gold rates will continue to climb. August 2015 saw the lowest price of gold at INR 2510 for one gram of 24 karat purity.
22 karat gold
With a 92% purity, 22 karat gold is preferred by people who want to invest in gold but do not find the 24 karat gold within their specific economic means. 22 karat gold is more affordable than the 24 karat variant because of the lesser purity and it also involves lesser fractioning in alloys when used in jewellery. One gram of 22 karat gold had a rate of INR 2760 per gram in Hosur as of March 10, 2016. Being the lesser sibling of 24 karat gold, 22 karat gold also faced the same falling rates in 2015. In August 2015 a gram of 22 karat gold was trading at INR 2350 per gram and subsequently, in January 2016, this variant of gold appreciated to INR 2374 per gram.
Investment in Gold in Hosur
Of late, a government introduced gold scheme has intentions of monetising gold and the same is available through major and minor banks alike across the nation. Even then, people have not stopped buying gold in Hosur. Popular options for investing in gold in Hosur can include the traditional method of buying jewellery and ornaments and also the more modern method of investing in paper gold. The frequent methods for doing so are mentioned below.
Commercial and Personal Gold
Commercial and personal gold can include coins, gold purchased for industrial purposes and jewellery. Herein, the value of physical gold is placed on a pedestal and this is the form of gold that is most accepted in India and, so to speak, in Hosur.
Gold through Market Trade
Gold in its physical form might not present a very feasible option for many people. For that specific reason, gold ETFs and bonds are available online with most banks in Hosur. Apart from that, people can also trade in gold on the National Stock Exchange, but that would require a considerable amount of funds.
Also Check Gold Price in NearBy Cities of Hosur
- Also Check: Gold Rate in Tamil Nadu
Read more on Gold
- How Does Gold Investment Affect Indian Economy?
- Things To Remember Before Buying Gold Jewellery
- 10 Things You Need To Know About Gold Monetisation Scheme
- What Do The Markings On Gold Mean
- Which One Should You Buy Gold Coins Or Gold Bars