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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 price in Hosur
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.
Gold Rate Trend in Hosur for April 2016 to June 2016 (per gram of 24 karat gold)
|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.
Gold Rate Trend in Hosur for January 2016 to March 2016 (per gram of 24 karat gold)
|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%.
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