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Karur, located in Deccan India or South India, is a town in Tamil Nadu. This town is well known for its industries on textiles and shares a love for gold that is ubiquitous to India. Karur has a rich history in which it was ruled by the Chera, Madurai Nayaks, Hyder Ali and the British, making it quite a central location of trade and business, reaffirming its prominence in gold, be it in jewellery or commercial applications. Gold rates in this town are quite healthy owing to the flourishing industries in the area, but are also related to the rates prevalent in the international markets. As with many Indian towns and cities, gold investment through sale or otherwise gains the forefront in Karur during many festivities, especially during Deepawali and Dussehra.
Gold price in Karur
There are two variants of gold which flood the market, the 24 karat and the lesser sibling 22 karat. Karur serves as the administrative centre of the district and being an industrial focal point, also attracts quite a lot of businessmen and traders and gold trade forms an important factor in the business. Though 24 karat and 22 karat are the widely used variants, lesser purities of 18 karat and 14 karat are also sold, either for jewellery or commercial uses. Demand and supply play an important role in the price of gold, along with market trends, duties pertaining to import rates and the cess applied by the government. Overall, the price of gold in Karur stays marginally the same to the international rates.
24 karat gold
The purest variant of the yellow metal available in the market, it is also the softest and thus can’t be used on its own in making jewellery. 24 karat gold is always used in conjunction with other metals when it is being used for the purpose of making jewellery. That hardens the metal and renders it usable for daily wear and tear. 24 karat gold though is an ideal solution for those looking to invest in gold. As of March 10, 2010, a gram of gold of the 24 karat purity would cost INR 2968. This is actually a gram of the pure metal as indicated on banks’ charts. When purchased offline in gold coins, bars or jewellery, this rate will fluctuate. There had been a 5 year low in the rates of gold in 2015 and 2016 started off with gold rates slowly making their way back up. One gram of 24 karat gold has increased by around 400 rupees since January 2016 and it is expected that the rates will just keep on appreciating. The lowest value of gold was probably during the month of August 2015 wherein it was INR 2510 for one gram.
22 karat gold
Though a lesser sibling to the 24 karat gold and preferred less by aristocrats, it is the version of gold that is more feasible for buying in terms of jewellery and coins. This particular variant has a 92% purity and is marginally more affordable than its 24 karat sibling. Purchasing one gram of 22 karat gold in Karur would cost around INR 2760 as of March 10, 2016. Since it is the same metal, trends of falling rates as observed for 24 karat gold were also present for 22 karat gold. August 2015 saw the lowest rate of 22 karat gold at INR 2350 per gram and the beginning of 2016 saw the prices of 22 karat gold open at INR 2374 per gram.
Gold Rate Trend in Karur 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.2,934 per gram|
|Last day||Rs. 3,069 per gram||Rs. 2,914 per gram on 31st of May||Rs.3,013 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.2,916 per gram on 3rd June|
Gold Rate Trend of Karur in April 2016
- Gold prices started low at Rs. 2,890 per gram due to the decline in demand.
- This month’s gold rate fluctuated but managed to climb.
- The highest recorded rate was on the 30th of April at Rs.3,069 per gram.
Gold Rate Trend of Karur in May 2016
- Gold prices started at Rs. 3,069 per gram and rose to Rs. 3,076 on May 2nd.
- Rising expectations of a U.S. Federal Reserve Interest rate hike and a stronger dollar pushed gold rates down.
- Gold traded at Rs. 2,914 on the 31st of May, a solid decline of 5.05%.
Gold Rate Trend of Karur in June 2016
- Britain’s exit from the European Union resulted in economic uncertainty throughout the gold causing investors to purchase gold heavily which in turn resulted in the increase of gold prices.
- There was a steady increase noted in the price of gold with few fluctuations seen throughout the month.
- The highest rate at which gold traded at was Rs. 3,180 per gram on the 27th of June.
- A rise of was seen in the price of gold at the end of the month with the lowest price of gold being Rs.2,916 per gram on 3rd June.
Gold Rate Trend in Karur for January 2016 to March 2016 (per gram of 24 karat gold)
|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 and 29th of February||Rs. 2,991 per gram on 8th to 10th 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|
|Trend||Increase in prices||Increase in prices||Decrease in prices|
Gold Rate Trend of Karur in January 2016
- At the start of the month, gold traded at Rs. 2,538. Prices stayed relatively steady at the beginning of the month.
- Owing to global demand, prices were moving up an inclined path.
- The end of the month saw the highest increase in demand when gold traded at Rs. 2,719 per gram on 28th January.
Gold Rate Trend of Karur in February 2016
- Gold continued the rising trend into February trading at Rs. 2,720 per gram.
- Prices rose at the end of the month but were not free from fluctuations.
- The highest recorded prices for the month were on the 25th and 29th of the month at Rs. 2,984.
- For the month of February, gold rose by 9.70%.
Gold Rate Trend of Karur in March 2016
- Due to the decline at the end of February, March gold rates started at Rs. 2,976 per gram.
- The jeweller’s strike that was called for nationwide led to the rates being constant with very minor changes.
- The lowest price for the month was recorded towards the end on 28th March at Rs. 2,874 per gram.
- The month experienced a decline of 2.85%.
Investment in Gold in Karur
Sovereign gold bonds opening up in March and new gold schemes being offered by the government have opened up new avenues for people when it concerns investing in gold. Even if it is not going to be the more modern method, ornaments and jewellery made of gold are often passed down from generation to generation in Karur and that also counts as an investment that runs through the family. The options for investing in gold in Karur are mentioned below.
Commercial and Personal Gold
Ornaments and jewellery in Karur will never lose their yellowish lustre as people throng the shops of jewellers when it comes to buying gold for the personal and aesthetic reasons. Be it a wedding season or some major festivity around the corner, gold sales peak during such times and it is the next best thing to be considered auspicious after turmeric and the waters of the Ganges. Gold purchased from banks can be in form of coins and might be a bit cheaper than coins available at jewellers. In Karur, avenues for buying gold over the counter are a dime a dozen.
Gold through Market Trade
Sometimes one might have the funds but not the space to store gold that one invests in. Gold ETFs, future contracts and paper gold are a few of the options available with people in Karur to invest in gold. That basically allows them to own certificates that can be offered in return for the market value of gold. Even Karur Vysya Bank offers bonds in sovereign gold and that makes it all the more easier for an existing customer to invest in gold.
Also Check Gold Price in NearBy Cities of Karur
- Also Check: Gold Rate in Tamil Nadu
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