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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.
Gold Rate Trend in Karur for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,922 per gram||Rs.4,169 per gram||Rs.4,274 per gram|
|Last Day||Rs.4,074 per gram||Rs.4,368 per gram||Rs.4,253 per gram|
|Highest Price||Rs.4,125 per gram on 8 January||Rs.4,394 per gram on 25 February||Rs.4,153 per gram on 18 March|
|Lowest Price||Rs.3,919 per gram on 2 January||Rs.4,127 per gram on 6 February||Rs.4,111 per gram on 20 March|
Quarterly Gold Rate in Karur from January 2020 to March 2020:
- The price of gold in Karur in January was Rs.3,922 per gram on the first day which quickly slipped to the lowest price in the whole of the month by the second day, at Rs.3,919 per gram. However, it picked up momentum by the second week, rising steeply to its highest price for the month at Rs.4,125 per gram. However, it slipped again by the end of the month to Rs.4,074 per gram. The overall trend this month was a healthy incline of 3.87%. This can be attributed to the increase in the sheen of precious metals as a safe-haven investment with the uncertainty around the world in equity markets due to the US-China trade war and the US-Iran conflict, not to mention the developing coronavirus epidemic in China that also hit the Asian stock markets.
- In February, gold opened at Rs.4,169 per gram and closed at Rs.4,368 per gram. Although it slipped to Rs.4,127 per gram by the second week, it quickly climbed up to the highest price of the month by the end at Rs.4,394 per gram. The trend was a definite upward one with prices increasing by 4.77%. This was on the back of the coronavirus epidemic which had spread beyond the borders of China to more than 180 countries, affecting stock market and economies worldwide. There was a brief pull back towards equity markets with an economic stimulus package released by the Chinese central bank and the dollar holding firm, but this was only temporary as the virus continued its death march through countries around the world. The safe haven appeal of precious metals continued to increase with the stock markets plummeting and fears of a global recession increasing.
- The month of March, however, saw a general decline of –0.49% overall with gold prices starting at Rs.4,274 per gram and ending at Rs.4,253 per gram. The highest price in the month was Rs.4,153 per gram in the third week but it quickly plummeted to Rs.4,111 within 2 days. This was the month that saw most countries around the world announcing stringent lockdowns that negatively impacted the economy. This resulted in the bullion market too taking a hit as physical purchasing of gold and trading declined considerably. With fears of a global recession, even safe-haven investments such as gold took a hit as more investors chose to liquidate their assets and keep cash in hand instead.
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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