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Gold Price In Kochi
Kochi, the second largest city in Kerala has long been a centre for trade and commerce, having been home to travellers for a major portion of the Middle Ages. Constant interaction with outsiders enabled it to grow prosperous, with its spice trade playing a key role. All this growth provided the city with sufficient money, with gold becoming a source to buy and sell goods. This penchant for gold has stayed strong in Kochi, with it accounting for a major portion of gold consumed in the country. Today, gold is viewed as a safe investment, with a number of its residents purchasing it on a regular basis.
Gold rates in Kochi closely reflect international gold trends, with a number of factors impacting prices. Jewellery accounts for a major portion of gold demand in the city, with coins, bars, ETFs and gold funds being other popular investment options.
Gold Rate Trend in Kochi for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,806 per gram||Rs.3,964 per gram||Rs.4,074 per gram|
|Last Day||Rs.3,964 per gram||Rs.4,153 per gram||Rs.3,969 per gram|
|Highest Price||Rs.3,964 per gram on 7 January and 31 January||Rs.4,174 per gram on 25 February||Rs.4,242 per gram on 7 and 8 March|
|Lowest Price||Rs.3,806 per gram on 1 and 2 January||Rs.3,927 per gram on 6 and 7 February||Rs.3,885 per gram on 18 and 20 March|
Quarterly Gold Rate in Kochi from January 2020 to March 2020:
- The price of gold on the first day of January was Rs.3,806 per gram which rose up to Rs.3,964 by the last day of the month. In between, the price of gold spiked to the highest of Rs.3,964 per gram by the end of the first week but had its lowest price of Rs.3,806 per gram on the first two days of the month. Overall, the trend was an incline of 4.15% throughout the month. The strong prices were driven by increasing tensions between the US and Iran which led to increased appeal for gold as a safe-haven investment during volatile times. Meanwhile, the US-China trade war was continuing in the background. Amidst all this was the developing coronavirus epidemic that was spreading through China, leading to cautious investments in equities and more enthusiastic investments in the bullion market.
- In the month of February, gold opened at Rs.3,964 per gram and closed at Rs.4,153 per gram which was a substantial incline of 4.76% overall. There were dips in between, to Rs.3,927 per gram in the first week of the month which quickly recovered to rise to the highest price of Rs.4,174 per gram by the middle of the last week. By this time, the dollar had hit a new low driven by the volatility caused by the coronavirus which had spread beyond China to more than 180 countries across the world, wreaking havoc on the stock markets and the economy. There was a high in the stock markets due to the economic stimulus that were unveiled by China’s central bank which reassured investors, leading to a dip in the sheen of gold as a safe haven investment. However, this was short-lived as the coronavirus soon spread to pandemic proportions, leading to more of its appeal as a safe-haven investment.
- In the month of March, gold saw a steady decline with a percentage of –2.25% overall. It opened at Rs.4,074 per gram and closed at Rs.3,969 per gram. It had its highest spike in March during the end of the first week and the beginning of the second week at Rs.4,242 per gram. However, it declined again to the lowest price of Rs.3,885 per gram by the third week of the month. This was the time that even the safe haven appeal of precious metals dipped following the lockdown around the world, leading to investors choosing to liquidate their assets in return for cash as fears of a global recession spread throughout.
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Gold Investment Avenues In Kochi
Residents of Kochi consider gold an ideal investment tool, thanks primarily due to its global demand and ease of purchase. The following investment modes are popular in the city.
- Over-the-counter – Over-the-counter purchases of gold account for a major chunk of gold purchased in Kochi, with gold jewellery, coins and bullions readily available. Jewellery is perhaps the most popular mode of buying gold, with the city home to some of the biggest jewellers in the country. Gold coins and bullions can be purchased from dealers and banks across the city, with the local price being determined by international trends. Different budgetary requirements can be met in the city, with shops catering to multiple budgets. Gold sales peak during festival season, with Diwali and Onam being good times to purchase it.
- Market trade – Market trade of gold has gained prominence in the last few years, with Exchange Traded Funds, E-gold and futures contracts providing an opportunity to indulge in trade. Thanks to their good returns and ease of trading, gold ETFs are viewed as safe and simple, with an option to trade them on the Mumbai Stock Exchange. The National Spot Exchange permits the sale and purchase of E-gold in the country. Futures contracts can be a good option for people who are looking to own gold in the future, but are subject to market fluctuations.
- Also check: Gold Rate In Kerala
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