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Gold Price in Madurai
In India, we purchase and use gold primary in the form of jewelry. But the classic Indian mindset is changing and we are viewing gold in a different way than just as an expensive ornament – as an investment, that can be traded for a profit. In Madurai, a large tier-2 city in Tamil Nadu, the demand and awareness of gold as a tradable commodity is increasing.
Investing in Gold in Madurai
One can make the following investments in Gold in Madurai today:
Gold coins are the most common form of investment in Madurai, Tamil Nadu and the rest of India when it comes to gold. Gold coins can be bought easily over the counter at any gold trader, they are cheaper, smaller, come in various weights like 1 gram, 2 grams, 5 grams, 10 grams, etc. and represent smaller investments than, say, gold bullion. Fluctuations in the price of gold affect bullion and coins in the same way, and the risk and reward will be proportional to the amount of cash you invest. Gold coins are available from most gold merchants and the weightages available range from 1 gram to 500 grams.
Gold bullion is an investment in larger quantities of gold, from a certified authority, in the form of bars, tablets or standard-sized pieces, used primarily as an invested commodity. Gold bullion is generally traded in weightages over 500 grams, the most common being 1 kilo. International gold trading usually happens with gold bullion being the medium for the same, apart from gold ownership certificates. Most gold bullion is internationally tradable, depending on the authority that sells you the gold.
Jewelry and ornaments are still the largest form in which gold is bought and sold in India. When gold is shaped into ornaments and jewelry, it is sometimes mixed with an alloy to allow for greater malleability, which results in the loss of some purity. Since there are festivals and events (like marriages) which have gold as their central theme, most Indians prefer to buy gold in the form of jewelry and ornaments. This is to increase the utility of the asset as a gift, a daily use item and also as a means of preserving the asset value, should the need arise to sell it.
It’s vitally important to read up on the factors that affect the gold rate, such as the strength of the US Dollar, demand versus supply, international currency movements, etc.
Buying Gold in Madurai
One can purchase gold as an investment, or as jewelry from many stores and traders across the city of Madurai such as Balan Jewellery, Shanmuga Jewellers, Prince of Peace Jewel Crafts, Annam Jewellers, Joyalukkas, Tanishq, Ponnazhagu Jewellers, etc.
When buying gold in Madurai, it is highly recommended that you buy from a well-established and certified dealer. Ensure that the gold is stamped, engraved or in some way certified and determined to be real gold of whichever purity you choose – 22 karat or 24 karat. Make sure that you also get a certificate of authenticity which contains details of purity, rate on the date of purchase and the amount of gold purchased – along with the gold.
Trend of Gold Rate in Madurai for May 2017 (rates per gram for 24 karat gold)
|May 1st Rate||Rs.2,984 per gram|
|May 31st Rate||Rs.2,968 per gram|
|Highest Rate in May||Rs.2,984 per gram on the 1st May|
|Lowest Rate in May||Rs.2,888 per gram on 15th May|
May 2017 - Week 1 (1st-7th):
- As Madurai Isn't known for gold consumption, gold prices saw a decline in May 2017.
- The month began with gold priced at Rs.2,984 per gram - which also happened to be the highest gold rate for the entire month.
- From then on, prices seemed to ride the sine wave as demand was a little too flimsy.
- The 2nd gold prices fell and traded at Rs.2,952 per gram.
- On 4th, gold prices fell down to Rs.2,922 per gram.
- It was all downhill the next two days as well as prices went to Rs.2,908 per gram on the 5th and then to Rs.2,899 per gram on the 6th.
- On the last day of the week i.e., the 7th gold prices stabilised as demand picked up lightly.
May 2017 - Week 2 (8th - 14th):
- When the second week began on 8th, gold rates had appraised to Rs.2,896 per gram as there was a slight increase in demand towards the weekend.
- Gold prices lightly picked up on the 9th and traded at Rs.2,904 per gram.
- Gold prices went down on the 11th to Rs.2,889 per gram as there was little to no demand for the precious metal in the local circles.
- However, there was just a teeny bit of increase in demand on the 12th as it went up to Rs.2,892 per gram.
- After that minor increase broke the fall, gold rates went up again on the 13th, albeit by Re.1, to reach Rs.2,891 per gram.
- As a fall in the US dollar saw prices increase everywhere, prices surged slightly in the local markets on the 14th.
- When the second week of May drew to a close, gold prices were still holding at Rs.2,891 per gram.
May 2017 - Week 3 (15th - 21st):
- Like in the previous week, gold prices opened on a negative note as prices had gone down to Rs.2,888 per gram.
- On the 16th, however, gold prices surged to Rs.2,894 per gram and then to Rs.2,910 per gram on 17th as demand in the city went for the first time in half a month.
- The 18th again saw gold prices surge, but this time by a rather significant margin as they increased and traded at Rs.2,958 per gram.
- A sudden increase on the 18th was followed by a drop on the 19th as gold prices went down to Rs.2,954 per gram.
- Prices went up again on the 19th as there was some increase in local demand to reach Rs.2,954 per gram and remained unchanged on the 21st as well.
May 2017 - Week 4 (22nd - 28th):
- Gold traded at Rs.2,956 per gram on the 22nd of May.
- As demand from domestic markets poured in, gold picked up on the 23rd and traded at Rs.2,971 per gram.
- As the demand couldn’t be sustained on the 24th, prices went down to Rs.2,956 per gram and remained at the same rate on the 25th.
- As gold performed well in the bullion market, gold prices rose on the 26th and traded at Rs.2,969 per gram .
- Gold prices rose further and traded at Rs.2,979 per gram on the 27th of May.
- When the week came to an end, price of gold was holding at Rs.2,979 per gram.
May 2017 - Week 5 (29th - 31st):
- Gold rates fluctuated over the last three days of the month.
- On 29th, when trading began, gold was priced at Rs.2,977 per gram.
- Rates dropped on the last day of the week to Rs.2,968 per gram as demand in the local market wasn’t strong enough.
- In Madurai, gold closed at Rs.2,968 per gram on the 31st of May.
|April 1st Rate||Rs.2,956 per gram|
|April 30th Rate||Rs.2,984 per gram|
|Highest Rate in April||Rs.3,040 per gram on 15th & 16th April|
|Lowest Rate in April||Rs.2,954 per gram on 8th & 9th April|
April ’17 – Week 1 (1st to 9th)
- Gold prices in Madurai in the first week of April were initially stable but rose as the week progressed due to an increase in demand.
- Gold traded at Rs.2,956 per gram on 1st April, with the price remaining constant till 3rd April due to steady demand.
- Prices rose to Rs.2,987 per gram on 4th April as markets opened lower than expected, leading investors to safe haven assets like gold which pushed the price higher.
- Fluctuations in demand led to a marginal dip in price as the U.S. Dollar fell due to geo-political tensions.
- The price stabilised as the week ended, with gold trading at Rs.2,954 per gram on 9th April.
April ’17 – Week 2 (10th to 16th)
- The second week saw an increase in the price of gold as U.S. markets fell on global cues, with the U.S. Dollar also falling.
- Gold traded at Rs.2,956 per gram on 10th April, but rose to Rs.3,001 per gram on 12th April as industrial demand picked up due to a low U.S. Dollar.
- Prices continued to climb, with gold trading at Rs.3,028 per gram on 14th April as export demand also increased, with high demand volumes from Asia fuelling an increase in gold prices.
- The week ended with gold trading at a monthly high of Rs.2,040 per gram on 16th April as markets continued to perform poorly and industrial demand surged.
April ’17 – Week 3 (17th to 23rd)
- Gold opened the week trading at Rs.3,033 per gram on 17th April as demand from industry was steady.
- Prices dipped marginally due to a recovery by the markets, which led to reduced interest in gold.
- Gold traded at Rs.3,018 per gram on 20th April as Eurozone markets also rose, bolstered by positive trends.
- Prices rose marginally as the week ended due to a surge in local demand, in contrast to trends seen elsewhere, with gold trading at Rs.3,035 per gram on 23rd April.
April ’17 – Week 4 (24th to 30th)
- The last week of April saw prices fall significantly due to a decline in demand across sectors as markets recovered and global currencies were also trading at a stable level.
- Gold traded at Rs.2,998 per gram on 24th April, marking a steep fall from the previous week due to a sharp drop in industrial demand.
- The auspicious Akshaya Tritiya holiday also did not see much in the way of gold purchases, which led to a further drop in prices domestically, with gold trading at Rs.2,962 per gram on 27th April.
- A slight increase in price was observed as the month drew to a close courtesy a slight increase in industrial demand from overseas, which boosted gold prices.
- The month ended with gold trading at Rs.2,984 per gram on 30th April, registering an overall increase in price of 0.94% during the month of April.
|March 1st Rate||Rs.2,994 per gram|
|March 31st Rate||Rs.2,942 per gram|
|Highest Rate in March||Rs.2,994 per gram on 1st March|
|Lowest Rate in March||Rs.2,906 per gram on 15th of March|
March ‘17 - Week 1 (1st to 5th)
- Price of gold in the city of Madurai was not as high as expected, compared to the rates noted in other Indian cities. Gold traded at Rs.2,994 per gram on the first of March before decreasing by Rs.2 the next day.
- Rate of gold seen on the first day of the month was also the highest rate at which gold traded for the month of March in Madurai.
- Price of gold reduced on Rs.2,961 per gram on the 3rd of March due to low demand for this precious metal from jewellers.
- As the week progressed, the price of gold continued to fluctuate and traded at Rs.2,972 per gram on the final two days of the week.
March ‘17 - Week 2 (6th to 12th)
- Price of gold on the first day of the second week of March was lower than that of the previous week.
- Due to an increase in the value of the U.S. Dollar, rate of gold plunged to a weekly low of Rs.2,944 per gram on the 7th of March and continued to fall the next day as well to trade at Rs.2,931 per gram.
- On the 8th of March, there was a marginal improvement in the price of gold with the precious metal trading at Rs.2,951 per gram on the 9th of March. This rise was very temporary however and gold rate fell to Rs.2,931 per gram again on the 10th of March.
- Price of gold varied towards the end of the week to trade at Rs.2,945 per gram on the 11th and continuing at the same price the next day as well.
March ’17- Week 3 (13th to 19th)
- Price of gold during the third week of March was marginally lower than that of the previous week. On the 13th, gold traded at Rs.2,947 per gram.
- This rate could not be maintained however and the price of gold fell to Rs.2,929 per gram on the 14th of March before plunging to a monthly low of Rs.2,906 per gram.
- There was a slight improvement noted in the rate of gold as the week progressed.
- Rate of gold varied between Rs.2,931 and Rs.2,940 per gram between the 16th and 18th of March.
- On the final day of the third week of March, the rate of gold was Rs.2,940 per gram on account of low but steady demand for gold.
March ’17- Weeks 4 (20th to 26th)
- Gold traded at Rs.2,941 per gram on the first day of the fourth week of March. There were a number of fluctuations noted in the rate of gold as the week progressed.
- An increased demand for gold from international markets and positive market cues world over resulted in the rate of gold increasing to Rs.2,977 on the 22nd of March but reduced marginally the next day.
- However, this demand could not be sustained and the rate of gold steadily reduced thereafter.
- On the final day of the week, the rate of gold was Rs.2964 per gram.
March ’17- Weeks 5 (27th to 31st)
- The price of gold was steady at Rs.2,979 per gram on the 27th of March due to increased demand for this precious metal from jewellers as well as markets in both India and abroad.
- However, this demand could not be sustained and fell to Rs.2,974 per gram on the 28th and 29th of March.
- As the week continued, the rate of gold continued to decline.
- A monthly decline of 1.73% was noted in the rate of gold during the month of March.
|February 1st Rate||Rs.2,957 per gram|
|February 28th Rate||Rs.3,001 per gram|
|Highest Rate in February||Rs.3,014 per gram on 25th & 26th February|
|Lowest Rate in February||Rs.2,940 on 3rd February|
February ‘17 - Week 1 (1st to 5th)
- Gold rates in Madurai fell in the first week of February due to a dip in domestic demand and fluctuating markets.
- This precious metal was priced at Rs.2,957 per gram on 1st February, with the rate falling to a monthly low of Rs.2,940 per gram on 3rd February due to a fall in demand domestically.
- Rates rose slightly to trade at Rs.2,944 per gram on 4th February as overseas demand helped raise prices.
- During the end of the week, gold traded at Rs.2,944 per gram on 5th February, recording a decrease in price of Rs.13 per gram.
February ‘17 - Week 2 (6th to 12th)
- Gold rate Madurai in the second week of February increased as demand rose due to fluctuations in U.S. Dollar rates.
- Gold traded at Rs.2,954 per gram on 6th February, with the price increasing to Rs.2,978 per gram on 7th February due to increased demand from investors.
- Prices continued to rise, trading at Rs.2,989 per gram on 8th February on sustained demand. However, this demand was not steady and prices dipped slightly after.
- Gold was priced at Rs.2,984 per gram before declining to Rs.2,946 per gram on 10th February.
- Gold rate increased slightly as the week ended, trading at Rs.2,964 per gram on 12th February.
February ’17- Week 3 (13th to 19th)
- Due to a number of variations in demand, rate of gold was not stable, with gold trading at Rs.2,959 per gram on 13th February.
- Prices fell to Rs.1,947 per gram on 15th February as markets rose due positive trends.
- Rate of gold in Madurai increased sharply to trade at Rs.2,980 per gram on 16th February due to a decline in U.S. Dollar rates. There was also a low prospect of U.S. Fed Rate hike.
- Gold traded at Rs.2,990 per gram on 17th February before falling slightly as the week came to an end.
- Gold traded at Rs.2,980 per gram on 19th February.
February ’17- Weeks 4 & 5 (20th to 28th)
- The price of gold in Madurai increased steadily in the last two weeks of February due to a sharp increase in demand for this precious metal in both domestic and international markets, with a few fluctuations here and there.
- Gold traded at Rs.2,976 per gram on 20th February, with the price falling to Rs.2,967 per gram on 21st February due to a dip in industrial demand.
- Prices increased to Rs.2,973 per gram on 23rd February, increasing further to Rs.3,000 per gram on 24th February due to higher trading in gold futures.
- Prices reached a monthly high of Rs.3,014 per gram on 25th February as demand for gold increased.
- Prices stabilised as the month ended, with gold trading at Rs.3,001 per gram on 28th February to record a monthly increase of 1.49%.
|January 1st Rate||Rs.2,821 per gram|
|January 31st Rate||Rs.2,942 per gram|
|Highest Rate in January||Rs.2,974 per gram on 24th January|
|Lowest Rate in January||Rs.2,821 per gram on 1st January|
January 2017 - Week 1 (1st - 7th):
- On January 1st, gold was trading at Rs.2,821 per gram but increased by Rs.7 to reach Rs.2,828 per gram on 2nd.
- Prices increased to Rs.2,857 per gram on 4th - a surge of Rs.29 - as demand seemed to soar.
- When week 1 ended on 7th, gold prices were holding Rs.2,872 per gram - a Rs.3 increase from the previous day.
January 2017 - Week 2 (8th-14th):
- On 8th, gold prices remained the same as on 7th at Rs.2,872 per gram.
- The 8th saw prices increase by Rs.6 to bring gold prices up to to Rs.2,878 per gram.
- Rates went up again on the 12th as well - by Rs.21 - to bring price up to Rs.2,935 per gram.
- Despite a dip on 13th, gold rates gained to end week 2 at Rs.2,941 per gram.
January 2017 - Week 3 (15th - 21st):
- When 15th began gold was still trading at Rs.2,941 per gram.
- The 15th saw gold prices increase slightly to Rs.2,955 per gram before increasing again on 16th to reach Rs.2,969 per gram.
- On 19th, prices fell significantly by Rs.20 to bring gold rates down to Rs.2,951 per gram.
- When week 3 ended, gold prices had gained to end the 21st at Rs.2,962 per gram.
January 2017 - Week 4 and 5(22nd - 31st):
- The last two week of January saw prices increase steadily owing to high demand for the yellow metal.
- On 23rd gold was trading at Rs.2,970 per gram and increased again on the 24th to reach the highest rate for the month at Rs.2,974 per gram.
- From 25th to 27th, prices fell considerably as they first went down to Rs. Rs.2,951 per gram and ended up at Rs.2,911 per gram on 27th.
- The month ended with gold trading at Rs.2,942 per gram
- January saw gold prices increase by 4.28% compared to that of the previous month.
|December 1st Rate||Rs.2,890 per gram|
|December 31st Rate||Rs.2,821 per gram|
|Highest Rate in December||Rs.2,892 per gram on the 2nd|
|Lowest Rate in December||Rs.2,767 per gram on the 22nd|
December Week 1 (1st - 4th):
- The month of December wasn’t as tumultuous a period for gold prices in the temple city of Madurai.
- As the first week began on the 1st, gold prices stood at Rs. 2,890 per gram.
- Gold rate hit its highest for the month on the 2nd as the yellow metal began trading at Rs.2,892 per gram.
- On 3rd, prices again fell down to Rs.2,890 per gram to end the week on the 4th at the same price.
- The effects of demonetisation still gripped the city as buying gold was a lot tougher due to the unavailability of liquid cash.
December Week 2 (5th-11th):
- On the 5th, when week 2 began, gold prices had already plummeted by Rs.21 per gram to hit Rs.2,869 per gram, which continued until the end of 6th.
- The 7th saw prices increase slightly as gold sold at Rs.2,872 per gram.
- For the remaining days of the week, gold prices were almost on a freefall as they kept going down day by day.
- On the 8th, gold began trading at Rs.2,863 - a Rs.9 decrease from the previous day.
- Prices further fell on the 9th as gold traded at Rs.2,851 per gram.
- The 10th and 11th of the month didn’t find any respite either as price decreased by Rs.15 to trade at Rs.2,836 per gram.
December Week 3 (12th-18th):
- When week 3 began on the 12th, gold prices were still holding at Rs.2,836 per gram. To the industry’s relief, the same prices remained the same till the 14th.
- On 15th, however, gold prices fell considerably as the trading rate decreased by Rs.36 to sell at Rs.2,800 per gram.
- The 16th saw prices go down further more by Rs.15 and the yellow metal traded at Rs.2,785 per gram.
- Last two days of week 3, 17th and 18th were a relief, as prices climbed slightly for gold to trade at Rs.2,791 per gram till the end of the week.
December Week 4 (19th - 25th):
- The fourth and penultimate week of December too saw prices fluctuate considerably.
- When the week began on 19th, gold prices were at Rs.2,790 per gram.
- On the 20th, prices dropped by Rs.10 per gram as gold traded at Rs.2,780 per gram.
- The 21st saw prices increase slightly before continued on its downward slide.
- This week saw gold prices hit the lowest as gold traded at Rs.2,767 per gram on the 22nd.
- On 23rd, prices increased by Re.1 for the metal to trade at Rs.2,768 per gram.
- Last two days of week 4th i.e., 24th and 25th, gold prices remained stable to cap off at Rs.2,773 per gram, courtesy of a busy Christmas weekend.
December Week 5 (26th to 31st):
- When the final week of the month and year began on the 26th, gold prices stood at Rs.2,771 per gram.
- Courtesy of 2017 approaching, gold prices began to soar for most of the week to end on a high.
- On 27th, prices saw an increase of Rs.31 per gram for gold to trade at Rs.2,804 per gram. Prices were the same on the 28th as well.
- The 29th saw prices increase slightly as gold began trading at Rs.2,814 per gram, thanks to new year’s imminent arrival.
- On the penultimate day of the year, during the 30th, prices increased by Rs.16 for gold to trade at Rs.2,830 per gram.
- December 2016 bid adieu as gold prices went down slightly for the metal to sell at Rs.2,821 per gram.
- Courtesy of Christmas and new year, gold prices didn’t witness too much of a decline.
- Overall, the month of December saw gold price trends go down by -2.38%.
|Highest Price||Rs.3,166 on 9th November|
|Lowest Price||Rs.2,932 on 25th November|
November 2016 - Week 1 (1st - 6th)
- The first week of November was full of fluctuations in Madurai as demand for gold increased and decreased simultaneously.
- Gold traded at Rs.3,075 at the beginning of the week on the 1st of November.
- It jumped by Rs.29 on the 2nd of November and reached Rs.3,104 at the day’s closing time.
- The 3rd of November, however, saw the price decrease by a small margin as gold began to sell at Rs. 3,098.
- On the 4th, the prices increased and reached Rs.3,112 - an increase of Rs.14 from the previous day’s rate.
- Prices slightly increased to Rs.3,119 on the 5th and continued to remain the same at the end of the week on 6th of November.
November 2016 - Week 2 (7th-13th)
- Gold traded at Rs.3,083 at the beginning of the week on 7th of November.
- On the 8th of November, however, prices fell by Rs.5 to close at Rs.3,078.
- Narendra Modi’s demonetization efforts took full effect around this time as Rs.500 and Rs.1,000 were slowly being outdated.
- The week overall saw some massive fluctuations as well as on the 9th suddenly climbed to Rs.3,166 per gram as purchases increased overnight.
- As purchases slowed a little bit, the prices decreased to Rs.3,126 - a change of -Rs.40.
- Prices kept falling further as they went down to Rs.3,086 on 11th of November and again fell to Rs.3,059 on the 12th.
- At the end of the week, gold prices reached a nifty price of Rs.3,059 per gram.
November 2016 - Week 3 (14th-20th)
- At the opening of the week on 14th November, gold traded at Rs.3,054, a decrease of Rs.5 decrease from previous week’s prices.
- Except for a small increase on prices during the 15th, when it traded at Rs.3,057, it was almost downward spiral for the entire week.
- Prices started at Rs.3,034 on the 16th and and again fell by Rs.13 to Rs.3021 at the end of 17th November.
- On the18th of November, gold prices saw the highest of decrease in gold prices as they went down by Rs.45 to hit Rs.2,976.
- On the 19th and 20th, prices seemed to stabilize as the week ended at Rs.2,986.
November 2016 - Week 4 and 5 (21st to 30th)
- The last two weeks of November weren’t as eventful for gold companies either as the prices kept fluctuating through the 10 or so days.
- During the 21st, the prices started at Rs.2,984 and increased to Rs.3,000 on the 22nd of the month.
- The 23rd saw a small decrease as prices reached Rs.2989, and were in for a rough ride as they plummeted to Rs.2,945, a decrease of Rs.44.
- Other remaining days of these two weeks weren’t as volatile though as prices started on Rs.2,932 on the 25th and ended at Rs.2,938 on the 30th except a noticeable change on the 28th when prices reached Rs.2,954.
- Overall change noticed throughout November saw a decline of -4.45%.
|Highest Price||Rs.3,152 on 1st and 2nd October|
|Lowest Price||Rs.3,018 on 17th October|
October 2016 – Weeks 1 and 2 (1st to 9th)
- Though the interest rate hike by the U.S. Federal Reserve has been put on hold till December, expectations have sprouted again as a further delay in the hike could lead to other problems for the economy.
- Gold rates were recorded at Rs.3,152 on the 1st of October and remained stable on the 2nd.
- Prices dropped to Rs.2,143 on the 3rd, after which another decline ensued to push prices down to Rs.3,130 per gram.
- Prices then dropped to Rs.3,050 on the 5th after which another decline on the 6th saw them plunge to Rs.3,040 per gram.
- On the 7th of October, prices dropped to Rs.3027, and to Rs.3,026 on the 8th after which they gained stability to close the week at Rs.3,026 per gram.
October 2016 – Week 3 (10th to 16th)
- Gold rates grew stronger this week as prospects of the U.S. Fed rate hike moved at a slow pace.
- Rates were recorded at Rs.3,034 per gram at the start of the third week of October.
- Prices then increased by Re.1 on the 11th and remained unchanged at Rs.3,035 on the 12th as well.
- On the 13th of October, prices rose by Rs.5 before fluctuating for the remainder of the week.
- Gold closed the third week of October priced at Rs.3,021 per gram.
October 2016 – Week 4 (17th to 23rd)
- There was little talk of the interest rate hike by the U.S. Federal Reserve this week.
- Prices declined by Rs.3 at the start of the week and the rate of gold per gram was Rs.3,018 on the 17th of the month.
- Prices then began increasing on a consistent basis until the 20th when they hit Rs.3,049 per gram.
- A minor decline on the 21st was followed by an increase of Rs.5 on the 22nd and the precious metal closed the week at Rs.3,046 per gram.
October 2016 – Week 5 (24th to 31st)
- Gold prices rose this week as festive demand picked up in the domestic market.
- Gold was valued at Rs.3,040 on the 24th of October after which fluctuations were in order until the 29th of the month when the precious metal touched Rs.3,067 per gram.
- A minor decline on the final day of trading saw gold close the month of October at Rs.3,065 per gram.
- The overall decline in prices between the first and last day of October was 2.76%.
|1st Day||Rs.3,120 per gram|
|Last Day||Rs.3,176 per gram|
|Highest Price||Rs.3,197 per gram from 08th September.|
|Lowest Price||Rs.3,120 per gram on 01st September.|
September '16 - Week 1 – (01st to 04th)
- Gold opened at Rs.3,120 per gram which is also the lowest gold rate recorded in the month of September in Madurai.
- As demand from domestic market picked up, gold prices slightly increased and traded at Rs.3,150 per gram on 03rd and 04th of September.
- The week displayed a positive trend.
September '16 - week 2- (05th to 11th)
- Gold rate continued to trade at Rs.3,150 per gram on 05th of September.
- Investors ignored the Fed rate hike speculation and increased their gold intake which caused gold rates to go up this week.
- Gold rates increased and traded at Rs.3,189 per gram on the 07th of September.
- On 08th of September, the yellow metal touched the highest gold rate recorded for the month when it traded at Rs.3,197 per gram.
- The increase in gold prices is mainly due to the steady demand from the domestic market.
- Following poor trend overseas, 24k gold fell on 09th September and traded at Rs.3,175 per gram.
September '16 - week 3 (12th to 18th)
- Gold opened at Rs.3,175 per gram on 12th of September.
- Overall, gold displayed a declining trend this week as prices continually fell throughout the week.
- Gold drifted and traded at Rs.3,160 per gram on 15th of September.
- Gold prices continued to fall as it traded at Rs.3,164 per gram on 17th and 18th of September.
- The main reason for the fall in gold rates is because investors withdraw their gold intake.
September '16 - week 4 (19th to 25th)
- Gold prices increased on 19th of September and traded at Rs.3,160 per gram.
- Gold rates continued to increase throughout the week as demand poured in from local gold spots.
- Gold prices increased and traded at Rs.3,186 per gram on 22nd and 23rd of September before further increasing and selling at Rs.3,193 per gram.
September '16 - week 5 (26th to 30th)
- Gold rates displayed a downward curve this week.
- Gold prices fell on 26th of September and traded at Rs.3,188 per gram.
- On 28th September, the lowest gold rate of the week of Rs.3,155 per gram was recorded.
- Gold prices slightly increased by the end of the week as demand picked up.
- Gold closed at Rs.3,176 per gram.
- Traders expect gold rates to increase in the upcoming days due to festive season.
|First Day||Rs.3,201 per gram|
|Last Day||Rs.3,142 per gram|
|Highest Price||Rs.3,229 per gram on 3rd August|
|Lowest Price||Rs.3,142 per gram on 31st August|
August '16 - Weeks 1 (1st to 7th)
- Gold rates fluctuated this week but the overall trend indicated an increase in prices.
- Gold traded at Rs.3,201 per gram on 1st August.
- As the economic data released by the U.S. was much weaker than expected, the market was in full swing and gold prices surged.
- The highest price recorded for the month of August fell on 3rd when gold traded at Rs.3,229 per gram.
August '16 - Week 2 (8th to 14th)
- Despite positive global trends, gold rates fluctuated in Madurai.
- Gold traded at Rs.3,148 per gram on 8th August.
- Investors dropped their expectations of a Fed rate hike for this month.
- Also owing to an increased appetite of domestic jewellers preparing for the festival demand, gold maintained high rates and closed the week at Rs.3,181 per gram.
August '16 - Week 3 (15th to 21st)
- The demand from jewellers and stockist in the spot market continued to rally gold rates up.
- Gold traded at Rs.3,181 per gram on 15th August.
- With a few fluctuations, the overall trend indicated an increase in gold prices this week.
- A wind of confidence waved over the U.S. economy that it is strong enough to go through with the Fed rate hike.
- The week closed with gold trading at Rs.3,200 per gram.
August '16 - Week 4 (22nd to 28th)
- Global market trends played off on the anticipation of a rate hike by the U.S. Federal Reserve.
- Gold rates started to decline this week with gold trading at Rs.3,184 per gram.
- However, domestic demand helped gold maintain its stability till August 24th, trading at Rs.3,190 per gram.
- Gold rates in Madurai ceded to the pressure of the global market trends and rates fell to Rs.3,164 per gram at the end of the week.
- The overall trend for this week was a decrease of 0.62%.
August '16 - Week 5 (29th to 31st)
- With the markets overseas buckling under the pressure of an interest rate hike by the U.S. Federal Reserve, gold rates declined this week.
- Gold traded the lowest price for the month on 31st August at Rs.3,142 per gram.
- Domestic demand was sluggish as well but is expected to pick up in the second half of 2016.
|1st July Rate||Rs.3,129 per gram|
|31st July Rate||Rs.3,214 per gram|
|Highest Rate in July||Rs.3,214 per gram on 30th and 31st July|
|Lowest Rate in July||Rs.3,118 per gram on 25th July|
|Overall Performance||Increase in price|
|% Change||+2.71% increase|
July'16 - Week 1 (1st to 3rd)
- Gold prices were stable as the week began but dropped slightly as demand was constant.
- The fallout from Brexit led to markets falling and demand for gold increasing.
- Domestic demand did not keep up with international trends, with gold trading at Rs.3,124 per gram as the week ended.
July'16 - Week 2 (4th to 10th)
- Prices rose marginally as domestic demand increased and markets continued to fluctuate due to the Brexit instability.
- Gold rose sharply midweek before settling as demand stabilised.
- Gold traded at Rs.3,162 per gram, an increase of Rs.11.50 from the start of the week.
July'16 - Week 3 (11th to 17th)
- Prices were constant as the week began but fell as the markets recovered.
- The Dollar strengthened, causing demand for gold to fall.
- Gold retailed at Rs.3,146 per gram, a Rs.9 decrease from the price at the beginning of the week.
July '16 - Week 4 (18th to 24th)
- Prices dropped as markets made a resurgence, with Asian stock markets rising.
- The Dollar made gains, leading to a drop in demand for gold.
- Gold traded at Rs.3,130 per gram as the week ended.
July‘16 - Week 5 (25th to 31st)
- Prices were low as the week began but increased as the Dollar depreciated.
- Weak data from the U.S. indicating slower economic growth led to markets faltering.
- Gold prices increased, with gold trading at Rs.3,214 per gram, an increase of Rs.96 from the start of the week.
|1st June rate||Rs.2,934|
|30th June rate||Rs.3,105|
|Highest rate in June||Rs.3,165 on June 24|
|Lowest rate in June||Rs.2,923 on June 2|
Jun'16 - Week 1 (1st to 4th)
- The rate of gold on the first week was quite low as compared to the rest of the weeks.
- Gold traded at Rs.2,923 per gram on the 2nd of June which was also the lowest rate for the month.
- Rate of gold was quite steady on the 4th and 5th of the month at Rs.2,974 per gram and increased marginally after.
- The rate of gold was quite steady for the first week with minor fluctuations.
Jun'16 - Week 2 (5th to 11th)
- The rate of gold was quite low during this week and varied between Rs. 2,974 per gram to Rs.2,997 per gram until the 10th, after which gold rates increased.
- The rate of gold was steady between the 6th and 7th of june at Rs.2,968 per gram.
- The rate of gold increased marginally, by Rs.14 the next day to reach Rs.2,997 per gram the next day.
- Gold closed at Rs.3,039 per gram at the end of the week.
Jun'16 - Week 3 (12th to 18th)
- There were minor fluctuations in the rate of gold for the third week of the month.
- Gold traded at Rs.3,039 per gram at the beginning of week and stayed at a similar range throughout the week, more or less.
- The highest rate seen during the week was on the 16th wherein gold rate was Rs. 3,122 per gram.
- Gold rate fell by Rs.53 the following day with gold being priced at Rs.3,069 per gram.
- However, the price increased the following day resulting in gold closing at Rs.3,089 per gram on the last day of the week.
Jun'16 - Week 4 (19th to 25th)
- The fourth week of June saw a lot of fluctuations in the rate of gold, although the overall rate was quite high.
- The rate of gold reduced even further on the 23rd of the month, touching Rs.3,023 per gram which was the lowest for the week.
- However, after this, the rate increased and the rate of gold was Rs.3,156 on the 24th of June.
- The rate of gold increased even further and touched Rs.3,165 for the end of the week.
Jun'16 - Week 5 (26th to 30th)
- The rate of gold fluctuated quite a bit in the final week of the month.
- The week started with a rate of Rs.3,165 per gram which was one of the highest for the week.
- Gold rate increased by Rs. 15 on the 27th to touch Rs.3,180 per gram, but reduced thereafter.
- The rate of gold fluctuated and reduced, closing at Rs.3,105 per gram at the end of the month which was also one of the lower rates for the entire month of June.
|1st May rate||Rs.3,069|
|31st May rate||Rs.2,914|
|Highest rate in May||Rs.3,076 on the 2nd of May|
|Lowest rate in May||Rs.2,899 on the 30th of May|
|Overall performance||Loss / Negative|
May'16 - Week 1 (1st to 7th)
- Gold rates fluctuated during the first week of May.
- Prices were recorded at Rs.3,069 on the 1st day of the month and Rs.3,050 on the 7th.
- Gold rates increased by Rs.7 on the second day of trading followed by loss of Re.1 on the third day after which they fell by Rs.27 on the fourth day and again by Rs.9 on the fifth.
- An increase of Rs.11 was recorded in prices on the sixth of the month and they remained unchanged at Rs.3,050 until the end of the week.
May ‘16 - Week 2 (8th to 14th)
- Gold rates increased by Rs.23 on the first day of the second week and prices were recorded at Rs.3,073 on the 8th of May.
- A decline by Rs.32 on the second day of the week saw prices fall to Rs.3,041.
- Prices fell by Rs.18 on the third day of the week and then increased by Rs.19 on the fourth day and then fluctuated for the next three days to close the week at Rs.3,051.
- There was an overall decline in prices over the course of the week, albeit by just Rs.22.
May ‘16 - Week 3 (15th to 21st)
- Gold prices remained unchanged on the first day of the third week of May at Rs.3,051 and remained unchanged for another day.
- Prices then fell by Rs.14 to Rs.3,037 on the 17th after which a rise of Rs.4 on the 18th saw prices rise to Rs.3,041.
- Rates fell by Rs.23 on the 19th and remained at Rs.3,018 until the 20th after which a decline of Rs.3 was recorded and the price of the precious metal at the close of the week was recorded at Rs.3,015.
- Gold prices recorded a further decline at the end of the week in comparison with the first day of the week.
May ‘16 - Week 4 (22nd to 31st)
- Gold prices remained constant on the first day of the fourth week of May, after which prices continued to fall for the next three days and were recorded at Rs.2,946 on the 25th of the month.
- Prices rose by Rs.6 on the 26th followed by a decline of Rs.27 on the 27th.
- A decline of Rs.9 was then recorded on the 28th of the month and prices remained unchanged at Rs.2,916 until the 29th.
- The lowest price of gold in May was recorded on the 30th of the month as prices fell to Rs.2,899 after which an increase of Rs.15 saw the precious metal finish the month at Rs.2,914 per gram.
- Gold prices fell by Rs.155 between the first and last day of May.
|1st April rate||Rs 2,890|
|30th April rate||Rs 3,069|
|Highest rate in April||Rs 3,069 on 30th|
|Lowest rate in April||Rs 2,869 on 4th|
|% Change||+ 6.19%|
Apr ‘16 - Week 1 (1st to 3rd)
- The week began with apprehensions over gold, with impending statements over US Federal rate hikes impacting gold rates.
- Investors stayed cautious, choosing to wait and watch.
- Gold rates saw a steady decline over the week, falling from Rs 2,890 on 1st to Rs 2,877 on 3rd.
Apr ‘16 - Week 2 (4th to 10th)
- A weak US dollar resulted in higher gold rates, as demand from investors increased.
- Gold rates were Rs 2,869 on 4th, and increased through the week.
- The week ended with gold trading at Rs 2,944, an increase of over Rs 50.
Apr ‘16 - Week 3 (11th to 17th)
- The strong performance exhibited by gold continued into the third week.
- Gold rates peaked at Rs 2,975 on 12th, before dropping marginally.
- Rates fell to a low of Rs 2,934 on 14th before rallying back to Rs 2,957, to end the week on a high.
Apr ‘16 - Week 4 (18th to 24th)
- An overall loss was observed over the week, which saw gold trading at Rs 2,960 on 18th.
- Gold rates fluctuated, changing daily.
- Prices reached a high of Rs 2,998 on 21st before dropping to Rs 2,958 on 24th.
Apr ‘16 - Week 5 (25th to 30th)
- The final week of the month was good for gold, as investor demand increased.
- Prices picked up from Rs 2,962 on 25th, crossing the Rs 3,000 mark on 29th.
- The month ended with gold trading at Rs 3,069, the highest in April.
|1st March rate||Rs 2,976|
|31st March rate||Rs 2,891|
|Highest rate in March||Rs 2,991 on 8th, 9th and 10th|
|Lowest rate in March||Rs 2,699 on 11th|
Mar'16 - Week 1 (1st to 6th)
- Gold rates started at Rs 2,976 on 1st, dropping to Rs 2,973 on 2nd before going back to Rs 2,976.
- With gold markets being closed on account of a protest by jewellers, rates remained steady for the week.
- There were no major changes in gold rates in the week.
Mar'16 - Week 2 (7th to 13th)
- Prices dropped to Rs 2,970 on 7th before rising to Rs 2,991.
- With protesters continuing their agitation, markets stayed closed leading to no change in rates till the 10th.
- Gold prices dipped on 11th, falling to Rs 2,699 before jumping to Rs 2,989. Prices stayed at this level till 13th.
Mar'16 - Week 3 (14th to 20th)
- A number of gold markets stayed closed, although some jewellers resumed their business.
- Gold rates dropped to Rs 2,950 on the 14th.
- A steady decline was witnessed till the 17th, as rates dropped to Rs 2,926.
- Gold rates picked up on the 18th, reaching Rs 2,949 before dropping to Rs 2,940 to end the week.
Mar'16 - Week 4 (21st to 27th)
- Most jewellers were back to doing business after a few weeks of protest.
- Gold rates fell to Rs 2,914 on 21st and witnessed a drop in rates throughout the week.
- Prices fell below the Rs 2,900 mark on 24th, ending at Rs 2,892.
- A slight improvement was witnessed on the 25th, as prices went up to Rs 2,896 and stayed at this level till 27th.
Mar'16 - Week 5 (28th to 31st)
- Markets were open, with rates changing daily.
- Prices dropped to Rs 2,874 on 28th, before picking up.
- Gold rates appreciated during the week, reaching a high of Rs 2,910 on 30th.
- Rates dropped to Rs 2,891 on the 31st.
|1st February rate||Rs.2,720|
|29th February rate||Rs.2,984|
|Highest rate in February||Rs.2,984 on 25th and 29th|
|Lowest rate in February||Rs.2,720 on 1st|
Feb '16 - Week 1 (1st to 7th)
- Gold rates appreciated in the 1st week of February.
- Prices were Rs.2,720 on 1st and Rs.2,813 on 7th.
- Gold rose consecutively till 7th to touch Rs.2,813, rising on the back of strong global cues and high domestic demand.
Feb '16 - Week 2 (8th to 14th)
- Gold rates were up again in the 2nd week.
- Prices were Rs.2,815 on 8th and Rs.2,936 on 14th.
- Gold rose continuously till 12th to touch Rs.2,961 before dropping to Rs.2,936 on 13th and 14th.
Feb '16 - Week 3 (15th to 21st)
- Gold rose in the 3rd week, continuing to beat expectations with its amazing performance over the month.
- Prices were Rs.2,889 on 15th and Rs.2,973 on 21st.
- Gold started on a weak note, falling to Rs.2,885 by 17th before rallying to Rs.2,973 by 21st.
Feb '16 - Week 4 (22nd to 29th)
- Gold prices appreciated in the 4th week also to end the month on a highly positive note, breaching 4 year highs in terms of monthly appreciation of rates.
- Prices were Rs.2,928 on 22nd and Rs.2,984 on 29th.
- Gold prices rose to Rs.2,984 by 25th before dropping and again regaining the lost value to end the month on a high note.
|4 th January rate||Rs.2,569|
|31 st January rate||Rs.2,710|
|Highest rate in January||Rs.2,719 on 28th|
|Lowest rate in January||Rs.2,569 on 4th|
- Gold rates were up in the 1st week of January.
- Prices were Rs.2,569 on 4th and Rs.2,635 on 10th.
- Gold rose constantly till 7th to touch Rs.2,629.
- Prices dropped to Rs.2,626 on 8th but recovered and rose to Rs.2,635 on 9th and 10th.
- Gold rates appreciated again in the 2nd week.
- Prices were Rs.2,632 on 11th and Rs.2,654 on 17th.
- The week started negatively for gold as it lost Rs.39 over the course of 12th and 13th to touch Rs.2,593.
- Prices appreciated to Rs.2,630 by 15th before gaining further value on 16th to close the week at Rs.2,654.
- Gold prices appreciated in the 3rd week also as seasonal buying from jewellers picked up while global cues were also favourable.
- Prices were Rs.2,642 on 18th and Rs.2,660 on 24th.
- Gold prices were up consistently till 21st to touch Rs.2,676.
- Prices fell to Rs.2,658 on 22nd before settling at Rs.2,660 by 24th.
- Gold was up again in the 4th week to close the month on a positive note.
- Prices were Rs.2,678 on 25th and Rs.2,710 on 31st.
- Gold had all positive session this week except on 29th when prices were slightly lower.
|1st December rate||Rs.2,565|
|31st December rate||Rs.2,534|
|Highest rate in December||Rs.2,598 on 5th and 6th|
|Lowest rate in December||Rs.2,521 on 3rd|
- Gold rate appreciated in the 1st week of December.
- Prices were Rs.2,565 on 1st and Rs.2,593 on 7th.
- Gold dropped to Rs.2,521 by 3rd before rallying over the next three days to settle at Rs.2,598 by 6th.
- Rates dropped marginally on 7th to Rs.2,593.
- Gold rates were stable on the whole in the 2nd week.
- Prices were Rs.2,572 on 8th and Rs.2,570 on 14th.
- Gold rose to Rs.2,593 by 13th before dropping by Rs.23 on 14th to settle at Rs.2,570.
- Gold rates remained stable again in the 3rd week.
- Prices were Rs.2,559 on 15th and Rs.2,559 on 21st.
- Gold dropped to Rs.2,526 by 18th before rallying in the next three days to Rs.2,559.
- Gold rates declined in the final days of the month.
- Prices were Rs.2,573 on 22nd and Rs.2,534 on 31st.
- Prices were stable at Rs.2,553 till 24th before settling at Rs.2,565 till 27th.
- Gold stabilized at Rs.2,560 by 29th but dropped by Rs.26 over the next two days to end the month at Rs.2,534.
|1st November rate||Rs.2,676|
|Highest rate in November||Rs.2,682 on 2nd|
|Lowest rate in November||Rs.2,544 on 30th|
- Gold rate depreciated in the 1st week of November.
- Prices were Rs.2,676 on 1st and Rs.2,608 on 7th.
- Rates increased to Rs.2,682 on 2nd before seeing sustained decline till 5th when prices touched Rs.2,624.
- Gold gained marginally to Rs.2,626 on 6th before dropping to Rs.2,608 on 7th.
- Gold rates depreciated again in the 2nd week of the month.
- Prices were Rs.2,608 on 8th and Rs.2,582 on 14th.
- Gold gained value to touch Rs.2,624 on 9th before falling back to Rs.2,608 on 10th and settling at Rs.2,609 on 10th.
- Prices declined over the next 4 days consecutively to rest at Rs.2,582 on 14th.
- Gold rates remained stable as per week start and end rates.
- Prices were Rs.2,582 on 15th and Rs.2,570 on 22nd.
- Gold stayed between 2,570 and Rs.2,593 for most of the week except on 18th when prices dropped to Rs.2,557.
- Gold rates were again stable in the 4th week of the month.
- Prices were Rs.2,571 on 22nd and Rs.2,569 on 27th.
- Gold stayed between Rs.2,570 and Rs.2,575 for most of the 4th week except on 23rd when it was priced at Rs.2,564 and on the penultimate day of the week when it dropped marginally to Rs.2,569.
- Gold dropped to Rs.2,554 on 28th and dropped again on 30th to Rs.2,544.
Market Rates & Gold Price Trends in Madurai
Gold rate fluctuates, and it is during these fluctuations that investors can make money. At the start of April, 2015, the cost for 1 gram of 24 karat gold was Rs.2,654 and went up to Rs.2,747 by the start of May, 2015. By mid-May, the gold rate hit Rs.2,776, and dropped to Rs.2,731 by the start of June. In June, the gold rate had dropped down to Rs.2,696, but has now risen and is plateaued at Rs.2,715 (as on 15th June 2015). Studying these fluctuations is the key to smart investing and eventually growing your finances by investing in gold in Madurai.
- Also Check:Gold Rate in Tamil Nadu
Also Check Gold Price in NearBy Cities of Madurai
|Also Know: Silver Rate in Madurai|
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