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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 August 2016 (rates per gram for 24k Gold)
|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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- Things To Remember Before Buying Gold Jewellery
- Which One Should You Buy, Gold Coins Or Gold Bars