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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 February 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st February 2018||Rs.3,040 per gram|
|Gold Rate on 28th February 2018||Rs.3,046 per gram|
|Highest Rate in February||Rs.3,103 per gram on 14 February|
|Lowest Rate in February||Rs.3,003 per gram on 8 February|
|Overall Monthly Performance||Incline|
Trend of Gold Rate in Madurai for January 2017 (rate per gram)
|Parameters||Gold price (per 24kt)|
|Gold Rate on 1st January 2018||Rs.3,002 per gram|
|Gold Rate on 31st January 2018||Rs.3,045 per gram|
|Highest Rate in January||Rs.3,084 per gram on 20 and 21 January|
|Lowest Rate in January||Rs.3,001 per gram on 4 January|
|Overall Monthly Performance||Incline|
Trend of Gold Rate in Madurai for December 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st December 2017||Rs.2,982 per gram|
|Gold Rate on 31st December 2017||Rs.3,015 per gram|
|Highest Rate in December||Rs.3,015 per gram on 30 and 31 December|
|Lowest Rate in December||Rs.2,903 per gram on 13 December|
|Overall Monthly Performance||Incline|
December 2017 - Week 1 (1st to 10th)
- Trading opened in Madurai with the bullion priced at Rs.2,982 per gram on the 1st against the strong US dollar rates compounded by positive US economic growth reports.
- The next couple of days saw gold rates rising to Rs.3,002 per gram with the dollar weakening after the US tax reform bill was stalled by the US Senate.
- The dollar, however, recovered with the tax reform plan being cleared by the Senate setting aside differences in the legislation. This resulted in gold prices declining to Rs.2,971 per gram on the 4th amid the strong US dollar index.
- Gold rate in Maduari plunged further to Rs.2,962 per gram on the 6th with investors refraining from making purchases ahead of the Federal Reserve’s monetary policy meeting to raise its benchmark interest rates.
- Gold price in Maduari continued to decline to Rs.2,942 per gram on the 7th before dropping further to Rs.2,917 per gram on the 8th against a strengthened dollar coupled with the well-performing equity markets.
- However, towards the end of the week, gold rates recovered to Rs.2,927 per gram on the 9th with local jewellers and retailers ramping up purchases to meet the domestic demand amid the ongoing wedding season.
- The week ended with the precious metal holding steady at Rs.2,927 per gram on the 10th.
December 2017 - Week 2 (11th to 17th)
- The second week commenced with gold priced relatively lower at Rs.2,911 per gram on the 11th with local demand plummeting despite the positive trends from the previous week.
- Gold rate in Maduari were recorded at Rs.2,908 per gram on the 12th which plunged further to Rs.2,903 per gram the next day with the US dollar strengthening overseas.
- However, the new Fed rate hike resulted in the US dollar and equities collapsing in the global trade. This led to an increase in global demand for the yellow metal and gold was priced at Rs.2,924 per gram on the 14th.
- But demand for the metal subsided over the next few days and led to prices falling to Rs.2,917 per gram on the 16th.
- On the 17th, prices rebounded to Rs.2,927 per gram with global demand picking up amid a weak US dollar performance.
December 2017 - Week 3 (18th to 24th)
- The week began with the yellow metal trading at Rs.2,923 per gram on the 18th.
- Gold rates in Madurai rose o Rs.2,928 per gram on the 19th with the dollar declining after investors speculated over the ultimate outcome of the US tax reform bill on the country’s economic growth.
- Strong trends overseas led to gold price in Maduari recording at Rs.2,931 per gram on the 20th.
- The new tax cuts by the Fed Reserve led to Asian stocks collapsing. This led to investors gravitating towards safe-haven assets such as gold and the precious metal was priced at Rs.2,933 per gram on the 21st before rising to Rs.2,935 per gram on the 22nd.
- The 23rd witnessed gold rates surging to Rs.2,956 per gram following a positive trend in local demand from domestic jewellers, retailers and industries.
- Steady local demand amid the positive overseas trends led to gold prices holding steady at Rs.2,956 per gram on the 24th.
December 2017 - Week 4 (25th to 31st)
- The final week opened with gold trading at Rs.2,947 per gram on the 25th with local demand declining from the previous week.
- However, with the dollar losing against other major emerging currencies prices rebounded to Rs.2,956 per gram on the 26th.
- The US dollar continued to lose its sheen amid the strong trends overseas which pushed demand higher for the metal. This led to gold rate in Maduari rising to Rs.2,974 per gram on the 27th before surging further to Rs.2,985 per gram on the 28th.
- Strong trends overseas coupled with increased domestic demand led to gold prices hitting Rs.3,015 per gram on the 30th. Reports stated that “today’s gold rate” rose as a result of the geopolitical concerns coupled with the inflation issues prevailing in the United States.
- When the month concluded, the bullion prices were holding steady at Rs.3,015 per gram on the 31st with Madurai registering an incline of 1.10% in gold trade during the course of the month.
Trend of Gold Rate in Madurai for November 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st November 2017||Rs.2,988 per gram|
|Gold rate on 30th November 2017||Rs.2,992 per gram|
|Highest Rate in November||Rs.3,030 per gram on 18 and 19 November|
|Lowest Rate in November||Rs.2,974 per gram on 6 November|
|Overall Monthly Performance||Incline|
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st October 2017||Rs.3,040 per gram|
|Gold Rate on 31st October 2017||Rs.2,997 per gram|
|Highest Rate in September 2017||Rs.3,059 per gram on 15 to 15 October|
|Lowest Rate in September 2017||Rs.2,997 per gram on 6, 27, 30, and 31 October|
|Overall Monthly Performance||Decline|
October 2017 - Week 1 (1st to 8th):
- The week started off with the precious metal trading at Rs.3,040 per gram with steady demand from the previous month.
- However, the next few days saw gold price in Madurai gradually dropping on account of a strong dollar index amid the possibility of an interest rate hike by the US Federal Reserve. The yellow metal was recorded trading at Rs.3,010 per gram on the 3rd.
- Prices plunged to Rs.3,009 per gram on the 4th which dropping further to Rs.3,005 per gram on the 5th due to subdued global demand amid firm equities market and strong dollar rates.
- The 6th witnessed gold rate in Madurai hitting its lowest monthly figure at Rs.2,997 per gram as bullion demand remained weak despite the strong geopolitical concerns.
- However, domestic demand revived towards the end of the week after the government mandated KYC (know your customer) norms in the country. This led to the yellow metal prices rising to Rs.3,017 per gram on the 7th and the 8th.
October 2017 - Week 2 (9th to 15th):
- The second week saw gold rate in Madurai being greatly influenced by the firm trend overseas, and also with the arrival of the festive season.
- When trading commenced for the week, the yellow metal was recorded trading at Rs.3,027 per gram on the 9th.
- The government’s decision to make KYC norms mandatory seemed to boost buyer sentiments. This led to the precious metal prices rising to Rs.3,041 per gram on the 12th.
- With the focus of the markets shifted from the geopolitical crisis to the release of the US economic data, gold rates plunged to Rs.3,031 per gram on the 13th amid a strong US greenback.
- Thanks to the largely positive global cues and increased demand from local jewellers and retailer, the bullion prices surged to Rs.3,059 per gram - the highest recorded monthly figure - on the 14th. The increase in local purchases was solely due to the arrival of the festive season.
- Steady domestic demand resulted in gold price in Madurai remaining unchanged at Rs.3,059 per gram for the remainder of the week.
October 2017 - Week 3 (16th to 22nd):
- Gold prices in Madurai initially declined before stabilising halfway into the third week. When the week commenced, the yellow metal was recorded trading at Rs.3,048 per gram on the 16th.
- Rates plunged over the next few days owing to a weak overseas trend amid the strengthening dollar. This led to prices dropping to Rs.3,023 per gram and Rs.3,021 per gram on the 17th and the 18th. Another reason for the decline in gold price in Madurai was the poor domestic trade on the auspicious Dhanteras.
- However, local demand surged with the precious metal scaling higher due to the ongoing festive season coupled with strong global trends. This led to gold rates surging to Rs.3,026 per gram on the 20th.
- The rest of the week saw the yellow metal trading firm at Rs.3,027 per gram owing to the nuclear prowess of North Korea that stumbled the US economy.
October 2017 - Week 4 & Week 5 (23rd to 31st):
- The final week began with the precious metal trading lower at Rs.3,006 per gram on the 23rd with the dollar strengthening against other apex currencies.
- The dollar, however, slipped the next day and the yellow metal was recorded trading at Rs.3,009 per gram.
- However, prices plunged over the next few days as investors suspended gold purchases amid the possibility of an interest rate hike by the US Federal Reserve. This led to rates dropping to Rs.3,000 per gram on the 26th.
- The 27th witnessed gold rate in Madurai decline further to Rs.2,997 per gram - the lowest recorded monthly figure - on account of subdued demand from local jewellers, industries and retailers amid strong equity markets.
- Though gold price in Madurai recovered to Rs.3,006 per gram on 28th and the 29th due to an increased buying by local jewellers amid positive global leads, the yellow metal plunged again to Rs.2,997 per gram on the 30th as the markets remained cautious ahead of major central banks’ policy meetings.
- The month ended with the precious metal trading at Rs.2,997 per gram registering a decline of 1.41% in bullion prices.
|Parameters||Gold price (per 1 kg)|
|Gold rate on 1st September||Rs.2,995 per gram|
|Gold rate on 30th September||Rs.3,040 per gram|
|Highest Rate in September||Rs.3,102 per gram on 8 September|
|Lowest Rate in September||Rs.2,832 per gram on 29 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st - 10th)
- When trading began in Madurai for the month, gold was priced at Rs.2,995 per gram.
- Gold rates in Madurai went up slightly to Rs.2,997 per gram on the 2nd and remained unchanged on the 3rd due to weak demand from local circles.
- But, the 4th saw gold rates jump significantly to Rs.3,081 per gram as the US markets crashed after North Korea’s latest nuclear test.
- Due to demand falling, gold prices went down to Rs.3,068 per gram on the 5th.
- Gold prices in Madurai went up to Rs.3,087 per gram on the 6th, thanks to renewed interests from local investors.
- When North Korea officially confirmed its nuclear weapon-related speculations - gold rates surged globally,
- On the 8th, gold prices in Madurai reached a month high figure of Rs.3,102 per gram as safe-haven purchasing saw a significant rise.
- The US dollar inched towards recovery, which led to gold trading at Rs.3,095 per gram over the last two days of this week.
September 2017 - Week 2 (11 - 17):
- Gold opened at Rs.3,074 per gram after having dipped by Rs.21 per gram compared to the previous day.
- This fall in prices was due to the US dollar’s strong performance and the subsequent improvement in the US economy.
- Gold rates in Madurai fluctuated for much of this week as local demand took a hit.
- Gold prices in Madurai went down to Rs.3,051 per gram on the 12th before increasing to Rs.3,068 per gram on the 13th.
- On the 14th, gold prices in Madurai went down to Rs.3,051 per gram because demand in the global market went down.
- The yellow metal’s rates recovered slightly to end the week at Rs.3,061 per gram on the 17th.
September 2017 - Week 3 (18th - 24th)
- When the third week began, gold prices in Madurai had fallen considerably.
- On the 18th, the precious was trading at Rs.3,035 per gram in local exchanges in the city.
- A strong greenback performance pushed gold rates in Madurai down to Rs.3,030 per gram on the 19th of September.
- Some early purchasing cues due to the imminent festive season saw gold rates go up to Rs.3,045 per gram on the 20th.
- The 21st saw gold rates fall to Rs.3,026 per gram due to uneven demand from the surrounding circles.
- Gold rates in Madurai improved slightly to trade at Rs.3,030 per gram on the 22nd and the two other remaining days of the week.
September 2017 - Week 3 (25 - 30):
- This week saw gold prices in Madurai scale new heights, thanks to increased buying brought about by the festive season.
- On the 25th, when the week began, gold was priced at Rs.3,030 per gram in the local trade exchange.
- But, a significant rise in purchases saw gold rates rocket to Rs.3,072 per gram on the 26th.
- Demand dipped quite a but on the 27th but gold prices still remained at a relative high of Rs.3,051 per gram.
- The next two days saw gold trade in the sub-Rs.3,020-per-gram range as demand eased down.
- The month came to and end with the yellow metal being traded at Rs.3,040 per gram.
- All in all, there was a 1.50% rise in prices this month, all thanks to a weak dollar performance in the initial few days of the month.
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st August||Rs.2,926 per gram|
|Gold Rate on 31st August||Rs.2,971 per gram|
|Highest Rate in August||Rs.2,999 per gram on 29 August|
|Lowest Rate in August||Rs.2,900 per gram on 5 and 6 August|
|Overall Monthly Performance||Incline|
August 2017 - Week 1 (1st - 6th)
- In Madurai, gold prices started off at Rs.2,926 per gram for the month of August.
- But, prices declined during this week as demand from buyers in Madurai was at a considerable low.
- Gold rate in Madurai went down to Rs.2,917 per gram on the 2nd and slumped again to Rs.2,899 per gram on the 3rd.
- However, a significant rise in demand from jewellers led to gold prices rising to Rs.2,920 per gram on the 4th.
- Gold price in Maduari went down to Rs.2,900 per gram on the 5th and remained unchanged on the 6th, when the week ended.
August 2017 - Week 2 (7th - 13th)
- Trading improved this week because of a number of local and international factors.
- When the week started on the 7th, gold was priced at Rs.2,901 per gram, which rose to Rs.2,906 per gram the next day as demand surged.
- Gold rate in Maduari increased for the third day in a row to trade at Rs.2,917 per gram on the 9th.
- Gold trading rates jumped significantly on the 10th as it went up to Rs.2,947 per gram because of the latest US-North Korea conflict.
- WIth investors queuing up to purchase gold, rates went up further to Rs.2,977 per gram on the 11th.
- The final two days of the week saw gold price in Maduari remain at Rs.2,977 per gram as demand remained steady.
August 2017 - Week 3 (14th - 20th)
- Gold prices in Maduari fell consistently this week as the US dollar strengthened, which led to a drop in bullion demand.
- On the 14th and 15th of August, gold was seen trading at Rs.2,962 per gram but dipped to Rs.2,940 per gram on the 16th as investors backed out.
- Gold rate in Maduari increased slightly to reach Rs.2,969 per gram as jewellers again contributed to bring demand up.
- However, this demand from jewellers was short lived, which led to gold rates falling again - to Rs.2,942 per gram - on the 18th.
- The 19th and 20th saw demand stabilise and trade at Rs.2,950 per gram, thanks to a steady flow of purchases.
August 2017 - Week 4 (21st - 27th)
- As the US dollar had to sustain yet another slump, gold rates in Madurai rose slightly this week.
- On the 21st, gold was priced at Rs.2,950 per gram, which then went up to Rs.2,965 per gram on the 22nd.
- There was a very slight drop in demand, which was evident as gold traded at Rs.2,963 per gram on the 23rd, before rising to Rs.2,965 per gram on the 24th.
- Due to demand remaining stable, gold prices held on at Rs.2,967 per gram from the 25th to the 27th of the month.
August 2017 - Week 5 (28th - 31st)
- When final week of August commenced, gold prices had fallen to Rs.2,942 per gram, courtesy of overnight trading cues.
- Rates surged significantly to Rs.2,999 per gram on the 29th - as demand from the jewellers’ section led to increased purchases.
- As this demand wasn’t sustainable, gold rates fell to Rs.2,973 per gram on the 30th before remaining unchanged on the last day of the month.
- A weak dollar and a strong domestic trading trend saw gold prices go up by 1.87% for the month.
July ‘17- Week 1 (1st to 9th)
- Gold prices in the city of Madurai were on the decline in the first week of July due to conflicting cues from the markets, with the yellow metal trading at Rs.2,950 per gram on 1 July.
- Prices dropped to Rs.2,935 per gram on 3 July due to a drop in demand from overseas markets as well as local jewellers.
- A rise in the U.S. dollar rate led to a further plunge in the price of gold, which dropped to Rs.2,900 per gram on 5 July.
- Escalating tensions with North Korea affected U.S. markets but this was not reflected in the price of gold, which continued to drop.
- The week ended with gold priced at Rs.2,875 per gram on 9 July due to persistently poor demand.
July ‘17- Week 2 (10th to 16th)
- The decline in price continued as the second week began, with gold trading at Rs.2,831 per gram on 10 July.
- Prices fell to Rs.2,796 per gram on 11 July before recovering to trade at Rs.2,813 per gram on 12 July.
- A drop in local demand due to sluggish sales following GST contributed to prices falling in Madurai, where gold traded at Rs.2,803 per gram on 14 July.
- Prices began to rise as the week drew to a close as overseas demand, especially from China increased.
- The week ended with the precious metal trading at Rs.2,818 per gram on 16 July.
July ‘17- Week 3 (17th to 23rd)
- The third week saw a rise in demand due to favourable market conditions, as gold was priced at Rs.2,822 per gram on 17 July.
- Increased demand from the overseas manufacturing and industrial sectors led to prices reaching Rs.2,845 per gram on 19 July.
- Local demand also rose as jewellers took advantage of lower import rates and increased orders to take gold prices to Rs.2,869 per gram on 20 July.
- Prices continued to climb as the dollar fell due to the escalating tensions between the United States and North Korea.
- Gold was priced at Rs.2,917 per gram on 23 July as higher demand from both Asia as well as local markets boosted prices.
July ‘17- Week 4 (24th to 31st)
- The last week of July saw gold open at Rs.2,918 per gram on 24 July as U.S. markets were still unsteady due to the accusations of collusion with Russia in the presidential election.
- Gold was priced at Rs.2,897 per gram on 26 July due to a minor dip in demand, but prices soon rose to Rs.2,920 per gram on 27 July.
- As local stock markets were weak, there was an increase in demand from local consumers, which led to prices rising to Rs.2,926 per gram on 29 July.
- There was a minor drop in price as the month ended, with gold trading at Rs.2,925 per gram on 31 July.
- In spite of a recovery towards the end of the month, there was a 0.84% drop in the gold price.
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.2,977 per gram|
|June 30 Rate||Rs.2,962 per gram|
|Highest Rate in June||Rs.3,030 per gram on 7 June|
|Lowest Rate in June||Rs.2,942 per gram on 20 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1 to 4)
- Gold price in Madurai reflected trends seen in other major Indian cities, with the price fluctuating in the first week of June due to demand vagaries.
- The yellow metal traded at Rs.2,977 per gram on 1 June before falling to Rs.2,965 per gram on 2 June due to a dip in demand.
- Gold price in Madurai rose as the week continued, with gold trading at Rs.2,998 per gram due to an increase in regional demand.
- In spite of a stable U.S. dollar which resulted in a reduction in exports, there was an increase in the price of gold as local jewellers boosted demand.
June ‘17- Week 2 (5 to 11)
- Prices were on the increase due to a sudden dip in the value of the U.S. dollar, coupled with a poor run by the markets.
- Gold price in Maduari was at Rs.3,006 per gram on 5 June as industrial demand rose on the back of positive cues.
- Prices continued to climb with gold trading at Rs.3,030 per gram on 7 June, the highest rate for the month due to consistent demand from overseas as well as local markets.
- Minor fluctuations in the price were observed as the week ended, with gold prices dropping to Rs.2,987 per gram on 9 June before closing the week at Rs.2,981 per gram on 11 June.
June ‘17- Week 3 (12 to 18)
- There was a decline in the price of gold as demand began to wane following a recovery by the U.S. dollar as well as a general drop in demand for the yellow metal.
- Gold was priced at Rs.2,983 per gram on 12 June but quickly dropped to Rs.2,967 per gram on 13 June due to a steep fall in demand from the Asian economies.
- Local demand was also poor as jewellers weighed the merits of advance orders before the implementation of the new tax regime.
- Gold prices slid further during the week, trading at Rs.2,951 per gram on 17 June as oil prices helped strengthen the U.S. dollar and led to demand from industry stagnating.
- The week ended with gold trading at Rs.2,955 per gram on 18 June as a combination of factors led to demand dropping.
June ‘17- Week 4 (19 to 25)
- The fourth week opened with gold priced at Rs.2,949 per gram on 19 June as international demand continued to be low due to bullish stock markets.
- Gold price in Maduari fell to Rs.2,942 per gram on 20 June, their lowest price for the month due to consistently low demand from the industrial sector as well as jewellers.
- A slight recovery in demand led to a marginal increase in the price of gold, which traded at Rs.2,958 per gram on 22 June following increased demand from Asian markets.
- Prices climbed as the week ended, with gold trading at Rs.2,964 per gram on 24 & 25 June on the back of increased demand from the local jewellery sector.
June ‘17- Week 5 (26 to 30)
- As markets were uncertain due to the upcoming GST tax regime launch, there was a revival of interest in gold among retailers and investors alike, which led to an increase in price.
- Gold traded at Rs.2,977 per gram on 26 June, bolstered by higher demand from jewellers who were looking at stocking up on inventory before GST.
- Retail demand also rose, though this was a marginal increase and did not affect prices as much.
- While local demand was strong, international markets were high, which led to a reduction in demand for the precious metal, thus keeping prices low.
- Gold traded at Rs.2,957 per gram on 27 June and fluctuated in the last few days of the month before closing at Rs.2,962 per gram on 30 June.
- In spite of an increase in demand towards the end of the month, gold prices declined overall, resulting in a loss of value of 0.50% over the course of the month.
|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.
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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