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Gold Price in Nagercoil
Nagercoil, or Nakarkoyil is the name that literally translates into the ‘Temple of the Nagas’ and is probably the southernmost town in the southernmost state of Tamil Nadu. This place is and has been a popular centre for trade and commerce since the yesteryears. It is the administrative headquarters of the Kanyakumari district. Housing industries of farming and manufacturing, this place has its own reputation for being prosperous and thus invests heavily in gold. Investment in gold in Nagarcoil happens through jewellery as well as more modern investment techniques.
Gold Rate Trend in Nagercoil for October 2020 to December 2020 (per gram of 24 karat gold)
|1st Day||Rs.5,274 per gram||Rs.5,194 per gram||Rs.4,931 per gram|
|Last Day||Rs.5,193 per gram||Rs.4,935 per gram||Rs.5,143 per gram|
|Highest Price||Rs.5,332 per gram on 13 October||Rs.5,215 per gram on 10 November||Rs.5,212 per gram on 21 December|
|Lowest Price||Rs.5,096 per gram on 21 October||Rs.4,935 per gram on 30 November||Rs.4,931 per gram on 1 December|
Quarterly Gold Rate in Nagercoil from October 2020 to December 2020:
- Gold prices in Nagercoil opened at the rate of Rs.5,274 per gram in the month of October 2020. The precious metal had recorded the highest price point on 13th of October wherein the yellow metal was being traded at the rate of Rs.5,332 per gram. The lowest price of the precious metal was recorded on 21st of October wherein it stood at the rate of Rs.5,096 per gram. The month closed with gold price in Nagercoil being listed at Rs.5,193 per gram. During the month, the overall performance of gold in Nagercoil witnessed a decline of -1.53%.
- In the month of November 2020, the gold prices in Nagercoil opened at the rate of Rs.5,194 per gram. Gold had recorded the highest price point on 10th of November wherein the precious metal stood at the rate of Rs.5,215 per gram. The lowest price of the yellow metal was recorded on 30th of November wherein it stood at the rate of Rs.4,935 per gram. The month closed with gold price in Nagercoil being listed at Rs.4,935 per gram. During the month, the overall performance of gold in Nagercoil witnessed a decline of –5.24%.
- In Nagercoil, the price of gold opened at the rate of Rs.4,931 per gram in the month of December 2020. For the month, gold had recorded the highest price point of Rs.5,212 per gram on 21st December 2020. The lowest price was recorded on 1st of December wherein it stood at the rate of Rs.4,931 per gram. The month closed with gold price in Nagercoil being listed at Rs.5,143 per gram. During the month, the overall performance of gold in Nagercoil witnessed an increase of 4.29%.
Gold Rate Trend in Nagercoil for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.5,049 per gram||Rs.5,583 per gram||Rs.5,221 per gram|
|Last Day||Rs.5,561 per gram||Rs.5,360 per gram||Rs.5,354 per gram|
|Highest Price||Rs.5,561 per gram on 31 July||Rs.5,914 per gram on 8 August||Rs.5,408 per gram on 21 September|
|Lowest Price||Rs.5,049 per gram on 1 July||Rs.5,359 per gram on 30 August||Rs.5,019 per gram on 26 September|
Quarterly Gold Rate in Nagercoil from July 2020 to September 2020:
- The prices of gold in Nagercoil opened at Rs.5,049 per gram and closed at Rs.5,561 per gram. The prices of the yellow metal increased by 10.14% over the course of the month. Gold rates gained because of the coronavirus outbreak across the world. During this period, gold was considered as a safe haven.
- On 1 August 2020, the price of the precious metal was at Rs.5,583 per gram. However, by the end of the month, gold rates dipped by 3.99% and had been Rs.5,360 per gram.
- The prices of the yellow metal increased by 2.54% in June. The increase in the number of coronavirus cases led to several stimulus measures introduced by central banks and governments all over the world. The highest rate that gold hit for the month was at Rs.5,408 per gram.
Gold Rate Trend in Nagercoil for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,150 per gram||Rs.4,670 per gram||Rs.4,917 per gram|
|Last Day||Rs.4,720 per gram||Rs.4,916 per gram||Rs.5,067 per gram|
|Highest Price||Rs.4,720 per gram on 30 April||Rs.4,916 per gram on 26, 27, and 31 May||Rs.5,067 per gram on 30 June|
|Lowest Price||Rs.4,150 per gram from 1 - 5 April||Rs.4,621 per gram on 2 May||Rs.4,483 per gram on 9 June|
Quarterly Gold Rate in Nagercoil from April to June:
- The prices of gold in Nagercoil opened at Rs.4,150 per gram and closed at Rs.4,720 per gram, respectively. The prices of the yellow metal increased by 13.73% over the course of the month. Gold rates gained because of the coronavirus outbreak across the world. During this period, gold was considered as a safe haven.
- On 1 May 2020, the price of the precious metal was at Rs.4,670 per gram. However, by the end of the month, gold rates increased by 5.26% and were at Rs.4,916 per gram. This was also the highest rate that gold hit for the month. The tensions between the US and China over the coronavirus outbreak led to the prices to increase.
- The prices of the yellow metal increased by 3.05% in June. The increase in the number of coronavirus cases led to several stimulus measures introduced by central banks and governments all over the world. The highest rate that gold hit for the month was at Rs.5,067 for a gram.
Gold Rate Trend in Nagercoil for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,922 per gram||Rs.4,077 per gram||Rs.4,185 per gram|
|Last Day||Rs.4,074 per gram||Rs.4,185 per gram||Rs.4,150 per gram|
|Highest Price||Rs.4,125 per gram on 8 January||Rs.4,305 per gram on 24 February||Rs.4,443 per gram on 6 March|
|Lowest Price||Rs.3,919 per gram on 2 January||Rs.4,030 per gram on 6 February||Rs.4,026 per gram on 19 March|
Quarterly Gold Rate in Nagercoil from January 2020 to March 2020:
- The price of Gold in January opened at Rs.3,922 and closed at Rs.4,074. The ongoing trade tensions between U.S and China along with tensions between Middle East and U.S played a role in the price of gold rising. The highest price of gold touched Rs.4,125 per gram on 8 January. The price of gold however fluctuated due to Chinese New Year with the lowest rate touching at Rs.3,919 per gram as trade tensions between U.S and China, and political conflicts between U.S and the middle east got better. The overall price of Gold for the month of January rose by 3.87%
- The gold prices in Nagercoil for the month of February opened at Rs.4,077 per gram due to the reports of outbreak of Coronavirus which played a role in the gold prices rising. The highest price the yellow metal touched was Rs.4,305 on 24 February as Covid-19 impacted the global markets forcing investors to turn towards gold which is considered to be a safe haven. The price of gold fluctuated and touched its lowest on 6 February at Rs.4,030 per gram as stock markets looked up due to monetary policy intervention by the Chinese Central Bank. The gold price closed at Rs.4,185 with the overall price of gold for the month of February rising by 2.64%.
- The gold prices for the month of March opened at Rs.4,185 and touched its highest on 6 March at Rs.4,443 as Covid-19 severely impacted the global markets as governments all over the world were forced to go into a lockdown. The price of gold further fluctuated further and touched its lowest on 19 March at Rs.4,026 as investors were forced to sell their shares and hoard cash in order to fight the dip in global economy. The job claims released by U.S during the month was the poorest which also played a role in the prices of gold fluctuating. Covid-19 however created a negative impact in the end with the price of gold closing at Rs.4,150 on the last day of the month. Overall, the month of March as compared to January and February was disappointing as the price of yellow metal declined by 0.83%.
Investment in Gold in Nagercoil
Monetisation of gold and other schemes offered by the government of India aim to mobilise around 2000 tonnes of gold lying in Indian household. But in India, gold also has a more important role in terms of aesthetic value. That has kept the common sentiment of buying gold jewellery alive in Nagarcoil. For the more trendy ones, schemes pertaining to gold can be availed at all major and minor banks in Nagarcoil. Gold investment in Nagercoil has traditional methods of buying jewellery and ornaments as well as paper gold. The frequent methods for doing so are mentioned below.
Commercial and Personal Gold
Commercial and personal gold investment has options like coins, jewellery, bars and industrial bulk purchase. Physical gold is the key here and occupies a position of importance. In Nagarcoil, while industrial purchase happens throughout the year, personal purchase of gold is limited to times of festivities and occasions.
Gold through Market Trade
Paper gold, sovereign gold bonds, exchange traded futures are some of the variants of gold that can be available at banks and people with online access can easily invest in such options through an easy online process. These options are available online with most banks in Nagercoil. Trading in gold on the National Stock Exchange and Bombay Stock Exchange is also a way to reap the monetary benefits of the yellow metal, but it requires a huge amount of investment.
Also Check Gold Price in NearBy Cities of Nagercoil
- Also Check: Gold Rate in Tamil Nadu
As with the rest of India, two popular variants of gold are available in Nagarcoil. These are the 24 karat and 22 karat variants. While the 24 karat variant boasts of a greater purity at 98% gold in the mix, the 22 karat variant has 94% of the yellow metal in it. A preference exists for the 24 karat gold in crafting jewellery and ornaments but unfortunately, due to its softness and extreme malleability, it has to be used in conjunction with other metals to be strong enough that it can withstand daily wear and tear. 22 karat gold, the lesser sibling is used for jewellery as well and for some high grade consumer electronics like monitoring headphones and amplifiers. The variants of 18 karat and 14 karat gold are used mostly in industrial applications, though one can even find jewellery made of them. The rates of gold in Nagercoil are directly related to supply and demand, while market trends and taxes and duties increase the rates in India. Based on a gram’s value of gold, there is not much noticeable difference in the rates overseas and the rates prevalent in Nagarcoil.
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