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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 price in Nagercoil
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.
24 karat gold
Unsuitable directly for jewellery, though it is the purest, 24 karat gold poses a definite advantage when it comes to investment purposes. 24 karat gold had a list price of INR 2968 for 1 gram weight. It should be noted that it is the indicative rate as of March 2016 and might be different by marginal numbers when actual physical gold is bought. Gold went through a trying time in August 2015 when it hit a 5 year low. Gold started regaining its stature in the beginning of 2016. INR 400 was the increase noted in January 2016 for the cost of one gram of 24 karat gold. Further to the stopping of the tax in US gold reserves, it is expected gold rates will continue to climb because the market demand is going to increase as usual.
22 karat gold
As of March 2016, a gram of 22 karat gold had a rate of INR 2760 in Nagercoil. The lesser purity of course contributes to the lower rate, but the crisis of rates of 2015 also affected 22 karat gold wherein in August it had a rate of INR 2350 per gram. However, in January 2016, 22 karat gold appreciated to INR 2374 per gram indicating a healthy future for gold, both in physical and paper gold formats.
Gold Rate Trend in Nagercoil from October to December 2016 (rates per gram for 24 karat gold)
|1st day||Rs.3,152||Rs.3,075 per gram||Rs.2,890 per gram|
|Last day||Rs.3,065||Rs.2,938 per gram||Rs.2,821 per gram|
|Highest price||Rs.3,152 on 1st and 2nd October||Rs.3,166 per gram on 9th November||Rs.2,895 per gram on the 2nd|
|Lowest price||Rs.3,018 on 17th October||Rs.2,932 per gram on 25th November||Rs.2,767 per gram on the 26th November|
Gold Rate Trend in Nagercoil for October 2016:
- Gold rates in Nagercoil seemed to go down for much of October as global demand wasn’t at a high.
- The results of US Presidential elections were to be expected this month which brought about massive uncertainty in the world market.
- The first of the month started with gold trading at Rs.3,152 per gram - the highest gold price for the entire month.
- By the 8th, gold prices had gone down significantly to hit Rs.3,026 per gram but put in some positive growth to increase slightly by the q0th.
- Gold prices gained at a marginal rate for the last few days as the prices hit Rs.3,065 per gram.
- The rate trend saw a -2.76% change for the month of October despite some increasing demand.
Gold Rate Trend in Nagercoil for November 2016:
- November saw some major events in both Indian and international level as Donald Trump was announced to be the president of the USA.
- Trump’s announcement brought the markets to the brink of uncertainty thereby increasing demand for gold.
- On 1st, gold was seen trading at Rs.3,075 per gram and gained a little more to hit Rs.3,119 per gram on 6th.
- In India, demonetisation of Rs.500 and Rs.1,000 notes caused the market to fall and demand for gold to increase.
- The 9th saw prices increase a little more to hit Rs.3,166 per gram but it was all downhill from then on as prices went down to Rs.2,986 per gram on the 19th.
- Although, demand increased during the first few days after demonetisation, it slowly fell as the nation went through a bit of a cash crunch.
- Gold price trends in Nagercoil decline by -4.45% in November, making it the worst-performing month of the quarter.
Gold Rate Trend in Nagercoil for December 2016:
- Gold rates didn’t seem to increase much in December as the country was still struggling with the lack of cash for day-to--day transactions.
- When 1st began, gold was trading at Rs.2,890 per gram but went down significantly to hit Rs.2,851 per gram as business day closed on 9th.
- Prices seemed to go down further more to Rs.2,836 per gram on 10th as no global and domestic demand was to be seen.
- Towards the end of the month, when New Year approached, gold prices recovered from its freefall to end 2016 at Rs.2,821 per gram.
- Gold price trends in Nagercoil saw a change of -2.48% in the month of December.
Gold Rate Trend in Nagercoil for July 2016 to September 2016 (per gram of 24 karat gold)
|First day||Rs.3,129 per gram||Rs.3,201 per gram||Rs.3,120 per gram|
|Last day||Rs.3,214 per gram||Rs.3,142 per gram||Rs.3,176 per gram|
|Highest price||Rs.3,214 per gram on 30th and 31st July||Rs.3,229 per gram on 3rd August||Rs.3,197 on 8th September|
|Lowest price||Rs.3,118.50 per gram on 25th July||Rs.3,142 per gram on 31st August||Rs.3,120 on 1st September|
Gold Rate Trend of Nagercoil in July 2016
- On 1st July, gold traded at Rs.3,129 per gram.
- Bullish sentiments in the market drove gold prices up.
- High demand this month could be attributed to the expectations of monetary stimulus from central banks post the Brexit vote.
- The highest price for this month was recorded on 30th and 31st at Rs.3,214 per gram.
- By the end of the month, gold had climbed to Rs.3,214 per gram.
Gold Rate Trend of Nagercoil in August 2016
- At the beginning of August, the market had a bullish outlook.
- Gold traded at Rs.3,201 per gram on 1st August.
- By 3rd August, gold witnessed its highest price for this month at Rs.3,229 per gram.
- The U.S. Federal Reserve was hawkish about the interest rate hike as the U.S. economy gained momentum with positive economic data.
- Gold prices dropped and by 31st August, gold was trading at Rs.3,142 per gram.
- The trend in gold prices this month was a decline of 2.08%.
Gold Rate Trend of Nagercoil in September 2016
- Initially, the markets were gloomy with bearish sentiments owing to the rising prospects of a Fed rate hike.
- On 1st September, gold traded at Rs.3,120 per gram which was the lowest rate for September.
- The interest rate hike that was highly anticipated for months was put on hold by the Federal Reserve as the presidential campaigns were in full swing.
- Demand for gold picked up and prices started to climb.
- Gold traded at Rs.3,176 per gram on 30th September.
- There was an increase of 1.79% in gold prices this month.
Gold Rate Trend in Nagercoil for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,890 per gram||Rs. 3,069 per gram||Rs.2,934 per gram on June 1st|
|Last day||Rs. 3,069 per gram||Rs. 2,914 per gram on May 31st||Rs.3,105 per gram on 30th of June|
|Highest price||Rs.3,069 per gram on April 30th||Rs. 3,076 per gram on May 2nd||Rs.3,180 per gram on 27th of June|
|Lowest price||Rs. 2,869 per gram on April 4th||Rs. 2,899 per gram on May 30th||Rs.2,916 per gram on June 3rd|
Gold Rate Trend of Nagercoil in April 2016
- Gold prices were at Rs. 2,890 per gram on April 1st.
- Though rates saw a few falls, it finally climbed as the highest recorded rate was on Rs.3,069 per gram on the 30th of April.
- A change of 6.19% increase was recorded for this month.
Gold Rate Trend of Nagercoil in May 2016
- May begin well with gold prices starting at Rs. Rs. 3,069 per gram and rising to Rs. 3,076 on May 2nd.
- The announcement of the Fed meeting minutes led to expectations of an interest rate hike and a stronger dollar.
- Gold rates dropped due to the rising chorus of a rate hike and gold traded at Rs. 2,914 on the 31st of May.
Gold Rate Trend of Nagercoil in June 2016
- Gold opened the month at Rs.2,934 per gram on the 1st of June.
- Gold hit Rs.3,122 per gram on the 16th of June.
- Gold scored the highest for the month on 27th of June at Rs.3,180 per gram.
- Gold closed the month at Rs.3,105 per gram on the 30th of June.
|1st day||Rs. 2,538 per gram||Rs. 2,720 per gram||Rs. 2,976 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,984 per gram||Rs. 2,891 per gram|
|Highest price||Rs. 2,719 per gram on January 28th||Rs. 2,984 per gram on February 25th||Rs. 2,991 per gram on March 8th to 10th|
|Lowest price||Rs. 2,538 per gram on January 1st and 3rd||Rs. 2,720 per gram on February 1st||Rs. 2,874 per gram on March 28th|
Gold Rate Trend of Nagercoil in January 2016
- At the start of the January, gold prices were at Rs. 2,538.
- Gold rates were quite steady at the start of the month.
- Global demand in the gold market set the rates on a path of inclination.
- January ended with a good increase of 6.77% with the highest recorded at Rs. 2,719 per gram on 28th January.
Gold Rate Trend of Nagercoil in February 2016
- Gold traded at Rs. 2,720 per gram on 1st February and continued the rising trend.
- The month experienced fluctuations in gold prices but rose at the end of the month.
- The 25th and 29th of the month saw the highest gold rate at Rs. 2,984.
- Gold increased by 9.7% for the month of February.
Gold Rate Trend of Nagercoil in March 2016
- March started at Rs. 2,976 per gram.
- As demand dropped in the gold markets, the rates decreased through the month.
- The lowest rates for March were witnessed on 28th March at Rs. 2,874 per gram.
- A decline of 2.85% was recorded for March.
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
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