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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 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.
Gold Rate Trend in Nagercoil for January 2016 to March 2016 (per gram of 24 karat gold)
|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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- Gold Rate Outlook for India in 2016