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Gold Rates in Salem
Gold rates in Salem depend on several global factors such as gold imports, oil prices and strength of the dollar among others. Gold rates touched a 4-year low in India and over five-year low globally this year. According to experts, gold prices are unlikely to rise in the near future due to an imminent hike in interest rates by the US Fed and Greece’s default crisis. Intriguingly, 60% of demand for gold comes from rural India especially during weddings.
Experts, therefore, warn that reducing rural purchasing power, crop failure and a bad monsoon may hit gold sales. According to World Gold Council, 50% of the Indian population is under 25 years. As a result, around 150 million weddings are likely to take place in the coming ten years.
Most consumers in Salem buy gold jewellery for traditional festivals and weddings. Auspicious days such as Dhanteras and Akshaya Tritiya attract long queues in front of jewellery stores in Salem. In addition to its obvious ornamental uses, gold is used as a safe hedge against inflation.
Trend of Gold Rate in Salem for June 2017 (rates per gram for 24 karat gold)
June 2017 - Week 1 (1st-4th):
- In Salem, gold prices gained at the beginning of the week but fell on the second day of the week to pick back up again.
- The 1st of June saw gold trading at Rs.2,977 per gram which then went down to Rs.2,965 per gram due to an unusually buoyant dollar and low demand.
- However, prices went up to Rs.2,998 per gram on 3rd due to misgivings in the US political scene.
- Due to the changing face of the US-EU axis, gold prices seemed to go back up during the latter part of the week.
- Gold prices were recorded at Rs.2,998 per gram during the closing hours of the 4th.
June 2017 - Week 2 (5th - 11th)
- Gold prices in Salem fluctuated considerably due to uneven demand.
- On the 5th, gold was priced at Rs.3,025 per gram and then went up to Rs.3,030 per gram on the 6th as US Labour Department’s Employment Report created quite a stir.
- The 7th was carried by the momentum from the 6th as prices went up by Rs.5 to reach Rs.3,030 per gram.
- It was consolidation time when the 8th began, and gold prices went down by Rs.18 to Rs.3,012 per gram.
- Prices went down on the 9th as well to Rs.2,987 per gram as demand kept tumbling.
- Gold prices went down to Rs.2,981 per gram on the 10th and remained the same at the end of the week.
June 2017 - Week 3 (12th-18th)
- There were a number of variations noted in the price of gold during the third week of June in Salem. This could be attributed to fluctuations in the demand for this metal.
- Gold was priced at Rs.2,983 per gram on the 12th of June in Salem. This was relatively lower than the rates noted in other cities.
- Due to a reduction in the demand for this metal, rate of this metal fell to trade at Rs.2,967 per gram but recovered slightly the next day to be priced at Rs.2,973 per kg.
- The price of gold reduced again to be priced at Rs.2,963 on the 15th of June due to a fall in the demand for this metal.
- On the last day of the third week of June, this precious metal was priced at Rs.2,955 per gram due to a steep incline in the demand for this metal.
Trend of Gold Rate in Salem for May 2017 (rates per gram for 24karat gold)
|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 1st May|
|Lowest Rate in May||Rs.2,889 per gram on 11th May|
May 2017 - Week 1 (1st-7th)
- A number of variations were noted in the first week of May in the price of gold in Chennai.
- Gold traded at Rs.2,984 per gram on the 1st of May and decreased marginally the next day to trade at Rs.2,952 per gram.
- Due to a reduction in demand in international markets as well as a rise in the value of the U.S.Dollar, the rate of gold declined further as the week progressed.
- Gold traded at Rs.2,947 per gram on the 3rd of May and decreased even further to trade at Rs.2,922 per gram on the 4th of May.
- As the demand for this metal decreased even further, gold traded at Rs.2,899 per gram on the 7th of May.
May 2017 – Week 2 (8th -14th)
- Gold prices in Salem fluctuated over the course of the week, with the metal trading at Rs.2,896 per gram on 8th May.
- Prices rose marginally to Rs.2,904 per gram on 9th May before a global dip in demand led to the price falling to Rs.2,897 per gram on 10th May.
- A gradual rise in the value of the U.S. Dollar coupled with the recent victory of Emmanuel Macron in the French elections buoyed markets, which further reduced demand for gold.
- A fall in industrial demand from Asia also contributed to the fall in gold prices, as the week ended with the yellow metal trading at Rs.2,891 per gram.
May 2017 - Week 3 (15th - 21st)
- When trading started for the week of 15th, gold was priced at Rs.2,888 per gram, which rose over the next few days due to Brexit concerns.
- On 16th, gold rates increased to Rs.2,894 per gram before going up again to Rs.2,910 per gram.
- The 18th saw one of the biggest increase in gold rates as they reached Rs.2,958 per gram amidst news of Donald Trump’s interference in a federal investigation.
- However, after the brexit woes were dealt with, gold rates seemed to consolidate as they went to Rs.2,954 per gram on the 19th.
- For the next days, i.e., the 20th and the 21st, gold rates remained unchanged at Rs.2,954 per gram.
May 2017 – Week 4 (22nd - 28th)
- Gold was priced at Rs.2,956 per gram on the first day of the fourth week of May in Salem as a result of increased demand for this precious metal.
- The price of gold rose slightly on the 23rd to Rs.2,971 per gram. This increase may not be attributed to the blasts in the city of Manchester as investors largely remained in the sidelines.
- Gold rate fell again in Salem on the 24th of May to be priced at Rs.2,956 per gram due to low demand for this metal. This price was noted on the 25th of the month as well.
- On the 26th of the month, gold traded at Rs.2,969 per gram which was a marginal increase in the price before further rising to trade at Rs.2,979 per gram on the last two days of the fourth week of May.
May ’17 – Week 5 (29th to 31st)
- The price of gold in Salem reflected trends seen across the country, with the price falling due to a decline in demand as well as market factors.
- Gold traded at Rs.2,977 per gram on 29th May, remaining unchanged from the previous week as demand was poor due to a stable U.S. Dollar.
- Imports were also minimal as markets performed well, reducing demand for the yellow metal.
- Prices rose marginally as gold traded at Rs.2,979 per gram on 30th May but prices fell as the month ended, with gold trading at Rs.2,968 per gram on 31st May.
|April 1st Rate||Rs.2,956 per gram|
|April 30th Rate||Rs.2,984 per gram|
|Highest Rate in April||Rs.3,035 per gram on the 22nd and 23rd of April|
|Lowest Rate in April||Rs.2,954 per gram from the 8th and 9th of April|
April 2017 - Week 1 (1st-9th)
- Due to a relatively high demand for this precious metal in both domestic as well as international markets, the rate of gold was relatively high during the first week of April in Salem.
- Gold traded at Rs.2,956 per gram on the 1st of the month and stayed stable at this rate until the 3rd of the month as a result of sustained demand.
- Due to high demand for this precious metal, the rate of gold rose to Rs.2,987 per gram before decreasing the next day to trade at Rs.2,974 per gram.
- The price of gold continued to reduce over the next couple of days due to decreased offtake of this metal. Gold traded at Rs.2,970 per gram on the 7th of April.
- Rates fell again to trade at Rs.2,954 per gram on the 8th of April and stayed stable at this rate until the end of the first week of April.
April 2017 - Week 2 (10th-16th)
- On 10th, gold was trading at Rs.2,956 per gram in Salem which went up to Rs.3,001 within on 12th.
- When trading began on 13th, gold price in Salem seemed to go up again as domestic and international demand rallied to bring prices up to Rs.3,018 per gram.
- As demand increased rates on 14th went up to Rs.3,028 per gram.
- At the end of the week, gold prices were holding at Rs.3,040 per gram.
April 2017 - Week 3 (17th-23rd)
- There are a few fluctuations noted in the price of gold during the third week of April in Salem.
- Gold traded at Rs.3,033 per gram on the 17th of April due to relatively low demand for this metal. However, on the 18th the price of gold fell further due to a fall in the demand to trade at Rs.3,026 per gram.
- On the 19th of April, the value of the U.S.Dollar increased slightly resulting in a reduction in the price of the metal. Gold traded at Rs.3,022 per gram and plunged even further the next day to trade at a weekly low rate of Rs.3,018 per gram.
- As the week progressed, the rate of gold started to slowly recover trading at Rs.3,022 per gram on the 21st of April.
- On the last two days of the week, gold traded at Rs.3,035 per gram due to increased and steady demand for this metal.
April 2017 - Week 4 (24th-30th)
- Due to geopolitical factors and fluctuations in the demand for this metal, price of gold in Salem was relatively low.
- Gold was priced at Rs.2,998 per gram on the 24th of April due to reduced demand for this metal from international as well as domestic markets.
- As the value of the dollar went up, the price of gold fell as well to trade at Rs.2,973 per gram on the 26th of April and reduced even further the next day to trade at Rs.2,962 per gram. The appeal of gold as a safe haven asset was relatively low.
- A marginal recovery was noted in the price of gold thereafter.
- On the last day of the month, gold traded at Rs.2,984 per gram due to a fall in the demand for this metal.
|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 March|
March 2017 - Week 1 (1st - 4th):
- In Salem, gold rates remained more or less the same as they were in neighbouring cities like Coimbatore and Chennai.
- On 1st, gold trading at Rs.2,994 per gram but went down to Rs.2,992 per gram.
- On 3rd, gold prices saw quite a significant drop to reach Rs.2,961 per gram - a decrease of Rs.33 per gram.
- The week ended with gold trading at Rs.2,972 per gram as demand saw a slight incline.
March 2017 - Week 2 (5th - 11th):
- In Salem, the second week of March began with gold priced at Rs.2,972 per gram.
- The 7th saw gold rates dip by Rs.27 to hit Rs.2944 per gram as there was a slump in demand.
- Rates went down again to Rs.2,931 per gram on 9th as US dollar strengthened against the price of gold.
- On 10th rates picked up to reach Rs.2,951 per gram but went down during the next day to trade at Rs.2,931 per gram.
- Gold prices picked up on the last day of the week for the metal to trade at Rs.2,945 per gram.
March 2017 - Week 3 (12th-18th):
- During the beginning of the third week of March in Salem, the rate of gold was relatively high but reduced as the week progressed.
- Gold traded at Rs.2,947 per gram on 13th March and reduced to Rs.2,929 per gram on 14th March due to a fall in industrial demand for this metal.
- Rate of this precious metal continued to fall as gold traded at Rs.2,906 per gram on 15th March due to a recovery of the U.S. Dollar rate.
- The rate of gold improved slightly to trade at Rs.2,931 per gram on 16th March as domestic demand recovered. A drop in the U.S. Dollar led to demand rising as gold traded at Rs.2,935 per gram on 17th March.
- Price of gold increased for the rest of the week, trading at Rs.2,940 per gram on 18th March .
March 2017 - Week 4 (19th-25th):
- On 20th in Salem, gold was priced at Rs.2,941 per gram but went down due to slight lack of demand on 21st to Rs.2,933 per gram.
- Rates increased significantly by Rs.44 per gram on 22nd as gold prices rallied after a short decline from the previous day.
- When business began on 23rd, gold prices went down slightly to trade at Rs.2,973 per gram and went down again on 24th to Rs.2,965 per gram as the US dollar strengthened.
- Rates remained the same over the last two days of week 4 at Rs.2,964 and continued at the same rate when the week ended.
March 2017- Week 5 (26th-31st):
- In Salem, gold rates saw a decreasing demand as demand wasn’t as good.
- Gold was trading at Rs.2,979 per gram on 27th before going down to Rs.2,974 per gram on 28th.
- On 29th, gold rate in Salem went down again to Rs.2,962 per gram as local demand didn’t pick up despite a growing trend in the international market.
- When business day ended on 30th, gold prices had gone down to Rs.2,960 per gram as demand failed to pick up.
- When the last week of March came to an end, gold was trading at Rs.2,942 per gram.
|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 per gram on 3rd February|
February 2017 - Week 1 (1st-4th):
- Compared to the closing rate on January 31st, gold prices increased quite a bit as global news suggested that the yellow metal was performing well for more than a year.
- The week began with gold trading at Rs.2,957 per gram and remained the same during the 2nd as well.
- Prices, however, fell by Rs.17 per gram on 3rd for gold to trade at Rs.2,940 per gram.
- Th e last day of February week 1 ended with gold trading at Rs.2,944 per gram.
February 2017 - Week 2 (5th-11th)
- Gold prices in Salem for the second week of February were on the increase, as demand from industry coupled with favourable market conditions led to an increase in price.
- Gold was priced at Rs.2,944 per gram on 5th February, as continued demand from industry due to a weak U.S. Dollar kept interest in gold high.
- Local demand also contributed to the price rising to Rs.2,954 per gram on 6th February, as jewellers increased orders due to the wedding season.
- Gold traded at Rs.2,978 per gram on 7th February as markets waited to see the result of the contested immigration ban, which led to the U.S. Dollar also falling, increasing demand for gold.
- Prices rose to Rs.2,989 per gram on 8th February before falling to Rs.2,984 per gram on 9th February due to demand fluctuations.
- Gold prices fell sharply to Rs.2,946 per gram on 10th February before stabilising at Rs.2,964 per gram on 11th February.
February 2017 - Week 3 (12th-18th)
- The price of gold in Salem was stable as the week began but fluctuations in price resulted in prices falling mid-week.
- Gold traded at Rs.2,964 per gram on 12th February on steady demand, though prices fell to Rs.2,959 per gram on 13th February due to a dip in demand.
- Prices fell over the next two days, falling to Rs.2,953 per gram on 14th February and to Rs.2,947 per gram on 15th February.
- Prices jumped to Rs.2,980 per gram on 16th February as demand rose following a dip in dollar rates.
- Prices rose to Rs.2,990 per gram on 17th February as local demand also rose due to favourable market conditions.
- Gold ended the week trading at Rs.2,980 per gram on 18th February, registering an increase in price of Rs.16 per gram.
February 2017 - Weeks 4 & 5 (19th-28th)
- Gold prices in Salem were volatile due to market conditions and local demand.
- Gold traded at Rs.2,980 per gram on 19th February, with the price falling to Rs.2,967 per gram on 21st February as domestic demand faltered.
- Prices rose as international demand rose, with gold trading at Rs.2,977 per gram on 23rd February and reaching Rs.3,000 per gram on 24th February.
- Prices reached a monthly high of Rs.3,014 per gram on 25th & 26th February on high international and domestic demand.
- Gold ended the month priced at Rs.3,001 per gram on 28th February, recording an overall increase in price of 1.48%.
|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 & 2nd January|
January 2017 - Week 1 (1st to 7th)
- In Salem again, gold prices saw some decent increase throughout the week.
- On the first day of the week and year, gold traded at Rs.2,821 per gram.
- Over the 2nd and 3rd, gold prices remained the same, which increased by Rs.7 to trade at Rs.2,828 per gram.
- When the business day began on the 4th, gold prices had increased considerably by Rs.29 to trade at Rs.2,857 per gram.
- The next day on the 5th saw prices again increase to trade at Rs.2,869 per gram.
- At the end of the week on the 7th, gold rates increased further more to trade at Rs.2,872 per gram.
January 2017 - Week 2 (8th to 15th)
- Gold prices in Salem also increased by a good margin, with prices rising due to favourable market conditions and higher interest in gold.
- Gold was priced at Rs.2,872 per gram on 8th January, with the price rising to Rs.2,878 per gram on 9th January on steady demand.
- Prices rose by Rs.18 per gram on 10th January, trading at Rs.2,895 per gram.
- The U.S. Dollar fell against global currencies, which led to higher demand for gold, resulting in prices rising to Rs.2,914 per gram on 11th January.
- Gold reached Rs.2,935 per gram on 12th January before falling to Rs.2,926 per gram on 13th January.
- Higher demand for gold led to prices rising to Rs.2,941 per gram on 14th January.
- Prices remained the same as the week ended, with gold registering a weekly increase in price of Rs.42 per gram.
January 2017 - Week 3 (15th to 21st):
- The week began with gold trading at Rs.2,941 per gram.
- On 16th, gold prices increased and was seen trading at Rs.2,955 per gram which again went up to Rs.2,969 per gram on the 17th.
- Prices went up slightly to Rs.2,971 per gram on the 18th as global demand seemed to be on the rise.
- However, prices plummeted to Rs.2,951 per gram on the 19th and remained the same till the closing hours of the 20th.
- Prices increased again to hit Rs.2,962 per gram to end the week on a positive note.
January 2017- Weeks 4 & 5(22nd to 31st)
- Gold prices in Salem were steady as the week began but fell towards the middle of the week due to poor demand.
- Gold was priced at Rs.2,962 per gram on 22nd January as demand continued to be steady from the previous week.
- Prices rose to Rs.2,974 per gram on 24th January, the highest rate for the month, amidst increased buying due to the upcoming Lunar New Year.
- Gold rates fell to Rs.2,951 per gram on 25th January as demand dropped, with prices falling to as low as Rs.2,911 per gram on 27th January.
- Gold ended the week trading at Rs.2,934 per gram, registering a slight increase in price.
|December 1st Rate||Rs.2,890 per gram|
|December 31st Rate||Rs.2,821 per gram|
|Highest Rate in December||Rs.2,892 per gram on 1st and 2nd December|
|Lowest Rate in December||Rs.2,767 per gram on 22nd December|
December 2016 - Week 1 (1st to 4th)
- Compared to the closing hours of November, gold prices fell by a huge margin during the 1st of December as it was traded at Rs.2,890 as compared to Rs.2,938.
- As the aftereffects of the Rs.500 and Rs.1,000 ban still lingered, demand for gold purchases remained dormant.
- There was only a slight change on the 2nd of December where in gold traded at Rs.2,892.
- Gold traded at Rs.2,890 again at the end of the week on the 4th of December till the time of closing.
December 2016 - Week 2 (5th-11th)
- At the beginning of the week on December 5th, gold trading prices took a massive hit of Rs.21 as the yellow metal was being traded at Rs.2,869 as opposed to Rs.2,890 per gram at the time of closing on December 4th.
- The rest of the week was also subject to much fluctuation as purchases were massively affected due to demonetization.
- Although, trading prices remained at Rs.2,869 per gram on December 6th, it marginally increased to Rs.2,972 on December 7th and decreased considerably to Rs.2,963 per gram on December 8th.
December 2016 - Week 3 (12th to 18th)
- On the 12th, at the beginning of the week, gold traded at Rs.2,836 per gram.
- Prices stabilised till the 14th as the yellow metal was still trading at Rs.2,836 per gram.
- On the 15th, prices saw a stark decrease as gold began to trade at Rs.2,800 per gram.
- Prices again fell on the 16th as gold traded at Rs.2,785 per gram.
- Demand for gold slightly increased as prices hit Rs.2,781 per gram on the 17th and remained the same at the end of the week on the 18th.
December 2016 - Week 4 (19th to 25th)
- Gold prices didn’t witness any major changes in Salem for the week.
- The week began with gold trading at Rs.2,790 per gram and slid down by R.2,780 per gram the next day.
- On the 21st, prices increased slightly as the metal traded at Ts.2,782 per gram.
- The 22nd however, saw prices decrease by over Rs.15 as it sold at Rs.2,767 per gram.
- The fourth week of December ended with gold trading at Rs.2,773 per gram.
December 2016 - Week 5 (26th to 31st)
- There were no major changes in the prices of god in Salem during the week.
- Gold was priced at Rs.2,771 per gram on 26th December, which rose to Rs.2,804 per gram on 27th December.
- Renewed interest in gold led to the price rising to Rs.2,814 per gram on 29th December, with the price rising to Rs.2,830 per gram on 30th December.
- A slight fall in the price as the year ended led to gold trading at Rs.2,821 per gram on 31st December.
|1st November rate||Rs.3,075 per gram|
|30th November rate||Rs.2,938 per gram|
|Highest rate in November||Rs.3,166 per gram on 9th November|
|Lowest rate in November||Rs.2,932 per gram on 25th November|
November '16 - Week 1 (1st to 6th)
- Gold traded at Rs.3,075 per gram on 1st November.
- The overall trend for this week was an incline in gold prices which could be attributed to the wedding season demand in the domestic market.
- There was a drop in prices on 3rd November owing to speculations of the Fed rate hike coupled with the uncertain outcome of the U.S. presidential elections.
- Gold traded at Rs.3,119 per gram on 5th and 6th November.
November '16 - Week 2 (7th to 13th)
- Gold traded at Rs.3,083 per gram on 7th November as demand was high on account of the wedding season.
- Gold rates spiked to Rs.3,166 per gram on 9th November soon after Prime Minister Modi declared Rs.500 and Rs.1,000 notes not to be legal tender anymore.
- With Donald Trump winning the U.S. election, the dollar weakened and gold prices climbed in the global market.
- With the absence of demand in the domestic market, gold rates dropped to Rs.3,059 per gram by the end of the week.
November '16 - Week 3 (14th to 20th)
- Gold traded at Rs.3,054 per gram on 14th November.
- A declining trend in gold rates was witnessed this week as PM Modi’s fight against black money had strong effects on gold purchases.
- Gold prices fell to their lowest for this week on 18th November, trading at Rs.2,976 per gram.
- In the global market, investors flocked to gold for its safe-haven appeal as uncertainty loomed around the economic policies under President-elect Donald Trump.
- The dollar retreated from its 14-year high resulting in a favourable atmosphere for gold.
- The week ended with gold trading at Rs.2,986 per gram.
November '16 - Week 4 and 5 (21st to 30th)
- Gold traded at Rs.2,984 per gram on 21st November.
- Gold rates plummeted through the week on account of the cash crunch faced by the nation in the wake of the demonetisation scheme.
- By the end of the week, gold was trading at Rs.2,938 per gram.
- The decline in prices could also be attributed to a rising dollar resulting in bearish tendencies in the global market.
- Low demand is expected for the next few weeks even though the wedding season is at its peak.
|1st October rate||Rs.3,152 per gram|
|31st October rate||Rs.3,065 per gram|
|Highest rate in October||Rs.3,152 per gram on 1st and 2nd October|
|Lowest rate in October||Rs.3,018 per gram on 17th October|
October '16 - Week 1 (1st to 7th)
- Gold traded at Rs.3,152 per gram on 1st and 2nd October.
- The first week of October was not bright for the shiny metal as demand started to fall.
- A strong dollar, an improving U.S. economy, and the anticipation of a Fed rate hike led to prices dropping in the global market.
- In the domestic market, demand was subdued as well.
- Gold traded at Rs.3,027 per gram on 7th October.
October '16 - Week 2 (8th to 14th)
- Demand for gold picked up this week as jewellers and retailers increased their offtake to prepare for the festive season.
- Gold traded at Rs.3,026 per gram on 8th and 9th October.
- Gold rates climbed to Rs.3,040 per gram on 13th October on account of positive global trends coupled with an increase in domestic demand.
- Trends in the overseas market turned weak as global political and financial risks deterred investors.
- Gold prices fell to Rs.3,027 per gram on 14th October.
October '16 - Week 3 (15th to 21st)
- Gold traded at Rs.3,021 per gram on 15th and 16th October.
- Prices took a plunge on 17th October to Rs.3,018 per gram as expectations of an interest rate hike by the U.S. Federal Reserve picked up.
- Demand for gold in the domestic spot market start to rise as the wedding season began.
- Gold climbed to Rs.3,049 per gram on 20th October, the highest for the week.
- The week closed with gold trading at Rs.3,041 per gram.
October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)
- Gold traded at Rs.3,046 per gram on 22nd and 23rd October.
- Fluctuations in gold prices were seen through the week with an overall increasing trend.
- By 29th October, gold prices reached Rs.3,067 per gram, the highest for the week.
- Global trends were positive for gold as the dollar weakened.
- In the domestic market, gold saw high demand in light of the festive season.
- The week closed with gold trading at Rs.3,065 per gram.
- Demand for gold is expected to increase as the wedding season blossoms.
|1st September rate||Rs.3,120 per gram|
|30th September rate||Rs.3,176 per gram|
|Highest rate in September||Rs.3,197 per gram on 8th September|
|Lowest rate in September||Rs.3,120 per gram on 1st September|
September '16 - Week 1 and 2 (1st to 10th)
- Gold rates fluctuated in Salem in the beginning of September.
- Gold traded at Rs.3,120 per gram on 1st September and climbed to its highest on 8th when it traded at Rs.3,197 per gram.
- The rise in prices can be attributed to slow U.S. economic data that dampened the expectations of a Fed rate hike this month.
September '16 - Week 3 (11th to 17th)
- Gold rates took a serious hit this week as the expectations of an interest rate hike was raised by the Federal Reserve officials.
- Prices dipped in the global markets as investors pulled back from the safe-haven investment.
- Gold traded at Rs.3,181 per gram on 11th September and ended the week at Rs.3,146 per gram.
September '16 - Week 4 (18th to 24th)
- Gold rates were on an inclined path this week as the Fed rate hike was put off for the time being.
- Gold traded at Rs.3,146 per gram on 18th September.
- As domestic demand firmed up, gold rates gained even more support.
- By 24th September, gold prices had reached Rs.3,193 per gram.
September '16 - Week 5 (25th to 30th)
- Gold rates took a turn this week and start sliding down.
- Gold traded at Rs.3,193 per gram at the start of the week.
- Prices dipped drastically to Rs.3,155 per gram on 28th September.
- The drop in rates can be attributed to the rise in the dollar as the U.S. economy gains strength.
- Gold closed at Rs.3,176 per gram at the end of the month indicating an overall increase of 1.79%.
Gold as an investment in Salem
Gold in Salem is extensively used for making jewellery with traditional designs. Several jewellers offer hallmarked jewellery offering a wide array of gold articles ideal for several festive occasions.
Over-the-counter: Gold is sold in retail in the form of bullions, coins and jewellery in Salem. The precious metal has traditionally been a preferred choice of most consumers in Salem as a store of value. Gold as a physical asset is, by and large, viewed a safer investment compared to equities and bank deposits. In addition to various national and international economic transactions, current account deficit and geopolitics, transportation costs and local taxes are included in the price of gold sold in retail chains in Salem.
Market trade: Several investors prefer buying gold exchange traded funds (ETFs) to physical gold since the former offers higher liquidity and ease of storage. However, gold ETFs are currently on a downward slide owing to falling prices of gold in india and globally. Similarly, gold futures for delivery in the month of August hit the lowest price in a day in six years at 1,134/ounce. Various other factors including sale of over 30 tonnes of gold in the Shanghai spot market recently led to a sharp fall in gold rates.
- Also Check:Gold Rate in Tamil Nadu
Also Check Gold Price in NearBy Cities of Salem
|Also Know: Silver Rate in Salem|
Read more on Gold
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- Gold and Devaluation – A Relationship
- Basic Highlights of The Gold Schemes Launched in 2015
- Hallmark, KDM and 916 Varieties of Gold
- Tips for Buying Gold Jewellery
- Also Check:Gold Price Trend In Salem
News About Gold rate in Salem
Gold prices still remain high, ETFs breaks record to stand at 13 month high
ETFs remain strong and continue to underpin the spot gold prices, this is not looking like it will slow down soon as heavy inflows are still yet to come in. In London of $14.82 per ounce. A treasury bond in the US is marketable and has maturity of 10 years or more. Gold is continuing the upward trend. and currently stands at $1,270.70 per ounce.
7th March 2016
Gold prices dip on account of strong markets
A strong dollar and better performing equity markets led to gold prices witnessing a fall, with spot gold trading at $1,235.96 per ounce, down by 0.2%. Gold futures for April delivery also witnessed a drop in rates, trading at $1,230.80 per ounce, down by 0.3%. With equity markets in the US hitting their highest point in a month, gold prices started to drop. India’s decision to impose local sales tax on gold didn’t go down well with jewellers, who are planning strikes due to it.
2nd March 2016
Fall in Gold Prices as Dollar, Equities Perform Better on US Data
Gold prices dropped on Tuesday as global equity markets and the US Dollar rose on the back of US data, which fuelled expectations regarding interest rate hike by the Fed. Earlier, gold prices were up owing to weak manufacturing data from China and comments from the Federal Reserve, New York which saw downside risks on the economic outlook of US. This might result in a longer duration before the next rate hike.
The US stocks performed well all over the world, while an announcement by the European Central Bank President Mario Daghi that inflation and growth have slowed in the Eurozone further affected rates. Though the economic uncertainty in the world has spurred investors to buy gold, the rising rates have resulted in lukewarm demand for the physical metal in the 2nd largest gold consumer in the world, India. In India, the government has also imposed a local sales tax on sale of gold jewellery, and jewellers have called for an indefinite strike as protest.
2nd March 2016
Gold in India might not see a favourable season soon
Seeing the favourable increase of rates of gold overseas, there has been a reintroduction of a sales tax on gold jewellery which had been earlier present 4 years ago. Jewellers are protesting against this tax and will be going on a unanimous strike from today against the same.
While an excise duty of 1 percent on gold and diamond jewellery has been introduced through the Union Budget of 2016 on Monday, the government has been trying to curb the appetite of gold in India. An excise duty imposed in 2012 was rolled back after jewellers went on strike then. Falling demand due to higher duties is forcing importers to offer up to 53 dollars discount per ounce to clear their stock.
1st March 2016
Prices for gold and silver, drop on weak demand and global cues
Prices of gold dropped by Rs. 40 and stood at a price of Rs. 29,250 for ten grams and silver have dropped Rs. 600 and stood at Rs. 36,600 per kg. The fall in prices for gold was determined by the global trends being weak, and even the decline in spot demand from jewelers. Silver on the other hand fell due to offtake reduction from industrial unit and coin makers. On a global level gold fell by 0.88% and silver fell by 2.85%.
29th February 2016
Almost 85% escalation in imports of gold, the stock and financial markets being unstable.
In January 2016, the imports of gold escalated to 85%, the sudden surge was supported by the decline in stock markets and other economic factors conditions take a turn for the worse. Indians are taken the safer path of holding wealth and the traditional way of savings. The Indian population has around 20,000 tonnes of gold which is almost 10% of global gold. The worth of this gold, Rs. 54 lakh crore, if the current price of Rs. 2,690 per gram is taken into account. This is thrice the revenue of the Union Budget 2015-16.
26th February 2016
Gold prices falls for the 3rd consecutive day, this time by Rs. 60
The prices of the precious metal has fallen for the third day in row, the price of gold dropped by Rs. 60 and stayed at Rs. 28,910 for 10 grams. The demand of the metal from jewelers have been gloomy despite the metal gaining strength overseas. Silver on the other hand increased in prices by Rs. 150 and reached Rs. 37,250 per kilogram due to the demand from coin makers, and offtake of industrial units. On a global platform, gold climbed 1% by $12.20 and stood at $1,220.40 for an answer.
25th February 2016
Gold plunges by Rs.405 per 10 gram at MCX
Gold prices fell by Rs.280 and ended at Rs.28,970 per 10 grams due to the weak overseas trend and low demand from jewellers at the domestic spot markets. As the speculators cut down their bets, gold futures fell by Rs.405 to Rs.29,110 per 10 grams at MCX. 99.9 percent and 99.5 percent gold fell by Rs.280 each. Sovereign declined by Rs.100. The gold prices were affected by the low buying by jewellers and retailers at prevailing levels.
23rd February 2016
Investors taking a cautious approach on market
Gold dipped in Asia as the investors were being cautious. Gold on the Comex division of the NY Mercantile Exchange for February dropped by 0.3% to $1,226.50 an ounce. For the fresh reading on the economy’s strength, the investors are waiting for the Friday’s revised data on U.S. fourth quarter GDP. Gold is up by 16% this year despite the global economic conditions that make it tough for the Fed reserve to increase the interest rate.
22nd February 2016
Future looks bright for Gold Futures
Gold futures are in for a bright future, with the price of futures for June seeing a jump of about 0.3%, trading at Rs 29,649 for 10 grams, up by almost Rs 86. This price hike could be attributed to increased demand, clubbed with strengthening international cues. The cost for gold scheduled for April delivery also saw a jump, increasing by 0.26% to trade at Rs 29,385 for 10 grams. Experts are of the opinion that gold prices could go up in the coming days, with volatile equities and oil helping gold.
19th February 2016
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