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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 January 2017 (rates per gram for 24karat gold)
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.
|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
- Gold Rates Trend in 2015
- 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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