Gold Rate In Salem Today

  • Today's Gold Rate in Salem ( 20 Sep 2019 )
    ₹ 3,583
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In Salem (Today & Yesterday)
    Today
    (20 Sep 2019)
    Yesterday
    (19 Sep 2019)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,583 ₹ 3,579 ₹ 4 ↑
    Standard Gold (22 K) ( 8 grams ) ₹ 28,664 ₹ 28,632 ₹ 32 ↑
    Pure Gold (24 K) ( 1 gram ) ₹ 3,762 ₹ 3,758 ₹ 4 ↑
    Pure Gold (24 K) ( 8 grams ) ₹ 30,096 ₹ 30,064 ₹ 32 ↑
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    20 Sep 2019 ₹ 3,583 ₹ 28,664 ₹ 3,762 ₹ 30,096
    19 Sep 2019 ₹ 3,579 ₹ 28,632 ₹ 3,758 ₹ 30,064
    18 Sep 2019 ₹ 3,611 ₹ 28,888 ₹ 3,792 ₹ 30,336
    17 Sep 2019 ₹ 3,625 ₹ 29,000 ₹ 3,806 ₹ 30,448
    16 Sep 2019 ₹ 3,626 ₹ 29,008 ₹ 3,807 ₹ 30,456
    15 Sep 2019 ₹ 3,584 ₹ 28,672 ₹ 3,763 ₹ 30,104
    14 Sep 2019 ₹ 3,584 ₹ 28,672 ₹ 3,763 ₹ 30,104
    13 Sep 2019 ₹ 3,607 ₹ 28,856 ₹ 3,787 ₹ 30,296
    12 Sep 2019 ₹ 3,618 ₹ 28,944 ₹ 3,799 ₹ 30,392
    11 Sep 2019 ₹ 3,634 ₹ 29,072 ₹ 3,816 ₹ 30,528

    Weekly & Monthly Graph of Gold Rate in Salem

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Gold Price 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 September 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,876 per gram
    September 15 Rate Rs.3,763 per gram
    Highest Rate in September Rs.3,953 per gram on 4 September
    Lowest Rate in September Rs.3,763 per gram on 14 and 15 September
    Overall Performance Decline

    September 2019 - Week 1 (1-8):

    • Gold rates in Salem opened the month marginally higher at Rs.3,876 per gram on steady industrial and jeweller demand, though retail sales remained sluggish due to high import costs.
    • Prices continued to rise, trading at Rs.3,904 per gram on 3 September before surging to Rs.3,953 per gram on 4 September as the dollar and equities fell steeply on weak U.S. data.
    • Fluctuations in local demand and a rise in the dollar rate dented bullion offtake as the metal fell to Rs.3,885 per gram on 6 September before ending the week lower at Rs.3,855 per gram. 

    September 2019 - Week 2 (9-15):

    • Continuing its decline from the previous week, gold prices in Salem opened at Rs.3,842 per gram as retail interest was flat, with jewellers also reducing orders on poor sales.
    • Overseas demand dropped as a switch to riskier assets like equities dented bullion offtake, with local industrial units reducing demand as gold fell to Rs.3,816 per gram on 11 September.
    • A resolution to the ongoing Sino-U.S. trade war and a rise in the dollar rate increased investor confidence in equities as prices dropped to Rs.3,787 per gram on 13 September before ending the week lower at Rs.3,763 per gram.

    Trend of Gold Rate in Salem for August 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    August 1 Rate Rs.3,481 per gram
    August 31 Rate Rs.3,876 per gram
    Highest Rate in August Rs.3,913 per gram on 29 August
    Lowest Rate in August Rs.3,481 per gram on 1 August
    Overall Performance Incline
    Percentage Change 11.34%

    August 2019 - Week 1 (1-11):

    • A rise in overseas cues and steady local demand saw gold rates in Salem rise after opening the month at Rs.3,481 per gram.
    • The rise in economic instability due to the ongoing Sino-U.S. trade war and falling equities bolstered bullion demand, as gold rose to Rs.3,633 per gram on 5 August.
    • The precious continued to climb despite weak retail demand, trading at Rs.3,750 per gram on 8 August and climbing to Rs.3,761 per gram when the week ended on 11 August.

    August 2019 - Week 2 (12-18):

    • A rise in overseas cues and steady local demand saw gold rates in Salem rise after opening the month at Rs.3,481 per gram.
    • The rise in economic instability due to the ongoing Sino-U.S. trade war and falling equities bolstered bullion demand, as gold rose to Rs.3,633 per gram on 5 August.
    • The precious continued to climb despite weak retail demand, trading at Rs.3,750 per gram on 8 August and climbing to Rs.3,761 per gram when the week ended on 11 August.

    August 2019 - Week 3 (19-25):

    • Despite opening lower at Rs.3,766 per gram, gold rates in Salem recovered as positive overseas trends bolstered flagging local demand, with prices rising to Rs.3,781 per gram on 21 August.
    • Trade tensions as well as the upcoming G7 summit dampened local demand for bullion, but industrial orders kept prices on the rise as the precious metal traded at Rs.3,802 per gram on 23 August.
    • Minutes from the Federal Reserve’s meeting also supported bullion growth, while a falling dollar boosted prices to Rs.3,864 per gram on 25 August.

    August 2019- Week 4 (26-31):

    • Gold rates in Salem opened higher at Rs.3,904 per gram on 26 August on steady industrial demand and overseas cues, though prices slipped to Rs.3,876 per gram on 28 August on fluctuations in the dollar rate.
    • Prices surged to Rs.3,913 per gram on 29 August as the escalating trade war and poor economic growth increased bullion’s safe-haven appeal.
    • U.S.-China trade negotiations and a rise in the dollar rate bolstered equity markets as bullion dropped to Rs.3,876 per gram when the month ended on 31 August.

    Trend of Gold Rate in Salem for July 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    July 1 Rate Rs.3,373 per gram
    July 31 Rate Rs.3,505 per gram
    Highest Rate in July Rs.3,537 per gram on 19 July
    Lowest Rate in July Rs.3,373 per gram on 2 July
    Overall Performance Incline
    Percentage Change 3.91%

    July 2019 - Week 1 (1-7):

    • Gold rates in Salem opened lower at Rs.3,373 per gram as steady equity markets reduced interest in bullion, though prices climbed to Rs.3,443 per gram on 3 July.
    • Positive U.S. payrolls data reduced interest rate cut expectations, which led to gold dropping to Rs.3,425 per gram on 4 July though steady local demand kept prices steady.
    • Demand rose steadily as the week progressed due to escalating tensions between Iran and the U.S., which increased bullion’s safe-haven appeal as gold traded at Rs.3,445 per gram on 7 July.

    July 2019 - Week 2 (8-14):

    • After opening at Rs.3,452 per gram, gold rates in Salem dropped briefly to Rs.3,432 per gram on 10 July as waning local interest and a steady U.S. dollar rate led to a decline in offtake.
    • Prices surged to Rs.3,493 per gram on 11 July as renewed fears of global recession coupled with the Federal Reserve’s rate cut indications dented the dollar and increased bullion demand.
    • Gold dropped to Rs.3,463 per gram on 12 July as local demand failed to keep prices steady, though a late rally saw the metal trade at Rs.3,482 per gram on 14 July.

    July 2019 - Week 3 (15-21):

    • There was a slight drop as the week began, with gold rates in Salem opening at Rs.3,468 per gram before rising marginally to Rs.3,476 per gram on 16 July.
    • Investors reduced offtake prior to U.S. jobs data, resulting in prices falling to Rs.3,459 per gram on 18 July but poor equity performance saw gold rise to Rs.3,537 per gram on 19 July.
    • Demand slipped marginally as the week drew to a close with the precious metal trading at Rs.3,512 per gram on 21 July.

    July 2019- Week 4 (22-28):

    • Gold prices in Salem opened the week at Rs.3,518 per gram but a rally by the dollar capped gains as prices dropped to Rs.3,501 per gram on 24 July.
    • Rising uncertainty over global economic growth failed to attract investor interest in bullion, as prices fell further to Rs.3,499 per gram on 26 July.
    • Local retail demand rose marginally as the week ended but a steady dollar rate saw gold rates trade at Rs.3,498 per gram on 28 July.

    July 2019- Week 5 (29-31):

    • Gold prices in Salem opened at Rs.3,498 per gram when trading began on 29 July as overseas demand was steady in light of the increased geopolitical uncertainty.
    • Prices recorded a minor rise despite a weak rupee, as local industrial demand propped up prices even though retail sales were on the decline due to rising import costs.
    • The end of the month saw the precious metal trade at Rs.3,505 per gram on 31 July to record a modest 3.91% rise in price over the course of the month.

    Also Check Gold Price in Metro Cities

    Trend of Gold Rate in Salem for June 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    June 1 Rate Rs.3,233 per gram
    June 30 Rate Rs.3,415 per gram
    Highest Rate in June Rs.3,473 per gram on 25 June
    Lowest Rate in June Rs.3,233 per gram on 1 and 2 June
    Overall Performance Incline
    Percentage Change 5.62%

    June 2019- Week 1 (1-9):

    • After opening at a relatively lacklustre Rs.3,233 per gram, gold rates in Salem rose on steady local and overseas demand, trading at Rs.3,246 per gram on 4 June as jittery markets increased bullion’s appeal.
    • Global indices fell on threats of possible U.S. tariffs against Mexico, while a drop in the U.S. dollar boosted local industrial bullion offtake as the metal rose to Rs.3,257 per gram on 5 June.
    • Gold climbed steadily for the rest of the week on steady investor demand and rising retail sales, ending the week at Rs.3,299 per gram.

    June 2019- Week 2 (10 - 16):

    • Gold rate in Salem at the start of week 2 stood at Rs.3,267 per gram. This was a steep decline in value in comparison to what the metal traded at the end of the 1st week.
    • The value of the dollar then dipped in comparison to other currencies. This caused the price of gold to surge to Rs.3,272 per gram on 13th.
    • The US dollar then began to regain its value as the week ended. This, however, did not have an adverse effect on the price of gold. It continued to rise to Rs.3,267 per gram on the 16th.

    June 2019- Week 3 (17-23):

    • Gold prices in Salem opened unchanged at Rs.3,305 per gram on 17 June as static local demand and a stable U.S. dollar capped gains, with prices slipping to Rs.3,301 per gram on 19 June.
    • Indications of an interest rate cut by the U.S. Fed bolstered demand for bullion, as gold surged to Rs.3,372 per gram on 20 June.
    • Demand continued to climb with the yellow metal trading at Rs.3,435 per gram on 21 June before ending the week at Rs.3,422 per gram on steady investor interest.

    June 2019- Week 4 (24-30):

    • After opening unchanged at Rs.3,422 per gram on 23 June, gold prices in Salem rose to Rs.3,473 per gram on 25 June on rising uncertainty following renewed war rhetoric between Iran and the U.S.
    • Prices stabilised on news of a backtrack by the Fed on interest rate cuts, resulting in the precious metal trading lower at Rs.3,413 per gram on 27 June.
    • Interest in bullion remained stable but retail demand fell due to rapidly rising prices, as the metal climbed to Rs.3,428 per gram on 28 June before settling at Rs.3,415 per gram on 30 June.

    Trend of Gold Rate in Salem for May 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    May 1 Rate Rs.3,190 per gram
    May 31 Rate Rs.3,215 per gram
    Highest Rate in May Rs.3,215 per gram on 31 May
    Lowest Rate in May Rs.3,150 per gram on 3 May
    Overall Performance Incline

    May 2019 - Week 1 (1-5):

    • Continued fluctuations in local demand and renewed global uncertainty pushed gold rates in Salem lower despite the metal opening the month at Rs.3,190 per gram.
    • Gold dropped sharply to Rs.3,150 per gram on 3 May on weak jeweller demand due to a rising U.S. dollar and positive economic indicators from overseas, though retail demand remained stable due to the upcoming wedding season.
    • Prices recovered marginally towards the end of the week as the dollar rate dropped ahead of a possible rate cut by the Fed Reserve as gold traded at Rs.3,163 per gram on 5 May.

    May 2019 - Week 2 (6-12):

    • A drop in the U.S. dollar rate prompted increased local demand for bullion, with the precious metal trading at Rs.3,171 per gram when the week began on 6 May.
    • Poor Asian offtake was offset by a spike in investor interest, as gold prices in Salem climbed to Rs.3,184 per gram on 8 May as global market uncertainty results in equities plunging.
    • Prices remained high as the week progressed despite a drop in local retail demand, with the precious metal closing the week at Rs.3,205 per gram on 12 May.

    May 2019- Week 3 (13-19):

    • A drop in the U.S. dollar rate prompted increased local demand for bullion, with the precious metal trading at Rs.3,170 per gram when the week began on 13 May.
    • Poor Asian offtake was offset by a spike in investor interest, as gold prices in Salem climbed to Rs.3,186 per gram on 16 May as global market uncertainty results in equities plunging.
    • Prices remained high as the week progressed despite a drop in local retail demand, with the precious metal closing the week at Rs.3,203 per gram on 19 May.

    May 2019- Week 4 (20-26):

    • A steady rise in investor risk sentiment dented bullion’s appeal as gold prices in Salem weakened after a relatively stable opening at Rs.3,170 per gram.
    • Prices dropped to Rs.3,156 per gram on 23 May as robust economic data and falling overseas demand weighed on the metal, though a reversal in fortune saw gold surge to Rs.3,188 per gram on 24 May.
    • The impact of rising tensions between Iran and the U.S. saw investors seek safety in bullion, though a rising U.S. dollar rate capped gains as the precious metal ended the week at Rs.3,183 per gram.

    May 2019- Week 5 (27-31):

    • Sluggish industrial demand and weak overseas cues dampened demand for bullion as the week began, with gold rates in Salem opening at Rs.3,184 per gram on 27 May.
    • Steady local equity markets following the recent elections also capped gains despite steady retail offtake, as the yellow metal rose marginally to Rs.3,188 per gram on 29 May.
    • The steep drop in global equities amidst fears of a global recession saw investors increase their bullion orders, as gold rose to Rs.3,215 per gram on 31 May.

    Trend of Gold Rate in Salem for April 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    April 1 Rate Rs.3,189 per gram
    April 28 Rate Rs.3,208 per gram
    Highest Rate in April Rs.3,208 per gram on 9, 27 and 28 April
    Lowest Rate in April Rs.3,161 per gram on 3 April
    Overall Performance Incline

    April 2019 - Week 1 (1-7):

    • Despite a steady opening of Rs.3,189 per gram, gold prices in Salem fell on sluggish local demand due to conflicting overseas cues and a strong U.S. dollar rate.
    • Prices dropped to Rs.3,170 per gram on 2 April as gains were capped due to a rising dollar before plunging to Rs.3,162 per gram on 4 April on declining local offtake.
    • A drop in the dollar rate and rising interest from Asia boosted prices marginally as the week ended, with gold rates rising to Rs.3,185 per gram on 7 April.

    April 2019 - Week 2 (8-14):

    • Demand for bullion rose on growing market volatility following news of possible U.S. sanctions on European goods, as the precious metal opened the week at Rs.3,198 per gram.
    • Prices rose to Rs.3,208 per gram on 9 April as local demand also steadied on a declining U.S. dollar but weak offtake from jewellers saw rates fall to Rs.3,206 per gram on 11 April in Salem.
    • Equities rose on positive economic data from the U.S. and China as interest in bullion waned and prices fell to Rs.3,178 per gram on 12 April, with a late rally boosting the metal’s value to Rs.3,183 per gram on 14 April.

    April 2019 - Week 3 (15-21):

    • Declining global demand for bullion saw gold prices in Salem open lower at Rs.3,177 per gram on 15 April and continue to dip as local jeweller demand reflected weak overseas trends.
    • The precious metal traded at Rs.3,171 per gram on 17 April before plunging to Rs.3,162 per gram on 19 April as robust Chinese export data bolstered flagging equity markets.
    • Bullion received a boost as European businesses showed sluggish growth as investors renewed safe-haven asset offtake, resulting in gold rates rising marginally to Rs.3,166 per gram on 21 April.

    April 2019- Week 4 (22-28):

    • Gold rates in Salem opened at Rs.3,180 per gram on marginal rises in local offtake but a steady growth in equity demand resulted in prices dropping to Rs.3,165 per gram on 24 April.
    • Local jeweller demand boosted prices as the precious metal traded at Rs.3,179 per gram on 25 April despite weak overseas bullion offtake.
    • Prices continued to climb as investors increased safe-haven asset offtake due to poor U.S. GDP data, with the metal closing the week at Rs.3,208 per gram on 28 April.

    Trend of Gold Rate in salem for March 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.3,305 per gram
    March 31 Rate Rs.3,200 per gram
    Highest Rate in March Rs.3,305 per gram on 1 March
    Lowest Rate in March Rs.3,169 per gram on 29 March
    Overall Performance Decline
    Percentage Change -3.17%

    March 2019 - Week 1 (1-10):

    • Weak demand from overseas and local markets resulted in gold rates in Salem falling significantly after opening at a steady Rs.3,305 per gram.
    • A strengthening in the U.S. dollar and growing investor confidence in equities reduced dependency on safe-haven assets like bullion, as gold prices dropped to Rs.3,210 per gram on 7 March.
    • The European Central Bank’s decision to defer interest rate hikes boosted demand for gold towards the end of the week, as gold recovered to trade at Rs.3,247 per gram on 10 March.

    March 2019 - Week 2 (11-17):

    • Gold prices in Salem opened at Rs.3,233 per gram on 11 March before dropping to Rs.3,213 per gram on 13 March as a rising dollar rate reduced local retail demand for the metal.
    • The resurgent dollar capped steady industrial demand as gold prices fell to Rs.3,207 per gram on 15 March, with declining interest from investors also denting the metal’s value.
    • Prices inched higher as the week ended over fears of the impact of the Brexit vote and the upcoming U.S. Federal Reserve meeting, trading at Rs.3,212 per gram on 17 March.

    March 2019 - Week 3 (18-24):

    • A rise in overseas demand for bullion due to market uncertainty and a fluctuating dollar rate resulted in gold prices in Salem gaining after a subdued opening at Rs.3,190 per gram on 18 March.
    • Despite a drop in local jeweller offtake, rising investor interest resulted in prices rising too Rs.3,209 per gram on 20 March as markets remained volatile due to uncertainty over when the U.K. would exit the European Union.
    • A slight drop in price saw gold trade at Rs.3,191 per gram on 22 March but fears of a U.S. recession boosted demand for bullion as gold surged to Rs.3,236 per gram on 24 March.

    March 2019- Week 4 (25-31):

    • Declining local demand and a rising U.S. dollar dented gold rates in Salem despite the metal opening at a stable Rs.3,229 per gram on 25 March.
    • Waning overseas interest saw prices fall to Rs.3,210 per gram on 28 March as investor interest moved to equities, with prices dropping to a monthly low of Rs.3,169 per gram on 29 March on falling local jeweller demand.
    • Weak U.S. economic data dulled the U.S. dollar rate slightly as gold rallied to end the month at Rs.3,200 per gram, but the metal’s overall value dropped by 3.17% during the month.

    Trend of Gold Rate in Salem for February 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    February 1 Rate Rs.3,354 per gram
    February 28 Rate Rs.3,333 per gram
    Highest Rate in February Rs.3,392 per gram on 20 and 21 February
    Lowest Rate in February Rs.3,292 per gram on 13 February
    Overall Performance Decline
    Percentage Change -0.62%

    February 2019 - Week 1 (1-10):

    • Sliding demand and poor overseas cues resulted in gold prices in Salem falling over the course of the week in spite of opening strongly at Rs.3,354 per gram on 1 February.
    • Retail demand also saw some fluctuations as the recovering dollar resulted in a slight decline in offtake by consumers.
    • Prices dipped to Rs.3,316 per gram on 7 February as positive U.S. jobs data boosted equity markets and reduced investor interest in bullion.
    • The end of the week saw gold prices recover to close at Rs.3,332 per gram on 10 February.

    February 2019 - Week 2 (11-17):

    • Fluctuating overseas cues and volatile markets saw gold prices in Salem open at Rs.3,319 per gram on 11 February before dropping to Rs.3,292 per gram on 13 February.
    • Local demand was stable but static industrial orders from Asia due to the impact of the trade dispute brought prices down.
    • Fears over the impact of Brexit resulted in an increase in investor interest in bullion as gold rates rose to Rs.3,350 per gram when the week ended on 17 February.

    February 2019 - Week 3 (18-24):

    • Gold rates in Salem saw some fluctuations after opening at a steady Rs.3,356 per gram on 18 February as market volatility and conflicting cues capped gains.
    • Prices rose to Rs.3,392 per gram on 20 February as local retail sales bolstered prices in spite of a drop in overseas investor interest ahead of the Federal Reserve meeting.
    • Indications of further interest rate hikes dampened interest in bullion as the dollar and equities performed well, resulting in gold prices falling to Rs.3,360 per gram on 24 February.

    February 2019 - Week 4 (25-28):

    • A drop in overseas demand for the precious metal and a rise in the U.S. dollar rate saw gold prices in Salem fall marginally after a stable opening of Rs.3,355 per gram on 25 February.
    • Prices rose to Rs.3,357 per gram on 26 February as the possibility of a resolution to the Sino-U.S. trade dispute resulted in a fall in the U.S. dollar and boosted local offtake.
    • A more hawkish stance by the Fed Reserve reversed trends and saw a steep fall in bullion demand and the precious metal fell to Rs.3,333 per gram on 28 February to record a drop in overall value of 0.62%.

    Trend of Gold Rate in Salem for January 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    Rate on 1st January2019 Rs.3,172per gram
    Rate on 31st January2019 Rs.3,321per gram
    Highest Rate in January 2019 Rs.3,326 per gram on 30 January
    Lowest Rate in January 2019 Rs.3,172per gramon 1 and 7 January
    Overall Performance Incline
    Percentage Change 4.69%
    Comparison for 24 K Gold Rates for Salem January 2019
    Graph for Gold Rate (24K) in Salem January 2019

    January 2019 - Week 1 (1 - 6):

    • In spite of steady local demand, gold price in Salem fluctuated briefly during the week due to conflicting overseas cues and volatile markets.
    • Gold opened the year priced at Rs.3,172 per gram before rising to Rs.3,191 per gram on 3 January due to a surge in overseas demand, with investors looking to bullion as markets fell.
    • Gold price continued to climb, reaching Rs.3,205 per gram on 4 January before the dollar strengthened and prices dipped to Rs.3,175 per gram when the week ended on 6 January.

    January 2019 - Week 2 (7 - 13):

    • The second week saw gold rate in Salem continue to rise on steady local jeweller demand as well as increased overseas demand for the precious metal.
    • Gold traded at Rs.3,172 per gram on 7 January and prices surged to Rs.3,187 per gram on 8 January as retail demand was bolstered by wedding season demand and a weak dollar.
    • Gold Price jumped to Rs.3,229 per gram on 10 January on string overseas cues before settling at Rs.3,222 per gram when the week ended on 13 January.

    January 2019 - Week 3 (14 - 20):

    • Uncertainty over Brexit and the growing deadlock over the U.S. government shutdown boosted gold rate in Salem this week, with the metal trading at Rs.3,230 per gram on 14 January.
    • The gold benefitted from increased local retail sales thanks to a weak dollar as jewellers and industrial units also raised their orders.
    • Gold price in Salem rose to Rs.3,263 per gram on 17 January before a marginal drop in local demand saw the metal trade at Rs.3,246 per gram when the week ended on 20 January.

    January 2019 - Week 4 (21-27):

    • Gold price in Salem saw significant fluctuations as gains from rising retail demand were capped by aa weak rupee and static industrial offtake.
    • The precious metal opened at Rs.3,246 per gram on 21 January before falling to Rs.3,236 per gram on 22 January as investor interest fell ahead of the U.S. Fed Reserve meeting and a stable dollar.
    • Jeweller demand was also muted due to the weak rupee but prices received a mid-week boost as local industrial demand rose with gold trading at Rs.3,248 per gram on 13 January.
    • Prices surged as the week ended on economic uncertainty after the political crisis in Venezuela and Brexit, closing the week at Rs.3,277 per gram on 27 January.

    January 2019 - Week 5 (28-31):

    • Gold rate in Salem reflected trends seen in other cities as positive overseas cues and a falling dollar boosted local demand as the metal opened the week at Rs.3,285 per gram on 28 January.
    • Investors also increased their stakes in bullion as markets remained volatile ahead of key Brexit decisions, which took gold prices to Rs.3,291 per gram on 29 January.
    • Prices reached a monthly high of Rs.3,326 per gram on 30 January as the constitutional crisis in Venezuela impacted global markets and currencies.
    • Gold dropped marginally as the month ended, with the metal trading at Rs.3,321 per gram on 31 January to record a 4.69% rise in value over the course of the month.

    Trend of Gold Rate in Salem for 2018 ( 24K Gold per gram)

    Months First Day Last Day Highest Rate Lowest Rate Overall Monthly Performance Percentage Change
    January 2018 Rs.3,002 Rs.3,045 Rs.3,084 on 20 and 21 January Rs.3,001 on 4 January Incline 1.43%
    February 2018 Rs.3,040 Rs.3,046 Rs.3,103 on 14 February Rs.3,003 on 8 February Incline 0.19%
    March 2018 Rs.3,043 Rs.3,072 Rs.3,105 on 24 and 25 March Rs.3,030 on 19 March Incline 0.95%
    April 2018 Rs.3,072 Rs.3,123 Rs.3,153 on 19 April Rs.3,064 on 6 April Incline 1.66%
    May 2018 Rs.3,114 Rs.3,122 Rs.3,213 on 15 May Rs.3,103 on 3 May Incline 0.25%
    June 2018 Rs.3,100 Rs.3,059 Rs.3,127 on 15 June Rs.3,054 on 24 June Decline -1.32%
    July 2018 Rs.3,059 Rs.2,986 Rs.3,070 on 7 July Rs.2,986 on 18 & 31 July Decline -2.38%
    August 2018 Rs.2,983 Rs.3,039 Rs.3,039 on 31 August Rs.2,800 on 16 August Incline 1.87%
    September 2018 Rs.3,029 Rs.3,074 Rs.3,098 on 19 September Rs.3,019 on 3 September Incline 1.48%
    October 2018 Rs.3,071 Rs.3,188 Rs.3,211 on 15 October Rs.3,071 on 1 October Incline 3.80%
    November 2018 Rs.3,184 Rs.3,045 Rs.3,196 on 6 November Rs.3,045 on 30 November Decline -4.36%
    December 2018 Rs.3,045 Rs.3,165 Rs.3,192 on 11 December Rs.3,045 on 1 December Incline 3.94%

    Trend of Gold Rate in Salem for 2017 ( 24K Gold per gram)

    Months First Day Last Day Highest Rate Lowest Rate Overall Monthly Performance Percentage Change
    January 2017 Rs.2,821 Rs.2,942 Rs.2,974 on 24th January Rs.2,821 on 1st & 2nd January Incline 4.28%
    February 2017 Rs.2,957 Rs.3,001 Rs.3,014 on 25th & 26th February Rs.2,940 on 3rd February Incline 1.48%
    March 2017 Rs.2,994 Rs.2,942 Rs.2,994 on 1st March Rs.2,906 on 15th March Decline -1.73%
    April 2017 Rs.2,956 Rs.2,984 Rs.3,035 on the 22nd and 23rd of April Rs.2,954 on the 8th and 9th of April Incline 0.94%
    May 2017 Rs.2,984 Rs.2,968 Rs.2,984 on 1st May Rs.2,889 on 11th May Decline -0.53%
    June 2017 Rs.2,977 Rs.2,962 Rs.3,030 on 7 June Rs.2,942 on 20 June Decline -0.50%
    July 2017 Rs.2,950 Rs.2,925 Rs.2,950 on 1 July Rs.2,796 on 11 July Decline -0.84%
    August 2017 Rs.2,926 Rs.2,971 Rs.2,999 on 29 August Rs.2,899 on 3 August Incline 1.53%
    September 2017 Rs.2,995 Rs.3,040 Rs.3,102 on 8 September Rs.2,995 on 1 September Incline 1.50%
    October 2017 Rs.3,040 Rs.2,997 Rs.3,059 on 14 and 15 October Rs.2,997 on 6, 27, 30, and 31 October Decline -1.41%
    November 2017 Rs.2,982 Rs.3,015 Rs.3,015 on 30 and 31 December Rs.2,903 on 13 December Incline 1.10%
    December 2017 Rs.2,982 Rs.3,015 Rs.3,015 on 30 and 31 December Rs.2,903 on 13 December Incline 1.10%

    Also Check Petrol Price and Diesel Price in Salem

    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 Price in NearBy Cities of Salem

    Read more on Gold

    News About Gold rate in Salem

    • Gold prices increase after a recent slump

      Gold futures prices rebounded on 13 September 2019 at spot markets due to the demand by local jewellers. On MCX, gold traded at Rs.37,830 for 10 grams, increasing by Rs.90.

      Initially, trading of gold was in red and there appeared to be a decline for the second week in a row due to the optimism of the US and China trade talks. At a certain point, gold was trading 0.20% lower at Rs.37,675 for 10 grams. Compared to last week’s highs, the prices of gold have fallen by almost Rs.2,000. Domestic silver and gold prices also faced pressure because of the appreciation of the rupee’s value when compared to a dollar. Some of the reasons why the prices of gold are reducing are the strength of the rupee, optimism of the US-China trade talks, and China’s withdrawal of the extradition bill from Hong Kong. In the global market, trading of spot gold was at $1,497.81 for an ounce. According to Reuters, there has been a decrease in prices of almost 0.6%. This will be the third week in a row that prices of gold have decreased. Due to the slow economic growth, an increase of buying from central banks, and an increase in investments for ETFs, gold prices have been increasing for the last three months.

      16 September 2019

    • Record highs set by gold price for the third day

      According to reports from the Press Trust of India, gold prices hit a new high of Rs.38,970 for 10 grams on 22 August 2019, increasing by Rs.150. The main reason for the increase in prices is due to the weakening rupee.

      On 22 August 2019, the rupee hit close to Rs.72 against a dollar. This is the lowest level the rupee has hit for the year 2019. The cost for the import of dollar-denominated gold increases due to the rupee depreciation. The gold requirement of India is mostly met by imports. 10 grams of 99.5% and 99.9% pure gold hit prices of Rs.38,820 and Rs.38,970, increasing by Rs.170 and Rs.150, respectively. Futures markets of India also saw a slight increase in gold prices. October gold prices on MCX gained by 0.12% to hit Rs.38,040 for 10 grams. Last week, futures prices reached a new high of Rs.38,666. Gold prices in the global market were priced close to $1,500 for an ounce. According to the minutes of the US Federal Reserve Meeting that was released on 21 August 2019, many policymakers were divided on whether interest rates should be cut. According to many analysts, gold prices may remain the same due to the uncertainty of any trade between China and the US. Gold demand has been hurt in India due to the increase in gold prices as well as the recent floods in Karnataka and Kerala.

      23 August 2019

    • Gold prices firm ahead of Fed interest rate cut

      On Tuesday, gold prices held firm ahead of Wednesday’s U.S. Federal Reserve meeting. At the meeting, a decision will be made regarding how much of a cut the American economy will be taking in the near future.

      Most analysts state that interest rates are expected to be cut. The question on everyone’s mind is by just how much the Fed is going to cut interest rates. The Fed’s meeting, which is a 2-day monetary policy meeting, is likely to be held on the 31st of the month. The expectation is that interest rates will be cut by 25 basis points. If this cut is made, it will be the bank’s first interest rate cut in decades. A decision which will, of course, affect gold prices.

      This expected rate cut comes at a time when most central banks are calling for interest rate cuts. Both the European Central Bank and the Bank of Japan stated that if the economy lost momentum, they would not hesitate to cut interest rates.

      Also in the spotlight for traders and investors is the U.S.-China trade negotiations which began on Tuesday. While expectations for any major changes are low, the hope is that there may be a few positive gestures made by both parties which could eventually lead to an easing of gold prices.

      A cap in the rise of bullion was seen when the dollar reached a two-month high on the back of weak sterling.

      Analysts all state that gold is currently at a six-year high and seems to have levelled ahead of the Fed’s meetings.

      30 July 2019

    • Gold Jumps on U.S. Rate Cut Expectations

      Gold prices rose sharply as positive overseas indications as well as rising local demand bolstered the precious metal.

      Pure gold of 99.9% purity rose by Rs.930 to trade at Rs.35,800 for 10 grams, while standard gold of 99.5% purity traded at Rs.35,630 for 10 grams.

      Gold futures also saw a rise in price, with gold for August delivery rising 0.9% to Rs.35,145 for 10 grams. The U.S. dollar fell after the U.S. Federal Reserve’s statement on economic growth prospects as well as hinted at possible interest rate cuts.

      A drop in the U.S. dollar makes non-yielding gold and gold held by non-dollar buyers more attractive, with the dollar expected to remain low for a while.

      11 July 2019

    • Gold Falls Sharply on Conflicting Cues

      Gold prices continued their fall for a second straight day, falling on weak demand. Gold futures for August delivery dropped by 0.45% to Rs.34,235 for 10 grams. This is after prices reached almost Rs.35,000 on a surge in local and global demand for the yellow metal. 

      A meeting between the U.S. and Chinese presidents and a possible resolution to the trade dispute encouraged equities, as bullion offtake fell.  

      Overseas bullion prices also fell, with spot gold trading lower at $1,406.21 per ounce after the Fed reduced expectations of an interest rate cut soon. A rate cut lowers the opportunity cost of non-yielding gold, making it more attractive to non-dollar buyers.  

      However local demand has seen a steep fall as high domestic prices have dampened demand for the metal.  

      27 June 2019

    • Gold Near 6-Year High on Dovish Fed

      Gold prices rose to a nearly 6-year high as the U.S. Federal Reserve hinted at an interest rate cut as soon as July, which led to steep drops in U.S. Treasury yields and a slide in the dollar rate.

      Spot gold rose by 0.4% to $1,392.81 per ounce while U.S. gold futures had a more modest climb of 0.1% to $1,398.10 per ounce.

      The recent Fed decision regarding interest rates is seen as the central bank’s response to sluggish economic growth, as the ongoing trade conflict with China weighs down the economy.

      Other central banks have also indicated they might follow in the Fed’s footsteps, with the Bank of Japan hinting at stimulus packages to boost flagging fiscal growth.

      Investors are turning to the upcoming G20 summit for indications on Sino-U.S. trade relations which have unsettled global markets.

      21 June 2019

    • Gold Drops as China Data Boosts Stock Performance

      Gold prices inched lower as positive economic data from the United States and China bolstered equities and eroded risk sentiment.

      Spot gold dropped by 0.3% to $1,291.87 per ounce while U.S. gold futures fell by 0.4% to $1,283.80 per ounce. The rebound in equity markets was a result of a rise in Chinese industrial data after over a quarter of losses. This is turn boosted investor sentiment in the country’s economic health.

      Despite the U.S. GDP showing growth of 3.2% for the first quarter, investors and analysts were cautious as most factors associated with the rise are temporary. The U.S. dollar was also subdued after the figures were released, rising marginally against a basket of global currencies.

      29 April 2019

    • Rising Equities and Easing Slowdown Fears Dent Gold Demand

      Robust Chinese data buoyed equities and reduced fears of an impending economic slowdown, which in turn reduced dependency on bullion’s safe-haven appeal. Spot gold recorded a marginal drop of 0.1% in price as the precious metal traded at $1,286.44 per ounce. U.S. gold futures on the other hand fell by a steeper 0.3% to $1,291.60 per ounce.

      Surprisingly healthy credit and export data from China boosted flagging equity markets, which encouraged greater risk appetites among investors. Renewed hopes of a trade resolution to the ongoing Sino-U.S. tariff dispute also dented gold’s appeal.

      A steady rise in U.S. economic data reduced the appeal of gold as the U.S. dollar improved, while consumer sentiment was seen to be stabilising after a period of declines.

      15 April 2019

    • Gold Drops After Fed’s Hawkish Stance

      Gold prices fell from a 10-month peak as indications that the Federal Reserve could resume its hawkish monetary policy boosted the dollar. Spot gold fell by 1% to $1,324.70 per ounce. U.S. gold futures also saw a drop of 1.5% to close at $1,327.80 per ounce.

      The Fed’s stance took many by surprise as they expected a more relaxed policy till the end of the year given the recent spate of market volatility and inflationary trends.

      With the U.S.-China trade talks on strong ground, risk appetites among investors rose marginally as they withdrew from long positions and moved towards equities and currencies.

      Poor demand from Asia also contributed to a drop in gold’s fortunes as retail sales fell on weak overseas cues.

      21 February 2019

    • Gold Loses Lustre on Weak Demand, Global Downturn

      Demand for gold has been steadily falling, with the precious metal closing at Rs.29,705 for 10 grams on Wednesday, 17th July, 2018. Weak global demand and falling demand from local jewellers have been attributed to the drop in demand for bullion.

      With the beginning of the wedding season from August 2018, jewellers and analysts expect demand for the metal to pick up pace. A good monsoon and an increase in the minimum price for the kharif crop is expected to spur rural demand for the precious metal.

      Global demand for gold was poor as the dollar continued to capitalise on positive market sentiment, further putting pressure on gold. There has been a 10% drop in gold prices since mid-April.

      18 July 2018

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