Gold Rate In Salem Today

  • Today's Gold Rate in Salem ( 26 May 2020 )

    ₹ 4,523
    Today's Gold Rate (22K) per gram

    Compare 22K & 24K Gold Rate In Salem (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 4,523 ₹ 4,544 ₹ -21 ↓
    Standard Gold (22 K) ( 8 grams ) ₹ 36,184 ₹ 36,352 ₹ -168 ↓
    Pure Gold (24 K) ( 1 gram ) ₹ 4,749 ₹ 4,771 ₹ -22 ↓
    Pure Gold (24 K) ( 8 grams ) ₹ 37,992 ₹ 38,168 ₹ -176 ↓

    Daily Gold Rates

    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    26 May 2020 ₹ 4,523 ₹ 36,184 ₹ 4,749 ₹ 37,992
    24 May 2020 ₹ 4,544 ₹ 36,352 ₹ 4,771 ₹ 38,168
    23 May 2020 ₹ 4,544 ₹ 36,352 ₹ 4,771 ₹ 38,168
    22 May 2020 ₹ 4,487 ₹ 35,896 ₹ 4,711 ₹ 37,688
    21 May 2020 ₹ 4,496 ₹ 35,968 ₹ 4,721 ₹ 37,768
    20 May 2020 ₹ 4,536 ₹ 36,288 ₹ 4,763 ₹ 38,104
    19 May 2020 ₹ 4,578 ₹ 36,624 ₹ 4,807 ₹ 38,456
    18 May 2020 ₹ 4,586 ₹ 36,688 ₹ 4,815 ₹ 38,520
    17 May 2020 ₹ 4,546 ₹ 36,368 ₹ 4,773 ₹ 38,184

    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 May 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    May 1 Rate Rs.4,615 per gram
    May 16 Rate Rs.4,773 per gram
    Highest Rate in May Rs.4,773 per gram on 16 May
    Lowest Rate in May Rs.4,558 per gram from 2 May
    Overall Performance Incline

    May 2020 - Week 1 (1 - 9):

    • In Salem, a gram of the 24-karat gold was priced at Rs.4,615 on 1st May. There was a decline of Rs.49 for every gram when compared to the closing price of the previous week. Over the opening week of May, the rate of the gold witnessed an inclining trend.
    • The drop in the price of gold continued the following day as well. This saw gold record its lowest price in the city for the month to date with a gram costing Rs.4,558. However, gold prices improved over the next few days as the bullion’s safe-haven appeal was bolstered.
    • In the city, the rate of gold dipped on 8th May before increasing and closing the week at Rs.4,675 per gram. This was the highest recorded price of the metal for the month to date. The overall performance of the gold in Salem witnessed an inclining trend in the rates.

    May 2020 - Week 2 (10-16):

    • Opening the second week of the month in Salem at Rs.4,675 per gram on 10 May, gold in the city showed no changes in its prices compared to the previous week’s closing price. The price of the metal remained steady on 11 May at Rs.4,675 per gram with investors analysing the market trends amidst rising cases of COVID-19 all over the world. With this, the price of the metal increased to Rs.4,681 per gram on 12 May due to many countries showing an increasing number of fresh COVID-19 cases.
    • The price of the metal increased marginally on 13 May Rs.4,686 per gram and dipped marginally to Rs.4,665 per gram on 14 May. The incline in prices was due to central banks releasing stimulus packages which supported the gold markets and investors shifted to the bullion market with lower risk appetite. The price of the metal dipped marginally to Rs.4,665 per gram due to a strong dollar value in the international market. This prompted investors with higher risk appetite to shift to the equities market.
    • On 15 May, the price of the metal increased yet again to Rs.4,708 per gram, covering up its losses and increasing in value. This was majorly due to rising tensions between China and the United States of America regarding the trade deal. At the end of the week, the price of the metal increased to hit its highest of the week at Rs.4,773 per gram on 16 May.

    Trend of Gold Rate in Salem for April 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    April 1 Rate Rs.4,150 per gram
    April 30 Rate Rs.4,664 per gram
    Highest Rate in April Rs.4,734 per gram on 27 April
    Lowest Rate in April Rs.4,150 per gram from 1 - 6 and 8 – 18 April
    Overall Performance Incline

    April 2020 - Week 1 (1 - 4):

    • In the city of Salem, Kerala, gold prices opened the first week of April at Rs.4,150 per gram and did not show any rise or fall in prices for the week. Due to the lockdown imposed in the country, all trading platforms were shut along with any physical buying and selling of the metal as well.
    • The gold in the international market saw continuous fluctuations in prices as traders waited for the United States of America to release their job data. The price of the gold was hovering at an incline.
    • As the dollar value increased in the market, the price of the gold was set to fall. However, with the unemployment rate at a high due to the novel pandemic, COVID-19, the losses for the gold was limited. At the end of the week, in Salem, gold closed at Rs.4,150 per gram.

    April 2020 - Week 2 (5 -11):

    • A gram of gold was priced at Rs.4,150 per gram in Salem at the start of the second week of April. This was the lowest recorded price of the precious metal in the southern city for the month till date.
    • The rates jumped to its highest on 7th April with a gram of the 24-karat gold costing Rs.4,404. It was accounted to expectations of global stimulus measures in order to counter the economic damage caused by the outbreak of Covid – 19. This was the highest recorded price of the metal in the city for the month till date.
    • Having recorded its highest price for the month on 7th April, gold prices eased as the U.S. dollar firmed, while signs of a slowdown in the new coronavirus cases in major hot spots hurt the metal's safe-haven appeal. The yellow metal closed the week at Rs.4,150 per gram in the city.

    April 2020 - Week 3 (12 - 18):

    • In Salem, a gram of gold was priced at Rs.4,150 per gram at the beginning of the third week of April. The price of the metal held steady throughout the week with no changes due to the lockdown going on in the country with bullion trading centres shut for operations.
    • The price of the metal increased to hit its highest on 7th April with a gram of the 24-karat gold costing Rs.4,404. This was majorly due to the stimulus measures taken to mitigate the effect of the virus on the economy. However, in the third week of the month, the price was steady with no change at all.
    • With constant fluctuations in the price of the metal in the international market, gold prices showed heavy inclines with investors speculating a recession. However, with President Trump announcing measures to restart the economy in the country, the price of the metal declined. However, in the city of Salem, the yellow metal closed the week at Rs.4,150 per gram in the city.

    April 2020 - Week 4 (19 - 25):

    • In Salem, gold opened the fourth week of April at Rs.4,150 per gram. There was no change in the rates of the yellow metal when compared to the closing price of the previous week.
    • The rates climbed in the city after staying constant for the next day as investors sought safe havens after oil prices recorded a historic slump. The increase in the prices saw gold prices hit its highest for the month till date on 23rd April with a gram costing Rs.4,759 in the city.
    • Gold closed the penultimate week of the month at Rs.4,755 per gram in Salem. The overall performance showed an incline in the prices over the week.

    April 2020 - Week 5 (26 - 30):

    • In the last week of the month, gold prices in Salem opened at Rs.4,734 per gram on 26 April and were the highest price of the metal in the week and the month. The metal recorded a steady price on 27 April as well due to various global factors in the international market.
    • The price of the metal on 28 April dipped marginally to Rs.4,698 per gram with investors taking to profit booking with the high prices of the precious metal due to which, the price of the metal dipped. On 29 April, gold prices dipped further to Rs.4,645 per gram with higher risk appetite amongst investors as they speculated ease of the lockdown restrictions in the United States of America.
    • Gold, on the last day of the week and the month, closed at Rs.4,664 per gram, recovering marginally with central banks announcing stimulus packages to help mitigate the losses in the economy due to COVID-19. Overall, the metal recorded an incline through the month of April.

    Trend of Gold Rate in Salem for March 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.4,185 per gram
    March 31 Rate Rs.4,150 per gram
    Highest Rate in March Rs.4,443 per gram on 6 March
    Lowest Rate in March Rs.4,026 per gram on 19 March
    Overall Performance Decline

    March 2020 - Week 1 (01 - 07):

    • Gold prices in Salem opened at Rs.4,185 per gram in March. With the increased fear of Coronavirus all over the world, the demand for the gold had increased amongst investors due to its safe-haven appeal. By 2 March, the gold had already increased marginally to Rs.4,198 per gram, further increasing to Rs.4,315 per gram on 3 March.
    • The rate of the gold increased further on 4 March to Rs.4,361 per gram. The rise in prices was majorly due to the rate cuts by the Federal Reserve of the United States of America. Gold prices, however, dipped marginally on 5 March, Rs.4,343 per gram due to subdued demand in the country along with a marginally higher risk appetite amongst investors due to the stronger value of the United States dollar in the market.
    • On 6 March, the price of the gold increased by Rs.100 to Rs.4,443 per gram which was the highest price of gold in 7 years. The rise in prices was attributed to the spread of the Coronavirus all over the world which resulting in a higher number of new cases along with a rise in the death toll. On 7 March, the gold rate dipped marginally as the United States dollar capped the gains by the dollar and closed the month at Rs.4,417 per gram.

    March 2020 - Week 2 (8 - 14):

    • Gold prices in Salem opened the second week of March at Rs.4,417 per gram in March. There was no change in the rates of the yellow metal when compared to the closing price of the previous week. The rates slipped to Rs.4,408 per gram the next day as a rout in global equities on concerns over the economic fallout due to coronavirus raised demand for safe-haven assets.
    • The rates jumped to Rs.4,427 per gram on 10 March as some worries about the growth outlook eased following US president Donald Trump’s pledge to take steps to cushion the economy from coronavirus.
    • The rates slipped following that as traders sold the yellow metal to cover margins for stock markets after being spooked by the global spread of coronavirus. Gold closed the week at Rs.4,131 per gram, the lowest recorded price for the month till date in the city with the overall performance showing a declining trend in the rates.

    March 2020 - Week 3 (15 - 21):

    • In the city of Salem, gold opened the third week of March at Rs.4,131 per gram and increased substantially to Rs.4,160 per gram in one day, on 16 March. The price hike of the gold was majorly attributed to the emergency rate cut by the United States Federal Reserve which prompted temporary buying amidst safe-haven appeal. However, on 17 March the price of the gold dipped to Rs.4,064 per gram due to traders selling off their assets to convert them to cash on an urgent basis to survive the lockdown.
    • The gold price on 18 March increased to Rs.4,136 per gram due to marginal safe-haven demand for the gold. However, on 19 March, the gold rate hit its monthly and weekly low till date at Rs.4,026 per gram. With the European Central Bank taking and announcing measures to fight the virus in the economical level, the gold price increased and was Rs.4,104 per gram on 20 March.
    • The gold, amidst safe-haven appeal and demand, saw a rise in price on 21 March at Rs.4,164 per gram and ended the week at the same price.

    March 2020 - Week 4 (22 - 31):

    • In the city of Salem, gold opened the fourth week of March at Rs.4,164 per gram. The rates of the yellow metal remained unchanged when compared to the closing price of the previous week.
    • The rates of gold in Salem witnessed a declining trend over the week. Having opened the rates at Rs.4,164 per gram, the rates of the 24-karat slipped to Rs.4,159 per gram the next as investors stockpiled cash, with a rising numbers of coronavirus-led national lockdowns threatening to overshadow stimulus measures from global central banks to combat the pandemic’s economic damage.
    • On 24 March, gold prices slipped again by Rs.9 per gram before remaining stagnant till the end of the week. The rates remaining unchanged in the city was accounted to the 21-day lockdown which was imposed in the country to contain the spread of coronavirus. The rates of the 24-karat gold closed the week in Salem at Rs.4,150 per gram with the overall performance showing a decline in the prices.

    Trend of Gold Rate in Salem for February 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    1st February Rate Rs.4,077 per gram
    29th February Rate Rs.4,185 per gram
    Highest Rate in February Rs.4,305 per gram on 24 February
    Lowest Rate in February Rs.4,030 per gram on 6 February
    Overall Performance Incline

    February 2020 - Week 1 (1 - 9):

    • The price of the metal in Salem opened the month at Rs.4,169 per gram. There were mixed trends in the metal’s prices through the week due to various global factors, mainly the effect of the virus on the global economy.
    • In the first half of the week, the price of the metal remained steady at Rs.4,169 per gram until 4 February. However, on 5 February, gold prices dipped to Rs.4,158 per gram but not before hitting its highest price of the week at Rs.4,195 per gram on 4 February. Gold prices continued to slip, hitting its lowest of the week at Rs.4,116 per gram on 7 February. This was majorly due to increased risk appetite amongst investors with the Central Bank in China cutting the reverse repo rates.
    • However, the dip in gold prices did not last for long with the virus claiming more lives and affected a larger number of people all over the world. Investors shifted back to the safe-haven asset and gold prices increased. The price of the metal on 9 February was Rs.4,148 per gram.

    February 2020 - Week 2 (10 - 16):

    • Gold prices in Salem started the second week of February at Rs.4,079 per gram. Compared to the previous week’s closing price, there was a drop of Rs.14 for every gram in the rates of the yellow metal.
    • Over the next couple of days, gold prices dipped to Rs.4,057 per gram. This was accounted to the fall of new coronavirus cases and the risk appetite improving even though there was uncertainty over the economic impact of the outbreak.
    • In the latter half of the week, the rates of the yellow metal shot up as hopes for global measures to counter the coronavirus outbreak increased appetite for equities. Gold closed the week at Rs.4,120 per gram with the overall performance showing an incline in the prices.

    February 2020 - Week 3 (17 - 23):

    • On 17 February, the price of gold opened the third week at Rs.4,107 per gram after decreasing by Rs.13 when compared to the previous day’s closing price. The metal’s prices dipped at the beginning of the week with China liquidating funds and lowering the reverse repo rate in order to support their economy. The price of the metal increased marginally to Rs.4,109 per gram on 18 February.
    • However, investors shifted back to the bullion market on 19 February because of the Coronavirus all over the world and on the global economy. With the demand for the bullion increasing, the price of the metal increased to Rs.4,151 per gram and increasing to Rs.4,179 per gram on 20 February.
    • The metal’s prices showed an inclining trend through the second half of the week at Rs.4,213 per gram on 21 February. Gold prices in Salem increased to Rs.4,276 per gram on 22 February and closed the week at the same price.

    February 2020 - Week 4 (24 to 29):

    • In Salem, the price of gold opened the fourth week of February at Rs.4,305 per gram after the rates increased by Rs.29 for every gram when compared to the previous day’s closing price. The opening price was also the highest recorded price of the metal for the month.
    • Given the rapid spread of coronavirus beyond China drove fears of a pandemic and weighed on Asian currencies and global equities, the rates of the yellow metal slipped to Rs.4,264 per gram on 26 February in the city.
    • The rates increased by Rs.22 for every gram the following day as coronavirus scare spurred safe haven flows towards bullion and raised hopes of interest rate cuts by major central banks.
    • Gold closed the week at Rs.4,185 per gram in Salem with the overall performance showing an inclining trend in the prices over the month.

    Trend of Gold Rate in Salem for January 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,922 per gram
    January 31 Rate Rs.4,074 per gram
    Highest Rate in January Rs.4,125 per gram on 8 January
    Lowest Rate in January Rs.3,919 per gram on 2 January
    Overall Performance Incline

    January 2019 - Week 1 (01 - 05):

    • Gold rates in Salem opened the month at Rs.3,922 per gram and increased through the week as the value of the rupee increased against the dollar in the global markets. Another factor which played a role in the rise in gold prices is the geopolitical factors.
    • After decreasing marginally to Rs.3,919 per gram on 2 January, the price of the yellow metal increased to Rs.3,983 per gram on 3 January as the value of the dollar fell marginally against other currencies. As the value of the rupee rose, the demand for gold increased as well.
    • Due to the drone strike by the United States of America in Iran, the geopolitical tensions between the two countries escalated quickly after President Trump’s remarks. Investors shifted to the bullion in response and the metal closed the week at Rs.4,024 per gram.

    January 2019 - Week 2(06 - 12):

    • Gold rates in Salem opened the week at Rs.4,091 per gram and showed a fluctuating trend throughout the week. As the dollar value fluctuated amidst geopolitical tensions around the United States of America and Iran. On 7 January, the price of gold dipped to Rs.4,035 per gram.
    • On 9 January, the price of the metal dipped yet against to Rs.4,022 per gram soon after hitting the highest price in the week at Rs.3,125 per gram on 8 January. However, as President Trump mentioned that the United States of America will not be taking any action against Iran, gold prices dipped further.
    • The price of the metal dipped on 10 January to Rs.3,983 per gram as investors shifted to the stock market with heavy risk appetite. On 12 January, the price of gold closed the second week of January at Rs.4,011 per gram.

    January 2019 - Week 3 (13 - 19):

    • Gold rates in Salem opened the week at Rs.3,991 per gram and fluctuated throughout the week. With speculations on the trade deal to be signed in the week, the demand for the bullion in the first half of the week was low. On 14 January, the price of the metal dipped to Rs.3,952 per gram.
    • On 15 January, ahead of the signing, investors shifted their focus to the stock market which reduced the demand for the precious metal. The price of gold, however, remained steady at Rs.3,991 per gram and increased to Rs.3,992 per gram on 16 January. However, in the second half of the week, the demand for the metal increased amidst geopolitical tensions.
    • In the second half of the week, the price of gold increased to Rs.3,999 per gram on 17 January and to Rs.4,019 per gram on 18 January. With the tensions in the Middle East rising, the demand for gold increased subsequently as a safe haven for investors. At the end of the week, gold closed at Rs.4,019 per gram.

    January 2020 - Week 4 (20 - 26):

    • Gold price stood at Rs.4,011 per gram on 20 January in Salem. The rates of the precious metal slipped by Rs.8 for every gram when compared to the closing price of the previous week.
    • With investors seeking refuge in the safe-haven metal rates due to concerns regarding the outbreak of coronavirus in China and increasing tensions in the Middle East, gold prices jumped again the next day and touched Rs.4,028 per gram in the city.
    • In Salem, the prices of the yellow metal slipped to Rs.3,997 per gram on 22 January as investors the risk of the deadly coronavirus becoming a global epidemic. The rates increased gradually over the next few days and closed the penultimate week of January at Rs.4,055 per gram.

    January 2020 - Week 5 (27 - 31):

    • As investors were affected by the Coronavirus, the appeal of the stock market reduced and dependence on the bullion increased in the last week of the month. Gold prices opened the month at Rs.4,070 per gram and showed marginal inclines through the course of the week.
    • With investors waiting the decision by the Federal Reserve of the United States of America on rate cuts, the price of the metal dipped to Rs.4,066 per gram on 28 January. The next day, gold hit its lowest price of the week at Rs.4,030 per gram with the help of positive Chinese data on manufacturing good along with the demand increasing for durables from the United States of America.
    • However, as the outbreak of Coronavirus escalated and with the WHO announcing a World Health Emergency, the investors shifted to the bullion yet again due to its safe-haven appeal. The metal closed the month at Rs.4,074 per gram on 31 January.

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

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,828 per gram
    December 29 Rate Rs.3,819 per gram
    Highest Rate in December Rs.3,830 per gram on 5 December
    Lowest Rate in December Rs.3,771 per gram on 11 and 13 December
    Overall Performance Decline

    December 2019 – Week 1 (1 – 8):

    • Gold prices stood at Rs.3,828 per gram on December 1 in Salem. There was no change in the prices when compared to the previous day’s closing price.
    • The rates of the yellow witnessed a declining trend in the first few days of the opening week as there were flipping news on the US-China trade deal. Gold prices increased on December 4 and 5 after the US president said that the trade talks were going in the right direction.
    • The rates of the yellow metal closed the week at Rs.3,723 per gram. This was the lowest recorded price of gold over the first week of December. The overall performance of the yellow metal in Salem was trending downwards.

    December 2019 – Week 2 (9 - 15):

    • In Salem, gold opened the second week of December at Rs.3,780 per gram. There was drop of Rs.13 per gram from the previous week’s closing price.
    • The rates continued to slip in the following couple of days and recorded its lowest price for the month till date with every gram of gold costing Rs.3,771. The drop was accounted to investors deciding to await clarity on whether the US will impose new tariffs on Chinese products.
    • Gold prices in Salem fluctuated over the latter half of the week before closing the week at Rs.3,803 per gram. The yellow metal’s overall performance in the city over the week was trending downwards.

    December 2019 - Week 3 (16 - 22):

    • In Salem, gold opened the second week of December at Rs.3,796 per gram. The price of the metal fluctuated through the week due to trade uncertainties along with other factors such as a job data from the United States of America and the impeachment of the President.
    • The rate of the metal fluctuated in the following couple of days and recorded its highest price for the week with every gram of the metal priced at Rs.3,817. The rise in prices came after the United States House of Representatives voted to impeach their President on charges of obstruction and abuse of power.
    • Gold prices in Salem increased marginally over the latter half of the week before closing the week at Rs.3,819 per gram.

    December 2019 - Week 4 (23 - 29):

    • In Salem, gold opened the second week of December at Rs.3,796 per gram. The price of the metal fluctuated through the week due to trade uncertainties along with other factors such as a job data from the United States of America and the impeachment of the President.
    • The rate of the metal fluctuated in the following couple of days and recorded its highest price for the week with every gram of the metal priced at Rs.3,817. The rise in prices came after the United States House of Representatives voted to impeach their President on charges of obstruction and abuse of power.
    • Gold prices in Salem increased marginally over the latter half of the week before closing the week at Rs.3,819 per gram.

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

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,892 per gram
    November 30 Rate Rs.3,828 per gram
    Highest Rate in November Rs.3,892 per gram on 1 November
    Lowest Rate in November Rs.3,792 per gram on 28 November
    Overall Performance Decline

    November 2019 - Week 1 (01-03):

    • In Salem, the price of the precious metal on 1 November was Rs.3,890 per gram and had increased considerably compared to the closing price of Rs.3,857 per gram on 31 October. This was majorly due to trade talk speculations and the interest rate cut by the Federal Reserve.
    • However, on 2 November, gold prices decreased marginally to Rs.3,890 per gram and was the same price on 3 November as well. This was mainly due to the increase in local demand of the metal.

    November 2019 - Week 2 (04-08):

    • In Salem, the price of gold in the second week of November was Rs.3,886 per gram decreasing marginally compared to the previous week’s closing price of Rs.3,890 per gram. This was majorly due to positive cues from the trade talks between the two economic superpowers.
    • As investors shifted from the bullion to the stock market on the back of a strong dollar, the price of gold decreased further on 5 November to Rs.3,879 per gram and plummeted to Rs.3,841 per gram on 6 November.
    • Due to trade uncertainties, the price of the precious metal increased marginally to Rs.3,860 per gram. However, on 8 November, gold nearly hit a three-year low at Rs.3,817 per gram due to a strong dollar and positive cues on the trade talks between the United States of America and China.

    November 2019 - Week 3 (09-17):

    • Gold opened the third week of November at Rs.3,812 per gram. The prices dropped in the following days due to positive cues of a trade deal between the United States of America and China.
    • The rates of the precious metal plummeted to a 3-month low on 12 November after an upbeat risk appetite from investors was seen due to positive developments regarding the trade talks.
    • However, with no clear signs emerging regarding the trade deal and investors shifting to the bullion as a safe-haven asset the prices recovered slightly before closing the week at Rs.3,827 per gram.

    November 2019 - Week 4 (18 - 24):

    • In Salem, the price of the metal at the beginning of week four in November was Rs.3,818 per gram and was at a marginally lower price compared to the closing of the previous week as trade deal hopes were high amongst investors.
    • However, the metal recovered on 19 November as trade optimism was dented due to the United States President threatening to increase the import tariff on Chinese goods. The metal’s prices rose to Rs.3,841 per gram and held steady 21 November at Rs.3,837 per gram.
    • However, on 22 November, the metal hit its weekly low at Rs.3,819 per gram as positive U.S. jobs data increased the value of the dollar resulting in higher risk appetite amidst no definite results in the trade talks. Gold closed the week at Rs.3,821 per gram.

    November 2019 - Week 5 (25 - 30):

    • Gold prices in Salem opened the final week of November at Rs.3,806 per gram. Compared to the previous day’s closing price, the rates saw a dip of Rs.15 for every gram.
    • With traders deciding to wait for further developments regarding the trade deal with Beijing and Washington, the rates saw a lot of fluctuations. As there was no clear indication being provided by either country regarding the trade deal, the prices of the yellow metal dropped to Rs.3,792 per gram on 28 November. This was lowest recorded price of gold in the month of November.
    • The rates of the yellow metal increased gradually in the last two days of the week and closed at Rs.3,828 per gram. Gold’s overall performance in Salem was trending downwards.

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

    Parameters Gold price (24 karat)
    Rate on 1st October Rs.3,722 per gram
    Rate on 31st October Rs.3,857 per gram
    Highest Rate in October Rs.3,869 per gram on 28 October
    Lowest Rate in October Rs.3,722 per gram on 1 October
    Overall Performance Incline

    October 2019 - Week 1 (1-6):

    • Gold price in Salem opened low at Rs.3,722 per gram as weak jeweller demand dented the metal’s appeal, but positive overseas cues and a falling rupee bolstered prices to Rs.3,786 per gram on 2 October.
    • Weak U.S. jobs data dampened investor demand for equities as bullion’s appeal rose, with gold rate in Salem rising to Rs.3,818 per gram on 3 October.
    • The upcoming festive season led to higher retail demand, which buoyed local bullion offtake as the precious metal ended the week at Rs.3,830 per gram on 6 October.

    October 2019 - Week 2 (7-13):

    • Gold price in Salem opened the month of October at a low of Rs.3,722 per gram due to weak demand from local jewellers. However, the price of the metal picked up in the second week of the month due to global cues.
    • As investors waited for concrete signals on the trade talks, demand for the safe haven asset increased prices, hitting weekly high prices on 9 and 10 October at Rs.3,848 per gram.
    • As the trade talks eased along with Brexit fears, invested shifted back to the stock market resulting in a slight decline in gold prices. Gold rate in Salem closed the week at Rs.3,826 per gram.

    October 2019 - Week 3 (14-20):

    • Gold prices in Salem opened the third week at a marginally lower price at Rs.3,822 per gram due to renewed optimism over the trade talks between the United States of America and China. This resulted in the lifting of the risk appetite amongst investors.
    • On 15 October, the price of the metal soared to Rs.3,856 per gram hitting its weekly high as the trade talks between the two economic superpowers faded and tensions ahead of the much-awaited Brexit talks.
    • Soon after hitting the weekly high, gold prices fluctuated throughout the week as the trade tensions eased and the value of the U.S. dollar went up amongst other currencies. The precious metal closed the week at Rs.3,849 per gram on 20 October between a new Brexit deal and uncertainties in the trade talk.

    October 2019 - Week 4 (21-27):

    • The price of gold in week 4 of October saw an upward trend in Salem opening at a steady price of Rs.3,845 per gram and decreasing to Rs.3,829 per gram on 22 October as investors awaited the outcome of the meeting on Brexit and increased risk appetite on positive cues in the trade talks.
    • However, on 23 October, gold prices increased marginally to Rs.3,846 per gram and held steady with a marginal increase to Rs.3,847 per gram on 24 October as investors awaited a decision on Brexit ahead of the meeting between Great Britain and the European Union.
    • Gold prices surged to be priced at Rs.3,871 per gram on 25 October as a weak U.S. economic data led to a possible rate cut by the United States Federal Reserve. As investors feared a global economic slowdown, the price of gold held steady, closing the week at Rs.3,872 per gram on 27 October.

    October 2019 - Week 5 (28-31):

    • As trade talk hopes renewed amongst investors, the price of gold opened the month at Rs.3,869 per gram and decreased to Rs.3,836 per gram on 29 October. This was majorly due to an increase in the value of the dollar in the market.
    • On 30 October, as the hopes of the trade talks faded, ahead of the big decision on the interest rate cut by the United States Federal Reserve, gold prices picked up gradually and was priced at Rs.3,847 per gram.
    • After a decision given by the Federal Reserve of a 1% rate cut, the value of the dollar decreased in the market. The price of gold in Salem gradually increased and closed the week and the month of October at Rs.3,857 per gram.

    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.3,481 per gram
    September 30 Rate Rs.3,876 per gram
    Highest Rate in September Rs.3,913 per gram on 29 September
    Lowest Rate in September Rs.3,481 per gram on 1 September
    Overall Performance Incline
    Percentage Change 11.34%

    September 2019 - Week 1 (1-8):

    • Gold rate 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.
    • Gold price in Salem 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 gold rate 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 price 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 price in Salem 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.

    September 2019 - Week 3 (16-22):

    • Continuing its decline from the previous week, gold price in Salem opened at Rs.3,807 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 rate in Salem fell to Rs.3,758 per gram on 19 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.3,783 per gram on 21 September before ending the week marginally higher at Rs.3,794 per gram.

    September 2019- Week 4 (23-30):

    • Gold rate in Salem opened higher at Rs.3,904 per gram on 26 September on steady industrial demand and overseas cues, though prices slipped to Rs.3,876 per gram on 28 September on fluctuations in the dollar rate.
    • Gold price in Salem surged to Rs.3,913 per gram on 29 September 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 30 September.

    Also Check Gold Price in Metro Cities

    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 rates steady as market participants stayed away from making big bets

      As market participants stayed away from making big bets ahead of Federal Reserve Chairman Jerome Powell’s speech, gold rates remained steady. While spot gold prices remained unchanged at $1,701.51 per ounce, U.S. gold futures saw a decline of 0.1 percent to cost $1,704.50 for an ounce at 0326 GMT. Markets were waiting for Powell’s speech at 1300 GMT for clarity about the health of the economy after U.S. President Donald Trump on Tuesday again urged the U.S. central bank to adopt negative interest rates. It must be noted here that massive stimulus measures support gold as it is considered a hedge against inflation and currency debasement.

      Other precious metals like silver, palladium, and platinum witnessed changes on Wednesday. Silver and platinum prices increased while palladium inched down.

      13 May 2020

    • Prices of gold increase by 1.1% in India on 4 April 2020

      Gold futures prices in India increased by 1.1% on 4 April 2020 and were at Rs.43,720 for 10 grams. Due to a holiday, the commodity derivatives markets in the country were closed on 6 March 2020.

      The main reason for the increase in prices was the concern about the impact of the coronavirus outbreak. During an economic crisis, many investors consider the yellow metal as a safe haven. Spot gold prices in the global markets increased by 0.2% and are at $1,618.90 for an ounce. However, a strong dollar ensured that the prices of gold were high for other currency holders. According to many analysts, due to the low demand for gold in the physical market, there has been an uptick in investment demand. Spot gold markets have remained shut due to the lockdown. According to the Head of Commodity Research at Geojit Financial Services, Hareesh V, due to the various measures that have been introduced by the government to help the economy, gold will continue to remain a safe haven. However, he added that low physical demand and a strong dollar may limit major rallies. Gold prices in India are inclusive of 12.5% import duty and 3% GST.

      6 April 2020

    • Gold futures float near Rs.39,800 for every 10 grams

      On Thursday, gold registered mild gains amid prolonged selloff in equity markets. MCX gold futures rose by Rs.376 for every 10 grams from the previous close to hit Rs.40,099 per 10 grams at the strongest level of the day before slipping. At around at 1:20 pm, the gold futures contract was up by 0.19 percent to cost Rs.39,800 for every 10 grams.

      In the international oil market, the rates of the yellow metal rose after a steep fall in the previous session as the European Central Bank’s measures to reduce the economic effects of the coronavirus epidemic lifted investor sentiment.

      As per India Bullion and Jewellers Association, the indicative selling price of gold jewellery stood at Rs.40,620 excluding GST for every 10 grams in the first half of the day.

      19 March 2020

    • Gold prices drop after hitting a seven-year high

      On Tuesday, the price of gold plunged as traders booked profits after the previous trading session where the yellow metal had hit a seven-year high. Gold had extended gain on Monday because of the chaos in global equities and international gold had tested $1,689 per troy ounce.

      However, on 25 February 2020, spot gold prices had dipped 1 per cent. Market experts have said that investors may take on a buy on dips technique for a target above Rs.43,000 per 10 grams. Silver prices had fallen by Rs.80 to Rs.49,990 per kg.

      Market specialists expect this trend for the two precious metals to remain steady with one alteration because of the profit-taking in Tuesday's session. Gold will test its support level of Rs.42,800 whereas silver will test Rs.48,800 levels.

      26 February 2020

    • Prices of gold fall sharply on 3 February 2020 due to low demand

      Following a reduction of prices in the international market, gold rates in India also saw a decline on 3 February 2020. Gold futures prices for the month of April on MCX reduced by 0.47% and touched Rs.41,010 for 10 grams.

      Following the announcement of the Budget on 1 February 2020, the prices of gold had increased to Rs.41,250 for 10 grams. Following gold, the prices of silver reduced as well. In the international market, the prices of gold reduced by 0.5% and touched $1,580.52 for an ounce. As the stock market opened after the Lunar New Year break in China, stocks have fallen by nearly 9%. Worries of the coronavirus also ensured that the stocks fell sharply. The World Health Organisation had declared the coronavirus as a global emergency last week. However, they did not recommend any travel and trade restrictions on China. The death toll due to the coronavirus has increased to over 350. According to various analysts, global growth could be slashed because of the coronavirus outbreak. Recently, there have been improvements in the economy after slowing down for more than a year. In India, the demand for gold has been reduced due to a weak economy and high prices. As per a new report made by Reuters, discounts of up to $13 for an ounce were offered by gold dealers last week.

      3 February 2020

    • Petroleum ministry cuts fuel demand estimates for 2019-20

      The Petroleum ministry on Thursday revised its initial projections regarding the country’s fuel demand. The revision came amid a broader economic slowdown. Following the revision, fuel demand is expected to rise 1.3%, the slowest pace in the last six years. The data posted on the Petroleum Planning and Analysis Cell showed fuel consumption in India to be at 216 million tonnes in the fiscal year to March 2020. It must be noted here that in 2018-19, the country consumed about 213.2 million tonnes of refined fuel.

      The overall refined fuel demand in this fiscal year has been dragged down because of a sharp reduction in diesel consumption. The data shows that local sales of diesel are expected to grow at the lowest rate in the last five years as the demand for diesel is slowing down in the country due to various factors like car fleets shifting to gasoline, solar pumps displacing diesel-fed units, and trucks getting more efficient. Analysts expect the demand of diesel to remain passive until the second half of 2020 given the trend witnessed in the last few months.

      20 December 2019

    • Gold prices decrease due to hopes of a trade deal

      After China and the US expressed interest in signing Phase 1 of the trade deal by the end of the year, the prices of gold hit a one-week low on 25 November 2019.

      The value of the dollar has been boosted and the demand for riskier assets has increased as well. Spot gold prices decreased by 0.1% and hit $1,461.24 for an ounce. Gold futures prices also decreased by 0.2% and hit $1,461 for an ounce. According to a market analyst at CMC Markets, Margaret Yang Yan, due to the optimism of the trade deal, individuals are investing in riskier assets and global equities are also higher. The value of the dollar also increased because of the positive talks between Washington and Beijing. The value of the dollar rebounded strongly on 22 November 2019 after the US manufacturing output increased and the service activity improved. So far this year, the prices of gold have increased by 13% due to the tariff dispute between the US and China and the worries of global growth. However, investors are still cautious after Beijing and US officials said that a Phase 2 deal is less likely.

      26 November 2019

    • As trade optimism lifts, the prices of Gold dips

      The prices of gold dropped after reports regarding the progress towards the trade deal between U.S. and China lifted optimism. The strong U.S. job data also improved the risk appetite among the investors.

      Spot gold fell 0.1% to $1,511.42 per ounce, while U.S. gold futures were up 0.2% at $1,513.90 per ounce.

      U.S and China said that they have made progress in their way to defuse nearly 16-month trade war between the two nations which have severely impacted global economies. U.S. officials sounded confident of signing a new deal this month.

      The U.S. job data showed less than expected for the month of October.

      Silver grew 0.1% to $18.11 per ounce, platinum was up 0.7% at $952.71 per ounce, while palladium rose 0.5% to $1,814.21.

      4 November 2019

    • Gold Prices Rise on Local Demand, Silver Edges Higher

      Gold prices moved higher in domestic trading today, echoing global trends which have seen a positive turn for the yellow metal.

      Gold futures for December rose 0.32% to Rs.32,157 per 10 grams amid a mixed backdrop of trade tensions and Brexit negotiations. Riding the uncertainty over a possible ‘no-deal Brexit’, spot gold rose 0.2% on the international market.

      While stock markets are cautiously optimistic about the recent U.S.-China trade talks, lack of clarity on the details of a possible deal have dampened equity sentiment among investors. This has kept demand for bullion high despite a steady U.S. dollar rate.

      The festive season has also bolstered demand for bullion locally, with jewellers increasing orders and keeping prices steady.

      16 October 2019

    • Prices of gold increase for the fourth successive day

      As global prices of gold continue to recover, the prices of the yellow metal in the country rose for the fourth successive day on Wednesday. On MCX, October gold futures were up by 0.20% while the prices of gold were up by nearly 2% or Rs.700 since Friday’s low of Rs.37,438. In the global markets, the prices of gold were steady at $1,530.92 an ounce on Wednesday as investors weighed increased political turmoil in Washington. Uncertainty surrounding the upcoming trade talks between the United States and China also played its part after Donald Trump accused Beijing of dumping, currency manipulation, and theft of intellectual property.

      It needs to be mentioned here that the prices of gold have gone up by 20% till now this year. They have benefited due to the ongoing trade war, slowing global growth, and central bank easing. The yellow metal is heading for a fifth monthly advance in the global markets as the Federal Reserve and central banks have cut the interest rates in a bid to prop up economies that have been hurt by the persistent trade war.

      25 September 2019

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