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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 November 2016 (rates per gram for 24karat gold)
|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.
Trend of Gold Rate in Salem for October 2016 (rates per gram for 24karat gold)
|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.
Trend of Gold Rate in Salem for September 2016 (rates per gram for 24karat gold)
Add the below table above the section "September '16 - Week 1 and 2 (1st to 10th)"
|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%.
|1st July rate||Rs.3,201 per gram|
|31st July rate||Rs.3,142 per gram|
|Highest rate in July||Rs.3,229 per gram on 3rd August|
|Lowest rate in July||Rs.3,148 per gram on 8th August|
August '16 - Week 1 (1st to 7th)
- Gold prices increased gradually as the week began before falling towards the end of the week.
- Gold traded at Rs.3,201 per gram on the 1st and at Rs.3,171 per gram on the 7th of August.
- A relatively low U.S Dollar led to increased demand at the beginning of the week but demand dipped as equity markets rose on positive U.S. economic data.
- Domestic demand could not sustain a rise, leading to a drop in the price of gold at the end of the week.
August '16 - Week 2 (8th-14th)
- Gold rates fluctuated slightly through the week owing to trends in the international markets.
- Gold traded at Rs.3,148 per gram on 8th August and climbed slowly.
- On 10th August, gold touched its highest at Rs.3,198 per gram.
August '16 - Week 3 (15th-21st)
- Gold traded at Rs.3,181 per gram on 15th August.
- Prices fluctuated through the week owing to an increase in domestic demand and a fall in prices in the global market.
- Gold reached its highest on 19th August trading at Rs.3,203 per gram after which it dropped to Rs.3,200 per gram on 20th and 21st August.
August '16 - Week 4 (22nd-28th)
- Gold prices fluctuated through the week in Salem.
- Gold traded at Rs.3,184 per gram on 22nd August.
- Prices climbed slightly as demand from the jewellers in the domestic market grew.
- Globally, the dollar grew stronger leading to expectations of a Fed rate hike soon. This led to gold rates dropping rapidly.
August '16 - Week 5 (29th-31st)
- Gold remained steady at RS.3,156 per gram at the beginning of the week.
- Prices dropped to Rs.3,142 per gram as the dollar gained as a result of positive U.S. job data.
- A rate hike by the U.S. Federal Reserve might be rolled on soon as policymakers are confident that the economy is strong enough and further delays could result in other risks.
|1st July rate||Rs. 3,129.50 per gram|
|31st July rate||Rs. 3,214 per gram|
|Highest rate in July||Rs. 3,214 per gram on July 30 and 31|
|Lowest rate in July||Rs. 3,118.50 per gram on July 25|
July'16 - Week 1 and 2 (1st to 10th)
- Gold prices in Salem fluctuated through the beginning of July.
- Gold traded at Rs.3,129.50 on July 1st and closed at Rs.3,162.50 on July 9th indicating an increasing trend.
- Trends in the global and domestic market contributed to a good rise in gold prices.
July'16 - Week 3 (11th to 17th)
- Gold rates fell as the week progressed due to poor demand from the domestic market as well as a subdued trading session on the global markets.
- Prices were recorded at Rs.3,155 per gram on the first day of the week and Rs.3,146 per gram on the last day of the week.
- Minor fluctuations in the gold price was observed as the week began, before the rates declined marginally and prices closed with a Rs.9 difference in price between the first and last days in the week.
July '16 - Week 4 (18th to 24th)
- Gold rates in Salem fluctuated quite a bit this week.
- Prices initially rose from Rs.3,140 per gram on 18th July to Rs.3,148.50 on 19th July.
- Unstable market trends led to gold rates dropping drastically with the lowest recorded on 21st July at Rs.3,123,50.
- The end of the week saw gold rates stabilizing and climbing back up slowly.
July‘16 - Week 5 (25th to 31st)
- Gold prices were recorded at Rs.3,118.50 on the 25th of July.
- Prices then fluctuated until the 29th of the month as marginal losses were overwritten by subsequent gains.
- On the 30th of July, prices increased to Rs.3,214 and did not change on the last day of the month, thereby closing July at the aforementioned rate.
|1st June rate||Rs.2,934|
|30th June rate||Rs.3,105|
|Highest rate in June||Rs.3,180 on 27th of June|
|Lowest rate in June||Rs.2,916 on 3rd of June|
Jun'16 - Week 1 (1st to 5th)
- Gold traded at Rs. 2,934 on June 1st.
- Prices fluctuated owing to changes in the domestic and international markets.
- Prices climbed back up as the U.S. dollar weakened coupled with the hype of a U.S. Federal Reserve rate hike being subdued.
- Gold traded at Rs. 2,794 on June 4th and 5th.
Jun'16 - Week 2 (6th to 12th)
- Gold traded at Rs.2,968 per gram on the first day of the second week of June.
- There was no change in the price of gold on the 7th of June as gold traded at Rs. 2,968 per gram.
- Gold price shot up to Rs. 3,39 on the last two days of the second week, 11th and 12th of June.
Jun'16 - Week 3 (13th to 19th)
- Gold opened the week at Rs. 3,064 per gram on the 13th of June.
- The prices rose further as the week progressed as gold hit its highest for the month on the 16th of June at Rs. 3,122 per gram.
- Gold ended the week at Rs. 3,087 per gram on the 19th of June.
Jun'16 - Week 4 (20th to 26th)
- Due to steady demand from consumers, traders and jewellers, there was a steady increase seen in the rate of gold as the week progressed.
- Gold rate throughout the month was relatively steady with a few minor fluctuations.
- Gold rate opened at Rs. 3,076 per gram at the beginning of the month.
- The highest rate of gold was noted on the 26th at Rs. 3,165 per gram.
Jun'16 - Week 5 (27th to 30th)
- Gold rates did not undergo drastic changes during the last four days of June, but there was a relative drop in prices over the same period.
- Prices were recorded at Rs.3,180 on the 27th of June and Rs.3,105 on the 30th of June.
- The overall change in rates over the last four days of June was Rs.75.
|1st May rate||Rs. 3,069 per gram|
|31st May rate||Rs. 2,914 per gram|
|Highest rate in May||Rs. 3,076 per gram on May 2|
|Lowest rate in May||Rs. 2,914 per gram on May 31|
May'16 - Week 1 (1st to 7th)
- Gold rates remained constant during the course of the week with small changes in prices on certain days.
- Prices were recorded at Rs.3,069 on the 1st of May and Rs.3,050 on the 7th of May.
- Small fluctuations in rates prevailed during the week, but lack of any significant domestic or international events ensured that prices remained mostly stable.
May ‘16 - Week 2 (8th to 14th)
- Gold rates remained constant during the course of the week with small changes in prices on certain days.
- Prices were recorded at Rs.3,073 on the 8th of May and Rs.3,051 on the 14th of May.
- Small fluctuations in rates prevailed during the week, but lack of any significant domestic or international events ensured that prices remained mostly stable.
May ‘16 - Week 3 (15th to 21st)
- Gold rates fluctuated during the course of the week, with marginal profits and losses dictating the order of the day.
- Prices were recorded at Rs.3,051 on the 15th of May and Rs.3,015 on the 21st of May.
- Small fluctuations in rates prevailed during the week, but lack of any significant domestic or international events ensured that prices did not fall by much over the course of the seven-day period.
May ‘16 - Week 4 (22nd to 28th)
- Through the course of the week, gold rates dropped consistently.
- Prices were recorded at Rs. 3,015 on the 22nd of May and Rs. 2,916 on the 28th of May .
- Gold rates fluctuated on 26th May with a slight increase, but the downward trend continued again on 27th May.
May ‘16 - Week 5 (29th to 31st)
- Due to high demand, the price of gold was relatively steady in Salem during the month of May with minor fluctuations on certain days.
- There was, however, a decline noted as the month progressed due to imminent hike in rate of interest by U.S Fed and also default crisis in Greece.
- Gold closed at Rs. 2914 on 31st of May.
|1st April rate||Rs 2,890|
|30th April rate||Rs 3,069|
|Highest rate in April||Rs 3,069 on 30th|
|Lowest rate in April||Rs 2,869 on 4th|
|% Change||+ 6.19%|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Gold prices in Salem at the start of April registered appreciations as global cues spurred rates to break losing streaks observed in the past week.
- Prices were Rs.2,877 on 1st and Rs.2,944 on 10th.
- Gold prices experienced fluctuations almost on a daily basis as prices breached the 2,900-mark on 5th and managed to rise to Rs.2,944 by 10th of the month.
Apr ‘16 - Week 3 (11th to 17th)
- Gold saw a rise of Rs.7 in the third week.
- Prices were Rs.2,950 on 11th and Rs.2,957 on 17th.
- Gold prices saw low volatility as stable cues helped keep rates in a constant level.
Apr ‘16 - Week 4 (18th to 24th)
- Gold prices were down marginally by Rs.2 in this week.
- Prices were Rs.2,960 on 18th and Rs.2,958 on 24th.
- Gold prices appreciated in the first 4 days to Rs.2,998 before losing out the gains by 24th.
Apr ‘16 - Week 5 (25th to 30th)
- The week began on a high, with gold trading at Rs 2,962 on 25th.
- Prices dipped marginally on 26th, before rallying back.
- The week ended with gold trading at Rs 3,069, the highest for the month.
1st March rate
31st March rate
Highest rate in March
Rs 2,991 on 8th, 9th and 10th
Lowest rate in March
Rs 2,699 on 11th
Mar'16 - Week 1 (1st to 6th)
- Gold trading was suspended in the city from 1st to 6th as jewellers and traders went on a strike to protest against the 1% excise duty on jewellery announced in Budget 2016-17 by the government.
- Prices were stable at Rs.2,976 over the course of the first week.
Mar'16 - Week 2 (7th to 13th)
- Gold trading was halted again during the second week as the jewellery association protests continued over excise duty and PAN card disclosure issues.
- Prices were Rs.2,970 on 7th and Rs.2,989 on 13th.
Mar ‘16 - Week 3 (14th to 20th)
- Gold experienced small changes in rates as protests continued in some parts of the state.
- Prices were Rs.2,937 on 14th and Rs.2,940 on 20th.
Mar ‘16 - Week 4 (21st to 27th)
- Gold markets saw fluctuations over the week even as traders continued their protest while jewellers were mostly open.
- Rates were Rs.2,914 on 21st and Rs.2,896 on 27th.
- Gold prices appreciated to Rs.2,943 on 22nd before settling at Rs.2,896 by 25th.
Mar ‘16 - Week 5 (28th to 31st)
- Gold rates fluctuated over the week, owing to market conditions and local demand.
- A slight increase was witnessed, with prices going up from Rs 2,874 on 28th to Rs 2,910 on 30th, before dropping to Rs 2,891.
1st February rate
29th February rate
Highest rate in February
Rs.2,984 on 25th and 29th
Lowest rate in February
Rs.2,720 on 1st
Week 1 (1st to 7th)
- Gold rates appreciated in the 1st week of February.
- Prices were Rs.2,720 on 1st and Rs.2,813 on 7th.
- Gold prices were up on all days of the week as strong internal demand and global cues pushed rates in the upward direction.
Week 2 (8th to 14th)
- Gold rates appreciated again during 2nd week of trading.
- Prices were Rs.2,815 on 8th and Rs.2,936 on 14th.
- Gold had mostly positive sessions in the week, rising to Rs.2,961 by 12th before letting go of some of the gains on 13th and 14th to settle Rs.121 higher at Rs.2,936.
Week 3 (15th to 21st)
- Gold prices appreciated over the 3rd week of trading, continuing its positive trend over the month of February.
- Prices were Rs.2,889 on 15th and Rs.2,973 on 21st.
- Gold fell to Rs.2,885 on 17th but rallied back and posted Rs.84 in profits by settling at Rs.2,973 for the week by 21st.
Week 4 (22nd to 29th)
- Gold continued its winning streak over the final days of February, ending a specifically gainful month of trading that beat 4-year high net monthly gain records.
- Prices were Rs.2,928 on 22nd and Rs.2,984 on 29th.
- Gold rose to Rs.2,984 by 25th itself, before losing some of the gains by 28th but rallying back to Rs.2,984 on 29th.
4th January rate
31st January rate
Highest rate in January
Rs.2,719 on 28th
Lowest rate in January
Rs.2,569 on 4th
Week 1 (4th to 10th)
- Gold rates appreciated during the 1st week of trading in 2016.
- Prices were Rs.2,569 on 4th and Rs.2,635 on 10th.
- Gold prices were up till 7th to settle at Rs.2,629 before falling marginally to Rs.2,626 on 8th.
- Gold gained value on 9th to touch Rs.2,635 and settled there for 10th also.
Week 2 (11th to 17th)
- Gold prices were up again during 2nd week of trading.
- Prices were Rs.2,632 on 11th and Rs.2,654 on 17th.
- Gold lost Rs.39 in the first 3 days of trading in the week, settling at sub-2,600 rate of Rs.2,593 on 13th.
- Prices gained momentum toward the end of the week, registering an overall gain of Rs.22 over the week.
Week 3 (18th to 24th)
- Gold prices appreciated by Rs.18 in the 3rd week, continuing to rise on the back of strong global cues and rising internal demand from retailers and jewellers to meet the wedding season demand.
- Prices were Rs.2,642 on 18th and Rs.2,660 on 24th.
- Gold rose to a high of Rs.2,676 by 21st before dropping some of the gains to settle at Rs.2,660 for the week.
Week 4 (25th to 31st)
- Gold appreciated and crossed the 2,700-mark for the first time this year in the final days of January, ending a mostly positive month.
- Prices were Rs.2,678 on 25th and Rs.2,710 on 31st.
- Prices reached a high of Rs.2,718 by rising consecutively till 28th before sliding on 29th and ultimately settling at Rs.2,710 for the month.
Details of Gold Price in Salem (22 Karat & 24 Karat) - Till July 2015
22 karat gold: The price of one gram of 22-karat gold has plummeted since January this year. One gram of 22 karat gold is currently pegged at Rs. 2,289.50. One gram was pegged at Rs. 2,312.50 in July. Gold was pegged at Rs. 2,479.00 towards the end of June, 1.6% decrease from Rs. 2,520 in May. The price of the yellow metal saw minor fluctuations throughout the month of April at Rs. 2,524.50. One gram of 22 karat gold was pegged at Rs. 2,622.50 in January, which fell by -1.6% to Rs. 2,578.00 in March. The price further dipped by -1.7% to Rs. 2,533 in February this year.
24 karat gold: The price of one gram of 24 karat gold has plummeted since January this year. One gram of 22 karat gold is currently pegged at Rs. 2,469.50, a 4.4% decrease from Rs. 2,578 in July this year. Gold was pegged at Rs. 2,659 towards the end of June, a -1.5% decrease from Rs. 2,700 in May. The yellow metal was priced at Rs. 2,802.50 in January but saw a sharp decline in the months of February and March at Rs. 2,713.50 and Rs. 2,653.00 respectively.
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
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
- For more related news /update on gold price visit: Gold News