Gold Rate In Salem

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  • Gold Rate Today ( 18 Mar 2019 )
    ₹ 3,038
    Today's Gold Rate (22K) per gram
    Compare Gold Price (Today & Yesterday)
    (18 Mar 2019)
    (17 Mar 2019)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,038 ₹ 3,059 ₹ -21 ↓
    Standard Gold (22 K) ( 8 grams ) ₹ 24,304 ₹ 24,472 ₹ -168 ↓
    Pure Gold (24 K) ( 1 gram ) ₹ 3,190 ₹ 3,212 ₹ -22 ↓
    Pure Gold (24 K) ( 8 grams ) ₹ 25,520 ₹ 25,696 ₹ -176 ↓
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    18 Mar 2019 ₹ 3,038 ₹ 24,304 ₹ 3,190 ₹ 25,520
    17 Mar 2019 ₹ 3,059 ₹ 24,472 ₹ 3,212 ₹ 25,696
    16 Mar 2019 ₹ 3,059 ₹ 24,472 ₹ 3,212 ₹ 25,696
    15 Mar 2019 ₹ 3,054 ₹ 24,432 ₹ 3,207 ₹ 25,656
    14 Mar 2019 ₹ 3,060 ₹ 24,480 ₹ 3,213 ₹ 25,704
    13 Mar 2019 ₹ 3,060 ₹ 24,480 ₹ 3,213 ₹ 25,704
    12 Mar 2019 ₹ 3,065 ₹ 24,520 ₹ 3,218 ₹ 25,744
    11 Mar 2019 ₹ 3,079 ₹ 24,632 ₹ 3,233 ₹ 25,864
    10 Mar 2019 ₹ 3,092 ₹ 24,736 ₹ 3,247 ₹ 25,976
    09 Mar 2019 ₹ 3,092 ₹ 24,736 ₹ 3,247 ₹ 25,976
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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.

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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 March 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.3,305 per gram
    March 10 Rate Rs.3,247 per gram
    Highest Rate in March Rs.3,305 per gram on 1 March
    Lowest Rate in March Rs.3,210 per gram on 7 March
    Overall Performance Decline

    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.

    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%

    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

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    News About Gold rate in Salem

    • 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

    • Gold rates remain flat amid rising Russia-Britain conflicts, trade war fears

      Demand for gold surged on Thursday with political tensions intensifying between the United Kingdom and Russia and uncertainties over a possible global trade war. This led to gold rates holding steady near one-week highs touched in the previous session. With the Russian foreign ministry announcing that it would settle the score after British Prime Minister Theresa May expelled 23 Russian diplomats following a nerve toxin attack on Russian former double agent in Britain that Theresa May held Moscow accountable for. With the US Federal Reserve expected to raise the US interest rates for the first time this year in the two-day Federal Open Market Committee meeting next week, gold is likely to remain range-bound into next week.

      15 March 2018

    • A strong dollar keeps gold prices on the low

      Gold prices continued to remain weak on the 20th of February as the US dollar remained strong while demand for safe haven assets were also on the low.

      The US dollar was vastly supported by a number of factors against other currencies despite reports that deficit is likely to reach $1 trillion over the course of 2019 as various infrastructure projects were announced.

      The Dollar index rose by 0.51% to 89.53 - to its highest levels since February 14th. This index determines the dollar’s strength against all other major world currencies.

      22 February 2018

    • Gold heads for weekly gain despite minor setback

      Gold rates on Friday were recorded trading slightly lower than expected with the US dollar index recovering from nearly three-year lows amid the inflation concerns. The US greenback, however, despite gaining against a basket of other emerging currencies, was on track to its biggest weekly loss in past nine months with poor investor sentiments compensating the positive Treasury yields. Safe-haven demand for the bullion has also improved during the period owing to inflationary concerns on the equities market. With the US government expected to implement a weak-dollar strategy, the dollar is expected to continue experiencing further setbacks in the future.

      16 February 2018

    • 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.

      7 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.

      2 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.

      2 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.

      1 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%.

      29 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.

      26 February 2016

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