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Gold Rate in Tamil Nadu
Tamil Nadu is said to be one of the most prosperous states in Southern India and has a reputation for gold lovers in terms of jewelry or ornamentation as well as trade since people can afford it. A lot of people consider it with a holistic perspective. The capital of the state, Chennai ranks above all other cities and towns in India in terms of gold trade. It is mainly because of the fact that this cosmopolitan city with the maximum number of sales and purchases of gold in India. Gold rates in Tamil Nadu are also vital because Tamilian ornamentation and designs are renowned the world over. There is also a strong belief among the people that Tamil Nadu having a metropolitan city like Chennai and being the top 4 cities of the country makes this statistic important when it comes to gold trade.
Details of Gold Price in Tamil Nadu (22 Karat & 24 Karat) - Till December 2015
As of December 19, 2015, gold rate for 22K gold is Rs. 2382 for every gram. The more purer form of gold which is 24K gold was being traded in Tamil Nadu at Rs. 2548. Earlier this year the highest price of gold being traded Tamil Nadu for 22K and 24K was Rs. 2678 and Rs. 2865. However, with several economic factors both regions but mainly global, gold rates fell over the Summer to as low as Rs. 2349 and Rs. 2547 during the months of August, 2015 after which it picked up well during the wedding season and indian festivities such as Dussehra, Diwali and Akshaya Tritiya. However, the gold rates in Tamil Nadu has been moderately lower when compared with other states.
Gold investment Avenues in Tamil Nadu
When it comes to a safe investment option, Gold is considered to be one of the least riskiest of trading commodities in any market, whether regional or global. In Tamil Nadu too the yellow metal is considered an investment option that is lower on risk factors, primarily based on the fact that it is highly affordable and culturally significant as mentioned before. It is also an integral part of their investment portfolio along with stock market and mutual fund investments. Investors have various options for gold trading through gold contracts and physical gold.
Buying Physical Gold: In keeping with the rest of the country, the people of Tamil Nadu purchase gold mainly in the form of jewelry. Needless to say, there are a number of jewelry establishments spread in and around the city to meet this demand. Gold rates or prices are updated on a daily basis and can be obtained from those dealing in gold or online via many financial sites. India imports most of its gold requirements from abroad. Tamil Nadu which doesn’t have any significant gold production also contributes to the country’s need to substantiate gold demand through imports. Even though gold is bought as jewelry, it is done for reasons beyond ornamentation. Such purchases form a part of many buyers’ investment portfolio.
Market Avenue: In this state you can purchase gold through the markets, with gold being traded in the National Multi Commodity Exchange, National Commodity and Derivatives Exchange and the Multi Commodity Exchange. This is apt for individuals willing to purchase gold in bulk, with the minimum trading limit being set at 1 kg in general. It's a viable option for people who are well aware of the gold market and all that affects it.
Gold Rate Trend in Tamil Nadu for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,152 per gram||Rs.3,075 per gram||Rs.2,890 per gram|
|Last day||Rs.3,065 per gram||Rs.2,938 per gram||Rs.2,821 per gram|
|Highest price||Rs.3,152 per gram on 1st & 2nd October||Rs.3,166 per gram on 9th November||Rs.2,892 per gram on 2nd December|
|Lowest price||Rs.3,021 per gram on 15th & 16th October||Rs.2,932 per gram on 25th November||Rs.2,767 per gram on 22nd December|
Gold Rate Trend for Tamil Nadu in October 2016
- Gold prices for October fluctuated due to market conditions which affected industrial and retail demand.
- Gold was priced at Rs.3,152 per gram on 1st October on sustained demand from the previous month.
- Prices dropped due to international trends, in spite of it being the start of the festive season.
- Gold rates fluctuated due to a resurgent U.S. Dollar, as global markets also capitalised on strong trading.
- Markets were unstable as the month ended due to uncertainty over the impact of the U.S. presidential election results, which led to gold making some gains.
- Gold ended the month trading at Rs.3,065 per gram on 31st October, with the price falling by 2.76%.
Gold Rate Trend for Tamil Nadu in November 2016
- The price of gold in Tamil Nadu Gold rose as the month began but fell sharply due to a steep drop in demand towards the middle of the month.
- Gold was priced at Rs.3,075 per gram on 1st November as markets were unstable as the U.S. presidential election approached.
- The surprise victory of Donald Trump kept markets low, which increased gold prices during the week.
- The announcement of the demonetisation of Rs.1,000 and Rs.500 notes led to a sharp drop across Indian stock markets and higher demand for gold, which traded at Rs.3,166 per gram on 9th November.
- Prices fell as industrial demand dropped due to fewer orders from Asia, as markets also began to recover from the previous week’s losses.
- Gold traded at a monthly low of Rs.2,932 per gram on 25th November due to a steady decline in domestic demand.
- Prices rose marginally as the month ended, as gold traded at Rs.2,938 per gram on 30th November.
Gold Rate Trend for Tamil Nadu in December 2016
- The continued shortage of cash led to lower than usual domestic demand, which led to gold prices remaining low.
- Gold was priced at Rs.2,890 per gram on 1st December, with the price dropping during the week as demand from industry was low due to a strengthening U.S. Dollar.
- The Christmas season led to higher volumes of sales, which boosted stock markets and reduced investor demand for gold.
- Prices fell to a quarterly low of Rs.2,767 per gram on 22nd December as the run-up to Christmas pushed gold demand low internationally, while domestic markets were still to recover from the shortage of cash.
- Prices recovered towards the end of the month, as U.S. Dollar rates fell, resulting in gold prices rising to Rs.2,821 per gram on 31st December.
Gold Rate Trend in Tamil Nadu for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,130 per gram||Rs.3,201 per gram||Rs.3,184 per gram|
|Last day||Rs.3,214 per gram||Rs.3,142 per gram||Rs.3,176 per gram|
|Highest price||Rs.3,214 per gram on 30th and 31st July||Rs.3,210 per gram on 5th August||Rs.3,197 per gram on 8th September|
|Lowest price||Rs.3,119 per gram on the 19th and 25th of July||Rs.3,142 per gram on the 31st August||Rs.3,120 per gram on 1st September|
Gold Rate Trend of Tamil Nadu in July 2016
- Gold traded at Rs.3,130 per gram on the 1st of July and increased consistently until the 4th after which they began fluctuating.
- Fluctuations continued over the course of the month and the lowest recorded rate in August was Rs.3,119 per gram on the 19th.
- The precious metal closed the month of July trading at Rs.3,214 per gram.
- The overall increase in prices between the first and last day of August was 2.68%.
Gold Rate Trend of Tamil Nadu in August 2016
- The rate of gold per gram on the 1stt of August was recorded at Rs.3,201.
- Prices fluctuated over the course of the month, with stability being achieved only on few days.
- The highest recorded rate of gold in the month of August was on the 5th when they touched Rs.3,210 per gram.
- The lowest recorded rate during the month was on the last day of trading, when they fell to Rs.3,142 per gram.
- The overall decline in prices between the start and end of the month was 1.84%.
Gold Rate Trend of Tamil Nadu in September 2016
- Gold traded at Rs.3,120 per gram on 1st September and prices continued to rise consistently until the 8th of the month when they hit Rs.3,195 per gram – the highest recorded rate in August.
- A minor decline on the 15th then saw prices settle at Rs.3,135 until the 18th.
- Consistent increases were recorded between the 20th and 25th of September after which prices decreased gradually until the 28th.
- Gold closed the month trading at Rs.3,176 per gram and the overall decline in prices between the start and end of September was just 0.25%.
Gold Rate Trend in Tamil Nadu for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.2,890 per gram||Rs.3,069 per gram||Rs.2,934 per gram|
|Last day||Rs.3,069 per gram||Rs.2,914 per gram||Rs.3,015 per gram|
|Highest price||Rs.3,069 per gram on April 30th||Rs.3,076 per gram on May 2nd||Rs.3,180 per gram on June 27th and June 29th|
|Lowest price||Rs.2,869 per gram on April 4th||Rs.2,914 per gram on May 31st||Rs.2,911 per gram on June 3rd|
Gold Rate Trend of Tamil Nadu in April 2016
- Gold prices were recorded at Rs.2,890 per gram on the 1st of April and fluctuated over the course of the month.
- Although there were losses recorded on certain days of the month, they were written off by subsequent gains on certain days.
- The highest price recorded in the month of April was Rs.3,069 on the last day of the month while the lowest was Rs.2,869 on the 4th of the month.
- The overall increase in prices between the first and last day of the month was Rs.179.
Gold Rate Trend of Tamil Nadu in May 2016
- Gold prices remained unchanged on the first day of May, at Rs.3,069.
- Prices declined consistently during the first week of May, and small increases over the rest of the month were written off by subsequent losses.
- The highest price recorded in May was Rs.3,076 between the 2nd of the month, and the lowest was Rs.2,914 on the 31st.
- The overall decline in prices when comparing the first day of May to the last was only Rs.155.
Gold Rate Trend of Tamil Nadu in June 2016
- Gold prices were recorded at Rs.2,934 on the 1st of June and fluctuated over the course of the month.
- The highest recorded rate in June was on the 27th and the 29th when prices hit Rs.3,180, while the lowest was recorded on the 3rd of the month, at Rs.2,911.
- The overall increase in prices between the first and last day of the month was Rs.81.
|1st day||Rs.2,538 per gram||Rs.2,720 per gram||Rs.3,030 per gram|
|Last day||Rs.2,710 per gram||Rs.2,984 per gram||Rs.2,948 per gram|
|Highest price||Rs.2,719 per gram on January 28th||Rs.2,984 per gram on February 25th and February 29th||Rs.3,030 per gram from March 1st to 14th|
|Lowest price||Rs.2,538 per gram on January 1st and 2nd||Rs.2,720 per gram on February 1st||Rs.2,940 per gram from March 15th to 17th|
Gold Rate Trend of Tamil Nadu in January 2016
- Gold traded at Rs.2,538 per gram on the 1st of January and consistent increases were recorded over the next two weeks.
- There were fluctuations in price over the course of the month, as small declines were duly overwritten by subsequent gains.
- The highest rate recorded in January was Rs.2,719 on the 28th, and the lowest was Rs.2,538 on the 1st and 2nd of the month.
- The overall increase in prices between the first day and the last day of January was Rs.172.
Gold Rate Trend of Tamil Nadu in February 2016
- Gold prices were recorded at Rs.2,720 per gram on the 1st of February, as the change in rates from the last day of the previous month was only Rs.10.
- Prices increased gradually over the course of the month, and although there were slight declines on certain days, they were written off by subsequent gains.
- The highest rate recorded in the month of February was Rs.2,984 on the 25th and 29th of the month, while the lowest was Rs.2,720 on the 1st.
- The overall increase in prices between the first and last day of the month was Rs.264.
Gold Rate Trend of Tamil Nadu in March 2016
- Gold prices were recorded at Rs.3,030 on the 1st of March, and they remained unchanged until the 14th of the month.
- Prices fell to Rs.2,940 and remained there until the 17th, after which they rose to Rs.2,998 and remained stable until the 24th of February.
- A decline by Rs.50 saw prices plunge to Rs.2,948 on the 25th, and they remained unchanged until the end of the month.
- The overall decline in prices between the first and last day of March was just Rs.82.
Also Check Gold Prices in the Cities of Tamil Nadu
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News About Gold rate in Tamil Nadu
Gold Goes Down as Fed Rate Hikes Stalled
Gold was trading lower in Asia on Wednesday as the US Fed held rates at same levels while reviewing Bank of Japan’s policy review and household economic data from the US. Gold delivery for June on the NYME was trading lower by 0.21%. Meanwhile, silver rates posted gains and copper also rallied on Wednesday. An immediate rate hike has been stalled in the near term by the Fed.
10th May 2016
Early losses to Gold was erased since dollar slid on Bank of Japan
Monetary policy was kept steady by Bank of Japan, surprising markets. The American dollar slid 2% against the yen, so that Gold managed to erase the losses to trade on Thursday. On Thursday, a two-day rate review ended, at which point Bank of Japan decided to retain its pledge to raise base money. The annual pace at which this has been decided is at 80 trillion yen or $732 billion.
10th May 2016
Gold showing little signs of slowing down
Gold prices since the turn of the year have seen a massive upswing, highlighted by a 17 per cent climb against the US Dollar in the four months prior to the current period. While gold looked dead and buried at the start of 2016, with its price plummeting to almost $1,000 per ounce, the precious metal has rallied considerably to post gains of 16 per cent against the Chinese yuan, 14 per cent against the Singdollar and 9 per cent against the Japanese yen. The World Gold Council (WGC) stated in its recent quarterly report that market uncertainty as well as expansionary monetary policies will continue to fuel both central bank and investment demand for the yellow metal.
25th April 2016
Gold prices to breach the $1,400 barrier
While gold prices seem to have stabilised at above $1,200, certain factors could push the precious metal past $1,400, and beyond. The Brexit vote, which is less than 60 days away, is expected to possibly send markets into a tizzy, while at least one possible rate hike by the Fed in the coming months could keep gold from giving up its position in the face of a strong US dollar. With gold prices possibly remaining strong for the rest of the year, investors will probably find much joy in placing funds with ETFs like the SPDR Gold Trust.
21st April 2016
Gold Prices Start Week near Flat
Gold prices tried the 50 DMA (50-Day Moving Average) on the 4th of April, 2016, prior to recovering to near unchanged at the New York open. Not only are prices on the decline since the 1st of April, but concerns regarding the recovery of the US economy have also increased in recent days. The dollar opened negative in US trading, and stocks opened lower. The 50-Day Moving Average was recorded at $1,215, and then $1,207. As for resistance levels, the first was recorded at $1,225 and the second at $1,229.
12th April 2016
- For more related news /update on gold price visit: Gold News