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Gold rates are set to recover in 2016. There are various national and international economic factors which influence the price of gold such as oil prices, US jobs data, interest rates, current account deficit, investment inflow, import duties, inflation, safe haven buying, demand and supply of the precious metal in addition to stock markets and currency devaluations among others. Gold rates in India may vary across cities owing to local taxes and transportation costs among others.
Thanjavur is a well-known city in the state of Tamil Nadu. Thanjavur is known for its culture, temples, paintings and UNESCO World Heritage Monuments. The city is also known for its contribution to the agricultural output of Tamil Nadu. Thanjavur has a thriving service-oriented industry owing to the large influx of tourists. Thanjavur is also a major hub for silk weaving and manufacture of various musical instruments. Gold is considered auspicious in Thanjavur and worn during all major festive occasions.
Gold Rate Trend in Thanjavur 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.3,105 per gram|
|Highest Price||Rs. 3,069 per gram on April 30||Rs. 3,076 per gram on May 2||Rs.3,180 per gram on 27th June|
|Lowest Price||Rs. 2,877 per gram on April 1||Rs. 2,914 per gram on May 31||Rs.2,916 per gram on 3rd June|
Gold Rate Trend of Thanjavur in April 2016
- Gold rate opened at Rs. 2,890 per gram and rose steadily with a few minor fluctuations here and there.
- The highest rate of gold in the month was on the last day with gold trading at Rs. 3,069 per gram and rise of 6.19% was noted in the price of gold as the month ended.
- The lowest rate of gold was on the first of the month wherein gold was priced at Rs. 2,877 per gram.
Gold Rate Trend of Thanjavur in May 2016
- Gold opened at Rs. 3,069 per gram on the first day of the month.
- As the month of May progressed, a decline of 5.05% was observed with the lowest rate being observed on the 31st of May at Rs. 2,914 per gram.
- The highest rate at which gold traded was on 2nd May at Rs. 3,076 per gram.
Gold Rate Trend of Thanjavur in June 2016
- Due to an increase in demand from domestic markets, a rise noted in the price of gold.
- There was a decline noted in the price of gold at the beginning of the month due to changes in the stability of the market.
- An increase of 6.82% was noted in the price of gold at the end of the month.
- The highest rate observed was on the 27th of June, wherein gold was priced at Rs.3,180 per gram.
Gold Rate Trend in Thanjavur for January 2016 to March 2016 (per gram of 24 karat gold)
|1st Day||Rs. 2,538 per gram||Rs. 2,720 per gram||Rs. 2,976 per gram|
|Last Day||Rs. 2,710 per gram||Rs. 2,984 per gram||Rs. 2,891 per gram|
|Highest Price||Rs. 2,719 per gram on January 28||Rs. 2,984 per gram on February 29||Rs. 2,991 per gram on March 8|
|Lowest Price||Rs. 2,538 per gram on January 1||Rs. 2,720 per gram on February 1||Rs. 2,874 per gram on March 28|
Gold Rate Trend of Thanjavur in January 2016
- Gold traded at Rs. 2,538 on the first of the month and continued rising steadily despite minor fluctuations.
- Steady demand ensured that prices did not fall down and a rise of 6.77% was witnessed.
- The precious metal closed at Rs. 2,719 per gram which was also the highest for the month.
Gold Rate Trend of Thanjavur in February 2016
- A rise of 9.70% was seen in the price of gold as the month of February progressed.
- At the beginning of the month, gold opened at Rs. 2,720 per gram.
- Gold rates closed at Rs. 2,984 per gram on the 29th of February which was also the highest for the month.
Gold Rate Trend of Thanjavur in March 2016
- As the month of March progressed, there was a reduction in the price of gold due to expectation of interest rate hike by U.S. Fed.
- Gold rate touched its lowest on 28th March at Rs. 2,874.
- A decline of 2.85% was noted in the rate of gold and another reason could be the default crisis in Greece.
Gold as an investment
Gold is sold in all forms in Thanjavur. Bars and coins are widely sought-after in Thanjavur. Residents of Thanjavur view Gold as a robust form of investment and an effective hedge against inflation. All kinds of celebrations including weddings and cultural festivals trigger demand for Gold in Thanjavur.
Physical Gold: Owing to its rich culture and history, Thanjavur has various forms of temple jewelery besides a wide range of traditional designs including handcrafted jewellery. There are serpentine queues in front of all major jewelry stores in Thanjavur. Given that Thanjavur is a major tourist attraction, there are a variety of designs on offer.
Gold contracts: Residents in Thanjavur invest in gold contracts at Multi Commodity Exchange and National Spot Exchange. The Forward Markets Commission regulates the exchanges which sell spot and future contracts in India. Both the exchanges have electronic settlement systems.
Gold rates in Thanjavur
Gold rates have been on the rise in the first two months of 2016 in Thanjavur. 1 gm of 24 karat gold which was pegged at Rs.2567 on December 24th, 2015, rose by 1.7% to Rs.2612 on January 5th, 2016. Gold rates continued to increase in the month of January with the price of 1 gm of 24 karat gold pegged at Rs.2663 and Rs.2693 on January 16th and 23rd respectively. The trend continued in the following month as well in that 1 gm of 24 karat gold which was pegged at Rs.2762 on February 9th rose by 6.3% to Rs.2864 on February 12th. The price of 1 gm of gold touched a peak of Rs.3038 as on March 11th, 2016. Gold rates in Thanjavur plummeted in the second half of 2015. 1 g of 24 karat gold which was pegged at Rs.2722 in the middle of August 2015 fell by 0.4% to Rs.2710 in September 2015.
The slide in gold rates in Thanjavur continued in the following months with the price of 1 gm of 24 karat gold touching Rs.2682 in November 2015.
Also Check Gold Price in NearBy Cities of Thanjavur
- Also Check: Gold Rate in Tamil Nadu
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