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Gold Price in Thanjavur
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 January 2018 to March 2018 (per gram of 24 karat gold)
|1st day||Rs.3,002 per gram||Rs.3,040 per gram||Rs.3,043 per gram|
|Last day||Rs.3,045 per gram||Rs.3,046 per gram||Rs.3,072 per gram|
|Highest price||Rs.3,084 per gram on 20 & 21 January||Rs.3,103 per gram on 14 February||Rs.3,105 per gram on 24 & 25 March|
|Lowest price||Rs.3,001 per gram on 4 January||Rs.3,003 per gram on 8 February||Rs.3,030 per gram on 19 March|
Gold Rate Trend in Thanjavur for January 2018:
- Trading began for the month with the yellow metal priced at Rs.3,002 per gram on the 1st with steady domestic demand amid firm overseas trends.
- Prices dropped to its lowest level at Rs.3,001 per gram on the 1st on account of the strong US dollar and rising equities.
- The next few weeks witnessed gold prices rebounding as the tumbling US dollar led to an incline in industrial demand for the metal.
- Gold rate in Thanjavur touched their highest recorded monthly figure of Rs.3,084 per gram on the 20th with strong demand by local jewellers and retailers amid positive global cues.
- With the US dollar regaining lost ground and gaining against other apex currencies in the international trade, gold prices dropped to Rs.3,045 per gram on the last day.
- Gold prices in Shimoga rose by 1.43% due to strong market trends that pushed demand higher during the course of the month.
Gold Rate Trend in Thanjavur for February 2018:
- The month began with the precious metal trading at Rs.3,040 per gram on the 1st after an increase in the dollar value led to a decline in prices from the previous session.
- Gold rates dropped to Rs.3,003 on the 8th with the bullion losing against the rising US greenback and equities market. This was also the lowest recorded monthly figure in the city.
- Gold price in Thanjavur recorded their highest recorded monthly figure at Rs.3,103 per gram on the 14th with an increase in domestic demand on account of Valentine’s day.
- However, strong dollar index values coupled with well-performing stock markets led to gold prices plummeting for the rest of the month.
- When trading closed for the month, the bullion was recorded trading at Rs.3,046 per gram on the 28th on account of poor domestic demand amid weak global cues.
- Thanjavur recorded an incline of 0.19% in gold trade during the course of the month.
Gold Rate Trend in Thanjavur for March 2018:
- The final month of the quarter began with gold trading at Rs.3,043 per gram on the 1st of March.
- The next few weeks saw gold trading fluctuating on account of demand vagaries amid the unevenly performing US dollar.
- Gold prices plunged to Rs.3,030 per gram - the lowest recorded monthly figure - on the 19th after the US greenback rose against a basket of other emerging currencies in the international trade.
- However, an increase in safe-haven demand amid the unstable dollar and poorly performing equities over the next few days led to gold price in Thanjavur rising to Rs.3,105 per gram on the 25th. This was also the highest figure recorded during the month.
- The month came to an end with gold closing at Rs.3,072 per gram on the 31st and Thanjavur recorded an incline of 0.95% in bullion trade.
Gold Rate Trend in Thanjavur for October 2017 to December 2017 (per gram of 24 karat gold)
|1st day||Rs.3,040 per gram||Rs.2,988 per gram||Rs.2,982 per gram|
|Last day||Rs.2,997 per gram||Rs.2,992 per gram||Rs.3,015 per gram|
|Highest price||Rs.3,059 per gram on 14 and 15 October||Rs.3,030 per gram on 18 and 19 November||Rs.3,015 per gram on 30 and 31 December|
|Lowest price||Rs.2,997 per gram on 6, 27, 30, and 31 October||Rs.2,974 per gram on 6 November||Rs.2,903 per gram on 13 December|
Gold Rate Trend In Thanjavur For October 2017:
- The month began in Thanjavur with the bullion priced at Rs.3,040 per gram on the 1st amid firm trends overseas.
- With the investors speculating over the possibilities of an interest rate hike by the Federal Reserve, the US dollar and equities regained lost ground. This led to gold prices plummeting to Rs.2,997 per gram on the 6th.
- Local demand surged with the KYC norms being mandated in the country. This resulted in positive buyer sentiments and gold rates surged to Rs.3,042 per gram on the 12th.
- On the 14th, gold price in Thanjavur surged to Rs.3,059 per gram following an increase in demand by local jewellers, industries and local jewellers amid strong global cues. This was also the highest recorded monthly figure in Thanjavur.
- The US dollar, however, recovered from the previous week’s losses over the next few days and the precious metal was recorded trading at Rs.3,026 per gram on the 20th.
- With the US dollar gaining against a basket of other emerging currencies and the well performing equity markets, gold rates plunged to Rs.3,000 per kg on the 26th.
- When the month ended, the precious metal was recorded trading at Rs.2,997 per gram on the 31st with the US dollar rising ahead of major central banks’ monetary policy meetings.
- Poor global trends coupled with reduced local demand led to gold rate in Thanjavur declining by 1.41% during the course of the month.
Gold Rate Trend In Thanjavur For November 2017:
- Steady demand coupled with firm trends overseas led to gold opening at Rs.2,998 per gram on the 1st.
- The US dollar, however, rose against other apex currencies with the equity markets performing well. This led to gold rates plunging to Rs.2,977 per gram on the 4th.
- The next few days with gold price in Thanjavur plunging amid the poor trends overseas. On the 6th, the bullion prices hit their lowest monthly figure at Rs.2,974 per gram.
- With the US-North Korean relation intensifying during the week, prices surged to Rs.3,015 per gram on the 12th with an increase in demand for safe-haven assets such as gold in the international markets.
- Strong domestic demand from local jewellers, industries and retailers brought about by the positive overseas trends led to gold rate in Thanjavur hitting their highest monthly figure of Rs.3,031 per gram on the 18th.
- But with the US dollar recovering from the previous weeks’ losses, gold rates plunged to Rs.3,012 per gram on the 24th.
- Trading concluded for the month with the yellow metal prices holding at Rs.2,992 per gram on the 30th.
- Positive global trends coupled with increased domestic demand led to gold rates inclining at 0.13% during the course of the month.
Gold Rate Trend In Thanjavur For December 2017:
- The final month of the quarter opened with the bullion priced at Rs.2,982 per gram on the 1st amid the poor trend overseas.
- The US dollar gained against a number of other emerging currencies after the US Senate approved the country’s biggest tax reform plan in thirty years. This led to gold rates plunging to Rs.2,917 per gram on the 8th with reduced demand for the metal.
- Gold rate in Thanjavur dropped considerably over the next few days with strong US dollar index and firmer equities markets pushing demand lower for the metal.
- The 13th saw gold prices in Thanjavur hitting their lowest at Rs.2,903 per gram amid the poor global cues.
- However, the revised interest rates by the US Federal Reserve and new US tax cuts resulted in the Asian stocks failing considerably during the week. This led to the precious metal prices rebounding to Rs.2,956 per gram on the 23rd.
- On the 28th, the yellow metal prices were recorded holding at Rs.2,985 per gram amid the firm overseas trends and increasing domestic demand jewellers and industries.
- The month concluded with the bullion priced at Rs.3,015 per gram on the 31st, thanks to strong domestic demand from jewellers, retailers and industries amid the positive global trends.
- Thanjavur registered a profit of 1.10% in gold trade owing to various global and domestic factors that influenced demand during the course of the month.
Gold Rate Trend in Thanjavur for July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,926 per gram||Rs.2,995 per gram|
|Last day||Rs.2,925 per gram||Rs.2,971 per gram||Rs.3,040 per gram|
|Highest price||Rs.2,950 per gram on 1 & 2 July||Rs.2,999 per gram on 29 August||Rs.3,102 per gram from 8 September|
|Lowest price||Rs.2,796 per gram on 14 July||Rs.2,899 per gram on 3 August||Rs.2,995 per gram on 1 September|
Gold rate trend in Thanjavur for July 2017
- The bullion trade in Thanjavur was greatly affected by the introduction of Goods and Services Tax in the country.
- When trading commenced for the month of July, the precious metal was recorded trading at Rs.2,950 per gram. This was also the highest recorded monthly figure.
- The 11th witnessed gold rates in Thanjavur plummeting to Rs.2,796 per gram - the lowest recorded monthly figure - as local demand declined significantly with the implementation of GST in the country.
- The newly approved 3% GST tax on gold resulted in the bullion trade remaining low for much of the month.
- However, prices increased as global demand surged amid positive trend overseas. When the month concluded, the yellow metal was recorded trading at Rs.2,925 per gram.
- Gold trade in Thanjavur recorded a loss of 0.84% during the month owing to the reduced local demand compounded by the introduction of GST.
Gold rate trend in Thanjavur for August 2017
- August witnessed gold trade in Thanjavur improving with the industry recovering from the impact of GST.
- The yellow metal was priced at Rs.2,926 per gram, when the month began.
- Gold prices in Thanjavur dipped to touch its lowest monthly figure of Rs.2,899 per gram on the 3rd, owing to a reduced local demand from investors, jewellers and retailers.
- With the dollar emerging dominant over other apex currencies, global demand remained weak for much of the month.
- However, the stand-off between the US and North Korea pushed demand higher for the safe-haven metal globally. This led to gold rates in Thanjavur surging to Rs.2,999 per gram on the 29th.
- When trading concluded for the month, the precious metal was recorded trading at Rs.2,971 per gram, with Thanjavur registering an incline of 1.51% in gold trade during the month.
Gold rate trend in Thanjavur for September 2017
- Gold rates in Thanjavur were considerably influenced by the rising geopolitical tensions in the Korean peninsula and the United States, and the imminent arrival of festive season during the month.
- When trading commenced, the precious metal was recorded trading at Rs.2,995 per gram.
- With North Korea announcing an official statement on their successful two-stage thermonuclear weapon test, diplomatic relations between the US and North Korea deteriorated. This led to a surplus demand for safe-haven assets like gold, pushing prices up to Rs.3,102 per gram on the 8th.
- Prices fluctuated in the sub - Rs.3,040 per gram range over the course of the next couple of weeks, owing to firmer equities market, and a stronger dollar.
- The bullion metal was recorded trading at Rs.3,040 per gram, when the month ended, thanks to an increased demand from industries, jewellers and retailers.
- Gold rates in Thanjavur inclined at 1.50% during the course of the month owing to an increased demand coupled with strong global cues.
Gold Rate Trend in Thanjavur for April 2017 to June 2017 (per gram of 24 karat gold)
|1st day||Rs.2,956 per gram||Rs.2,984 per gram||Rs.2,977 per gram|
|Last day||Rs.2,984 per gram||Rs.2,968 per gram||Rs.2,962 per gram|
|Highest price||Rs.3,040 per gram on 15 April and 16 April||Rs.2,971 per gram on 23 May||Rs.3,012 per gram on 8 June|
|Lowest price||Rs.2,954 per gram on 8 April and 9 April||Rs.2,888 per gram on 15 May||Rs.2,942 per gram on 20 June|
Gold rate trend in Thanjavur for April 2017
- The gold rates in Thanjavur fluctuated throughout the month. Trading at Rs.2,956 per gram on 1 April, the gold rates indicated an overall incline in the demand for gold.
- Gold was priced at Rs.2,987 per gram on 4 April following an increase in the demand from the domestic markets.
- Various factors contributed to the strong U.S. dollar rates resulting in a decline for gold. The gold rates fell to the monthly low of Rs.2,954 per gram on the 8 and 9 April.
- The U.S. dollar rates fell due to political tension leading to an increase in the demand of gold. Priced at Rs.3,040 per gram on 15 and 16 April, gold reached the highest rates for the month of April in Thanjavur.
- With a slight decline in demand from the international markets, gold was priced at Rs.3,035 per gram on 22 and 23 April.
- Though gold was traded at Rs.2,984 per gram on 30 April, the demand for gold and the gold rates indicated an incline of 0.94% in the value.
Gold rate trend in Thanjavur for May 2017
- The French Presidential Elections 2017 which ended in May, boosted the stock markets causing a decline in the demand for gold. Gold traded at Rs.2,984 per gram on 1 May and the fluctuated throughout the month resulting in a decline in the demand.
- The gold rates started to decline from the first day of the month and reached Rs.2,899 per gram on 6 and 7 May.
- Though a slight increase in demand rose the rates to Rs.2,904 per gram on 9 May, the fluctuating market situations and U.S. dollar rates contributed to gold reaching the monthly low price of Rs.2,888 per gram on 15 May.
- The fluctuating markets turned investors towards the yellow metal, the increase in demand recovered the gold rates to an extent. Trading at Rs.2,954 per gram on 19 and 20 May, gold prices reached Rs.2,979 per gram on 27 and 28 May.
- The precious metal was priced at Rs.2,968 on the 31 May in Thanjavur. The fluctuating demand for gold caused a -0.53% decline in the rates.
Gold rate trend in Thanjavur for June 2017
- The subdued demand for gold priced the precious metal at Rs.2,977 per gram on June 1 in Thanjavur. With a slight indication of decline in demand, gold was priced at Rs.2,965 per gram on 2 June.
- The fluctuating U.S. dollar rates and the stock markets caused an increase in the demand for gold. Gold was priced at Rs.3,006 per gram on 5 June and reached the monthly high of Rs.3,012 per gram on 8 June.
- The fluctuating market situations caused a decline in the demand, gold rates fell to Rs.2,983 per gram on 12 June.
- The implementation of GST contributed to the subdued demand for gold from the local as well as international markets. The confusion pertaining to GST and bullion rates resulted in gold being priced at Rs.2,949 per gram on 19 June.
- As GST indicated an increase in the gold rates in the upcoming days, a sudden demand from the local market rose the rates to Rs.2,962 per gram on 30 June.
- The fluctuating gold rates in Thanjavur led to a -0.50% decline in the gold prices.
Gold Rate Trend in Thanjavur for January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,821 per gram||Rs.2,957 per gram||Rs.2,994 per gram|
|Last day||Rs.2,942 per gram||Rs.3,001 per gram||Rs.2,942 per gram|
|Highest price||Rs.2,974 per gram on 24th January||Rs.3,014 per gram on 25th & 26th February||Rs.2,994 per gram on 1st March|
|Lowest price||Rs.2,821 per gram on 1st January||Rs.2,940 on 3rd February||Rs.2,906 per gram on 15th of March|
Gold Rate Trend in Thanjavur for January 2017:
- In temple town Thanjavur, gold opened for January at Rs.2,821 per gram.
- Due to a positive demand seen in the global markets, gold prices increased to Rs.2,858 per gram on 5th and went up again on 8th to Rs.2,872 per gram.
- On 9th, gold prices increased again to Rs.2,895 per gram as concerns rose in the media and the government over Donald Trump’s handling of monetary policies.
- As there was no quick fix to the situation, demand kept increasing which brought gold prices up to Rs.2,914 per gram on 11th.
- Plenty of corrections towards the end of the month gave way to falling gold prices during the end of the month.
- The month of January came to a close with gold prices holding at Rs.2,942 per gram.
Gold Rate Trend in Thanjavur for February 2017:
- February started with gold trading at Rs.2,957 per gram.
- But prices declined to reach their lowest for the month at Rs.2,940 per gram as demand in global circles fell.
- Uncertainty over US policies was still present. This phenomenon pushed gold price up to Rs.2,989 per gram by the 8th.
- Gold prices reached their highest of Rs.3,014 per gram for the month, as US monetary policy issue led to markets gaining around the week.
- The month ended with gold trading at Rs.3,001 per gram as demand went down slightly.
Gold Rate Trend in Thanjavur for March 2017:
- The month of March began with gold trading at Rs.2,994 per gram.
- As the US Federal Reserve looked to increase the interest rate for a record time, gold prices took a hit to go down to Rs.2,961 per gram on 3rd.
- By the 10th, gold prices went down to Rs.2,931 per gram as there was a weak demand in the local market.
- A strengthened US dollar and a weak global market saw gold price dip to Rs.2,929 per gram on 14th.
- But as dollar value wavered, gold prices went up to Rs.2,940 per gram by the 18th.
- Over the last two weeks, gold prices seemed to correct themselves, bringing rates up to Rs.2,979 per gram by the 27th.
- Rates again dipped on the last day of the month to Rs.2,942 per gram due to a technical correction.
- March saw gold price trends hit the negative side with a change of -1.73%.
|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 October and 2nd October||Rs.3,166 per gram on 5th and 6th November||Rs.2,892 per gram on 2nd December|
|Lowest price||Rs.3,021 per gram on 15th and 16th of October||Rs.2,932 per gram on 9th November||Rs.2,767 per gram on 22nd December|
Gold Rate Trend for Thanjavur in October 2016
- Gold traded at Rs.3,152 per gram in Thanjavur, with prices remaining steady until the 2nd due to sustained demand. This was also the highest rate at which gold traded in October. However, as the week progressed, the rate of gold started declining.
- Despite the decline, gold rate was relatively high during the first two weeks which could be attributed to the ongoing festive as well as wedding season.
- Rate of gold was Rs.3,040 per gram for 24 karat gold on the 6th of October and reduced steadily as the month progressed.
- On the 15th of October, gold rate fell to Rs.3,021 per gram and was steady the next day as well. This was the lowest price of gold for the month of October.
- There were fluctuations noted in the rate of gold due to varying demand in India and overseas.
- However, despite demand due to ongoing wedding season, there was a decline of 2.76% noted in the price of gold at the end of the month.
Gold Rate Trend for Thanjavur in November 2016
- In the month of November, the rate of gold was quite high, due to an increase in demand as it was a continuation of the wedding season in the country. Price of gold was quite high at the beginning of the month wherein gold traded at Rs.3,075 per gram. Gold rate increased from the 2nd of November due to a high demand for gold in both domestic and overseas markets.
- The price of gold was Rs.3,104 per gram on 2nd November and Rs.3,098 per gram on 3rd November. On the next day, rate of gold increased to Rs.3,112 per gram.
- On the November 5th, the rate of gold increased to Rs.3,119 per gram and stayed put at this the next day as well. Rate of gold reduced again before shooting up to Rs.3166 per gram on the 9th which was the highest for the month.
- On November 8th, Prime Minister Narendra Modi announced the ban of notes worth Rs.500 and Rs.1,000 in order to combat corruption. Due to the severe cash crunch that followed in the wake of demonetization, variations were noted in the price of gold.
- Gold rate declined steadily throughout November with some fluctuations.
- From the 20th of November, gold was priced at Rs.2,986 per gram. Gold traded at Rs.2,932 per gram on the 25th of November and this was the lowest rate at which gold traded at for the month.
- Towards the end of the month, the price of gold varied slightly before closing at Rs.2,942 per gram. An overall decline of 4.01% was noted in the rate of gold.
Gold Rate Trend for Thanjavur in December 2016
- On the 1st of the last month of 2016, the price of gold was Rs.2,890 per gram. Rate of this precious metal increased by Rs.2 the next day but decreased steadily thereafter over the following days.
- The rate of gold increased to Rs.2,893 per gram on the 5th of December and 6th of December which was also the highest rate at which gold traded at for the month.
- Gold prices decreased thereafter and was steady at Rs.2,836 per gram and finally reduced to Rs.2,800 per gram in the 15th of December.
- The price of gold continued declining with a few minor variations. This could be attributed to reduced demand for gold both overseas and in India.
- On the last day of the month, the price of gold was Rs.2,821 per gram. A decline of 2.38% was recorded overall.
|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 Thanjavur 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 Thanjavur 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 Thanjavur in September 2016
- Gold traded at Rs.3,120 per gram on 1st September.
- Prices continued to increase consistently until the 8th of the month when they hit Rs.3,195 per gram – the highest recorded rate in August.
- Prices then fluctuated for a few days after which they began declining gradually until the 18th
- 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 first and last day of the month was a mere 0.25%.
|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.
|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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