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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 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 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.
Gold Rate Trend in Thanjavur 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 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%.
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.
|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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