Gold Rate In Tirunelveli

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Tirunelveli which is also known as Nellai is a city located in South Indian state, Tamil Nadu. Tirunelveli is the sixth largest municipal corporation in Tamil Nadu. It is situated on the west bank of Thamirabarani river.The city is known to be the education hub of Southern Tamil Nadu.The city boasts of a very rich culture and also has several tourist attractions. Agriculture, Tourism, Banking and education services are some of the most popular industries in Tirunelveli. When it comes to commodities that also act as an investment, Gold is the most preferred option in Tirunelveli. Gold jewelry and other gold investments are quite popular in Tirunelveli.

Gold Rate Trend in Tirunelveli for October 2020 to December 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Tirunelveli from October 2020 to December 2020:

• The price of gold in Tirunelveli in October for 24 karat gold was Rs.5,274 per gram on the first day which declined to Rs.5,193 per gram by the last day for 24 karat. There was an overall slump in gold prices through the course of the month at –1.53%. The highest price was Rs.5,332 per gram on 13 October while the lowest was Rs.5,096 per gram on 21 October.
• The rate of Gold in Tirunelveli in November slumped by –5.24% through the entire month, starting off at Rs.5,194 per gram and ending at Rs.4,935 per gram for 24 karat. The highest price was in the second week of the month at Rs.5,215 per gram while the lowest price was Rs.4,935 per gram by the end of the month.
• Prices of gold in Tirunelveli for 24 karat in the month of December was on a steady incline of 4.29%, starting off at Rs.4,931 per gram at the start of the month but ending at Rs.5,143 per gram by the end of the month. The highest gold price in the city for the month was on 21 December at Rs.5,212 per gram while the lowest price of gold was Rs.4,931 per gram, which also happened to be the first day of the month.

Gold Rate Trend in Tirunelveli for July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Tirunelveli from July 2020 to September 2020:

• In July, gold prices in Tirunelveli started at Rs.4,908 per gram and ended the month at Rs.5,381 per gram. The gold rate in Tirunelveli had increased by 9.63% over the month’s duration. The highest gold price was Rs.5,381 per gram on 31 July while the lowest gold rate in Tirunelveli was Rs.4,841 per gram on 6 July.
• On 1 August 2020, the gold price in Tirunelveli was Rs.5,437 per gram. By 31 August, the gold rate in Tirunelveli was Rs.5,190 per gram. Gold rates declined by 4.54% in August with the highest gold price in Tirunelveli being Rs.5,691 per gram on 7 August and the lowest price being Rs.5,158 per gram on 29 August.
• In September, gold rates in Tirunelveli declined by 2.77%. Gold prices in Tirunelveli hit the lowest on 24 September at Rs.4,993 per gram. The highest gold price in Tirunelveli was on 1 September at Rs.5,221 per gram. The gold price in Tirunelveli by 30 September was Rs.5,076 per gram.

Gold Rate Trend in Tirunelveli for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Tirunelveli from April to June:

• In Tirunelveli, gold opened the month of April at Rs.4,158 per gram. Over the month, the rates witnessed an inclining trend with the percentage change being 11.47%. The yellow metal recorded its highest and lowest price for the month on 27th and 1st of April.
• In May, the precious metal opened the month at Rs.4,641 per gram. There was an increase of Rs.6 for every gram when compared to the closing price of the previous month. The highest and lowest price for the month was recorded on the 20th and 12th of May with a gram costing Rs.4,757 and Rs.4,534 respectively. The overall performance of the metal witnessed an inclining trend in the city with the percentage change standing at 1.24%.
• The rates of gold jumped by 2.74% over the month of June in Tirunelveli. Gold opened the month at Rs.4,702 per gram, an incline of Rs.3 from the price charged on the final day of the previous month. The metal recorded its highest and lowest for the month on 25th and 8th of June with a gram being retailed for Rs.4,841 and Rs.4,564 respectively.

Gold Rate Trend in Tirunelveli for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Tirunelveli from January 2020 to March 2020:

• Over the month of January gold rates were on an increasing trend. Having opened at Rs.3,922 per gram, there was an incline of 3.87% in the prices. Having recorded its lowest price for the month on the 2nd January with every gram being retailed for Rs.3,919, the rates climbed in the city due to reasons like escalating tensions in the Middle East and speculations about the trade deal between China and the United States of America. Gold recorded its highest price on 8th January with a gram of the 24-karat gold costing Rs.4,125 in Tirunelveli. The precious metal closed the month at Rs.4,074 per gram.
• Gold opened the month of February at Rs.4,077 per gram in Tirunelveli. There was an increase of Rs.3 in the price of every gram when compared to the closing price of the previous month. The rates continued to see an incline over the second month of 2020. With the number of Covid - 19 cases increasing in China and trade being impacted, the rates slipped to Rs.4,030 per gram on 6th February, the lowest recorded price for the month. With measures being put in place, the rates started to improve in the second and third week and recorded its highest price for the month on 24th February with a gram of the 24-karat gold costing Rs.4,305 per gram. However, with the deadly virus spreading to other countries the rates dipped again and closed the month at Rs.4,185 per gram with the percentage change being 2.64%.
• In March, gold rate stood at Rs.4,185 per gram at the beginning of the month in the city. There was no change in the rates when compared to the closing price of February. This is the only month in the quarter when the prices witnessed a declining trend. The drop in the rates was accounted to the increasing number of coronavirus cases and deaths across the world which had forced governments to impose a lockdown. The yellow metal recorded its highest price of Rs.4,443 per gram on 6th of March as investors awaited a cut in the interest rates to aid the economy. With investors looking to hoard cash by selling their assets in order to survive the slowdown, the rates slipped in the city over the next two weeks. This meant that gold recorded its lowest on 19th March with a gram costing Rs.4,026 per gram. With trade being affected, gold prices remained stagnant over the final week and closed the month at Rs.4,150 per gram in Tirunelveli with a percentage change of -0.83%.

Gold investments in Tirunelveli

There are several ways in which one can invest in gold. Listed below are some of the popular type of gold investments in Tirunelveli.

• Physical gold- Physical gold is one of the most popular way of investing in gold. Physical gold can be purchased in the form of coins, bullion and jewelry. Bullion gold is the most sought after in terms of investment as a result of lower cost and higher liquidity.
• Market trade- One can invest in gold ETFs, E-gold and gold futures. It offers a very convenient and easy way to get exposure to gold in India. Though this type of investment is not as popular yet, a lot of people have started investing in it owing to the advantages offered by the investment.