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Gold Price in Trichy
Gold is a sought-after precious metal in Trichy as people buy it in the form of intricate jewelry, gold coins and bars among others. It is a sign of prosperity in Trichy and consumers across the city, therefore, buy the precious metal both as a sign of status and traditional investment. Gold rates in Trichy are subject to various developments in India and across the world. Apart from weddings and other celebrations, buying gold here is considered auspicious on occasions such as Akshaya Tritiya when jewelers in the city offer attractive discounts. Gold rates in Trichy are also dependent on the state, local taxes and transportation charges in addition to various other additional costs charged by jewelry stores across Trichy. Intriguingly, several factors influence the buying patterns of consumers in the city of Trichy, including but not limited to, the monsoons and consequently harvest.
Gold as an Investment in Trichy
Jewelry: Most prefer buying gold jewelry as a safe and long term investment for generations. Experts believe an analysis of the history of gold over the years clearly indicate that the precious yellow metal has beaten inflation on a consistent basis. Experts, therefore, suggest that consumers should not get bogged down by short-term price corrections.
Coins: Apart from private jewelers across Trichy, reputed banks such as SBI sell gold coins which minimizes the risk of fraud. Gold coins are available in different sizes - 2, 4, 5, 8, 10, 20 and 50 grams. Banks guarantee the purity of the coins but won’t buy back the gold coins, which is often cited as one of the reasons urging customers to buy coins from jewelers instead. Also, there is a premium to be paid for buying gold from banks.
ETFs: Since it is traded like stocks on an exchange, ETF is eligible for long-term capital gains after one year (physical gold is eligible for long-term capital gains after three years). There is no risk of theft and no hassles in terms of storage costs. Some of the advantages are no sales tax, wealth tax or VAT are applicable on gold ETFs.
Trend of Gold Rate in Trichy for December 2016 (rates per gram for 24karat gold)
|December 1st Rate||Rs.2,890 per gram|
|December 31st Rate||Rs.2,821 per gram|
|Highest Rate in December||Rs.2,895 per gram on the 2nd|
|Lowest Rate in December||Rs.2,767 per gram on the 26th|
December Week 1 (1st - 4th):
- The last month of 2016 was a relatively better period for gold prices in Trichy, compared to the previous two months.
- On 1st of the week, gold began to trade at Rs. 2,890 per gram.
- During the business day on 2nd, gold prices marked the highest for the entire month as the metal traded at Rs.2,892 per gram.
- The 3rd saw prices drop slightly to hit Rs.2,890 per gram before holding on at the same rate till the end of the week on 4th.
December Week 2 (5th-11th):
- When the second week began on the 5th, gold prices had decreased by Rs.21 per gram to trade at Rs.2,869 per gram.
- Prices didn’t change during the 6th as gold still traded at Rs.2,869 per gram.
- The 7th witnessed prices increase slightly by Rs. 3 per gram for gold to trade at Rs.2,872.
- From the 8th, gold prices followed a downward trend as rates were down to Rs.2,863 - a Rs.9 decrease from the previous day.
- On 9th, prices fell a little more as gold traded at Rs.2,851 per gram.
- The last two days of the week, 10th and 11th, weren’t a good period for gold either as a prices decreased by Rs.15 to trade at Rs.2,836 per gram.
December Week 3 (12th-18th):
- On 12th, when the third week began, gold prices maintained the same trend as on the last day of the previous week.
- Gold was trading at Rs.2,836 per gram on the 13th and remained the same on the 14th too.
- The 15th saw prices drop significantly by Rs.36 as gold traded at Rs.2,800 per gram.
- Business day on the 16th saw prices go down as well by Rs.15 to hit Rs.2,785 per gram.
- This decrease is largely attributed to the possible rate cut by the US Federal Reserve.
- The final two days of the week, 17th and 18th, offered a respite as prices increased by a little bit to Rs.2,791 per gram.
December Week 4 (19th - 25th):
- Prices fluctuated quite a bit during the second last week of December.
- When the week began on the 19th, gold was trading at Rs.2,790 per gram and came down to Rs.Rs.2,780 per gram.
- The 21st saw prices increase slightly to trade at Rs.2,782 per gram before continued on its downward slide.
- The lowest price for the month was also seen during this week as it went down to Rs.2,767 per gram on the 22nd.
- On 23rd, prices increased by Re.1 for the metal to trade at Rs.2,768 per gram.
- Last two days of week 4, 24th and 25th, gold prices remained stable to cap off at Rs.2,773 per gram, courtesy of a busy Christmas weekend.
December Week 5 (26th to 31st):
- The last week of the year saw gold prices increase for the entire week.
- On 27th, prices saw an increase of Rs.31 per gram for gold to trade at Rs.2,804 per gram and remained the same on the 28th too.
- Prices again increases on the 29th as gold traded at Rs.2,814 per gram courtesy of new year approaching.
- On the penultimate day of the year, during the 30th, prices increased by Rs.16 for gold to trade at Rs.2,830 per gram.
- December 2016 bid adieu as gold prices went down slightly for the metal to sell at Rs.2,821 per gram.
- All in all, gold price trends were on a decline for December as they decreased by -2.38% as compared to the previous month.
|1st Day||Rs.3,075 per gram|
|Last Day||Rs.2,938 per gram|
|Highest Price||Rs.3,166 per gram from 9th November|
|Lowest Price||Rs.2,932 per gram on 25th November|
November ‘16 – Week 1 (1st-6th)
- Gold traded at Rs.3,075 per gram on 1st November, with a slight increase in price the next day.
- On the 2nd of November, 2016, price of gold increased to Rs.3,014 per gram but declined again the next day.
- There were minor variations noted in the price of gold over the next few days.
- On the last day of the week, the price of gold was Rs.3,119 per gram.
November ’16- Week 2 (7th-13th)
- There was a minor decline noted in the price of gold during the second week of November as compared to the first.
- Prices dropped down to Rs.3,083 per gram and declined further thereafter although the price drop was quite minor.
- This could be attributed to a decline in gold prices due to increase in market strength.
- Rate of gold declined even further with the precious metal closing at Rs.3,059 per gram on the last day of the week. There was a marginal improvement in the price of gold during the second week as compared to the first.
November ’16- Week 3 (14th-20th)
- On the first of day of the third week of november, the price of gold declined slightly to trade at Rs.3,054 per gram.
- Due to sustained demand, gold rate increased by Rs.3 the next day.
- However, this demand did not continue and the price of gold dropped the next day and declined steadily thereafter.
- Gold traded at Rs.2,986 per gram on the last day of the month.
- Decline in gold rates could be attributed to the recent demonetization ruling.
November ’16- Week 4 (21st-27st)
- Low gold rate was sustained until the 21st of November after gold traded at Rs.3,000 per gram.
- There were very minor fluctuations noted during the week.
- There was a decline in the rate of gold after the 22nd and on the last day of the week, gold traded at Rs.2,954 per gram.
- The lowest rate of gold was noted on the 25th, which was Rs.2,932 per gram.
November ‘16 – Week 5 (28th-30th)
- Gold traded at Rs.2,954 per gram on 28th of November, after which prices declined again.
- On the 29th, gold traded at Rs. 2,939 per gram.
- Gold rate closed at Rs.2,938 per gram on the last day of the month.
- There was a decline of 4.45% in the rate of gold as compared to the beginning of the month.
|Highest Price||Rs.3,152 on 1st and 2nd October|
|Lowest Price||Rs.3,018 on 17th October|
October 2016 – Weeks 1 and 2 (1st to 9th)
- Though the interest rate hike by the U.S. Federal Reserve has been put on hold till December, expectations have sprouted again as a further delay in the hike could lead to other problems for the economy.
- Gold rates were recorded at Rs.3,152 on the 1st of October and remained unchanged on the 2nd.
- Prices dropped to Rs.2,143 on the 3rd, after which another fall in price was recorded to push prices down to Rs.3,130 per gram.
- Prices then fell to Rs.3,050 on the 5th after which another fall in price on the 6th saw them plunge to Rs.3,040 per gram.
- On the 7th of October, prices dropped to Rs.3027, and to Rs.3,026 on the 8th after which they achieved stability to close the week at Rs.3,026 per gram.
October 2016 – Week 3 (10th to 16th)
- Gold rates grew stronger this week as prospects of the U.S. Fed rate hike moved at a slow pace.
- Rates were recorded at Rs.3,034 per gram at the start of the third week of October.
- Prices then increased by Re.1 on the 11th and remained unchanged at Rs.3,035 on the 12th as well.
- On the 13th of October, prices rose by Rs.5 before fluctuating for the remainder of the week.
- Gold closed the third week of October priced at Rs.3,021 per gram.
October 2016 – Week 4 (17th to 23rd)
- There was little talk of the interest rate hike by the U.S. Federal Reserve this week.
- Prices fell by Rs.3 at the start of the week and the rate of gold per gram was Rs.3,018 on the 17th of the month.
- Prices then began increasing on a consistent basis until the 20th when they hit Rs.3,049 per gram.
- A minor fall in price on the 21st was followed by an increase of Rs.5 on the 22nd and the precious metal closed the week at Rs.3,046 per gram.
October 2016 – Week 5 (24th to 31st)
- Gold prices rose this week as festive demand picked up in the domestic market.
- Gold was valued at Rs.3,040 on the 24th of October after which fluctuations were in order until the 29th of the month when the precious metal touched Rs.3,067 per gram.
- A minor fall in price on the final day of trading saw gold close the month of October at Rs.3,065 per gram.
- The overall decline in prices between the start and end of October was 2.76%.
|1st Day||Rs.3,120 per gram|
|Last Day||Rs.3,176 per gram|
|Highest Price||Rs.3,197 on 8th September|
|Lowest Price||Rs.3,120 on 1st September|
September '16 – Week 1 (1st to 4th)
- Gold opened at Rs.3,120 per gram on 1st of September.
- Weak U.S. economic data indicated that the Fed rate hike may not be possible this month.
- With the rate hike expectations being put on hold, buyers expressed renewed interest towards the safe haven investment.
- The domestic gold market saw some stability in prices with the festive season nearing.
- Gold went from Rs.3,120 per gram in the beginning of the month, which was recorded to be the lowest, to Rs.3,150 per gram on 3rd and 4th September.
- Overall, the trend for the week was an incline in gold prices.
September '16 – Week 2 (5th to 11th)
- Week 2 started at Rs.3,150 per gram for gold on the 5th of September.
- The week saw a gradual increase in prices where gold reached its peak on 8th September at Rs.3,197 per gram.
- After the 8th, gold experienced a slight fall as it reached at Rs.3,181 per gram on the end of this week on 11th and 12th.
September '16 – Week 3 (12th to 18th)
- Gold rates displayed a continuous downfall through the week. The prices are expected to remain volatile in the coming months.
- The week started at Rs.3,175 per gram on 12th of September and closed at Rs.3,146 per gram by the end of the week on 18th September.
- The investment appeal of gold was dampened in the domestic as well as the overseas markets.
- Demand for gold from jewellers, stockists, retailers, and consumers remained dull in the domestic market.
September '16 – Week 4 (19th to 25th)
- Amid news of the U.S. Federal Reserve rate hike being put aside for now with the presidential elections drawing close, gold prices bounced back.
- The hike may be possible next in December.
- The overseas market displayed a brighter trend and bullish tendencies were on the rise.
- Gold started at Rs.3,160 per gram on 19th and climbed to Rs.3,193 on 24th and 25th of September.
- Improvement in gold rates was due to positive global trends along with heightened domestic demand.
- The domestic gold market may experience a stable demand owing to the festival season in the coming months.
September '16 - Week 5 (26th to 30th)
- Gold traded at Rs.3,188 per gram at the beginning of week 5 of September.
- As sentiments in the global market turned bearish, gold rates took a hit this week.
- Dollar gained strength as a result of the U.S. presidential elections.
- Gold traded at Rs.3,180 per gram on 27th September, while it dropped to Rs.3,155 per gram on 28th September.
- Despite a fall in gold rates this week, overall month of September recorded an incline of 1.79%.
|First Day||Rs.3,201 per gram|
|Last Day||Rs.3,142 per gram|
|Highest Price||Rs.3,229 per gram on 3rd August|
|Lowest Price||Rs.3,142 per gram on 31st August|
August '16 - Weeks 1 (1st to 7th)
- The growth rate in the U.S. was much lower than expected.
- Gold traded at Rs.3,201 per gram at the beginning of the week.
- Prices fluctuated as the dollar dropped and there was an upswing in the global market.
- The highest price for the month of August fell on 3rd when gold traded at Rs.3,229 per gram.
- Towards the end of the week, prices dropped to Rs.3,171 per gram.
August '16 - Week 2 (8th to 14th)
- Gold traded at Rs.3,148 per gram on 8th August.
- Increased demand from domestic jewellers in light of the approaching festivals resulted in prices rising.
- In the markets overseas, there was an surge in gold prices as investors put away all expectations of a Fed rate hike this month.
- Gold traded at Rs.3,198 per gram on 10th August, the highest for the week.
- The second week of August closed with gold trading at Rs.3,181 per gram,indicating an overall increasing trend.
August '16 - Week 3 (15th to 21st)
- The rising trend continued into week 3 as steady demand flowed into the domestic market as jewellers and coin makers prepare for the auspicious festivals up ahead.
- On 15th August, gold traded at Rs.3,181 per gram.
- Prices rose to Rs.3,203 on 19th August, the highest for the week.
- Gold rates maintained stability, but is expected to drop as the U.S. Federal Reserve is confident that an interest rate hike is possible and further delays of the hike could lead to other economic risks.
- Gold traded at Rs.3,200 per gram at the end of the week.
August '16 - Week 4 (22nd to 28th)
- Gold rates started sliding down as the prospects of an interest rate hike by the U.S. Federal Reserve grew strong.
- Gold traded at Rs.3,184 per gram on 22nd August, but saw a slight increase over the next two days owing to domestic demand.
- Prices started to slip on 25th August on account of a firm dollar.
- By the end of the week, there was a decline of 0.62% with gold trading at Rs.3,164 per gram.
August '16 - Week 5 (29th to 31st)
- The pressure of an interest rate hike was building up and the global markets felt the impact.
- Gold rates dropped to its lowest for the month of August on 31st when it traded at Rs.3,142 per gram.
- Demand in the domestic market dropped as well, but it is expected to pick up again as the auspicious festivals approach.
Where to Buy Gold in Trichy?
Trichy boasts of several jewelry showrooms such as Mangal & Mangal Thanga Maligai, Lalithaa Jewellery, New Lakshmi Jewellery GRT Jewellers, L K S Jewel House and Maalyaa Designer jewellery among others.
- Also Check: Gold Rate in Tamil Nadu
Also Check Gold Price in NearBy Cities of Trichy
|Also Know: Silver Rate in Trichy|
- Also Check:Gold Price Trend In Trichy
Read more on Gold
- Why Investing In Gold Is A Golden Opportunity
- Gold Rates Fluctuation – Why Gold Is On A Roller Coaster Ride
- What Do the Markings on Gold Mean?
- All that you need to know about the Gold Monetization Scheme
- Auspicious Days to Buy Gold in 2016
News About Trichy Gold Rate
Gold Breaks 2-day Losing Streak
Gold prices rose by 1% in global markets on Tuesday, breaking a 2-day losing streak as stock markets in Asia fell on the back of falling oil prices and the Fed’s interest review outlook was mixed. The Nikkei in Japan fell by 2.4%.
The US growth data showed lower than expected spending on capital goods while there was also drop in orders for manufactured things.
6th April 2016
Spot gold falls as the dollar rises
Spot gold fell to $1242.60 per tonne after seeing a 14-month peak of $1282.51. Experts feel that the upcoming Easter holiday might help the market consolidate. Experts feel that the central banks of various countries are not left with any more easing steps to help gold. Despite the relative slow growth of the US economy, experts see signs of rising inflation. Other precious metals like platinum and palladium saw a decrease of half per cent in their value.
22nd March 2016
Gold prices up on account of weak dollar
Gold prices continued to crawl their way up, with a weak dollar giving them the much needed stimulus. Prices were up by 0.94%, as gold traded at Rs 29,616 for 10 grams on the MCX. Current indications hint at gold trading in the range of Rs 29,080 and Rs 29,950 per 10 grams today, with an increase in costs expected.
4th March 2016
Gold prices hit a new 2 year high
The price of gold went up to Rs. 56,000 for a tola, this was a Rs. 300 hike from the price on Tuesday. The increase of this magnitude was last seen in March 2014. The demand has risen drastically for the precious metal in the last few weeks, as it has proved to be a safe-haven assets when compared to the risks of the equities markets. The international market trends, determine the the domestic rate of gold. Even investors are focusing of Gold ETFs since the inflows of this year itself has surpassed the outflows of the entire year of 2015. Gold has been the best performing asset of the year, silver as well eased in the international markets by 0.3% the price however, remained steady at Rs. 735 for a tola in the domestic market.
25th February 2016
Gold at its highest since 2011
Gold gained for the eighth day straight with investors seeking the precious metal as a safe haven, at a point when there is instability in the financial market. Though liquidity was slow in Asia, gold rallied its highest in the bullion market.
Spot gold prices increased by 0.2% at $1,193 an ounce. On Monday February 08, 2016, the price of the yellow metal rose as high as $1,200.60, its strongest since June 22 last year. In case gold sustains its gains later on Tuesday, it would be its longest rally since an 11-day run in July 2011.
09th February 2016