The price of gold is on the rise in 2016. A wide range of international and national factors such as oil prices, currency fluctuations, US jobs data, interest rates, stock markets, current account deficit, economic outlook, import duties, inflation and so forth influence the price of the precious metal. Gold rates are also dependent on the supply and demand dynamics of the metal. Contraction in production may result in spike in the price of Gold. Gold rates vary across different cities in India due to the transportation costs, making and procurement costs among others.
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Today's Gold price in Tuticorin
Tuticorin or Thoothukudi is a seaport city in the state of Tamil Nadu. Tuticorin, one of the fastest growing ports in the country, is often touted as the ‘Emerging Energy and Industrial hub of South India.’ Tuticorin has a thriving fishing industry besides a thermal power plant.
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Most residents in Tuticorin view the precious metal as a form of safe investment which can come to their rescue during any financial crisis.
Gold rates are set for recovery in 2016 as evident in the increase in the gold rates across cities in India including Tuticorin. 1 gm of 24 karat gold which was pegged at Rs.2578 on December 27th, 2015, rose by 0.1% to Rs.2583 on January 8th, 2016. Gold rates rose further throughout January in that 1 gm of 24 karat gold which pegged at Rs.2663 on January 17th rose by 1.4% to Rs.2701 on January 19th. The trend continued with the price of 1 gm of gold (24 karat) pegged at Rs.2717 towards the end of January. The month of February witnessed a similar trend as the price of gold rose by 5.4% to Rs.2865. The month of March witnessed a similar trend as 1 gm of 24 karat gold touched Rs.3035. Gold rates in Tuticorin fell from July-August 2015 onwards in that 1 gm of 24 karat gold which was pegged at Rs.2723 on August 20th, 2015 plummeted to Rs.2623 and Rs.2600 in the following months of September and November respectively.
Gold Rate Trend in Tuticorin from July 2022 to September 2022
|1st Day||Rs.5,024 per gram||Rs.5,035 per gram||Rs.4,946 per gram|
|Last Day||Rs.5,056 per gram||Rs.4,992 per gram||Rs.4,932 per gram|
|Highest Price||Rs.5,056 per gram on 30 July and 31 July||Rs.5,160 per gram on 13 August, 14 August, and 15 August||Rs.4,988 per gram on 6 September|
|Lowest Price||Rs.4,858 per gram on 16 July and17 July||Rs.4,992 per gram on 31 August||Rs.4,857 per gram on 16 September|
Quarterly Gold Rate in Tuticorin from July 2022 to September 2022
- In Tuticorin, gold rates started off at Rs.5,024 per gram and closed at Rs.5,255 per gram for the month of July. Over the month, the prices started fluctuating to peak on 30 July and 31 July at Rs.5,056 per gram. The lowest price of the precious metal was recorded on 16 July and 17 July when a gram of 24 karat gold retailed at Rs.4,858. Thus, the overall trend of gold prices in Tuticorin was that of incline and the percentage change stood at 0.63%.
- In August, the price of gold opened at Rs.5,035 per gram in Tuticorin. The price of the precious metal dropped by –0.87% and hit the highest price point of Rs.5,160 per gram on 13 August, 14 August, and 15 August. Gold was being sold at its lowest price of Rs.4,992 per gram on 31 August. Thus, a declining trend was recorded in the gold rates during the month of August.
- On 1 September, gold was sold at Rs.4,946 per gram in Tuticorin. However, the prices witnessed several fluctuations and closed the month at Rs.4,932 per gram. The lowest price of the precious metal was Rs.4,857 per gram on 16 September. Gold hit its highest price point of Rs.4,988 per gram on 6 September. Thus, the overall trend of the gold rate was that of decline with a percentage change of –0.28% in Tuticorin for the month of September.
Gold Rate Trend in Tuticorin from April 2022 to June 2022
|1st Day||Rs.5,076 per gram||Rs.5,148 per gram||Rs.4,977 per gram|
|Last Day||Rs.5,148 per gram||Rs.5,014 per gram||Rs.4,917 per gram|
|Highest Price||Rs.5,299 per gram on 18 April||Rs.5,148 per gram on 1 May||Rs.5,077 per gram on 13 June|
|Lowest Price||Rs.5,043 per gram on 4 April||Rs.4,964 per gram on 18 May||Rs.4,917 per gram on 30 June|
Quarterly Gold Rate in Tuticorin from April 2022 to June 2022
- The gold price opened at Rs.5,076 per gram in Tuticorin. Over the next few days, the prices witnessed several fluctuations and an inclining price trend was noticed. The price of the precious metal was Rs.5,148 per gram on the last day of the month.
- The price of 24 karat gold started off at Rs.5,148 per gram in Tuticorin for the month of May. Over the next few weeks, the prices witnessed several fluctuations and closed the month at Rs.5,014 per gram. The highest price of gold was recorded on 1 May wherein a gram was 24 karat gold was priced at Rs.5,148. Gold was at its lowest price point of Rs.4,964 per gram.
- On 1 June 2022, the price of gold in Tuticorin was Rs.4,977 per gram. Gold rates slashed by the end of the month and closed at Rs.4,917 for a gram. The price of gold in Tuticorin witnessed a fluctuating trend in the city over the next few days. The highest price for the month was Rs.5,077 on 13 June.
Gold Rate Trend in Tuticorin from January 2022 to March 2022
|1st Day||Rs.4,787 per gram||Rs.4,742 per gram||Rs.5,207 per gram|
|Last Day||Rs.4,753 per gram||Rs.5,054 per gram||Rs.5,033 per gram|
|Highest Price||Rs.4,869 per gram on 26 January||Rs.5,068 per gram on 24 February||Rs.5,360 per gram on 9 March|
|Lowest Price||Rs.4,696 per gram on 10 January||Rs.4,740 per gram on 2 February||Rs.5,027 per gram on 1 March|
Quarterly Gold Rate in Tuticorin from January 2022 to March 2022
- In Tuticorin, the price of gold for the month of January opened at the rate of Rs.4,787 per gram. The lowest recorded price was on the 10th of January when a gram of the 24-karat gold was being sold for Rs.4,696 per gram. Gold closed the month standing at the rate of Rs.4,753 per gram.
- In Tuticorin, the price of gold for the month of February opened at the rate of Rs.4,742 per gram. The overall performance of the precious metal witnessed an increase with the percentage change being 6.58% during the month in Tuticorin.
- In Tuticorin, the gold rate in March opened at Rs.5,207 per gram. The month ended with the metal reaching Rs.5,033 per gram. The gold performance in Tuticorin declines in the month by 3.34%.
Gold as an investment
Gold is widely sold in the form of bars and coins in Tuticorin. Gold is viewed as a safe hedge against inflation and a conventional form of investment. There is a spurt in the demand for the precious yellow metal during festivals and weddings. Gold is considered auspicious and handed down from generation to generation in Tuticorin.
Physical Gold: Residents in Tuticorin sell various forms of traditional jewelery which are in demand. Customers can buy gold with hallmark certifications across major jewelry stores in Tuticorin. Bullion bars are also sought-after in Tuticorin as a popular form of investment. Coins are gifted during auspicious occasions.
Gold contracts: Consumers in Tuticorin invest in gold contracts at Multi Commodity Exchange and National Spot Exchange. The NSE and MCX sell gold contracts with electronic settlement mechanisms. Many prefer investing in commodity futures as they have low brokerage costs compared to stocks. The Forward Markets Commission regulates the said exchanges.
FAQs on Gold Rate in Tuticorin
When to buy gold in Tuticorin?
You can buy gold whenever you want, depending on your needs. When purchasing gold, the most important factor to consider is purity.
What is 22 karat gold in Tuticorin?
The 22 Karat gold is generally utilised in the production of jewellery and is 91.67% pure gold. It is made up of 22 parts gold and two parts other metals such as silver, zinc, nickel, and other alloys. Due to mixing alloys, the texture of this type of gold is hard which makes the jewellery more durable.
What is 24 karat gold in Tuticorin?
24 karat gold is 99.9% pure and is also known as pure gold since it has no traces of other metals. It is appropriate for investment purposes but not for jewellery since it is too soft and pliable.
What to check while buying gold in Tuticorin?
The purity of gold is determined by a process called Hallmarking. While buying gold, make sure to check the hallmarking, Bureau of Indian Standards (BIS) logo, Jewellers' Identification Mark and Number.
Can digital gold be stolen?
No. There is no risk of theft because digital gold is paper gold until it is liquidated for the delivery of physical gold.
What are the factors that influence the gold prices in Tuticorin?
In Tuticorin, the gold prices depend on various factors like demand, inflation, interest rates, currency fluctuations, government policies, etc.
What are the different ways I can invest in Tuticorin gold?
The various forms of gold investment are physical gold, gold mutual funds, digital gold, gold ETFs, sovereign gold bonds, etc.
Check Gold Price in NearBy Cities of Tuticorin
- Also Check - Gold Rate in Tamil Nadu
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