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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.
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.
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 in Tuticorin
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 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|
|Last day||Rs. 3,069 per gram||Rs. 2,914 per gram on May 31st||Rs.3,105|
|Highest price||Rs.3,069 per gram on April 30th||Rs. 3,076 per gram on May 2nd||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2,869 per gram on April 4th||Rs. 2,899 per gram on May 30th||Rs.2,916 per gram on 3rd June|
Gold Rate Trend of Tuticorin in April 2016
- Gold traded at Rs. 2,890 per gram on April 1st.
- Demand in the domestic market picked up as the strike was called off.
- Gold prices steadily increased by 6.19% by the end of the month.
- The highest price recorded was on the last day of the month at Rs. 3,069.
Gold Rate Trend of Tuticorin in May 2016
- Gold traded on an inclined path at the beginning of the month, but the rest of the month was gloomy.
- Expectations of a hike in the interest rates by the U.S. Federal Reserve dampened the appeal of goal.
- With low demand from investors, gold prices started dropping ending the month with a 5.05% decline.
- On March 1st, gold traded at Rs. 3,069 per gram and by the end of the month, rates dipped its lowest for March, trading at Rs. 2,899 per gram.
Gold Rate Trend of Tuticorin in June 2016
- Gold traded at Rs.2,934 per gram on 1st June.
- Gold prices hit all-time lows amidst the negative air in the global market due to the Brexit polls.
- Owing to the fresh offtake in the domestic market, prices picked up indicating a 5.83% for the month of June.
- The highest price for the month of June was recorded at Rs.3,180 per gram on 27th June.
Gold Rate Trend in Tuticorin for January 2016 to March 2016 (per gram of 24 karat gold)
|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 28th||Rs. 2,984 per gram on February 25th and 29th||Rs. 2,991 per gram on March 8th to 10th|
|Lowest price||Rs. 2,538 per gram on January 1st and 3rd||Rs. 2,720 per gram on February 1st||Rs. 2,874 per gram on March 28th|
Gold Rate Trend of Tuticorin in January 2016
- On January 1st, gold traded at Rs. 2,538 and ascended as the month went on.
- There was a steady inflow of demand from the global and domestic market.
- The trend for January denoted a good rise of 6.77% in Tuticorin.
- Gold rates hit its peak for the month on 28th trading at Rs. 2,719 per gram.
Gold Rate Trend of Tuticorin in February 2016
- Gold traded at Rs. 2,720 per gram at the start of February.
- Gold experienced a few rises and falls but there prices were relatively stable.
- Climbing rates, with the highest on 25th and 29th, marked a 9.7% increase.
Gold Rate Trend of Tuticorin in March 2016
- Gold traded at Rs. 2,976 per gram on March 1st.
- Demand in the domestic market stalled as the jewellers called for a nationwide strike.
- International demand helped the rates remain stable with a few falls.
- Gold traded at Rs. 2,891 per gram on 31st March indicating a 2.85% decline.
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.
Also Check Gold Price in NearBy Cities of Tuticorin
- Also Check: Gold Rate in Tamil Nadu
Read more on Gold
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