Gold Rate In Tuticorin

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Gold rates in Tuticorin

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 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 January 2020 to March 2020 (per gram of 24 karat gold)

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

• In Tuticorin, gold price opened the first month of 2020 i.e., January at Rs.3,922 per gram. The precious recorded its lowest price for the month the following day with a gram of the 24-karat costing Rs.3,919 in the city. The prices increased following that and was accounted to various factors like unrest in the Middle East after the United States killed a top Iranian military general in a drone attack and speculations regarding a trade deal between China and the United States of America. Gold hit the highest price for the month in the city on 8th March with a gram being retailed for Rs.4,125. Over the month, gold price witnessed an incline of 3.87% and closed at Rs.4,074 per gram.
• Gold price stood at Rs.4,077 per gram at the start of February in the city. Compared to the closing price of the previous month, the rates were up by a sight margin of Rs.3 per gram. The rates slipped in the next few days as the number of coronavirus cases increased in China. The unprecedented increase prompted discussions of the outbreak of a possible pandemic. This resulted in gold slipping to its lowest for the month on 6th March with a gram costing Rs.4,030 in Tuticorin. With the country imposing lockdown and other measures being taken, the rates began to shoot up in the next couple of weeks and recorded its highest price of Rs.4,305 per gram on 24th March. Gold closed the month at Rs.4,185 per gram with a percentage increase of 2.64%.
• In March, gold price opened at Rs.4,185 per gram in Tuticorin. This is the only month in the quarter when the rates of the yellow metal witnessed a declining trend. The drop in the prices of the precious metal was accounted to the spread of Covid - 19 across the world. Gold recorded its highest price for the month on 6th March with every gram costing Rs.4,443 as investors looked forward to the US Federal Reserve slashing the interest rates in order to provide relief to the struggling economy. However, this was short-lived and the rates slipped as countries went into lockdowns to stop the spread of the deadly virus. With there being no trade, investors sold their assets for cash in order to survive in the crashing economy. This meant that the rates of gold dropped to its lowest for the month on 19th March with a gram of the 24-karat gold costing Rs.4,026 per gram. The rates improved slightly after that before dropping again to Rs.4,150 per gram and closing the month at the same price with a decline of -0.83% in the prices.

Gold Rate Trend in Tuticorin for October 2019 to December 2019 (per gram of 24 karat gold)

Quarterly Gold Rate in Tuticorin from October 2019 to December 2019:

• The prices of gold fluctuated throughout the month of October in Tuticorin due to the uncertainty in the trade deal between China and the US. Overall, gold prices increased by 3.62% in Tuticorin in October. The lowest and highest prices of gold in Tuticorin in October were at Rs.3,722 per gram and Rs.3,872 per gram, respectively.
• In November, the prices of gold saw a decline of 1.64% in Tuticorin. The main reason for the decrease in prices was the lack of interest cuts made by the US Federal Reserve. Due to the lack of rate cuts, investors shifted towards the stock market. The prices of gold opened at Rs.3,892 per gram on 1 November 2019 and closed at Rs.3,828 per gram on 30 November 2019.
• The prices of gold saw an overall incline of 2.53% for the month of December in Tuticorin. The impeachment of the US President, various political factors, and the uncertainty of the trade deal ensured that gold prices increased throughout the month. The lowest and highest prices of gold in December in Tuticorin were Rs.3,771 per gram and Rs.3,925 per gram, respectively.

Gold Rate Trend in Tuticorin for July 2019 to September 2019 (per gram of 24 karat gold)

Gold Rate Trend in Tuticorin for April 2019 to June 2019 (per gram of 24 karat gold)

Quarterly Gold Rate Trend in Tuticorin for April 2019 to June 2019:

• The quarter that started in April saw the gold price in Tuticorin open at Rs.3,189 per gram. During the course of the month, the global demand for the metal dipped causing the price of silver to dip too throughout the month. The month ended with a percentage change of only 0.15%.
• As local demand from jewellers increased marginally in the month of May which caused the metal’s price to Rs.3,190 per gram at the start of the month of May. The metal then rose in value steadily throughout the month.
• The price of the yellow metal then hit a monthly high of Rs.3,246 per gram on 14 May on rising Sino-U.S. trade tensions but dipped as industrial and local demand for gold declined. The month ended with gold trading at Rs.3,215 per gram with a marginal increase f 0.78%.
• Gold rates in Tuticorin opened at Rs.3,233 per gram and rose sharply on Iran-U.S. tensions and recession fears, trading at Rs.3,428 per gram on 28 June before settling at Rs.3,415 per gram on 30 June.

Gold Rate Trend in Tuticorin for January 2019 to March 2019 (per gram of 24 karat gold)

Gold Rate Trend in Tuticorin for January 2019:

• Despite an uninspiring start in the beginning of 2019 when gold traded at Rs.3,172 per gram, the gold rate in Tuticorin surged in the coming weeks as retail demand rose and there were favourable overseas market cues. This was also the lowest price the metal stood at for the month.
• The price of the metal saw an up rise on 4th January as investors increased their stake in bullion as a hedge against potential equity losses due to volatile markets.
• Demand for the precious metal in Asia remained weak due to the impact of trade sanctions. However, healthy local and industrial demand maintained the positive trend of gold prices in Tuticorin.
• The month ended with gold trading at its highest on 30th January. This may have been the effect of the US government shutting down and Brexit’s negative effects in the economy. On 31st January, the yellow metal was priced at Rs.3,321 per gram on.

Gold Rate Trend in Tuticorin for February 2019:

• A diminished retail offtake and a volatile marked stunted the value of gold even though the gold rate in Tuticorin trading at a high at the start of the month. As on 1st February, the metal was trading at Rs.3,326 per gram.
• Due to conflicting overseas trends, the price of gold fluctuated. As on 5th February, gold was trading at Rs.3,346 per gram. During this time, local and industrial demand remained steady. However, the price dipped on 12th February when it was priced at Rs.3,305 per gram as investor interest declined.
• The Sino-US trade talks stirred up negativity in the economy and investors switched to safe-haven assets as a hedge against any losses. This boosted the demand for gold in Tuticorin and the price rose to Rs.3,350 per gram on 16 February.
• A weak US dollar also boosted local demand for the metal as gold prices rose to Rs.3,392 per gram on 21 February, but an aggressive stand by the Fed Reserve saw demand decline as gold closed at Rs.3,333 per gram on 28 February. The metal in Tuticorin saw a percentage incline of 0.21% for the month of February.

Gold Rate Trend in Tuticorin for March 2019:

• Gold rate in Tuticorin dipped in value at the beginning of the month as the value of the US dollar rose substantially. Uncharacteristically, stocks and equities too dipped in value at the same time. The price of gold on 1st March stood at Rs.3,305 per gram. This was also the highest value of the yellow metal for the month.
• The dollar then declined in value on the 7th in comparison to the Euro as the ECB pushed its decision to hike interest rates. This stunted the growth of the metal due to weak economic conditions.
• On 29th March, gold stood at its lowest point for the month when it was trading at Rs.3,169 per gram. This was influenced by the dollar increasing in value and the economic conditions weakening.
• A percentage decline of 3.17 was recorded for the month of March while it was trading at Rs.3,200 per gram. This was also one of the lowest prices the metal stood at for the month.

Gold Rate Trend in Tuticorin for October 2018 to December 2018 (per gram of 24 karat gold)

Gold Rate Trend in Tuticorin for October 2018:

• Steady local retail demand and positive overseas cues propped up gold prices in Tuticorin in spite of the metal’s relatively weak opening of Rs.3,071 per gram on 1 October.
• The rupee continued to trade poorly against the dollar, which dissuaded local industrial offtake and resulted in the yellow metal’s rate fluctuating towards the middle of the month.
• Gold rose to Rs.3,211 per gram on 15 October as festive demand saw an increase in orders from jewellers and retail buyers but prices dipped due to slow overseas growth.
• Prices fluctuated marginally on demand vagaries as the month ended, as the metal traded at Rs.3,188 per gram on 31 October to record a rise of 3.80% over the course of the month.

Gold Rate Trend in Tuticorin for November 2018:

• A steep drop in retail demand due to the weak rupee dented gold prices in Tuticorin in spite of the metal trading at a steady Rs.3,184 per gram when trading began on 1 November.
• A slight rise in price was recorded on 5 November when gold traded at Rs.3,196 per gram but declining industrial demand and static overseas trends severely impacted the metal’s performance.
• Volatile equity markets also failed to boost interest in the metal as impending interest rate hikes kept investors away from bullion buys.
• The slide in price resulted in gold falling to a monthly low of Rs.3,045 per gram on 30 November as the metal lost 4.36% of its value during the month on poor overall cues.

Gold Rate Trend in Tuticorin for December 2018:

• After a poor showing the previous month, gold rates in Tuticorin opened at Rs.3,045 per gram on 1 December but recovered on steady growth from the retail sector and higher jeweller offtake.
• The rupee gained against the dollar, boosting local industrial demand and retail sales ahead of the wedding season as the yellow metal rose to Rs.3,192 per gram on 11 December.
• Fluctuating demand from Asian industrial units and a recovering dollar capped gains from rising local demand as the month progressed.
• The shutdown of the U.S. government rattled equity markets and boosted safe-haven gold demand among investors as the month ended, with gold trading at Rs.3,165 per gram on 31 December.

Gold Rate Trend in Tuticorin for July 2018 to September 2018 (per gram of 24 karat gold)

Gold rate trend in Tuticorin for July 2018

• Gold was priced at Rs.3,059 per gram on 1 July when the trading for the metal commenced. The demand for the metal was steady amid firm trends overseas.
• The demand for the metal increased in the first week of the month and the highest gold rate was recorded on 6 July when the metal traded at Rs. 3,071 per gram.
• After recording the highest gold rate, the price of the metal fluctuated throughout the month and fell continuously.
• Gold rate in Tuticorin succumbed to strong US dollar and fell drastically, recording the lowest monthly gold rate of Rs.2,986 per gram on 31 July.
• Overall, the trend of gold rate in Tuticorin was a decline of -2.38%.

Gold rate trend in Tuticorin for August 2018

• Gold was priced at Rs.2,983 per gram in Tuticorin on 1 August. Gold rates could not increase during the first half of the month as the demand for the metal was poor and the market trends overseas were weak.
• On 16 July, the lowest gold rate for the month was recorded when the metal traded at Rs.2,940 per gram.
• In the following days, the value of the US dollar declined and the demand for the metal increased both in domestic and international markets. Investors turned towards safe-haven assets which increased the price of gold in Tuticorin.
• During the last few days of the month, gold rates surged and recorded the highest gold rate for the month on 31 August. On this day, the precious metal traded at Rs.3,036 per gram.
• Overall, the trend of gold in Tuticorin for the month of August inclined by 1.77%.

Gold Rate Trend in Tuticorin for September 2018

• Demand for gold was on the rise as the upcoming wedding season saw a spike in domestic retail and industrial orders.
• The month began with gold priced at Rs.3,029 per gram, with a few fluctuations owing to conflicting cues and a falling rupee.
• As markets fell on fears of an economic slowdown due to Brexit and Sino-U.S. trade war fears, gold prices in Tuticorin rose to Rs.3,090 per gram on 25 and 26 September.
• Prices fell marginally as the month ended to trade at Rs.3,074 per gram, rising by 1.48% over the course of the month.

Gold Rate Trend in Tuticorin for April 2018 to June 2018 (per gram of 24 karat gold)

Gold Rate Trend in Tuticorin for April 2018:

• Gold was trading at Rs.2,966 per gram in Tuticorin when trading began for the first month of Q2 2018.
• The yellow metal’s prices was largely on the incline this month, owing to a strong change in demand brought about by the US and NATO attack on Syria, after which the dollar tumbled.
• Gold was highest over the 20th and 21st and during the 25th and 26th of the month, while the lowest was recorded from the 1st to 3rd of the month.
• This month saw gold price trends surge by 2.83%, thanks to a solid rise in demand.

Gold Rate Trend in Tuticorin for May 2018:

• When trading for the month of May began, gold was priced at Rs.3,050 per gram.
• This month saw demand decrease as the US dollar recovered from the falls recorded the previous month, which pushed demand for the metal down.
• Gold traded at its highest on the 14th and 15th when it traded at Rs.3,071 per gram before dropping to its lowest on the 17th and 18th when it traded at Rs.3,019 per gram.
• When the month ended, the metal was seen trading at Rs.3,040 per gram to record a 0.32% fall in price trends.

Gold Rate Trend in Tuticorin for June 2018:

• When trading for June opened, gold was priced at Rs.3,040 per gram - which was the highest rate for the month.
• This month too saw gold rates decline consistently as demand dropped on a regular basis after a strong outcome from the latest Fed meeting.
• Prices seemed to fall consistently over the course of the month, with the lowest being recorded on the final day of the month - at Rs.2,972 per gram.
• Price trends recorded a whopping 2.23% decline this month due to a highly weak demand in the local market.

Gold Rate Trend in Tuticorin for January 2018 to March 2018 (per gram of 24 karat gold)

Gold Rate Trend in Tuticorin for January 2018:

• The month saw gold prices in Tuticorin fluctuating due to demand vagaries in the domestic market brought about by uneven global cues.
• When trading commenced for the month, the yellow metal was priced at Rs.3,009 per gram on the 1st with demand declining amid the strengthening US dollar.
• The 4th saw gold rates hitting their lowest recorded monthly figure of Rs.3,000 per gram with the US greenback gaining against a basket of other apex currencies amid the rising equities.
• The dollar, however, lost ground over the next couple of weeks with the US jobs and payrolls’ data indicating a decline in jobs supporting the nation’s economy during the previous month.
• Safe-haven demand for the metal surged as the month progressed as investors banked on the bullion to hedge against inflation concerns.
• Strong trends overseas coupled with increased demand resulted in gold being priced at Rs.3,129 per gram on the 25th. This was also the highest recorded monthly figure in the city.
• Trading concluded for the month with the precious metal trading at Rs.3,045 per gram on the 31st as local demand stabilised over the course of the last week.

Gold Rate Trend in Tuticorin for February 2018:

• The month opened with gold prices in Tuticorin holding at Rs.3,040 per gram on the 1st with the US dollar regaining lost ground from the previous month’s losses.
• A declining domestic demand from local jewellers, retailers and industries amid the weak trend overseas led to gold rates plummeting to a monthly low of Rs.3,003 per gram on the 8th.
• However, as the month progressed, gold demand seemed to rise on account of the increased purchases made ahead of Valentine’s day. Gold was priced at Rs.3,103 per gram - the highest recorded monthly figure - on the 14th.
• With the US greenback regaining lost ground over the next couple of weeks, demand for the metal dropped considerably.
• The month came to an end with the bullion prices holding at Rs.3,046 per gram on the 28th with subdued but steady demand from industries, jewellers and retailers.
• Tuticorin registered an increase of 0.19% in gold trade owing to the positive overseas trends that kept demand steady for much of the month.

Gold Rate Trend in Tuticorin for March 2018:

• The final month of the quarter began with gold trading at Rs.3,043 per gram following a slight decline in domestic demand amid the rising US dollar.
• Strong market uncertainties coupled with uneven dollar performances led to gold rates fluctuating throughout the month.
• On the 19th, the precious metal was recorded trading at Rs.3,030 per gram as stock markets skyrocketed following the abrupt dismissal of the US Secretary of State, pushing the US dollar higher. This was also the lowest recorded monthly figure in Tuticorin.
• The next few days saw safe-haven demand surging with investors banking on the bullion fearing a possible trade war between the US and China. This led to prices rising towards the end of the month.
• Gold rates rose to Rs.3,105 per gram on the 24th, thanks to the strong investor demand brought about by positive market cues.
• The month ended with the yellow metal priced at Rs.3,072 per gram on the 31st with steady demand from industries and jewellers.
• Gold rates in Tuticorin rose by 0.75% due to the strong safe-haven demand brought about by rising geopolitical tensions during the course of the month.

Gold Rate Trend in Tuticorin for October 2017 to December 2017 (per gram of 24 karat gold)

Gold Rate Trend In Tuticorin For October 2017:

• Trading opened in Tuticorin with the precious metal priced at Rs.3,040 per gram on the 1st of October.
• The US dollar rose against a basket of other emerging currencies amid possibilities of an interest rate hike by the US Fed Reserve. This resulted in gold being priced at Rs.2,997 per gram on the 6th.
• An increase in domestic demand from local jewellers and retailers after the KYC norms were mandated in the country led to gold rates recovering to Rs.3,042 per gram on the 12th.
• The 14th witnessed god rates rising to Rs.3,059 per gram – the highest recorded monthly figure – following an incline in demand by local jewellers, industries and retailers amid the positive trends overseas.
• However, with the US dollar index recovering from the initial losses amid the well-performing equities, gold rate in Tuticorin plunged to Rs.3,026 per gram on the 20th.
• Gold prices continued to drop with the US dollar gaining against other apex currencies over the next few days. This led to the yellow metal being priced at Rs.3,000 per gram on the 26th.
• Trading concluded with the yellow metal priced at Rs.2,997 per gram on the last day ahead of three major central banks’ monetary policy meetings.
• The bullion trade in Tuticorin recorded a decline of 1.41% in gold rates as a result of the poor trends overseas that influenced demand for the metal during the course of the month.

Gold Rate Trend In Tuticorin For November 2017:

• The month began with gold trading at Rs.2,998 per gram on the 1st amid steady domestic demand for the metal.
• However, with the US dollar rising against other emerging currencies and the equity markets performing well against the commodities market, gold price in Tuticorin plunged to Rs.2,977 per gram on the 4th.
• The 6th recorded the lowest monthly figure of Rs.2,974 per gram before rates rebounded to Rs.2,995 per gram the next day with diplomatic relations deteriorating between the US and North Korea.
• Strong global cues coupled with an increased domestic demand led to gold rate in Tuticorin surging to Rs.3,015 per gram on the 12th.
• The poorly performing equities and the weak US dollar index led to the bullion prices hitting Rs.3,031 per gram – the highest recorded monthly figure – on the 18th.
• The US dollar, however, began regaining lost ground with President Trump’s US tax reform plan proposal towards the end of the month. The precious metal was recorded trading at Rs.3,012 per gram on the 24th.
• When trading concluded for the month, the bullion was priced at Rs.2,992 per gram on the 30th amid poor global trends and reduced domestic demand for the metal.
• Tuticorin recorded a 0.13% incline in gold rates during the course of the month.

Gold Rate Trend In Tuticorin For December 2017:

• The final month of 2017 commenced with the yellow metal priced at Rs.2,982 per gram on the 1st of December.
• The US Senate’s decision to clear the Republican tax bill after setting aside differences in the House resulted in the US dollar gaining against a basket of other emerging currencies. This led to gold rates in Tuticorin plunging to Rs.2,917 per gram on the 8th.
• The strengthening US dollar index coupled with firmer equities markets led to gold prices plummeting further as the month progressed.
• On the 13th, the precious metal was priced as low as Rs.2,903 per gram amid the poor trend overseas. This was also the lowest recorded monthly figure in the city.
• The US dollar, however, lost ground towards the end of the month with investors and stockists mulled over by the ultimate outcome of the biggest US tax bill on the country’s economic growth. The yellow metal was priced at Rs.2,956 per gram on the 23rd.
• The positive trend overseas coupled with strong domestic demand led to gold rates surging to Rs.2,985 per gram on the 28th.
• The last day saw the bullion trading as high as Rs.3,015 per gram with an incline in domestic demand by jewellers, industries and jewellers brought about by strong global cues.
• Gold trade in Tuticorin registered an incline of 1.10% in bullion prices during the course of the month.

Gold Rate Trend in Tuticorin for July 2017 to September 2017 (per gram of 24 karat gold)

Gold rate trend in Tuticorin for July 2017

• Gold rate in Tuticorin opened at Rs.2,950 per gram for the month of July.
• As demand was weak in the local circles because of GST, gold rates seemed to fall for most of the month,
• Gold price in Tuticorin went to as low as Rs.2,796 per kg on the 11th and fluctuated considerably over the course of the month.
• Demand picked up slightly to end at Rs.2,869 per gram by the 20th of July,
• When the month came to an end, gold was being traded at Rs.2,925 per gram.
• Low demand brought about by the introduction of GST saw gold rate trends drop by 0.84% compared to June.

Gold rate trend in Tuticorin for August 2017

• Demand picked up with the impact of GST settling down during the month.
• Gold was priced at Rs.2,926 per gram, when trading commenced in Tuticorin.
• A decline in domestic demand from industries and jewellers resulted in gold rates plunging to Rs.2,899 per gram on the 3rd. This was also the lowest recorded figure during the month.
• Global demand low for most of the following days with the dollar gaining against other apex currencies.
• But, demand surged with the US-North Korean relations worsening towards the end of the month. This led to gold rates surging to Rs.2,999 per gram on the 29th.
• The yellow metal was trading at Rs.2,971 per gram, when the month concluded.
• Gold rates in Tuticorin inclined at 1.51% during the course of the month, owing to an increased global demand.

Gold rate trend in Tuticorin for September 2017

• Gold rates in Tuticorin were largely influenced by the geopolitical concerns in the Korean peninsula and the United States, and the imminent arrival of Dussehra in the country.
• When trading commenced, gold was priced at Rs.2,995 per gram.
• With the diplomatic relations between the US and North Korea deteriorating, investors began gravitating towards investments considered safer like gold. This pushed demand higher for the metal, and gold was trading at Rs.3,102 per gram on the 8th.
• Gold rates in Tuticorin fluctuated in the sub-Rs.3,040 per gram during the second and third week with the US economy recovering from the initial shock.
• When the month ended, gold was trading at Rs.3,040 per gram on the 30th.
• Strong global cues coupled with increased global demand led to gold rates incline by 1.50% in Tuticorin.

Gold Rate Trend in Tuticorin for April 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend in Tuticorin for April 2017

• The gold prices in Tuticorin traded at Rs.2,956 per gram on 1 April. The gold rates fluctuated in the month of April and indicated an incline in the demand for gold.
• The increased demand for gold from the domestic markets increased the prices to Rs.2,987 per gram on 4 April.
• The increase in U.S. dollar rates led to a decline in the demand for gold. Various other factors contributed to the decline due to which gold rates reached the monthly low of Rs.2,954 per gram on the 8 and 9 April.
• Due to political tension in the U.S., the dollar rates fell causing an increase in the demand for gold. Gold was priced at Rs.3,040 per gram on 15 and 16 April which was the highest for the month of April.
• The subdued demand for gold from the international markets contributed to gold being priced at Rs.3,035 per gram on 22 and 23 April.
• Gold was priced at Rs.2,984 per gram on 30 April indicating an incline of 0.94% in the value.

Gold rate trend in Tuticorin for May 2017

• The French Presidential Elections 2017 boosted the European stock markets leading to a decline in the demand for gold. Gold was being traded at Rs.2,984 per gram on 1 May and fluctuated thereafter. A decline in the demand for gold was noted for the month of May.
• The gold prices in Tuticorin started to decline from the beginning of the month and reached Rs.2,899 per gram on 6 and 7 May.
• Though gold was priced at Rs.2,904 per gram on 9 May, the fluctuating market and the strong U.S. dollar rates contributed to gold being priced at the monthly low of Rs.2,888 per gram on 15 May.
• Fluctuating stock markets directed investors towards the precious metal, an increase in the demand of gold recovered the gold rates to an extent. Gold was being traded at Rs.2,954 per gram on 19 and 20 May.
• The gold prices in Tuticorin reached Rs.2,979 per gram on 27 and 28 May.
• Gold was priced at Rs.2,968 on the 31 May in Tuticorin indicating a -0.53% decline in the rates.

Gold rate trend in Tuticorin for June 2017

• The gold prices started at Rs.2,977 per gram on June 1 in Tuticorin and dropped to Rs.2,965 per gram on 2 June. The fluctuating gold rates showed a decline in the demand of gold for the month of June.
• The fluctuating stock markets and a weak U.S. dollar rate contributed to an increase in the demand for gold. Trading at Rs.3,006 per gram on 5 June, gold reached the monthly high of Rs.3,012 per gram on 8 June.
• Gold rates in Tuticorin fell to Rs.2,983 per gram on 12 June due to subdued demand for gold from the local and international markets.
• The upcoming implementation of GST and confusions pertaining to GST over bullion rates resulted in a subdued demand for gold from the local and the international markets. A decline in demand led to gold being priced at Rs.2,949 per gram on 19 June.
• A sudden rise in demand rose the prices to Rs.2,962 per gram on 30 June as gold was speculated to cost higher after the implementation of GST.
• The fluctuating gold rates in Tuticorin resulted in a -0.50% decline in the gold prices in Tuticorin for the month of June.

Gold Rate Trend in Tuticorin for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend for Tuticorin in January 2017

• Gold was priced at Rs.2,821 per gram on the 1st of January due to relatively low demand in domestic markets. This was also the lowest at which gold was priced for the entire month.
• Gold recovered slightly thereafter with gold trading at Rs.2,828 per gram on the 2nd and 3rd of January.
• Gold rate fluctuated between Rs.2,914 per gram to Rs.2,971 per gram between the 11th of January to the 18th of January.
• Due to a sharp increase in the demand for this precious metal, gold was priced at its highest for the month on the 24th of January at Rs.2,974 per gram.
• On the last day of January, gold closed at Rs.2,942 per gram, recording a rise of 4.28% in the rate of gold.

Gold Rate Trend for Tuticorin in February 2017

• On the 1st day of the second month, gold was priced at Rs.2,954 per gram and stayed steady at this rate the next day as well.
• The next day, due to a decline in the demand for this metal, the rate of gold fell to a monthly low of Rs.2,940 per gram. However, after this the rate of gold began to recover slowly.
• Gold traded steadily at Rs.2,964 per gram on the 11th and 12th of February due to stable demand for this metal.
• Gold was priced at its highest on the 24th and 25th of February at Rs.3,014 per gram. However this rate was not maintained and the price of gold fell to Rs.3,001 per gram. An incline of 1.48% was noted in gold rate as the month came to an end.

Gold Rate Trend for Tuticorin in March 2017

• The trend of gold was reversed during the month of March in Tuticorin. A number of variations were noted in the price of gold during the month due to varying demands for this metal from both international and domestic markets.
• Gold traded at Rs.2,994 per gram on the 1st of the month and this was also the highest at which this metal traded for the month.
• As the week continued, the rate of gold fluctuated.
• Due to the Dutch elections as well as the U.S. Fed’s decision regarding the interest rates, the rate of gold was at its lowest on the 15th of March at Rs.2,906 per gram.
• A marginal recovery was noted in the price of gold hereafter due to increased demand for this precious metal in domestic markets.
• As the month came to an end, gold traded at Rs.2,942 per gram on the 31st of March while recording an incline of 1.73% in the price of gold.

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.