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 October 2020 to December 2020 (per gram of 24 karat gold)

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

• The gold price in Tuticorin 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 Tuticorin 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 Tuticorin 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 Tuticorin for July 2020 to September 2020 (per gram of 24 karat gold)

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

• In July, gold rates in Tuticorin opened the month at Rs.4,908 per gram and closed at Rs.5,381 per gram. The gold prices in Tuticorin had increased by 9.63% over the course of the month. The highest gold rate in Tuticorin was Rs.5,381 per gram on 31 July while the lowest gold price in Tuticorin was on 6 July at Rs.4,841 per gram.
• On 1 August 2020, the gold price in Tuticorin was Rs.5,437 per gram. By 31 August, the gold rate was Rs.5,190 per gram. Gold rates declined by 4.54% in August with the highest gold price in Tuticorin being on 7 August at Rs.5,691 per gram while the lowest price being on 29 August at Rs.5,158 per gram.
• In September, gold rates in Tuticorin had an overall decline of 2.77%. Gold prices in Tuticorin hit the lowest at Rs.4,993 per gram on 24 September while the highest gold rate was on 1 September at Rs.5,221 per gram. The gold price in Tuticorin by the end of September was Rs.5,076 per gram.

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

Quarterly Gold Rate in Tuticorin from April to June:

• In Tuticorin, 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 Tuticorin. 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 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 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.