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 2018 to March 2018 (per gram of 24 karat gold)

Factor	January	February	March
1st day	Rs.3,009 per gram	Rs.3,040 per gram	Rs.3,043 per gram
Last day	Rs.3,045 per gram	Rs.3,046 per gram	Rs.3,072 per gram
Highest price	Rs.3,129 per gram on 25 January	Rs.3,103 per gram on 14 February	Rs.3,105 per gram on 24 and 25 March
Lowest price	Rs.3,000 per gram on 4 January	Rs.3,003 per gram on 8 February	Rs.3,030 per gram on 19 March
Trend	Incline	Incline	Incline
Change	1.19%	0.19%	0.95%

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

Factor	October	November	December
1st day	Rs.3,040 per gram	Rs.2,988 per gram	Rs.2,982 per gram
Last day	Rs.2,997 per gram	Rs.2,992 per gram	Rs.3,015 per gram
Highest price	Rs.3,059 per gram on 14 and 15 October	Rs.3,030 per gram on 18 and 19 November	Rs.3,015 per gram on 30 and 31 December
Lowest price	Rs.2,997 per gram on 6, 27, 30, and 31 October	Rs.2,974 per gram on 6 November	Rs.2,903 per gram on 13 December
Trend	Decline	Incline	Incline
Change	-1.41%	0.13%	1.10%

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)

Factor	July	August	September
1st day	Rs.2,950 per gram	Rs.2,926 per gram	Rs.2,995 per gram
Last day	Rs.2,925 per gram	Rs.2,971 per gram	Rs.3,040 per gram
Highest price	Rs.2,950 per gram on 1 & 2 July	Rs.2,999 per gram on 29 August	Rs.3,102 per gram from 8 September
Lowest price	Rs.2,796 per gram on 14 July	Rs.2,899 per gram on 3 August	Rs.2,995 per gram on 1 September
Trend	Decline	Incline	Incline
Change	-0.84%	1.51%	1.50%

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)

Factor	April	May	June
1st day	Rs.2,956 per gram	Rs.2,984 per gram	Rs.2,977 per gram
Last day	Rs.2,984 per gram	Rs.2,968 per gram	Rs.2,962 per gram
Highest price	Rs.3,040 per gram on 15 April and 16 April	Rs.2,971 per gram on 23 May	Rs.3,012 per gram on 8 June
Lowest price	Rs.2,954 per gram on 8 April and 9 April	Rs.2,888 per gram on 15 May	Rs.2,942 per gram on 20 June
Trend	Incline	Decline	Decline
Change	0.94%	-0.53%	-0.50%

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)

Factor	January	February	March
1st day	Rs.2,821 per gram	Rs.2,957 per gram	Rs.2,994 per gram
Last day	Rs.2,942 per gram	Rs.3,001 per gram	Rs.2,942 per gram
Highest price	Rs.2,974 per gram on the 24th of January	Rs.3,014 per gram on the 24th and 25th of February	Rs.2,994 per gram
Lowest price	Rs.2,821 per gram on the 1st of January	Rs.2,940 per gram on the 3rd of February	Rs.2,906 per gram
Trend	Incline	Incline	Decline
Change	4.28%	1.48%	-1.73%

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.