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Vellore is a city located in the state of Tamil Nadu, South India. It is located on the banks of Palar river and has a population of about 423,425 based on a census conducted in the year 2011. It also houses two of top ten educational institutions in India. It is also very famous for medical tourism in India and is a major exporter of leather goods in India. The places house many forts, museums, parks and religious place that act as tourist attractions. The hill stations around Vellore also attract a lot of tourists. Gold is also one of the major commodities in Vellore and there are several gold stores spread all across the city.
Gold Rate In Vellore
The rate of gold is determined based on various factors, amongst which quality and quantity are the most important ones. Gold rate differs from each city and keeps changing very often. The gold rate for 22 karat gold is different from that of 24 karat gold. Given below is the rate for 22 karat and 24 karat gold in Vellore.
Gold rate for 22 karat
Weight of 22 karat gold
Price for 22 karat gold
Gold rate for 24 karat
Weight of 24 karat gold
Price for 24 karat gold
Gold Rate Trend in Vellore for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,152 per gram||Rs.3,075 per gram||Rs.2,890 per gram|
|Last day||Rs.3,065 per gram||Rs.2,938 per gram||Rs.2,821 per gram|
|Highest price||Rs.3,152 per gram on 1st October and 2nd October||Rs.3,166 per gram on 5th and 6th November||Rs.2,892 per gram on 2nd December|
|Lowest price||Rs.3,021 per gram on 15th and 16th of October||Rs.2,932 per gram on 9th November||Rs.2,767 per gram on 22nd December|
Gold Rate Trend for Vellore in October 2016
- Gold traded at Rs.3,152 per gram in Vellore, with prices remaining steady until the 2nd due to continued demand. This rate was also the highest at which gold traded in October. However, over the next couple of days, gold rate reduced.
- Rate of gold was Rs.3,040 per gram for 24 karat gold on the 6th of October and declined steadily as the weeks progressed. On the 15th of October, rate of gold fell to Rs.3,021 per gram and was steady the next day as well. This was also the lowest rate at which gold was priced at for the month.
- As the month of October progressed there were minor variations in the rate of gold but the price was comparatively low.
- However, despite demand due to the wedding season, there was a reduction of 2.76% witnessed in the rate of gold at the end of the month.
Gold Rate Trend for Vellore in November 2016
- In the month of November, rate of gold was quite high, due to a spike in demand as it was a continuation of the wedding season in India. Price of gold at the beginning of November was Rs.3,075 per gram. But, prices increased from the 2nd of November due to a high demand for gold in markets, both domestic and overseas.
- The rate of gold was Rs.3,104 per gram on 2nd November and Rs.3,098 per gram on 3rd November. On the 4th of November, rate of gold increased to Rs.3,112 per gram.
- On the 5th of November, the price of gold shot up to Rs.3,119 per gram and was the same the next day as well.This price could not be maintained and declined again before rising up to Rs.3166 per gram on the 9th which was also the highest rate at which gold traded for the month.
- On November 8th, Prime Minister Narendra Modi announced the ban of cash notes worth Rs.500 and Rs.1,000 in order to combat black money. Due to the severe cash crunch that followed in the wake of this announcement, fluctuations were noted in the price of gold.
- The rate of gold continued to reduce throughout November with certain variations here and there.
- From the 20th of the month, the rate of gold was Rs.2,986 per gram. Gold was priced at Rs.2,932 per gram on the 25th of November and this was the lowest rate at which gold traded at for the month.
- Towards the end of the month, the rate of gold fluctuated before closing at Rs.2,942 per gram.. A number of factors contributed to a decline of 4.01% in the price of gold.
Gold Rate Trend for Vellore in December 2016
- On the 1st of the last month of 2016, the rate of gold was Rs.2,890 per gram. Gold rate rose up by Rs.2 the next day but reduced steadily over the following days.
- However, the rate of gold increased to Rs.2,893 per gram on the 5th of December and 6th of December which was also the highest rate of gold for the month.
- Price of gold decreased and was steady at Rs.2,836 per gram and finally declined to Rs.2,800 per gram in the 15th of December.
- The rate of gold continued declined with a few minor fluctuations. This could be attributed to reduced demand for gold both overseas and in India.
- On the last day, price of gold was Rs.2,821 per gram. A decline of 2.38% was recorded over with respect to gold rate.
Gold Rate Trend in Vellore for July 2016 to September 2016 (per gram of 24 karat gold)
|First day||Rs.3,129 per gram||Rs.3,201 per gram||Rs.3,120 per gram|
|Last day||Rs.3,214 per gram||Rs.3,142 per gram||Rs.3,176 per gram|
|Highest price||Rs.3,214 per gram on 30th and 31st July||Rs.3,229 per gram on 3rd August||Rs.3,197 on 8th September|
|Lowest price||Rs.3,118.50 per gram on 25th July||Rs.3,142 per gram on 31st August||Rs.3,120 on 1st September|
Gold Rate Trend of Vellore in July 2016
- Gold was seen trading at Rs.3,129 per gram at the start of the month.
- Positive trends in the global market gave gold prices support as demand for the metal was high.
- Expectations of monetary stimulus from the central banks to negate the effects of the Brexit vote were strong this month.
- Gold traded at Rs.3,214 per gram on 30th and 31st July which was the highest rate for this month.
- Gold prices increased by 2.72% this month despite prospects of the Fed rate hike rising.
Gold Rate Trend of Vellore in August 2016
- Gold traded at Rs.3,201 per gram at the start of August.
- The dollar gained strength on the back of positive economic data which led to the U.S. Federal Reserve raising expectations of the Fed rate hike.
- The highest price for this month was Rs.3,229 per gram on 3rd August but this soon changed course and gold prices start to decline.
- As demand for the yellow metal fell, gold prices dropped to Rs.3,142 per gram on 31st August.
- There was a decline of 2.08% in gold rates this month.
Gold Rate Trend of Vellore in September 2016
- The market continued to be bearish at the start of the month.
- The lowest rate for the month was recorded on 1st September with gold trading at Rs.3,120 per gram.
- Demand soon picked up as the dollar weakened.
- With the U.S. presidential campaigns in full swing, the Federal Reserve announced that the interest rate hike would be put on hold till December.
- The news changed the outlook of the market and demand for gold started soaring.
- There was an increase of 1.79% in gold prices this month as gold traded at Rs.3,176 per gram on 30th September.
Gold Rate Trend in Vellore 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 per gram.|
|Last day||Rs.3,069 per gram.||Rs.2,914 per gram.||Rs.3,105 per gram.|
|Highest price||Rs.3,069 per gram on 30th April.||Rs.3,076 per gram on 2nd May.||Rs.3,180 per gram on 27th and 30th June.|
|Lowest price||Rs.2,877 per gram on 2nd and 4th April.||Rs.2,914 per gram on 31st May.||Rs. 2,923 per gram on 2nd June.|
|Trend||Increase in price.||Decrease in price.||Increase in price.|
|Change||+6.19% increase.||-5.50% decrease.||+5.82% increase.|
Gold Rate Trend in Vellore in April
- The gold rate was Rs.2,890 per gram on the 1st of April and fell to Rs.2,877 per gram on the 3rd of April as the jewellers’ strike continued.
- With the strike being called off, demand picked up and prices rose, with gold recording highs of Rs.2,944 per gram on the 11th of April.
- Global cues resulted in the price rising with the weekly high being Rs.2,975 per gram on the 12th of April.
- The last week saw gold prices fluctuate, ending the month at Rs.3,069 per gram.
Gold Rate Trend in Vellore in May
- Prices remained constant and high demand kept prices steady, closing at Rs.3,073 per gram on the 8th of May.
- Speculation regarding the raising of interest rates by the U.S. Federal Reserve kept prices low, with gold closing at Rs.3,051 per gram on the 15th of May.
- Prices continued to fall as the markets strengthened, leading to demand for gold to drop.
- Weak data from the manufacturing sector led to gold rallying and trading at Rs.2,899 per gram on the 30th of May before closing at Rs.2,914 on the 31st of May.
Gold Rate Trend in Vellore in June
- Prices were stable for the first week, closing at Rs.2,974 per gram on the 5th of June.
- A surge in demand led to prices rising, with the week closing at Rs.3,087 per gram on 18th of June.
- The impending EU referendum led to market instability, pushing gold prices higher.
- With the U.K. voting to leave, markets crashed and gold prices surged, with gold closing the month at Rs.3,105 per gram on 30th of June.
|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 28th Jan.||Rs.2,984 per gram on 25th and 29th Feb.||Rs.2,991 per gram from 8th-10th March.|
|Lowest price||Rs.2,538 per gram on 1st and 2nd Jan.||Rs.2,720 per gram on 1st Feb.||Rs. 2,699 per gram on 2nd and 11th March.|
|Trend||Increase in price.||Increase in price.||Decrease in price.|
|Change||+6.77% increase.||+9.70% increase.||-2.85% decrease.|
Gold Rate Trend in Vellore in January 2016
- The gold rate in Vellore remained constant at Rs.2,538 per gram for the 1st two days of the month and increased marginally as demand grew.
- Prices continued to rise in the second week, peaking at Rs.2,635 per gram on 8th of January as domestic demand grew.
- As strong global market for gold pushed prices further in the third week and gold traded at Rs.2,654 per gram in spite of minor fluctuations during the week.
- The last week saw prices continue to rise as demand rose due to the festive season, with gold ending the month at Rs.2,710 per gram.
Gold Rate Trend in Vellore in February 2016
- Gold prices in Vellore began strong, trading at Rs.2,720 per gram on the 1st of February and reaching Rs.2,813 per gram on the 8th of February.
- Prices rose, boosted by high domestic demand as well as strong cues from global markets.
- Prices fell in the first half of the third week as demand lessened but recovered to trade at Rs.2,973 on the 21st of February.
- The last week saw prices fall as demand from jewellers fell during the week but prices rose at the end of the week, with gold trading at Rs.2,984 per gram.
Gold Rate Trend in Vellore in March 2016
- Gold prices remained constant in the first week of March in Vellore, trading at Rs.2,976 per gram.
- On account of the jewellers’ strike, demand was stagnant, with the price staying constant at Rs.2,950 per gram before dipping to Rs.2,940 per gram on the 20th of March.
- Prices fluctuated in the fourth week, trading at Rs.2,914 per gram on the 21st of March before falling further to Rs.2,896 per gram as the jewellers’ strike continued.
- The last week saw the price fluctuate from Rs.2,874 per gram on the 28th of March to Rs.2,891 per gram on the 31st of March, marking a slight recovery.
Gold investments in Vellore
There are several ways in which one can make an investment in gold other than the conventional method of investing in gold jewelry. Listed below are some of the most popular forms of gold investment in Vellore.
- Gold jewelry- Gold jewelry is probably one of the most popular type of gold investment in Vellore. There are many gold stores in Vellore that sell unique and exquisite gold jewelry. The price of gold jewelry includes many other charges including making charge, wastage charge, stone charge and hence, is very expensive.
- Gold bullion- Gold bullion comes in two forms, bars and coins and is of the purest quality. There are several options in Vellore for individuals who intend on purchasing gold bullion and is the second most popular form of gold investment in Vellore.
- Gold market trade-Gold ETFs and gold futures are very popular types of Gold market trade investments in Vellore. It is one of the unconventional methods of investing in gold and is developing its own fan base slowly in Vellore.
Also Check Gold Price in NearBy Cities of Vellore
- Also Check: Gold Rate in Tamil Nadu
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