Jun 19

Gold Price in Chennai

June 2017 – Week 1 (1st-4th):

In Chennai, gold rates followed a similar pattern to that of the Indian mainland.
The 1st of June saw gold trading at Rs.2,977 per gram which then went down to Rs.2,965 per gram due to an unusually buoyant dollar and low demand.
However, prices went up to Rs.2,998 per gram on 3rd due to misgivings in the US political scene.
Add to that, the US-EU axis was also strained which led to gold prices maintaining the price of Rs.2,998 per gram when the week came to an end.

June 2017 – Week 2 (5th – 11th)

In Chennai, gold rates seemed to increase and fall over the initial and the ending days of the week.
On the 5th, gold was priced at Rs.3,025 per gram and then went up to Rs.3,030 per gram on the 6th as US Labour Department’s Employment Report created quite a stir.
The 7th was carried by the momentum from the 6th as prices went up by Rs.5 to reach Rs.3,030 per gram.
It was consolidation time when the 8th began, and gold prices went down by Rs.18 to Rs.3,012 per gram.
Prices went down on the 9th as well to Rs.2,987 per gram as demand kept tumbling.
After some corrections, gold prices went down to Rs.2,981 per gram on the 10th and remained the same at the end of the week.

June 2017 – Week 3 (12th-18th)

There were a number of variations noted in the rate of gold during the third week of June in Chennai as a result of fluctuations in the demand for this metal.
Gold traded at Rs.2,983 per gram on the first day of the third week in Chennai. This was relatively lower than the rates noted in other cities.
Due to a fall in the demand for this metal, gold rate in Chennai reduced to trade at Rs.2,967 per gram but recovered slightly the next day to be priced at Rs.2,973 per kg.
The gold price in chennai fell again to trade at Rs.2,963 on the 15th of June due to a fall in the demand for this metal.
On the last day of the week, this yellow metal was priced at Rs.2,955 per gram due to a steep incline in the demand for this metal.

June 2017 – Week 4 (19 to 25)

Gold prices in Chennai fluctuated significantly during the course of the fourth week, as prices bore the brunt of demand surges.
Gold was priced at Rs.2,949 per gram on 19 June, with the dipping to Rs.2,942 per gram on 20 June as demand for the precious metal fell as investors pulled out of the safe-haven.
Prices bounced back the following day, trading at Rs.2,949 per gram on 21 June before rising sharply to Rs.2,958 per gram on 22 June as markets took a sudden plunge, spiking demand for bullion.
The price continued to rise as the week progressed, with gold trading at Rs.2,965 per gram on 23 June.
The price dipped marginally as the week drew to a close as markets began to stabilise and the U.S. Dollar recovered in value, with gold trading at Rs.3,964 per gram on 25 June.

June ‘17 – Week 5 (26 to 30)

The price of gold in the city of Chennai reflected the general trend seen across other Indian cities, where the gold price declined.
Gold was priced at Rs.2,977 per gram on 26 June as markets fell due to speculation over the impact of GST. Overseas markets were also lower than expected, which led to an increase in demand for the yellow metal.
Prices dropped sharply the following day as gold’s initial gains were negated due to reduced demand.
Gold traded at Rs.2,957 per gram on 27 June before rising again as local demand spiked due to panic buying before GST.
As the month ended, gold prices stabilised, trading at Rs.2,962 per gram on 30 June.

May 2017 – Week 1 (1st-7th)

During the first week of May, a number of variations were noted in the price of gold due to fluctuating demands.
Gold was priced at Rs.2,984 per gram on the 1st of May and decreased marginally the next day to trade at Rs.2,952 per gram.
Due to a fall in demand in international markets as well as a rise in the value of the U.S.Dollar, the rate of gold declined further as the week progressed.
Gold was priced at Rs.2,947 per gram on the 3rd of May and decreased even further to trade at Rs.2,922 per gram on the 4th of May.
As the demand for this metal plunged even further, gold closed at Rs.2,899 per gram on the 7th of May.

May 2017 – Week 2 (8th -14th)

Gold prices in Chennai fluctuated slightly as the week began due to market uncertainty, though prices stabilised during the week.
Gold traded at Rs.2,896 per gram on 8th May, with the price rising to Rs.2,904 per gram on 9th May, contrary to prevailing trends.
Gold rate in Chennai fell to Rs.2,897 per gram on 10th May as demand for the metal began to drop due to strong markets.
A decline in industrial demand also led to prices falling, as gold dropped to Rs.2,891 per gram on 14th May, registering a drop of Rs.5 per gram during the week.

May 2017 – Week 3 (15th – 21st)

The capital city of Chennai saw a similar gold trading pattern as that of mainland India during the third week of May.
When trading started for the week of 15th, gold was priced at Rs.2,888 per gram, which rose over the next few days due to Brexit concerns.
On 16th, gold rates increased to Rs.2,894 per gram before going up again to Rs.2,910 per gram.
The 18th saw one of the biggest increase in gold rates as they reached Rs.2,958 per gram amidst news of Donald Trump’s interference in a federal investigation.
However, after the brexit woes were dealt with, gold rates seemed to consolidate as they went to Rs.2,954 per gram on the 19th.
For the next days, i.e., the 20th and the 21st, gold rates remained unchanged at Rs.2,954 per gram.

May 2017 – Week 4 (22nd – 28th)

Gold traded at Rs.2,956 per gram on the 22nd of May in Chennai due to sustained demand for this precious metal from jewellers.
The gold rate in Chennai increased marginally on the 23rd to Rs.2,971 per gram. However, it could be noted that despite the Manchester blasts, the rate of gold was not affected very strongly as investors stayed in the sidelines, more or less.
The rate of gold fell again to trade at Rs.2,956 per gram on the 24th of the month due to reduced demand for this metal. This price was noted on the 25th of May as well.
On the 26th of May, gold was priced at Rs.2,969 per gram which was a marginal increase in the rate before further rising to trade at Rs.2,979 per gram on the last two days of the fourth week of May.

May ‘17 – Week 5 (29th to 31st)

Gold prices in Chennai in the last week of May fluctuated due to demand vagaries, though prices declined overall.
The yellow metal was priced at Rs.2,977 per gram on 29th May, a slight decrease from the previous week due to a continued dip in demand as jewellers reduced demand.
Stable markets also led to a reduction in demand from investors, which led to gold trading at Rs.2,968 per gram as the month ended on 31st May, with gold falling by 0.53% over the course of the month.