May 2
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Gold Rate In Erode
Erode is a South Indian city located in Tamil Nadu. It is the seventh biggest continuous urbanized area in the state of Tamil Nadu and is located on the banks of River Kaveri. The city houses many historic temples which act as a tourist attraction. It is known to be one of the largest producers of turmeric in India and also has one of the largest markets for coconut.
Gold Rate Trend in Erode for January 2018 to March 2018 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.3,002 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.3,084 per gram on 20 & 21 January | Rs.3,103 per gram on 14 February | Rs.3,105 per gram on 24 & 25 March |
| Lowest price | Rs.3,001 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 | 1.43% | 0.19% | 0.95% |
Gold Rate Trend in Erode 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.3,031 per gram on 18 and 19 November | Rs.3,015 per gram on 30, 31 December |
| Lowest price | Rs.2,997 per gram on 6, 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 Erode for October 2017:
- Gold trade opened in Erode with the yellow metal priced at Rs.3,040 per gram on the 1st.
- With the US dollar rising against a basket of other apex currencies amid possibilities of a Fed rate hike during the quarter, prices plummeted to Rs.2,997 per gram on the 6th.
- However, with the KYC norms being mandated by the Indian government during the week, a rise in domestic demand brought about by positive buyer sentiments led to gold rates surging to Rs.3,042 per gram on the 12th.
- The 14th witnessed gold rate in Erode surging to Rs.3,059 per gram – the highest recorded monthly figure – amid the strong global trends that pushed demand higher for the precious metal.
- With the US dollar recovering the previous weeks’ losses, gold price in Erode plunged to Rs.3,026 per gram on the 20th.
- Strong dollar index coupled with firmer equities market resulted in gold prices declining over the next few days. On the 26th, the yellow metal was recorded trading at Rs.3,000 per gram.
- The month ended with the precious metal prices holding at Rs.2,997 per gram on the 31st with markets remaining cautious ahead of the monetary policy meetings by three major central banks.
Gold rate trend in Erode for November 2017:
- The month began with gold trading at Rs.2,998 per gram on the 1st with a slight increase in domestic demand for the metal.
- However, with the US dollar strengthening in the global market, gold price in Erode dropped to Rs.2,977 per gram on the 4th.
- The 6th witnessed gold rates in Erode hitting their lowest recorded monthly figure of Rs.2,974 per gram amid the poor trend overseas.
- Demand for safe-haven assets such as gold surged with the US-North Korean relations deteriorating in the Korean peninsula. This led to gold rate in Erode recovering to Rs.3,015 per gram on the 12th.
- On the 18th, the weakened US dollar coupled with poorly performing equities resulted in the bullion prices rising to Rs.3,059 per gram. This was also the highest recorded monthly figure during the month.
- Demand, however, couldn’t keep up against the rising US dollar and prices plummeted to Rs.3,012 per gram on the 24th.
- The US dollar rose further towards the end of the month with a landmark tax reform plan presented at the US Senate. This led to gold price in Erode plunging to Rs.2,992 per gram on the 30th when the month concluded.
- Strong global cues coupled with an increased domestic demand by jewellers, retailers and industries resulted in gold rates rising by 0.13% during the course of the month.
Gold rate trend in Erode for December 2017:
- When trading commenced for the month, the bullion was recorded holding at Rs.2,982 per gram on the 1st of December.
- The US dollar surged ahead of other major emerging currencies with the approval of the country’s largest tax reform plan to overhaul the present US tax system. This led to gold rates in Erode plummeting to Rs.2,917 per gram on the 8th.
- Poor global trends coupled with reduced domestic demand from jewellers, retailers and industries led to gold rates in Erode hitting their lowest at Rs.2,903 per gram on the 13th.
- The Federal Reserve decision to raise its benchmark interest rates proved to be unfavourable for the equity markets and resulted in the Asian stocks failing. This led to an increase in global demand for commodities such as gold and the precious metal was priced at Rs.2,956 per gram on the 23rd.
- On the 28th, with stockists and traders mulled over by the final result of the tax overhaul on the US economy, gold rates rebounded to Rs.2,985 per gram in the domestic markets.
- The bullion was recorded trading at Rs.3,015 per gram on the 31st and Erode registered a profit of 1.10% in gold trade during the course of the month.
