Gold Rate in Madurai
In India, we purchase and use gold primary in the form of jewelry. But the classic Indian mindset is changing and we are viewing gold in a different way than just as an expensive ornament – as an investment, that can be traded for a profit. In Madurai, a large tier-2 city in Tamil Nadu, the demand and awareness of gold as a tradable commodity is increasing.
| Date | Standard Gold (22 K) | Pure Gold (24 K) | ||
| 1 gram | 8 grams | 1 gram | 8 grams | |
| 25 Feb 2018 | ₹ 2,921 | ₹ 23,368 | ₹ 3,067 | ₹ 24,536 |
| 24 Feb 2018 | ₹ 2,921 | ₹ 23,368 | ₹ 3,067 | ₹ 24,536 |
| 23 Feb 2018 | ₹ 2,914 | ₹ 23,312 | ₹ 3,060 | ₹ 24,480 |
| 22 Feb 2018 | ₹ 2,909 | ₹ 23,272 | ₹ 3,054 | ₹ 24,432 |
| 21 Feb 2018 | ₹ 2,911 | ₹ 23,288 | ₹ 3,057 | ₹ 24,456 |
| 20 Feb 2018 | ₹ 2,922 | ₹ 23,376 | ₹ 3,068 | ₹ 24,544 |
| 19 Feb 2018 | ₹ 2,936 | ₹ 23,488 | ₹ 3,083 | ₹ 24,664 |
| 18 Feb 2018 | ₹ 2,949 | ₹ 23,592 | ₹ 3,096 | ₹ 24,768 |
| 17 Feb 2018 | ₹ 2,949 | ₹ 23,592 | ₹ 3,096 | ₹ 24,768 |
| 16 Feb 2018 | ₹ 2,928 | ₹ 23,424 | ₹ 3,074 | ₹ 24,592 |
Investing in Gold in Madurai
One can make the following investments in Gold in Madurai today:
Gold coins are the most common form of investment in Madurai, Tamil Nadu and the rest of India when it comes to gold. Gold coins can be bought easily over the counter at any gold trader, they are cheaper, smaller, come in various weights like 1 gram, 2 grams, 5 grams, 10 grams, etc. and represent smaller investments than, say, gold bullion. Fluctuations in the price of gold affect bullion and coins in the same way, and the risk and reward will be proportional to the amount of cash you invest. Gold coins are available from most gold merchants and the weightages available range from 1 gram to 500 grams.
Gold bullion is an investment in larger quantities of gold, from a certified authority, in the form of bars, tablets or standard-sized pieces, used primarily as an invested commodity. Gold bullion is generally traded in weightages over 500 grams, the most common being 1 kilo. International gold trading usually happens with gold bullion being the medium for the same, apart from gold ownership certificates. Most gold bullion is internationally tradable, depending on the authority that sells you the gold.
Jewelry and ornaments are still the largest form in which gold is bought and sold in India. When gold is shaped into ornaments and jewelry, it is sometimes mixed with an alloy to allow for greater malleability, which results in the loss of some purity. Since there are festivals and events (like marriages) which have gold as their central theme, most Indians prefer to buy gold in the form of jewelry and ornaments. This is to increase the utility of the asset as a gift, a daily use item and also as a means of preserving the asset value, should the need arise to sell it.
It’s vitally important to read up on the factors that affect the gold rate, such as the strength of the US Dollar, demand versus supply, international currency movements, etc.
Buying Gold in Madurai
One can purchase gold as an investment, or as jewelry from many stores and traders across the city of Madurai such as Balan Jewellery, Shanmuga Jewellers, Prince of Peace Jewel Crafts, Annam Jewellers, Joyalukkas, Tanishq, Ponnazhagu Jewellers, etc.
When buying gold in Madurai, it is highly recommended that you buy from a well-established and certified dealer. Ensure that the gold is stamped, engraved or in some way certified and determined to be real gold of whichever purity you choose – 22 karat or 24 karat. Make sure that you also get a certificate of authenticity which contains details of purity, rate on the date of purchase and the amount of gold purchased – along with the gold.
Trend of Gold Rate in Madurai for December 2017 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st December 2017 | Rs.2,982 per gram |
| Gold Rate on 31st December 2017 | Rs.3,015 per gram |
| Highest Rate in December | Rs.3,015 per gram on 30 and 31 December |
| Lowest Rate in December | Rs.2,903 per gram on 13 December |
| Overall Monthly Performance | Incline |
| Percentage Change | 1.10% |
December 2017 – Week 1 (1st to 10th)
- Trading opened in Madurai with the bullion priced at Rs.2,982 per gram on the 1st against the strong US dollar rates compounded by positive US economic growth reports.
- The next couple of days saw gold rates rising to Rs.3,002 per gram with the dollar weakening after the US tax reform bill was stalled by the US Senate.
- The dollar, however, recovered with the tax reform plan being cleared by the Senate setting aside differences in the legislation. This resulted in gold prices declining to Rs.2,971 per gram on the 4th amid the strong US dollar index.
- Gold rate in Maduari plunged further to Rs.2,962 per gram on the 6th with investors refraining from making purchases ahead of the Federal Reserve’s monetary policy meeting to raise its benchmark interest rates.
- Gold price in Maduari continued to decline to Rs.2,942 per gram on the 7th before dropping further to Rs.2,917 per gram on the 8th against a strengthened dollar coupled with the well-performing equity markets.
- However, towards the end of the week, gold rates recovered to Rs.2,927 per gram on the 9th with local jewellers and retailers ramping up purchases to meet the domestic demand amid the ongoing wedding season.
- The week ended with the precious metal holding steady at Rs.2,927 per gram on the 10th.
December 2017 – Week 2 (11th to 17th)
- The second week commenced with gold priced relatively lower at Rs.2,911 per gram on the 11th with local demand plummeting despite the positive trends from the previous week.
- Gold rate in Maduari were recorded at Rs.2,908 per gram on the 12th which plunged further to Rs.2,903 per gram the next day with the US dollar strengthening overseas.
- However, the new Fed rate hike resulted in the US dollar and equities collapsing in the global trade. This led to an increase in global demand for the yellow metal and gold was priced at Rs.2,924 per gram on the 14th.
- But demand for the metal subsided over the next few days and led to prices falling to Rs.2,917 per gram on the 16th.
- On the 17th, prices rebounded to Rs.2,927 per gram with global demand picking up amid a weak US dollar performance.
December 2017 – Week 3 (18th to 24th)
- The week began with the yellow metal trading at Rs.2,923 per gram on the 18th.
- Gold rates in Madurai rose o Rs.2,928 per gram on the 19th with the dollar declining after investors speculated over the ultimate outcome of the US tax reform bill on the country’s economic growth.
- Strong trends overseas led to gold price in Maduari recording at Rs.2,931 per gram on the 20th.
- The new tax cuts by the Fed Reserve led to Asian stocks collapsing. This led to investors gravitating towards safe-haven assets such as gold and the precious metal was priced at Rs.2,933 per gram on the 21st before rising to Rs.2,935 per gram on the 22nd.
- The 23rd witnessed gold rates surging to Rs.2,956 per gram following a positive trend in local demand from domestic jewellers, retailers and industries.
- Steady local demand amid the positive overseas trends led to gold prices holding steady at Rs.2,956 per gram on the 24th.
December 2017 – Week 4 (25th to 31st)
- The final week opened with gold trading at Rs.2,947 per gram on the 25th with local demand declining from the previous week.
- However, with the dollar losing against other major emerging currencies prices rebounded to Rs.2,956 per gram on the 26th.
- The US dollar continued to lose its sheen amid the strong trends overseas which pushed demand higher for the metal. This led to gold rate in Maduari rising to Rs.2,974 per gram on the 27th before surging further to Rs.2,985 per gram on the 28th.
- Strong trends overseas coupled with increased domestic demand led to gold prices hitting Rs.3,015 per gram on the 30th. Reports stated that “today’s gold rate” rose as a result of the geopolitical concerns coupled with the inflation issues prevailing in the United States.
- When the month concluded, the bullion prices were holding steady at Rs.3,015 per gram on the 31st with Madurai registering an incline of 1.10% in gold trade during the course of the month.
Trend of Gold Rate in Madurai for November 2017 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold rate on 1st November 2017 | Rs.2,988 per gram |
| Gold rate on 30th November 2017 | Rs.2,992 per gram |
| Highest Rate in November | Rs.3,030 per gram on 18 and 19 November |
| Lowest Rate in November | Rs.2,974 per gram on 6 November |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.13% |
Market Rates & Gold Price Trends in Madurai
Gold rate fluctuates, and it is during these fluctuations that investors can make money. At the start of April, 2015, the cost for 1 gram of 24 karat gold was Rs.2,654 and went up to Rs.2,747 by the start of May, 2015. By mid-May, the gold rate hit Rs.2,776, and dropped to Rs.2,731 by the start of June. In June, the gold rate had dropped down to Rs.2,696, but has now risen and is plateaued at Rs.2,715 (as on 15th June 2015). Studying these fluctuations is the key to smart investing and eventually growing your finances by investing in gold in Madurai.
