In Madurai, a large tier-2 city in Tamil Nadu, the demand and awareness of gold as a tradable commodity is increasing.
Trend of Gold Rate in Madurai for February 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st February 2018 | Rs.3,040 per gram |
| Gold Rate on 28th February 2018 | Rs.3,046 per gram |
| Highest Rate in February | Rs.3,103 per gram on 14 February |
| Lowest Rate in February | Rs.3,003 per gram on 8 February |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.19% |
February 2018 – Week 1 (1 to 4):
- The month began in Madurai with gold prices holding at Rs.3,040 per gram on the 1st after the US dollar remained flat following the Federal Reserve’s decision to leave its interest rate untouched during the monetary policy meeting.
- The 2nd saw the yellow metal prices rising to Rs.3,071 per gram owing to an incline in demand after the US dollar weakened ahead of the US employment data.
- However, with the US greenback gaining against a basket of other emerging currencies after the release of the stronger-than-expected US payrolls data, gold rates dropped to Rs.3,050 per gram on the 3rd.
- Steady demand coupled with firm trend overseas resulted in the gold price in Madurai remaining untouched at Rs.3,050 per gram for the remainder of the week.
February 2018 – Week 2 (5 to 11):
- Trading commenced for the second week with the precious metal priced at Rs.3,035 per gram on the 5th after the strengthened US dollar resulted in a decline in domestic demand.
- Gold rate in Madurai surged to Rs.3,071 per gram on the 6th after a huge equity and stocks sell-off in the global trade led to an increased demand for the safe-haven asset.
- The 7th saw prices plummeting to Rs.3,031 per gram due to poor domestic demand from local industries, retailers and jewellers brought about by the recovering US dollar.
- With the US dollar index gaining against other emerging currencies amid expectations on a possible US interest rate hike by the central bank, gold rates in Madurai plunged to Rs.3,003 per gram on the 8th.
- Thanks to an incline in demand from jewellers and retailers, prices rose to Rs.3,018 per gram on the 9th before surging further to Rs.3,023 per gram on the 10th.
- The week concluded with the gold price in Madurai holding steady at Rs.3,023 per gram on the 11th with steady demand amid the positive trend overseas.
February 2018 – Week 3 (12 to 18):
- The week opened in Madurai with the precious metal priced slightly higher at Rs.3,025 per gram on the 12th after investors and traders remained cautious ahead of the US inflation data during the week.
- The US dollar weakened with markets eyeing on the inflation data for clues on the pace of the Fed rate hikes. This led to gold price in Madurai rising to Rs.3,030 per gram on the 13th.
- Strong global cues coupled with an incline in domestic demand from jewellers, retailers and industries led to gold being priced at Rs.3,103 per gram on the 14th.
- The 15th, however, saw gold rates plunging to Rs.3,071 per gram with the US dollar recovering from the previous day’s loss amid firmer equities.
- With the US dollar touching record lows following the release of a weaker-than-expected inflation data, the gold rate in Madurai rose to Rs.3,074 per gram on the 16th before surging to Rs.3,096 per kg on the 17th.
- The week came to an end with the precious metal trading firm at Rs.3,096 per gram on the 18th after investors gravitated towards the safe-haven metal to hedge against the inflation concerns.
February 2018 – Week 4 (19 to 25):
- Trading opened with the bullion prices holding at Rs.3,083 per gram on the 19th with the US dollar index regaining lost ground in the international markets.
- The strengthening US dollar coupled with firmer equity markets led to gold rates plunging to Rs.3,068 per gram on the 20th.
- Poor trends overseas coupled with reduced domestic demand over the next couple of days led to gold being priced at Rs.3,057 per gram and Rs.3,054 per gram on the 21st and the 22nd.
- However, the 23rd witnessed a slight incline in demand from local jewellers and retailers amid a positive trend overseas and gold price in Madurai rose to Rs.3,060 per gram.
- Gold rate in Madurai surged further to Rs.3,067 per gram on the 24th owing to an incline in domestic demand amid positive global cues.
February 2018 – Week 5 (26 to 28):
- The last week commenced in Madurai with the gold rate in Madurai holding at Rs.3,069 per gram on the 26th with the bullion recovering from the loss it suffered the previous week.
- With the US dollar losing ahead of the new Federal Reserve chairman Jerome Powell’s first statement, gold was priced at Rs.3,069 per gram on the 27th.
- When trading concluded for the month, the yellow metal was recorded trading relatively lower at Rs.3,046 per gram on the last day amid weak global cues.
- Gold price in Madurai rose by 0.19% during the course of the month.
Trend of Gold Rate in Madurai for January 2017 (rate per gram)
| Parameters | Gold price (per 24kt) |
| Gold Rate on 1st January 2018 | Rs.3,002 per gram |
| Gold Rate on 31st January 2018 | Rs.3,045 per gram |
| Highest Rate in January | Rs.3,084 per gram on 20 and 21 January |
| Lowest Rate in January | Rs.3,001 per gram on 4 January |
| Overall Monthly Performance | Incline |
| Percentage Change | 1.43% |
January 2018 – Week 1 (1 to 7):
- When the month began in Madurai, the yellow metal was recorded trading at Rs.3,009 per gram on the 1st.
- Prices remained unaltered at Rs.3,009 per gram the next day with steady demand from local jewelers, retailers and industries amid positive overseas trends.
- Gold price in Madurai rose to Rs.3,014 per gram on the 3rd before plunging to Rs.3,000 per gram on the 4th following the release of the higher anticipated US employment data.
- The US job data, however, proved to be weaker than expected and pushed the US dollar lower in the global market. This led to gold rates rebounding to Rs.3,015 per gram on the 5th.
- With the US dollar index losing a basket of other emerging currencies, gold rates surged further to Rs.3,021 per gram the following day.
- Strong global cues coupled with steady domestic demand resulted in gold prices remaining unchanged at Rs.3,021 per gram for the rest of the week.
January 2018 – Week 2 (8 to 14):
- The second week commenced with the bullion priced at Rs.3,015 per gram on the 8th after a rise in the US dollar value led resulted in a reduced demand for the metal.
- Gold rates in Madurai rebounded to Rs.3,021 per gram the next day before plummeting to Rs.3,009 per gram on the 10th with the US regaining lost ground in the world markets.
- With the US dollar losing significantly and gold rates hitting record highs over the next few day, demand for the metal surged.
- On the 11th, the yellow metal was recorded trading at Rs.3,030 per gram amid the positive overseas trends.
- The precious metal was priced at Rs.3,045 per gram on the 12th which rose further to Rs.3,048 per gram the following day.
- As the week came to an end, an increase in domestic demand from local jewellers, retailers and industries amid strong global cues resulted in gold being priced at Rs.3,068 per gram on the 14th.
January 2018 – Week 3 (15 – 21):
- Gold opened at Rs.3,073 per gram when the third week of January began in Madurai/
- An increased demand from local circles led to a rise in gold prices and the metal traded at Rs.3,082 per gram on the second day of this week.
- The 17th saw gold prices decline to Rs.3,079 per gram as the US dollar regained some lost ground against a host of other apex currencies.
- On the 18th, gold prices dropped again to Rs.3,060 as US Treasury yields increased.
- The 19th, however, saw gold rates rise to Rs.3,076 per gram as the US government was head towards a shutdown, causing gold demand to increase.
- Gold was trading at Rs.3,084 per gram on the 20th as demand surged as the dollar tanked. With demand remaining, steady gold rates continued at Rs.3,084 per gram.
January 2018 – Week 4 (22 – 28):
- On the 22nd of the month, gold was priced at Rs.3,022 per gram.
- The 23rd saw gold open at Rs.3,030 per gram and close at Rs.3,026 per gram as demand remained mostly on the flatter side.
- Significant increases in gold prices in Madurai were witnessed from the 24th onwards, as the US dollar hit new lows while gold hit 16-month high figures.
- On the 25th, the yellow metal opened at Rs.3,072 per gram as demand from jewellers in and around the city surged.
- During the last day of this week, i.e., the 28th gold was seen trading at Rs.3,068 per gram.
January 2018 – Week 5 (29 – 31):
- Gold prices in Madurai fluctuated slightly during the final three days of the week due to declining demand.
- On the final day of the month, gold traded at Rs.3,045 per gram.
- Overall, gold price trends had seen a 1.43% incline, thanks to a slightly improved demand.
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% |