Apr 21
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Gold Rate In Salem
Gold rates in Salem depend on several global factors such as gold imports, oil prices and strength of the dollar among others. Gold rates touched a 4-year low in India and over five-year low globally this year. According to experts, gold prices are unlikely to rise in the near future due to an imminent hike in interest rates by the US Fed and Greece’s default crisis. Intriguingly, 60% of demand for gold comes from rural India, especially during weddings.
The trend of Gold Rate in Salem for April 2018 (rates per gram for 24 karat gold)
April 2018- Week 1 (1st-7th)
- Gold rates in Salem were consistent with trends seen across other cities, with prices rising towards the middle of the week before market forces led to a fall in overall gold value.
- The precious metal opened the week at Rs.3,072 per gram before prices rose to Rs.3,074 per gram the following day on consistent demand from local jewelers.
- Gold price in Salem rose to Rs.3,091 per gram on 3 April following a sharp dip in equities in the U.S., which led to an increase in demand from industrial units and investors.
- As the week progressed, gold rates regularised, with the metal priced at Rs.3,077 per gram on 4 April after a rally by the dollar reduced interest in bullion.
- Retail demand fell due to the end of the wedding season and poor demand from rural sectors, as gold prices fell to Rs.3,064 per gram on 5 April.
- A slight rise in price was recorded as the week ended, with gold priced at Rs.3,075 per gram on 7 April.
April 2018- Week 2 (8th -15th)
- When the week began in Salem , gold was priced at Rs.3,075 per gram. Gold prices seemed to drop on the 9th as a possible trade war between China and the US began to take hold, which had an impact on local demand.
- The yellow metal traded at Rs.3,073 per gram on the 9th, which then rose to Rs.3,099 per gram before rising again to Rs.3,129 per gram on the 12th.
- However, the 13th saw gold prices decline as the Federal Reserve’s anticipated interest rate hike pushed interests from bullion investors down. Rates dropped to Rs.3,106 per gram on this day due to this,
- On the 14th, gold prices in Salem moved up to Rs.3,119 per gram before rising to Rs.3,142 per gram on the 15th as reports confirmed a joint attack on Syria by allied US and European forces. This caused markets to plummet and gold prices to rise as a result.
Trend of Gold Rate in Salem for March 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st March 2018 | Rs.3,043 per gram |
| Gold Rate on 31st March 2018 | Rs.3,072 per gram |
| Highest Rate in March | Rs.3,105 per gram on 24 and 25 March |
| Lowest Rate in March | Rs.3,030 per gram on 19 March |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.95% |
March 2018 – Week 1 (1 – 5):
- Demand for gold was muted among local industrial units but the metal traded at Rs.3,043 per gram on 1 March.
- Prices rose on the back of consistent demand due to a fall in equity markets, resulting in gold trading at Rs.3,068 per gram on 3 March.
- Local demand was muted as jewellers reduced demand after the end of the wedding season, which put a bit of a dampener on gold prices.
- There was no change in the price as the week progressed in spite of major fluctuations across stock markets and the dollar rate.
- The week ended with gold price in Salem at Rs.3,068 per gram on 5 March after a bullish run by bullion.
March 2018 – Week 2 (5-11):
- When the second week of March opened in Salem, gold was seen trading at Rs.3,064 per gram.
- Though, certainties over a trade war remained, a strong dollar pushed gold rates down in the global market. This caused gold to trade at Rs.3,054 per gram on the 6th of March.
- The 7th saw gold rates go up to Rs.3,074 per gram as the dollar could no longer withstand the pressure and markets fell.
- On the 8th, gold traded at Rs.3,061 per gram before falling to Rs.3,047 per gram as investor sentiments was low.
- The 10th saw prices rise to Rs.3,067 per gram as domestic demand surged amid some poor wage gains in the US.
- When the week ended, gold was still seen trading at Rs.3,067 per gram, thanks to a stable demand.
March 2018 – Week 3 (12 – 18):
- In Salem, trading began with the yellow metal priced at Rs.3,057per gram on the 12th as demand declined after the stronger than expected US employment data resulted in the dollar rising against other apex currencies.
- With investors and trading awaiting the US consumer price data for clues on the pace of the US interest rate hikes amid inflation concerns, gold rate in Salem dropped to Rs.3,047 per gram the next day.
- However, the abrupt dismissal of the US Secretary of State by Donald Trump resulted in the US dollar index weakening. The yellow metal was recorded trading at Rs.3,062 per gram on the 14th.
- With markets bracing for interest rate hike by the Federal Reserve next week, demand for the metal declined. This led to gold rate in Salem dropping to Rs.3,056 per gram on the 15th before plunging further to Rs.3,037 per gram on the 16th amid the weak trend overseas.
- The 17th, however, saw prices rising marginally to Rs.3,040 per gram with share markets being pressured by possible trade war concerns.
- The week ended with the precious metal trading firm at Rs.3,040 per gram on the 18th with steady domestic demand from local jewellers, retailers and industries amid the firm trends overseas.
March 2018 – Week 4 (19 – 25):
- Salem’s gold prices showed similar trends to those seen in a number of other cities in the country, as positive global cues and a low dollar rate resulted in a rise in the gold rate.
- Gold was priced at Rs.3,030 per gram on 19 March, as strong demand from local jewellers as well as higher industrial offtake kept demand steady.
- Gold price in Salem climbed to Rs.3,046 per gram on 20 March as international demand was also high due to turbulence in equity markets.
- A minor dip in price was seen on 21 March, when gold fell to Rs.3,039 per gram due to demand vagaries.
- A recovery in price was seen as the dollar continued to trade low, prompting greater interest in gold among investors as well as industry.
- Gold rose to Rs.3,081 per gram on 23 March and continued to rise for the remainder of the week as retail demand was also strong.
- Prices rose to Rs.3,105 per gram as the week ended on 25 March.
March 2018 – Week 5 (26 – 31):
- In Salem, trading opened for the week with gold priced relatively lower at Rs.3,095 per gram on the 26th as the dollar regained ground after negotiations between the US and China calmed down trade war concerns.
- Gold price in Salem rose to Rs.3,098 per gram on the 27th before plunging to Rs.3,084 per gram on the 28th after the US dollar gained against a basket of other apex currencies in the international market.
- The strengthening US dollar coupled with firmer equities over the next few days led to gold being prices at Rs.3,067 per gram and Rs.3,066 per gram on the 29th and the 30th respectively.
- However, demand picked up tracking a positive trend overseas as the week came to an end. This led to gold prices closing at Rs.3,072 per gram on the last day.
- Salem registered an incline of 0.95% in gold prices during the course of the month.
Trend of Gold Rate in Salem 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 (1st – 4th)
- Trading opened in Salem with the precious metal priced relatively lower at Rs.3,040 per gram on the 1st with the US dollar gaining against other apex currencies following the positive US Federal Reserve’s two day monetary policy meeting.
- However, an increase in demand from local jewellers and industries despite the poor trends overseas led to gold rate in Salem rising to Rs.3,071 per gram on the 2nd.
- The release of the US jobs and payrolls data proved to be stronger than expected. This resulted in the US dollar rising against the euro and other emerging currencies. Gold was priced at Rs.3,050 per gram on the 3rd amid the poor trend overseas.
- The week concluded with the precious metal holding steady at Rs.3,050 per gram on the 4th amid steady domestic demand.
February 2018 – Week 2 (5th -11th)
- Gold started trading at Rs.3,035 per gram when the second week of February began in Salem.
- This rose to Rs.3,071 per gram – by Rs.36 – as a massive equity sell-off worldwide spurred safe-haven demand.
- However, the sharp demand from previous day dropped and gold prices in Salem went down to Rs.3,031 per gram. This was because the US dollar bounced back against a basket of other currencies.
- The 8th saw gold rate in Salem fall again – this time to Rs.3,003 per gram – as demand took a hit as the dollar continued on its resurgent path.
- With domestic demand rising, particularly from jewellers, gold rates went up to Rs.3,018 per gram on the 9th.
- Demand increased on the 10th and the metal traded at Rs.3,023 per gram on the 10th of February. This continued on till the closing hours of the week as demand remained steady.
February 2018 – Week 3 (12th – 18th)
- Trading commenced for the week with the bullion priced relatively higher at Rs.3,025 per gram amid the weakening US dollar index and losing equities.
- On the 13th, gold rate in Salem rose marginally to Rs.3,030 per gram with markets cautious ahead of the US inflation data during the week.
- With the US dollar losing against a basket of other emerging currencies and investors waiting for clues on the pace of interest rate hikes from the data, gold prices in Salem surged to Rs.3,103 per gram on the 14th.
- The 15th, however, saw the yellow metal prices stabilising at Rs.3,071 per gram with the US greenback recovering from the previous day’s losses following the stronger than expected US inflation data.
- Gold rate in Salem rose to Rs.3,074 per gram on the 16th before surging to Rs.3,096 per gram on 17th with a rise in demand for the safe-haven metal amid inflation concerns.
- Steady domestic demand by jewellers, retailers and industries amid the positive trends overseas led to gold prices remaining untouched at Rs.3,096 per gram for the remainder of the week.
February 2018 – Week 4 (19th – 25th)
- When the fourth week of trading began in Salem, gold was priced at Rs.3,083 per gram.
- The US dollar mounted a comeback on the 20th, thereby pushing gold rate in Salem down to Rs.3,068 per gram.
- With the dollar continuing to make daily gains, gold became expensive for the investors. This cause demand to plummet and gold price in Salem hit Rs.3,057 per gram on the third day of this week.
- The yellow metal’s rates fell for the third consecutive day bringing gold prices to Rs.3,054 per gram.
- However, local demand was boosted by a number of factors on the 23rd and the metal’s rates surged to Rs.3,060 per gram on this day.
- As domestic demand remained strong amid a well-performing dollar, gold rates in Salem surged to Rs.3,067 per gram on the 24th of February.
- The final day of this week saw gold continue to trade at Rs.3,067 per gram as demand remained steady.
February 2018 – Week 5 (26th – 28th)
- The final week of trading in Salem commenced with the bullion recovering from the previous week’s rally of losses amid firm trends overseas.
- Gold price in Salem remained flat at Rs.3,069 per gram on the 26th and the 27th with investors watching out for Jerome Powell’s first congressional speech for clues on the pace of Fed rate hikes during the year.
- Trading concluded for the month with the precious metal prices dropping to Rs.3,046 per gram amid the strengthened US dollar and firmer equity markets.
- Salem registered a profit of 0.19% in bullion trade owing to firm global trends during the month.
Trend of Gold Rate in Salem for January 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| 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% |
