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30th Nov 2023
Today MCX gold price in rupees per 10 grams.
Today gold price in Madurai is 43430 rupees per 10 grams
(10 grams = 1 tola gold)
|Gram||24 Carat Gold Yesterday||24 Carat Gold Today||Daily Price Change|
|1 Gram||Rs 4343.00||Rs 4343.00|
|8 Gram||Rs 34744||Rs 34744|
|10 Gram||Rs 43430||Rs 43430|
|100 Gram||Rs 434300||Rs 434300|
|Gram||22 Carat Gold Yesterday||22 Carat Gold Today||Daily Price Change|
|1 Gram||Rs 4165.00||Rs 4165.00|
|8 Gram||Rs 33320||Rs 33320|
|10 Gram||Rs 41650||Rs 41650|
|100 Gram||Rs 416500||Rs 416500|
As of today, gold rates in Madurai are at a steady incline. After an almost consistent decrease in gold rates last year; it’s a good time to invest in gold.
The trends in Madurai seem like a good opportunity to increase one’s equity by increasing the assets one possesses. It is common sense to extrapolate the increased worth of gold, given by the rising gold rates in Madurai.
As the rates are increasing after a steady decrease of about 6 months in the previous year, it would seem obvious to buy gold in Madurai as the prices are already low.
Gold in an important investment; often, we need to think of the expenditure of the future while investing. Not only for ornaments in a marriage but also to, at least partly, fund the marriage itself.
Investing as per today’s gold rate is the shortest path to the long term prosperity and security. Remember Madurai gold rates are anticipated to rise from hereon.
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What is the importance of Gold in Madurai?
The historic Meenakshi Amman Temple is the heart and soul of the 2500-year-old city of Madurai. The beautiful gold plated shrines above the sanctums of Goddess Meenakshi and Lord Sundereswarar are evidence of the importance given to this precious metal in the culture and heritage of Tamil Nadu.
Gold is the easiest piece of investment in Madurai. It is traditional to purchase gold jewelry, bars and coins in Madurai as a part of customs and rituals and these purchases are not sold, regardless of levels of gold price in Madurai. This practice of purchasing physical gold as a part of the tradition, however, seems to be undergoing a change as more and more people are viewing gold as an asset class for investment and are taking calls to buy and sell more frequently, depending on the current gold price in Madurai.
Individuals are also moving towards Gold ETFs which have prices lower than the current gold price in Madurai, involve fewer expenses when compared to physical gold, are more liquid and allow more flexibility while making investment decisions.
Physical gold brings along with it various security risks hence it needs to be stored in lockers with banks or security agencies by paying a certain fee for the same. Gold ETFs however, are electronic in form, thus eliminating the security risks and costs.
Madurai’s gold price is affected by mainly three factors. First is the price of gold in the international market since India imports gold from these markets. Second is the Rupee to Dollar currency exchange rate since the gold which shipped into India is compensated for in Dollars. Third are the various taxes and import duties levied against these gold imports by the government. The US Dollar rate is inversely proportionate to the gold prices in Madurai and the rest of India which implies that a stronger US dollar leads to lower gold prices and vice versa.
Gold’s twelve year Bull Run ended in 2013, with the gold prices in Madurai losing its sheen by correcting majorly over the past year. The best strategy at the moment is to buy the yellow metal on the dips as a long term investment option while keeping a constant eye on the global cues.
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