Gold Rate in Salem

Today 24 Carat Gold Price per gram in Salem (INR)

Gram 24 Carat Gold Yesterday24 Carat Gold Today Daily Price Change
1 Gram Rs 2946.00Rs 2960.00
8 Gram Rs 23568Rs 23680
10 Gram Rs 29460Rs 29600
100 Gram Rs 294600Rs 296000

Last Update on 23rd Aug 2017

 

Today 22 Carat Gold Price per gram in Salem (INR)

Gram 22 Carat Gold Yesterday22 Carat Gold Today Daily Price Change
1 Gram Rs 2758.00Rs 2772.00
8 Gram Rs 22064Rs 22176
10 Gram Rs 27580Rs 27720
100 Gram Rs 275800Rs 277200

Gold Rate in Salem

Gold is purchased in Salem mainly for the purpose of jewelry during weddings and other festivities. The demand for gold is more during festivals like Dhanteras and AkshayaTritiya. Besides jewelry, gold is also used to dodge inflation in Salem.

Salem gold rate varies according to many global factors like oil prices, the price of dollar, gold imports and many others. The Gold rates in Salem reached a 4-year low this year and reached a five-year low in the world this year. Today’s gold rate in Salem is not likely to rise in the near future according to financial experts. The reason behind this is the looming hike in interest rates by the US Fed and Greece’s financial crisis.

The maximum demand for gold in Salem is during the wedding season and that too from the rural areas. Crop failure, bad monsoon and a reduction in the rural purchasing power will hit gold sales in Salem.

Gold Rate in Salem for Last 10 Days

Year
STANDARD GOLD 22K
1 GRAM 10 GRAM
PURE GOLD 24K
1 GRAM 10 GRAM
23 August 2017 Rs. 2772.00 Rs. 27720 Rs. 2960.00 Rs. 29600
22 August 2017 Rs. 2758.00 Rs. 27580 Rs. 2946.00 Rs. 29460
21 August 2017 Rs. 2759.00 Rs. 27590 Rs. 2947.00 Rs. 29470
20 August 2017 Rs. 2759.00 Rs. 27590 Rs. 2947.00 Rs. 29470
19 August 2017 Rs. 2779.00 Rs. 27790 Rs. 2967.00 Rs. 29670
18 August 2017 Rs. 2779.00 Rs. 27790 Rs. 2967.00 Rs. 29670
17 August 2017 Rs. 2748.00 Rs. 27480 Rs. 2936.00 Rs. 29360
16 August 2017 Rs. 2771.00 Rs. 27710 Rs. 2959.00 Rs. 29590
15 August 2017 Rs. 2771.00 Rs. 27710 Rs. 2959.00 Rs. 29590
14 August 2017 Rs. 2783.00 Rs. 27830 Rs. 2971.00 Rs. 29710

Salem Gold Rate Trend in Last 3 Month

Gold Rate in Salem

Gold price in Salem depends on international factors like import of gold, dollar strength, global oil price among all other reasons. This year particularly, the rate of gold had witnessed a 4-year low in India and a 5-year low worldwide. The experts in the industry claim that the gold prices are unlikely to go higher due to Greece’s default crisis and the increase in the interest rates by the US Fed. Interestingly, rural India shows almost 60% of the demand for imported gold.

What Affects The Gold Rates In Salem?

Gold sales are directly in line with the rural purchasing power. Disasters like a bad monsoon and crop failure drastically affect the demand. Salem is known for its craftsmanship making traditional jewelry. Like other cities, jewelers in Salem also offer hallmarked jewelry and gold articles which are best for all festive occasions.

In What Ways Can Gold Be Purchased?

Consumers in Salem buy traditional gold jewelry for festivals and weddings. Salem Gold Price fluctuates especially on auspicious occasions like Akshaya Tritiya and Dhanteras. Gold in Salem can be purchased from retail as coins, bullion, and as ornaments. The precious metal is the preferred choice that is traditionally imposed on generations to be a part of all occasions. Gold is also a safe hedge against inflation other than being a physical asset and is viewed as the safest investment option.

What is an ETF?

Gold exchange traded funds (ETFs) are also a smart way to invest in physical gold. ETFs offer more liquidity with ease of storage. Gold ETFs are, however, on the low side due to prices falling in India as well as worldwide. Salem is seeing a fall in gold rates due to a decrease in demand.