Today’s Gold Rate in Madurai

People in the South are known to wear gold in all the auspicious occasions and festivals. Gold jewellery is one of the most important parts of their celebrations. They prefer to buy gold rather than investing in any other tradable commodity. They buy gold in different forms that are available in the market through authorised gold merchants. Let us have a look at the various forms of gold in which they invest their hard earned money:

• Gold jewellery– gold is melted and molded in the form of jewellery and ornaments that are then worn by women on a daily basis. It is one of the most common forms of buying and selling gold in India. In spite of the fact that the purity of gold is reduced by a certain level when it is molded and mixed with alloys and other less precious metals to make jewellery, gold jewellery has continued to be the commodity of utmost preference to all the investors. The only reason for such a demand is the higher asset utility that ornaments and jewellery offer and also the preservation of the value of the asset if any emergency occurs and there arises a need to sell it off.
• Gold coins- after jewellery and ornaments, gold are mostly traded in the form of gold coins in Madurai, Tamil Nadu and also the rest of India. There are various reasons why these are preferred. They are:

1. Easily available over the counter with gold merchants.
2. Cheaper compared to jewellery and bullion.
3. Comes in even smaller weights like 1 gram, 2 grams, 5 grams, 10 grams and higher.
4. Requires smaller amount of investments on the part of the investors.

• Gold bullion- investments made in larger gold quantities through a certified authority is done in the form of gold bullion. This bullion can be in the form of bars, tablets and also standardised pieces. Buying bullion is done only for investment purposes as it requires higher amounts to be invested. The weightage available in gold bullion starts from 500 grams and goes on to higher weights. Almost all gold bullion excluding gold ownership certificates are a medium of international trade.

Movement in gold rate in the year 2017-3-13 for 1 gram of 24 karat gold in Madurai, Tamil Nadu

Till March 13^th, the rate of 1 gram of 24 karat gold saw a lot of fluctuations. Starting from 4^th March and till 13^th March, there has been a slight decline in the gold rate. On 4^th March, the rate of 1 gram of 24 karat gold was Rs. 2,972 but as the month progressed, on 13^th March, that value saw a sharp decline and it came down to Rs. 2,949. So, there happened to be a Rs. 23 decrease in the value of 1 gram of 24 karat gold during the period.