Gold rate in Salem
gold rate in salem

24K Gold/ 10gm
57,490.00
0.00(0.00%)
22K Gold/ 10gm
54,750.00
0.00(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Salem also called "Steel City", is the fifth-largest city in the southern state of Tamil Nadu and is known for its mango farms. The city has rich mineral resources and good connectivity by rail, road and air to other metropolitan cities. South Indian states are known for their gold consumption and Salem is a city where the demand for gold keeps increasing day after day. Salem residents take pride in their gold possessions as it is considered a symbol of status and wealth. Consequently, gold has emerged as one of the most sought-after metals in Tamil Nadu.
Salem is one of the top cities boosting India's gold market and depends upon gold imports. The city primarily consumes gold in the form of ornamental jewellery. The gold dealers, whether small or large, form the backbone of Salem's local gold market. The market conditions and the demand for gold are the major causes of the fluctuating gold rates in Salem.
Let us have a look at the gold prices in the city.

22K & 24K Gold Rates Per Gram in Salem

24K
DownArrow
GramYesterdayToday
1gm
5,749.00
0.00 (0.00%)
5,749.00
0.00 (0.00%)
8gm
45,992.00
0.00 (0.00%)
45,992.00
0.00 (0.00%)
10gm
57,490.00
0.00 (0.00%)
57,490.00
0.00 (0.00%)
100gm
5,74,900.00
0.00 (0.00%)
5,74,900.00
0.00 (0.00%)
Factors Affecting the Gold Prices in Salem
Primarily, gold prices are determined by various factors such as demand, supply, government duties and taxes. Even the slightest variations globally in gold prices can influence the rates in India.
Several factors affect the gold prices in Salem. While some of these may apply to all cities in India, some factors are specific to Salem. Here is a list of factors that influence the price of gold in Salem: - Demand: The high demand for gold, specifically during festivals and weddings, has a similar effect on the price, as it increases too. The demand for gold is particularly high on auspicious days such as Akshaya Tritiya and Dhanteras. Besides that, gold is also considered a safe hedge against inflation, leading people to invest in gold for long-term returns. - Government Regulations: Government regulations pertaining to tax and duties impact gold rates. For instance, the rate declines when the government policies are in favour of the metal and vice versa. With the implementation of GST (3%), there has been an increase in the tax rates for gold. In addition to that, the tax charged by the local government in Salem also affects the gold rates. - Interest Rates: Gold is bought and sold by people around the globe in various forms. Additionally, several people obtain gold instruments to gain financial assistance from banks for personal requirements. The interest rates the banks charge significantly impact the daily price of gold in Salem. - Local and Global Factors: The gold prices in Salem are affected by local and global factors, including the availability of gold, its trading prices in the city, demand for gold jewellery, and the Indian currency exchange rate, among others. India is the second largest gold importer in the world, and bullion trade is carried out in US dollars. Since it is a dollar-denominated asset, every time the US dollar value rises against the Indian rupee, the price of gold in Salem rises. This rise is specifically due to high import costs paid by gold traders, which then get passed on to the next level of trading in Salem.

Historical gold rates in Salem in last 10 days

1 gram
DownArrow
Day24K Gold22K Gold
04 Feb 2023
5,749.00
0.00 (0.00%)
5,475.00
0.00 (0.00%)
03 Feb 2023
5,749.00
0.00 (0.00%)
5,475.00
0.00 (0.00%)
02 Feb 2023
5,749.00
121.00 (2.15%)
5,475.00
115.00 (2.15%)
01 Feb 2023
5,628.00
23.00 (0.42%)
5,360.00
22.00 (0.42%)
31 Jan 2023
5,605.00
-13.00 (-0.23%)
5,338.00
-12.00 (-0.22%)
30 Jan 2023
5,618.00
0.00 (0.00%)
5,350.00
0.00 (0.00%)
29 Jan 2023
5,618.00
0.00 (0.00%)
5,350.00
0.00 (0.00%)
28 Jan 2023
5,618.00
6.00 (0.11%)
5,350.00
5.00 (0.10%)
27 Jan 2023
5,612.00
-37.00 (-0.65%)
5,345.00
-35.00 (-0.65%)
26 Jan 2023
5,649.00
37.00 (0.66%)
5,380.00
35.00 (0.66%)
Investment Options for Gold in Salem
Gold ornaments are particularly bought and worn during festivals, auspicious days, and weddings. Salem residents buy gold jewellery in huge amounts for such occasions and also buy bullion and coins as investments to use as a safety net against inflation.
Many newer options for investing in gold have emerged in the market, such as digital gold, gold equity-traded funds (ETFs), and gold futures.

Weekly & monthly gold rate in Salem
1 gram
DownArrow

7 Days
30 Days
3 Months
6 Months
24K GOLD
22K GOLD

Gold vs. FD

Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.

On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.

Trend of Gold rates in Salem

1 gram
DownArrow
Day24K Gold22K Gold
01 February 202356285360
07 February 202300
Highest57495475
Lowest56285360

How is the Purity of Gold Evaluated in Salem?

Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.

The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.

  1. BIS Mark

    Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.

  2. Karat

    Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.

  3. Jewellers Identification Mark

    The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.

Frequently Asked Questions on Gold Price in Salem
What are the different purities of gold that I can buy in Salem?
DownArrow
What is 916 gold?
DownArrow
What is the checklist I should follow for buying gold in Salem?
DownArrow