Gold Price in Coimbatore today - 28 May
last updated on 28 May 2022
India
Gold is a precious metal with an intricate connection with wealth and prosperity. People purchase it as an investment asset to grow their wealth or as a hedging asset that protects them from financial crises. Hence, it has a high demand in a growing metropolis like Coimbatore.
Gold prices fluctuate very frequently. Even so, it remains in high demand due to multiple factors. Since it can be an investment medium, it is essential for you to know the current price of gold before purchasing or collateralizing it.
Gold Value :
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Gold Prices in Coimbatore for different purity
| Purity | Gold price 1 gram | Gold price 10 gram |
|---|
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Gold Prices in Coimbatore for last 7 days
| Date | Gold price 1 gram | Gold price 10 gram |
|---|---|---|
| 26 May, 2022 | ₹ 5,400 | ₹ 54,000 |
| 25 May, 2022 | ₹ 6,000 | ₹ 60,000 |
| 24 May, 2022 | ₹ 6,500 | ₹ 65,000 |
| 23 May, 2022 | ₹ 7,000 | ₹ 70,000 |
| 22 May, 2022 | ₹ 7,500 | ₹ 75,000 |
| 21 May, 2022 | ₹ 6,500 | ₹ 65,000 |
| 20 May, 2022 | ₹ 7,500 | ₹ 75,000 |
Gold Rates in Coimbatore According to Purity
When dealing in gold, its purity determines its value. Purity is measured in Karats, with 24 karats being the purest form available (99.9%). However, gold of this purity level is unsuitable for jewellery making since it is somewhat soft. Therefore, it is hardened by alloying with other metals to make it more suitable for jewellery, reducing its karat value. Apart from 24 karat gold, 18 and 22 karats are the two other commonly available types of gold in the market. Both these forms of gold are used in jewellery.
Therefore, whether you plan to buy or pledge gold, knowing the market value of all these forms is essential to get the most returns on investment.
Gold Prices in Coimbatore in the Last Week
Coimbatore is the second largest city of Tamil Nadu and one of the fastest-growing metropolises of the country. Naturally, the demand for gold here is on a constant rise. Consequently, the cost of gold in Coimbatore is also increasing. This table displays the comparative rates of gold in Coimbatore over the last seven days.
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Monthly and Weekly Trends of Gold Rate in Coimbatore
Although prices of gold may fluctuate frequently, it always shows a growth trend over longer periods. Keeping track of this trend is easier visually. Here is a diagrammatic representation of gold rates in Coimbatore over the past month and week.
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Importance of Checking Gold Rates in Coimbatore before Buying
The market value determines not just the amount of gold you can buy, but also the amount you can receive by collateralising it. Additionally, different gold loan providers determine their interest rates based on prevalent prices. Thus, the market price helps you pick the best time for purchase and compare interest rates to choose a suitable lender.
Factors That Affect Gold Rates in Coimbatore
The rate of gold in the market can depend on several factors, both domestic and international. Some of these factors are as follows:
- Demand for the metal
- Interest rates
- Taxes
- Government holding reserves
- Jewellery buying trends
- Inflation
- Changing currency values
Calculating Gold Price in Coimbatore?
There are two methods to determine your gold’s value:
- For purity in percentage: Value = (purity x weight x rate) / 24
- For purity in karats: Value = (purity x weight x rate) / 100
The Rupeek gold loan calculator tells you the amount of loan you can be eligible for.
To know gold required for loan
- Step 1: Visit the gold loan calculator and click on 'Choose required Loan Amount' tab.
- Step 2: Enter loan amount required, comfortable interest rate, and repayment tenure.
The calculator displays the total interest, monthly interest, and gold amount required for your loan.
To know the eligible loan amount
- Step 1: Click on 'Choose Available Gold Weight' tab on the gold loan calculator.
- Step 2: Enter the amount of gold, its purity, interest rate, and tenure.
The calculator will display total amount, interest payable, and monthly interest.
Reasons for Differing Gold Rates between Coimbatore and Other Cities
Gold rates in Coimbatore also differ from other cities of India. This is again due to various factors such as:
- Demand variations
- Making charges
- Taxation changes
- Storage and transportation costs
- Seasonal jewellery purchasing trends
It is essential to know the gold prices in the market. Being aware of the daily rates will let you determine the perfect time for purchase or loan application.