Gold Price in Erode today - 28 May
last updated on 28 May 2022
Gold boasts of a deep-rooted significance in India’s history. People from various regions of the country, including Erode, purchase the yellow metal for a number of reasons - as an investment, for its auspicious sentiment, asset allocation, hedge against inflation, etc. This South Indian city situated in Tamil Nadu sees a booming business of the yellow metal.
Also, this precious metal features a high emotional quotient and a considerable perceived value. Gold coins of smaller denominations are regarded apt for commemorative giveaways, corporate gifting and rewards in various contests. However, the gold price in Erode witnesses frequent fluctuation. Hence individuals must be aware of the prevailing rates before buying or pledging ornaments for a gold loan.
Gold Prices in Erode for different purity
|Purity||Gold price 1 gram||Gold price 10 gram|
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Gold Prices in Erode for the 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 Value :₹ 0
Gold Rate in Erode for Different Purity Levels (Comparison Table for 18, 22, and 24 karats)
Karat is used to measure the purity or content of gold. The greater is the karatage, the purer the yellow metal. A 24 karat gold, also known as 100% gold or pure gold, is more expensive than 18 karat or 22 karat gold. Here, all 24 parts are pure gold with no traces of other metals. In Erode, gold ornaments of the 22 karat purity level are most prevalent. This purity level implies that 22 parts amount to gold, and the remaining 2 parts consists of other metals. Gold of 18 Karat purity level consists of 75% gold in combination with 25% of other alloys and metals. All those looking for the current prices of all the above-mentioned gold purity levels can find them on this page.
Gold Rates in Erode over Last Week
The yellow metal’s price in Erode over the past 7 days is following a fluctuating trend, and a number of factors can be at play for this, including inflation, transportation costs, etc. (insert table)
Weekly and Monthly Graph of Gold Price in Erode
The gold price in Erode can be dynamic in nature and vary based on the charges imposed by local bullion associations and jewellers. Given below is a graphical representation of the weekly and monthly trends in the gold rate in Erode. (insert graph)
Why Is It Necessary to Check the Gold Rate in Erode Before Purchasing?
The yellow metal’s price is highly dynamic and witnesses frequent variations. And looking at the gold rates in this city over the last 7 days makes this point clear. Considering the yellow metal’s unaffected demand and high liquidity value even under inflation, gold ornaments prove to be excellent collateral in facilitating easy and quick access to funds. But given this dynamic nature, individuals must have an idea about the gold rate trends in Erode before taking any such step. Individuals can check the live gold price in Erode on this page. Additionally, they must also draw a comparison with all their desired lenders in this city before zeroing in on one. This will further help to opt for an apt loan offer for them.
Factors Affecting Gold Prices in Erode
Several international and domestic factors influence the gold price in Erode, which in turn makes this metal’s price highly volatile. Some of them are listed below:
- Interest rate trends
- Global movement
- Currency fluctuations
- Government gold reserves
- Import duty
- Tax regime changes
- Demand and supply of gold
How to Calculate Gold Price in Erode?
Given below are two methods of calculating gold price in Erode:
- Percentage Purity Method: Gold value = (Gold’s purity x weight x gold rate) / 24
- Karat Purity Method: Gold value = (Gold’s purity x weight x gold rate) / 100 Individuals can use the values determined above to get results from our online gold loan calculator.
- Know the Required Gold
- Step 1: Click on ‘Choose required Loan Amount’ present on the calculator page.
- Step 2: Input suitable tenure, rate of interest, and required loan amount. Following this, the online calculator will compute and provide the values for monthly interest, the gold required, and total interest payable.
- Know the Required Loan Amount
- Step 1: Click on the ‘Choose available Gold Weight’ tab.
- Step 2: Input the total weight of the gold in possession in grams and its purity level in Karats.
- Step 3: Enter an appropriate interest rate and tenure. After the completion of this procedure, the calculator will display the monthly interest, total funds that individuals can acquire against their collateral and total interest.