Gold Price in Salem today - 21 May

last updated on 21 May 2022

India

0(per gram) (16K)

Salem is the fifth-largest city of Tamil Nadu and is one of the most historical cities of India. This city is rich in mineral resources and is also well connected to different metropolitan cities via road, rail and air. The people of Salem city take pride in the amount of gold they possess as it portrays their status, power and wealth. As a result of it, gold has become one of the most sought metals, with increasing demand.

Gold Prices in Salem for different purity

PurityGold price 1 gramGold price 10 gram

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Gold Prices in Salem for the last 7 days

DateGold price 1 gramGold price 10 gram
28 April, 2022₹ 5,400₹ 54,000
27 April, 2022₹ 6,000₹ 60,000
26 April, 2022₹ 6,500₹ 65,000
25 April, 2022₹ 7,000₹ 70,000
24 April, 2022₹ 7,500₹ 75,000
23 April, 2022₹ 6,500₹ 65,000
22 April, 2022₹ 7,500₹ 75,000
Gold Price Calculator in Salem

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Gold Rate in Salem for Different Purities (Comparison Table for 18, 22, and 24 karats)

Citizens of Salem can buy gold mainly of 3 varieties. This variety depends on its purity and is divided as 18, 22 and 24 Karats.

  • 24 Karat variant is 99.9% pure, and it doesn't contain any other metal.
  • 22 Karat contains 91.7% of pure gold.
  • 18 Karat variant has 75.0% of the yellow metal.

Gold Prices in Salem over Last Week

Over the past week, gold prices of every variant have displayed an upward trend in Salem. However, individuals can look at the table below for a better understanding. (Insert table)

Monthly and Weekly Graph of Gold Price in Salem

Similar to the weekly trend, the monthly price of gold in Salem has also witnessed a surge. This surge can be presented in a graphical format for a better understanding. (Insert graph)

Reasons for Checking Gold Rates in Salem before Purchasing

Individuals looking to buy or sell gold in Salem must check its prices regularly. This tracking is essential because it will give a sense of price fluctuation in the market, and hence they can make a profitable buy or sell. Besides this, they can also ideate interest rates, as this is dependent on the current price of gold.

Factors Affecting Gold Rates in Salem

There are myriad factors that affect gold prices in Salem. These factors are applicable for most Indian cities as a variable affecting gold prices. A few of those reasons include market inflation, import duty, currency fluctuation in the global market, change in the price in the international market, demand, interest rate fluctuations and geopolitical influence.

Ways to Evaluate Gold Price in Salem

Citizens of Salem can evaluate prices manually, primarily using purity percentage and karat purity. The steps for evaluation are –

  • Method Using Purity Percentage – Gold value = (Gold’s purity x weight x gold rate) / 24
  • Method Using Karat Purity – Gold value = (Gold’s purity x weight x gold rate) / 100 After getting the price of gold, citizens of Salem can use it in Rupeek’s gold loan calculator.
  • Steps to Evaluate Gold Ornaments Required to Get a Loan
  • Step 1: Navigate to the ‘Choose required Loan Amount’.
  • Step 2: Secondly, provide the required loan amount, and choose the tenure and desired interest rate.
  • Steps to Evaluate the Loan Amount
  • Step 1: Click on the 'Choose available Gold Weight' from the Rupeek gold calculator page.
  • Step 2: Then, provide the net weight value of gold in grams and its purity in Karats.
  • Step 3: Finally, enter an applicable interest rate and repayment tenure.

Reasons behind the Variation of Gold Prices in Salem from That in Other Indian Cities

The primary reason behind the price variation of Salem, in comparison with other Indian cities, are –

  • Tax applicable on gold
  • Transportation charges
  • Variation in ornament crafting charges
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