Gold Rate in Tamil Nadu
How Important is Gold in Tamil Nadu?
South India is one of the largest consumers of gold in the Indian subcontinent, making up for 30% of the total demand for gold in the country. Amongst the south Indian states, Tamil Nadu is the largest consumer and trader of Gold.
Tamil Nadu also has maximum number of gold traders and jewelers in the country which have now spread out all over the country. The local gold craftsman of Tamil Nadu is famous for their special gold jeweler design and ornamentation which is famous throughout the world.
Why is gold considered so important in Tamil Nadu?
Gold in Tamil Nadu is purchased and worn in the form of jeweler on several auspicious occasions, festivities and weddings. Besides being culturally significant, Gold is considered to be the safest investment option because it acts as a guard against inflation and depreciation and also because its considered culturally significant and affordable.
How is the demand for Gold in Tamil Nadu?
Most of the people of buy gold regardless of the rate of gold in Tamil Nadu because they have sentimental value attached to gold. The demand for Gold in the cities of Tamil Nadu has been increasing which in turn is pushing up the gold rate in Tamil Nadu. This escalation in the gold rates in Tamil Nadu occurs mainly on the holy days of Dussera, Akshaya Tritaya and Diwali. However, today the gold rate in Tamilnadu is moderately lower when compared to that of the other cities.
Gold Rate in Tamil Nadu
Tamil Nadu is the most thriving state in South India. The people of Tamil Nadu have a reputation for being gold lovers when it comes to jewelry and ornaments.
Storing of Gold in Tamil Nadu
The primary reason for this is that the people here can afford it. Chennai, the capital of Tamil Nadu, ranks above all other Indian cities in terms of gold trade. Tamil Nadu has very high sales and purchases of gold.
Gold Price Movement in Tamil Nadu
The gold price in Tamil Nadu plays a very crucial role in the lives of the citizens here because Tamilian designs and ornaments are famous worldwide. Today gold price in Tamil Nadu plays an important role in gold trade.
Gold as an Investment in Tamil Nadu
The following are the avenues for gold investment in Tamil Nadu:
Purchasing Physical Gold:Just like the rest of India, the people of Tamil Nadu invest in gold mainly through jewelry. To meet the demand for gold in Tamil Nadu, there are several jewelry establishments all over the state. Gold prices in Tamil Nadu are updated on a daily basis.
Market Avenue:In Tamil Nadu, you can buy gold directly through the markets. Gold is traded on the National Commodity and Derivatives Exchange, National Multi Commodity Exchange and the Multi Commodity Exchange. It is a good choice for people who are looking to buy gold in bulk. You have to be well informed about the gold market for this.