As with the rest of India, two popular variants of gold are available in Nagercoil. These are the 24 karat and 22 karat variants. While the 24 karat variant boasts of a greater purity at 98% gold in the mix, the 22 karat variant has 94% of the yellow metal in it. A preference exists for the 24 karat gold in crafting jewelry and ornaments but unfortunately, due to its softness and extreme malleability, it has to be used in conjunction with other metals to be strong enough that it can withstand daily wear and tear.
24 karat gold
Unsuitable directly for jewellery, though it is the purest, 24 karat gold poses a definite advantage when it comes to investment purposes. 24 karat gold had a list price of INR 2968 for 1 gram weight. It should be noted that it is the indicative rate as of March 2016 and might be different by marginal numbers when actual physical gold is bought. Gold went through a trying time in August 2015 when it hit a 5 year low. Gold started regaining its stature in the beginning of 2016. INR 400 was the increase noted in January 2016 for the cost of one gram of 24 karat gold. Further to the stopping of the tax in US gold reserves, it is expected gold rates will continue to climb because the market demand is going to increase as usual.
22 karat gold
As of March 2016, a gram of 22 karat gold had a rate of INR 2760 in Nagercoil. The lesser purity of course contributes to the lower rate, but the crisis of rates of 2015 also affected 22 karat gold wherein in August it had a rate of INR 2350 per gram. However, in January 2016, 22 karat gold appreciated to INR 2374 per gram indicating a healthy future for gold, both in physical and paper gold formats.
Gold Rate Trend in Nagercoil for January 2018 to March 2018 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.3,002 per gram | Rs.3,040 per gram | Rs.3,043 per gram |
| Last day | Rs.3,045 per gram | Rs.3,046 per gram | Rs.3,072 per gram |
| Highest price | Rs.3,084 per gram on 20 & 21 January | Rs.3,103 per gram on 14 February | Rs.3,105 per gram on 24 & 25 March |
| Lowest price | Rs.3,001 per gram on 4 January | Rs.3,003 per gram on 8 February | Rs.3,030 per gram on 19 March |
| Trend | Incline | Incline | Incline |
| Change | 1.43% | 0.19% | 0.95% |
Gold Rate Trend in Nagercoil for October 2017 to December 2017 (per gram of 24 karat gold)
| Factor | October | November | December |
| 1st day | Rs.3,040 per gram | Rs.2,988 per gram | Rs.2,982 per gram |
| Last day | Rs.2,997 per gram | Rs.2,992 per gram | Rs.3,015 per gram |
| Highest price | Rs.3,059 per gram on 14 and 15 October | Rs.3,030 per gram on 18 and 19 November | Rs.3,015 per gram on 30 and 31 December |
| Lowest price | Rs.2,997 per gram on 6, 27, 30, and 31 October | Rs.2,974 per gram on 6 November | Rs.2,903 per gram on 13 December |
| Trend | Decline | Incline | Incline |
| Change | -1.41% | 0.13% | 1.10% |
Gold Rate Trend in Nagercoil for October 2017:
- The month began in Nagercoil with the bullion priced at Rs.3,040 per gram on the 1st amid firm trends overseas.
- Gold rate in Nagercoil plunged to Rs.2,997 per gram on the 6th after the US dollar gained against a basket of other emerging currencies and investors speculating on a possible Fed rate hike during the quarter.
- With tensions rising between the US and North Korea, safe-haven demand for the metal spiked. This led to gold prices rebounding to Rs.3,042 per gram on the 12th.
- The 14th saw bullion rates surging to Rs.3,059 per gram amid the strong trends overseas. This was also the highest recorded monthly figure in Nagercoil.
- However, prices plummeted over the next few days with the dollar recovering from the initial shock and gold rates were holding at Rs.3,026 per gram on the 20th.
- The bullion continued dropping amid the poor global cues as the month progressed and the yellow metal was recorded trading at Rs.2,997 per gram on the last day.
- The strong dollar index coupled with firmer equities led to gold rates in Nagercoil decline by 1.41% during the course of the month.
Gold Rate Trend in Nagercoil for November 2017:
- When trading commenced for the month, the precious metal prices were recorded holding at Rs.2,998 per gram with steady demand from the previous month.
- However, the strong dollar index coupled with well-performing equities led to gold rates in Nagercoil plunging to Rs.2,977 per gram on the 4th.
- Domestic demand from local jewelers, retailers and industries couldn’t keep up with the poor trends overseas. This led to prices dropping to Rs.2,974 per gram on the 6th. This was also the lowest recorded figure during the month.
- However, with North Korea trying to exhibit its nuclear prowess over the United States, the dollar values and equities crashed. This led to the greenback dependant bullion being priced at Rs.3,015 per gram on the 12th.
- The 18th witnessed god rates surging to Rs.3,031 per gram – the highest recorded monthly figure – with strong safe-haven demand for the metal brought about by the positive global cues.
- With the US dollar regaining lost ground over the next few days, gold price in Nagercoil dropped to Rs.3,012 per gram on the 24th.
- When trading ended for the month, the precious metal was recorded trading at Rs.2,992 per gram on the 30th owing to a decline in demand by local jewellers, industries and retailers.
- Steady demand coupled with firm trends overseas led to gold prices in Nagercoil surging at 0.13% during the month.
Gold Rate Trend in Nagercoil for December 2017:
- The final month commenced with the bullion priced at Rs.2,982 per gram on the 1st amid the strong US dollar and equities.
- The US Senate’s decision to pass the landmark tax reform plan seemed to receive positive sentiments from the people. This led to US dollar rising and gold was priced at Rs.2,917 per gram on the 8th.
- On the 13th, the yellow metal prices were recorded at Rs.2,903 per gram – the lowest recorded monthly figure – on the 13th amid the poor trends overseas.
- The Fed rate hike, however, led to the US dollar and equities declining during the month. This resulted in an increased demand for the bullion and the metal was recorded trading at Rs.2,956 per gram on the 23rd.
- The 28th saw rising further to Rs.2,985 per gram owing to a strong demand local jewellers, retailers and industries.
- The month ended with the gold priced at Rs.3,015 per gram on the 31st amid the weakened dollar value and poor performing equities.
- The bullion trade in Nagercoil registered an incline of 1.10% in gold prices during the month.