December 2009 Gold prices update

Overall, gold prices witnessed a downward trend during December 2009. Although, gold rate went up during first week of December with 1 gram touching Rs: 1716 in Chennai, prices dropped subsequently with intermittent upward movement. The lowest price was in the range of Rs:1546 and ended up at 1556 on 31/Dec.

This was the case at global market as well, with per ounce gold rate oscillating between $1080 and $1160

Note: The Chennai rates specified are based on Jewelers And Diamond Merchants Association.

Srikanth Ramu

Gold Semma Hot machi!!! - Prices touching new heights

Gold seems to be the hottest commodity, as Gold rates breached Rs: 1600 mark in local market in Chennai for 1 gram 22 Ct. of Gold. In global market, the per Oz Gold price, went past $1100 mark and its now, little short of $1150. In Chennai market, the prices of 1 gram 22Ct. gold leaped to Rs:1600, an increase of Rs:100 in two weeks i.e from November 1st.

Please note that, the Chennai rates specified are as per The Madras Jewellers and Diamond Merchants Association. For specific jewelry mart rates, visit specific the shops.

Srikanth Ramu

Gold prices touches the magical $1100 mark

At a time when the world economy is still at the clutches of recession, and investors favoring Gold as alternate commodity to dollar, you only expect the prices to surge. Today (6/Nov/2009), the gold per ounce price breached record $1100 mark. Although Indian Rupee strengthened against US Dollar, the gold prices in the local market were still at a record level. As per The Madras Jewellers and Diamond Merchants Association, the per gram 22ct gold rate in Chennai was about Rs:1563. The peak price of gold (1 gram 22ct) was Rs: 1482 during first week of October, however November first week witnessed an increase of approximately Rs:80.

Srikanth Ramu

Gold Coin as an investment option

Traditionally, Gold is considered to be a safe investment option as it is neither perceived risky as stocks nor requires huge investment as in reality/property sectors. And when you consider Gold as investment option, then buying Gold in the form of coins has its own advantages.

1. The associated wastages and making charge is much lesser when compared with Gold Jeweleries
   
2. Coins could be easily converted to Jewelries when required
3. Convenient handling
   
4. Its a good option for Gifts, normally, I prefer gold coins for gifts, as you need not worry about the color, design, size, utility of the gift
   

Source of Gold coins for purchase: Gold coins can be purchased from below options, however, each have their own specifications, rates, discounts etc.

1. Jewelry marts or stores sell custom made coins besides selling jewelries. The price include following components:
   
1. Wastage Charge ranging from 1% - 5%
   
2. Tax (Sales Tax/VAT) - 1%
   
3. Few stores charge making charge as well
   
   Please note that the above are only an indicator, you may have to check with stores directly for accurate pricing. One advantage in buying from these stores is, you could sell the coins back to them. When you sell coins, mostly you would be offered jewelries with same weight, and in some stores you could also get cash back.
   
   
2. Banks like HDFC Bank, ICICI Bank offer Gold coins mostly imported from Switzerland. These banks only sell coins but do not accept/buy coins from consumers
   
3. Selected Post Offices

Hope, this post gives you some idea about Gold Coins as an investment.

Srikanth Ramu

Thangam, Swarnam, Sona, Kanak, Au - All mean Gold

Today (15/Oct/2009), Dhanteras festival is celebrated in some parts of India and the day is considered auspicious to take up new ventures and buy gold. I am starting my new blog http://golddata.blogspot.com, and this is my third blogging initiative, while others being http://srikanthramu.com (http://srikanthramu.wordpress.com) and http://ggears.blogspot.com. So, why a blog on Gold? Well, this metal is a fascinating one and Gold rules the market with its prices touching new heights. Some consider Gold as auspicious, some see it as an investment, few choose it for fashion, but you would hardly find a person disliking Gold. Need less to say, its the favorite metal for majority of people.

In this blog, besides writing about Gold, I've included the Gold price chart from kitco.com that shows the trend in gold prices for the last 6 months. The Graph shows the Gold rates in USD per ounce (oz) of Gold. Also, I've included a link from The Madras Jewellers & Diamond Marchants Association, that shows Gold rates for 22ct and 24 ct in Rupees (INR).

BTW, Wish you all a Happy and sparkling Diwali/Deepavali.

Srikanth Ramu