Vellore referred as the Fort City or Second Madras is a key fort city in Tamil Nadu. The district covers at least 45 villages and towns. Sify.com collates rates from jewellers and associations within Vellore to help the gold investment community.
Gold rates for Vellore are shown in per gram, 8 grams (sovereign), 10 grams (tola) and 100 grams to help readers reap benefits on their investment. Also, rate history is offered in the last seven days and 30 days to benefit readers. The rates mentioned on this page are exclusive of GST and making charges.
Gold rate changes in Vellore:
Gold rates in Vellore can change at least twice in a day, similar to trends in India. The rates for 24 Karat and 22 Karat have differences in the way they are factored in. For 24 Karat Gold rates, the factors are majorly the international benchmark rate and the USD-INR fluctuations. A costlier Dollar would make Gold costlier while a cheaper Dollar would make Gold cheaper.
Gold needed for making jewellery and bullion i.e. bars or coins have to be imported. As on date, gold mines in India do not yield any meaningful amount of gold ore. The international factors that decide the rates includes the rate of Gold in troy ounce (decided during international benchmark auction), rate of Gold in spot and futures markets, parity of currency such as US Dollar and Indian Rupee.
When it comes to 22-Karat gold rates, the jewellers and associations have a way of arriving at the daily rates. While the base rate of Gold remains more or less constant, other factors such as making charge, wastage, melting charges, refiner margins etc can change from jeweller within the same city. Don’t be surprised that jewelry shops adjacent to each other within the same locality can have a price difference of Rs 5 to 10 per gram.
Jewellers also factor in costs incurred on impurities added (Platinum, Palladium, Silver, Nickel, Aluminum, Iron) along with changes in transportation, logistics, expenses incurred on security, changes in business operations, and finally their individual margins.
Gold as popular investment in Vellore
Gold remains a popular investment and sales soars during festive time. The festive time includes religious festivals such as Pongal, Diwali, Christmas, Eid and during marriage season. Vellore is also called as the Medical Hub of India and is also a key leather exporter (accounts for 37 percent of leather exports of India). In recent times, several technology centers have opened their offices in Vellore. These include Microsoft which announced 14 technology centers with one of them in Vellore. The CMC Vellore is a large employer in the city and so is Ranipet which forms the industrial heart of the district. These economic developments have resulted in giving shape to a strong desire for Gold and gold-backed instruments. The younger tech-savvy generation prefers ETFs, Gold bonds and even gold schemes floated by jewellers of repute. Bullion bars and coins are also preferred by many millennials.
Trustworthy and popular jewellers in Vellore?
Most of the gold jewellers are based in Saidape, Kosapet, and Thottapalayam. Some of the popular names and jewellery showrooms includes Tanishq, Joyalukkas, Khazana Jewellery, and Jos Alukkas.
Other notable names include V Chetty Radhakrishna Chetty and Craft, RK Thanga Maligai, Sree Kumaran Thangamaligai, and Champalal Jewellers.
Why subscribe to authentic rates:
In these days of market-competition and digitization, investment in Gold or bullion can safeguard hard-earned money from inflation. It is advised that each individual building a financial portfolio can allocate 10 to 15 percent of his or her savings in gold and gold-backed assets. The gold rates in Vellore is a way to enable customers access the latest and authentic gold rates. Having the latest and authentic rates can help buyers plan and even negotiate when it comes to buying and selling of gold and jewellery. Knowing the latest rate also helps during a gold loan. Bookmark this page or download Sify Gold rates app to find out the latest and most accurate gold rates in prominent cities across India. Sify also tracks the gold rates minutely and features news and analysis from industry veterans to guide readers.
Disclaimer: Sify.com showcases news, analysis and gold rates with the sole objective of financial prosperity for all. The rates mentioned may vary within the same city and readers are hence advised to consult with a registered financial advisor. For any complaints, feedback, opinions or to share experiences write to firstname.lastname@example.org with the subject – Gold / Bullion.