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Gold Price in Ahmedabad
Gold is a major resource in India and has fascinated its citizens from time immemorial. Ahmedabad is the largest city of Gujarat with a population of over 5.5 million people and is an important center of trade and commerce. It is home to some of the most affluent people in the country and the former capital city of Gujarat is touted as a model city, one which has become a benchmark for other cities to look up to.
Gold rates fluctuate according to market conditions and availability and there is an ever growing demand for gold in Ahmedabad. Residents of Ahmedabad are undeterred by fluctuating gold rates and have embraced it with both hands.
Gold buyers in Ahmedabad can opt for either 22 karat gold, which is 92% pure or 24 karat gold, which is 99.9% pure.
Gold as an investment in Ahmedabad
Gold has always been considered as a safe source of investment and is seen as the answer to combat rising inflation. Some of the investment opportunities in gold are mentioned below.
- Jewelry – Buying jewelry has been the most preferred choice of gold investment among Indians and accounts for a major portion of gold investments in Ahmedabad. Jewelry can be sold or exchanged if need be, making it an attractive proposal.
- Gold Bullion Bars – A gold bullion bar is generally 99.5% pure and weighs around 1 kg. This bar can be ideal for those who can afford it and is often considered as one of the safest form of investments.
- Gold Bullion Coins – These coins come in different weights, ranging from 1 g to 10 g or more. People In Ahmedabad are warming up to purchasing gold coins as compared to jewelry as there are no wastage or making charges involved to purchase them.
- Allocated Gold Accounts – Owning gold can often be a source of worry, as people are concerned about its safety. Investing in gold accounts removes any tension about storing gold as the banks keep the gold safe, allowing the owner access to it when the need arises.
- Gold Accumulation Plan – An investor can deposit a fixed sum of money for a specified term in this plan. On maturity the investor can opt for gold coins or jewelry in exchange for the investment.
Gold Price Trend in Ahmedabad
- 24 karat gold dash; 1 g of 24 karat gold costs around Rs 2717 as of June 2015. The rate of gold has hovered around the Rs 2800 mark in the last year, having peaked at Rs 2904 in August. The rate plummeted to a low of Rs 2572 around December 2014.
- 22 karat gold dash; 1 g of 22 karat gold costs around Rs 2535 as of June 2015. An average price of Rs 2600 was witnessed over the last year, with the highest being Rs 2716 in August and the lowest hitting Rs 2365 in December 2014.
Trend of Gold Rate in Ahmedabad for September 2016 (rates per gram for 24k Gold)
|1st Day||Rs.3,245 per gram|
|Last Day||Rs.3,304 per gram|
|Highest Price||Rs.3,304 per gram from 27th to 30th September.|
|Lowest Price||Rs.3,245 per gram on 01st and 02nd of September.|
September '16 - Week 1 – (01st to 04th)
- 24K gold traded at Rs.3,245 per gram on the first day of the week.
- The lowest gold rate for the month was recorded on 01st and 02nd of September when gold traded at Rs.3,245 per gram.
- Gold prices slightly increased on 03rd September and traded at Rs.3,255 per gram as industrialists increased their gold intake.
- On 4th of September, gold prices remained unchanged and closed at Rs.3,255 per gram.
September '16 -week 2- (05th to 11th)
- Gold continued to stay constant despite poor trend overseas.
- Gold opened at Rs.3,255 per gram and remained the same on 06th of September.
- Gold traded at Rs.3,291 per gram from 07th to 11th of September as demand from domestic market poured in due to festive season.
- Gold participants expect gold prices to rise due to the festive season in India.
September '16 - week 3 (12th to 18th)
- Gold continued to trade at Rs.3,291 per gram from 12th to 17th September.
- With the ongoing Fed rate hike speculation, demand from domestic market helped gold maintain stability throughout the week.
- Gold prices is expected to go up as jewellers gear up for the festive season.
- Gold prices fell on 18th of September due lacklustre demand and subdued buying interest.
- Gold closed at Rs.3,274 per gram.
September '16 -week 4 (19th to 25th)
- The yellow metal opened at Rs.3,274 per gram.
- After trading at the same price for one more day, gold rates slightly increased on 20th September and traded at Rs.3,277 per gram.
- On account of the festive season in India, industrialists increased their gold intake which increased gold rates on 23rd September.
- Gold prices rose and traded at Rs.3,297 per gram from 23rd to 25th of September.
- The overall trend of gold was recorded to be an incline this week.
September '16 - week 5 (26th to 30th)
- As Fed rate hike was put aside on account of the upcoming elections in the U.S, gold rates increased this week.
- On the first day of the week, gold traded at Rs.3,297 per gram.
- Gold prices increased and touched Rs.3,304 per gram on 27th September which is also the highest gold rate recorded for this month.
- Gold prices remained at the highest from 27th to 30th of September.
- The incline in gold rates is mainly due to the constant demand from the domestic market and favourable international factors.
|First Day||Rs.3,247 per gram|
|Last Day||Rs.3,245 per gram|
|Highest Price||Rs.3,290 on 23rd to 26th August|
|Lowest Price||Rs.3,236 per gram on 8th to 14th|
August '16 - Weeks 1 (1st to 7th)
- Gold traded at a steady pace at the beginning of August.
- The month opened with gold trading at Rs.3,247 per gram and remained constant till 3rd August.
- With weak economic data coming in from the U.S., gold started to climb.
- Gold remained stable at Rs.3,257 per gram at the end of the week.
August '16 - Week 2 (8th to 14th)
- Prices dropped to Rs.3,236 per gram in Week 2 and remained unchanged.
- The constant trend can be attributed to steady demand in the domestic market as jewellers gear up for the upcoming festivals.
- Global trends indicated that an interest rate hike might not happen any time soon.
- Trends in both domestic and international markets boded well for gold.
August '16 - Week 3 (15th to 21st)
- Gold prices surged through the week as the demand for the yellow metal was high.
- Jewellers and stockists increased their intake of gold in light of the upcoming festive season.
- Gold traded at Rs.3,254 per gram on 15th August.
- Prices climbed through the week and settles at Rs.3,284 per gram on 21st August.
August '16 - Week 4 (22nd to 28th)
- The increasing trend of gold prices continued into week 4 of August.
- Gold price climbed to Rs.3,290 per gram and remained constant till 26th August on account of steady demand from jewellers in the domestic market.
- Things took a turn in the global market as the dollar became stronger. Gold rates declined to Rs.3,274 per gram by the end of the week.
August '16 - Week 5 (29th to 31st)
- Demand for gold dropped as the pressure of a rate hike by the U.S. Federal Reserve grew stronger.
- In the midst of a dampened global market, gold rates dropped to Rs.3,245 per gram.
- Domestic demand was also muted but experts are predicting that demand for the yellow metal will pick up in the second half of 2016.
|1st July Rate||Rs.3,224 per gram|
|31st July Rate||Rs.3,244 per gram|
|Highest Rate in July||Rs.3,244 per gram on 31st July|
|Lowest Rate in July||Rs.3,207 per gram on 15th July|
|Overall Performance||Increase in price|
|% Change||+0.62% increase|
July'16 - Week 1 (1st to 3rd)
- July began with gold stagnant at its previous high, as repercussions from the Brexit vote continued to keep prices high.
- Prices increased gradually, as equity markets and currencies were volatile, pushing gold demand up.
- Gold traded at Rs.3,228 per gram, a Rs.4 increase from the start of the week.
July'16 - Week 2 (4th to 10th)
- Prices rose as demand remained constant, in spite of small recoveries being posted by the Dollar.
- Prices jumped to Rs.3,285 per gram as the week began on strong trading.
- As markets began to stabilise, gold prices fell, trading at Rs.3,222 per gram, a decrease of Rs.63 from the start of the week.
July'16 - Week 3 (11th to 17th)
- Prices were low as markets recovered.
- Demand from industry and jewellers was muted.
- Gold traded at Rs.3,218 per gram, a decrease of Rs.6 from the beginning of the week.
July '16 - Week 4 (18th to 24th)
- Gold prices continued to fall as Asian stocks performed well, boosting markets.
- Prices were stagnant for the first half of the week before falling further.
- Gold retailed at Rs.3,217 per gram at the end of the week.
July‘16 - Week 5 (25th to 31st)
- Prices were low as the week began due to demand dropping.
- Market stability and the rising Dollar led to reduced interest in gold.
- Data revealing low growth in the U.S. market mid-week led to the Dollar falling, pushing up demand for gold.
- Gold ended the month at Rs.3,244 per gram.
|1st June rate||Rs.2,991|
|30th June rate||Rs.3,209|
|Highest rate in June||Rs.3,212 on June 25|
|Lowest rate in June||Rs.2,991 on June 1|
Jun'16 - Week 1 (1st to 4th)
- Gold opened at a not-so-good price of Rs.2,991 per gram on the first of the month.
- However, after a low on the first few days, a steady increase in prices were recorded.
- Prices in gold from the 4th to the 6th of June were steady at Rs.3,055 per gram.
- Gold rates decline by Rs. 5 after the 6th for two days, closing the week at Rs.3,050 per gram.
Jun'16 - Week 2 (5th to 11th)
- The rate of gold opened at Rs.3,050 per gram which was a slight decline from the rates noted the previous week.
- There was an increase in the price of gold on the 10th of June wherein gold was Rs.3,103 per gram.
- There was a decline observed in the rate of gold from thereafter.
- On the last day of the week, the rate of gold was Rs.3,098 per gram.
Jun'16 - Week 3 (12th to 18th)
- A steady pace was maintained in the rate of gold from the 11th of June to the 13th of June at Rs.3,098.
- There was an increase noted in the rate of gold on the last day of the week with gold closing at at Rs.3,114 per gram.
- The rate of gold was steady on the 15th and 16th of June at Rs.3,096 per gram.
- Although there was a slight increase in the price of gold on the 17th at Rs.3,109 per gram, it declined at the end of the week closing at Rs.3,102 per gram.
Jun'16 - Week 4 (19th to 25th)
- Gold prices fluctuated quite a bit in the fourth week of June, rising and declining alternatively.
- There was a rise in the price of gold on the 20th at Rs.3,121 per gram but declined thereafter until the 24th.
- The lowest rate of gold in this period was seen on the 23rd where the price of gold was Rs.3,094 per gram.
- The week, however, ended on a high of Rs.3,212 per gram which was also the highest for the entire month of June.
Jun'16 - Week 5 (26th to 30th)
- There were many minor fluctuations seen in the final week of June regarding gold prices.
- There was a steady increase seen in gold rates this week.
- From the 25th to the 27th, the price of gold was steady at Rs.3,212 per gram but declined slightly thereafter.
- On the 29th, the price of gold was Rs.3,153 which was the lowest for the week but the rate of gold for the end of the week and subsequently month was Rs.3,209 per gram.
|1st May rate||Rs.3,147|
|31st May rate||Rs.2,991|
|Highest rate in May||Rs.3,178 on the 8th of May|
|Lowest rate in May||Rs.2,991 on 30th and 31st of May|
|Overall performance||Loss / Negative|
May'16 - Week 1 (1st to 7th)
- Gold rates remained the same on the first as well as the last day of the week despite fluctuating prices during the seven-day period.
- Prices were recorded at Rs.3,147 on the 1st day of the month and Rs.3,147 on the 7th.
- Gold rates increased by Rs.22 on the second day of trading and remained the same on the third day at Rs.3,169 after which a decline saw prices remain stable at Rs.3,152 for the next two days.
- A further decline in prices by Rs.5 saw gold finish the week at Rs.3,147.
May ‘16 - Week 2 (8th to 14th)
- Gold rates increased by Rs.31 on the first day of the second week and prices were recorded at Rs.3,178.
- A decline by Rs.31 saw prices fall back to Rs.3,147 on the second day of the week.
- Prices fell by Rs.20 on the third day of the week and again by Rs.20 on the fourth day, and then increased by Rs.9 and remained constant at Rs.3,138 until the 14th of May.
- There was an overall decline in prices over the course of the week.
May ‘16 - Week 3 (15th to 21st)
- Gold prices rose by Rs.15 on the first day of the third week of May and remained unchanged for another day.
- Prices then fell by Rs.10 to remain at Rs.3,143 for the next two days.
- Rates fell by Rs.35 on the 19th and remained at Rs.3,108 until the 20th after which an increase of Rs.10 was recorded and the price of the precious metal at the close of the week was Rs.3,118.
- Gold prices recorded a further decline at the end of the week in comparison with the first day of the week.
May ‘16 - Week 4 (22nd to 31st)
- Gold prices declined on the first day of the fourth week of May too, as prices fell by Rs.6 at the start of the week.
- Marginal declines ensued for the next two days after which prices fell by Rs.68 on the 25th and stood at Rs.3,048.
- An increase of Rs.10 was then recorded on the 26th of the month and prices remained unchanged at Rs.3,058 until the 29th.
- The lowest price of gold in May was recorded on the last two days of the month as prices fell to Rs.2,991.
- Gold prices fell by Rs.156 between the first and last day of May.
|1st April rate||Rs 2,988|
|30th April rate||Rs 3,147|
|Highest rate in April||Rs 3,147 on 29th , 30th|
|Lowest rate in April||Rs 2,957 on 4th|
|% Change||+ 5.32%|
Apr ‘16 - Week 1 (1st to 3rd)
- International trends and a strong US Dollar impacted gold rates in the first week of April.
- Gold rates were unchanged during the week, trading at Rs 2,988.
Apr ‘16 - Week 2 (4th to 10 th)
- Gold rates were impacted by a strong US Dollar and statements regarding US Fed rate changes.
- Prices fell marginally during the week as investors stayed cautious.
- Gold traded at Rs 2,957 on 4th, picking up marginally over the week, ending at Rs 3,037 on 10th.
Apr ‘16 - Week 3 (11th to 17th)
- The third week witnessed both, a rise and drop in gold rates.
- Prices peaked at Rs 3,073 on 12th, before falling gradually.
- A low of Rs 3,021 was reached on 15th and 16th, before rates inched up to Rs 3,031 to end the week at a loss.
Apr ‘16 - Week 4 (18th to 24th)
- An increase in gold rates was witnessed during the week.
- Rising investor confidence led to an increase in rates, with the prices stabilising at Rs 3,072.
- A minor drop was seen on 24th, as the week ended with gold at Rs 3,053.
Apr ‘16 - Week 5 (25th to 30th)
- This was a good week for gold rates in the country, with investors rallying behind gold.
- Prices saw a steady incline, as rates increase by Rs 90 in 6 days.
- Gold rates were Rs 3,057 on 25th, increasing to Rs 3147 to end the month on a high.
|1st February rate||Rs.2,714|
|29th February rate||Rs.3,067|
|Highest rate in February||Rs.3,067 on 27th, 28th and 29th|
|Lowest rate in February||Rs.2,714 on 1st|
Feb '16 - Week 1 (1st to 7th)
- Gold rates appreciated in the 1st week of February.
- Prices were Rs.2,714 on 1st and Rs.2,850 on 7th.
- Gold rose on all days of the week, continuing its positive streak from January.
- Gold gained Rs.136 over the course of the week.
Feb '16 - Week 2 (8th to 14th)
- Gold rates were up again in the 2nd week.
- Prices were Rs.2,871 on 8th and Rs.3,014 on 14th.
- Gold appreciated till 10th to touch Rs.2,944, before sliding to Rs.2,833 on 11th and breaching the 3,000-mark on the next day to settle at Rs.3,036.
- Prices stabilized on the last day of the week at Rs.3,014.
Feb '16 - Week 3 (15th to 21st)
- Gold again gained value, trading in the stable range between Rs.2,956 and Rs.3,038.
- Prices were Rs.2,997 on 15th and Rs.3,038 on 21st.
- Gold started the week on a weak note, falling to Rs.2,956 by 17th before rallying to Rs.3,308 by 19th, where it was stable for the rest of the week.
Feb '16 - Week 4 (22nd to 29th)
- Gold prices were up in the final week, ending a very profitable month on positive note.
- It was priced at Rs.3,000 on 22nd and Rs.3,067 on 29th.
- Gold was trading above Rs.3,000 throughout the week, and ended at a high of Rs.3,067 by 29th.
- Gains in this month equalled the best performance of gold in almost 4 years.
|4 th January rate||Rs.2,616|
|31 st January rate||Rs.2,781|
|Highest rate in January||Rs.2,788 on 28th and 29th|
|Lowest rate in January||Rs.2,541 on 5th|
- Gold rates were stable in the 1st week of January as domestic demand was high and global cues were favourable.
- Prices were Rs.2,616 on 4th and Rs.2,609 on 10th.
- Gold fell to Rs.2,541 on 5th before rallying to Rs.2,630 by 9th.
- Prices were stable at Rs.2,630 on 10th on account of weekend.
- Gold rates depreciated in the 2nd week.
- Prices were Rs.2,701 on 11th and Rs.2,598 on 17th.
- Prices fell by Rs.103 to settle at Rs.2,598 on 14th where they stayed stable for the rest of the week.
- Gold rates rallied to cross the 2,700 mark during the 3rd week.
- Prices were Rs.2,576 on 18th and Rs.2,729 on 24th.
- Prices rose all through the week except on 23rd when they fell to Rs.2,661 from Rs.2,729 on 22nd.
- Gold regained the lost value on 24th to end the week at Rs.2,729.
- Gold appreciated towards the end of the month.
- It was priced at Rs.2,729 on 25th and Rs.2,781 on 31st.
- Prices rose to Rs.2,788 by 29th on the back of strong domestic demand and a weaker dollar.
- Gold dropped to Rs.2,700 on 30th before recovering back to Rs.2,781 on 31st.
|1st December rate||Rs.2,550|
|31st December rate||Rs.2,558|
|Highest rate in December||Rs.2,665 on 5th and 6th|
|Lowest rate in December||Rs.2,550 on 1st|
Dec'15 - Week 1 (1st to 7th)
- Gold rates appreciated in the 1st week.
- Prices were Rs.2,550 on 1st and Rs.2,596 on 7th.
- Gold rose by Rs.51 on 2nd but lost the gains over the next two days to settle at Rs.2,551.
- Gold rallied again on 5th and 6th by Rs.64 and Rs.40 to touch Rs.2,665 on 6th.
- Prices dropped by Rs.69 on 7th to end the week at Rs.2,596.
Dec'15 - Week 2 (8th to 14th)
- Gold rates were volatile in the 2nd week.
- Prices were Rs.2,593 on 8th and Rs.2,597 on 14th.
- Gold lost value till 13th to settle at Rs.2,553.
- Prices rose on the last day to end the week at Rs.2,597.
Dec'15 - Week 3 (15th to 21st )
- Gold rates were down in the 3rd week.
- Prices were Rs.2,576 on 15th and Rs.2,552 on 21st.
- Gold dropped to Rs.2,561 by 18th before rallying to Rs.2,596 by 20th.
- Prices dropped by Rs.44 on 21st to settle at Rs.2,552.
Dec'15 - Week 4 and Week 5 (22nd to 28th, 29th to 31st )
- Gold rates were once again stable on the whole in the final weeks of December.
- It was priced at Rs.2,562 on 22nd and Rs.2,558 on 31st.
- Gold rose to Rs.2,634 on 23rd but dropped back to Rs.2,558 by 24th.
- Gold breached Rs.2,600 mark again on 25th by touching Rs.2,622.
- Prices dropped again to Rs.2,558 on 28th and remained mostly stable till the end of the month.
|1st November rate||Rs.2,686.50|
|Highest rate in November||Rs.2,686.50 on 1st|
|Lowest rate in November||Rs.2,550 on 21st, 22nd and 25th|
- Gold rates depreciated at the start of the month.
- Prices were Rs.2,686.50 on 1st and Rs.2,590 on 7th.
- Gold traded in the negative for all days of the week except for 3rd when it rose by a slight margin of Rs.6 to rest at Rs.2,680 from Rs.2,674.
- Gold rates declined in the 2nd week also.
- Rates were Rs.2,590 on 8th and Rs.2,557 on 14th.
- Gold rose to Rs.2,628 on 9th before settling at Rs.2,573.50 by 11th.
- Gold touched Rs.2,627 on 12th but dropped in the next 2 days to rest at Rs.2,557 for the week.
- Gold rates were more or less stable in the last few days of the month.
- Prices were Rs.2,557 on 15th and Rs.2,550 on 21st.
- Gold rose by Rs.123 on 15th to touch Rs.2,680 on 16th before depreciating for 3 consecutive days to rest at Rs.2,562 on 19th.
- Gold rose slightly to Rs.2,571 on 20th before settling at Rs.2,550 for the week.
- Gold rates were once again stable on the whole in the final weeks of November.
- It was priced at Rs.2,550 on 22nd and Rs.2,558 on 30th.
- Gold rose to Rs.2,582 by 29th before settling at Rs.2,558 on 30th.
Major Gold dealers in Ahmedabad
Ahmedabad has attracted gold dealers from across the country and one can find all major names here. Some of the more popular ones include Swarn Ratna Jewellers, Star Jewellery, Suvarna Jewellers, Anisha Jewellers and Kumar Jewellers. Local gold shops are present across the city to cater to individual gold needs.
- Also Check:Gold Rate in Gujarat
Also Check Gold Price in NearBy Cities of Ahmedabad
|Gold Rate In Surat||Gold Rate In Vadodara||Gold Rate In Rajkot|
|Gold Rate In Jamnagar||Gold Rate In Pune||Gold Rate In Kota|
|Also Know: Silver Rate in Ahmedabad|
Read more on Gold
- Importance of Akshaya Tritiya in India
- Reason - Gold Rate Fell Since Feb
- Gold Price Valuation in India
- Why Gold Price Fluctuating
- Tips to Buy Real Gold in India
- Gold Price Trend in India
- Gold Loan - Tips
News About Ahmedabad Gold Rate
Gold shoots up after biggest drop in the month
Gold dropped by 0.8% to $ 1,279.50 an ounce. ABC Bullion Chief Economist Jordan Eliseo spoke to SMSF Adviser and said that the speculation regarding the Brexit referendum has led to a hike in the gold price from $ 1,300 an ounce to $1,700 an ounce. ABN Amro analyst Georgette Boele said that with the odds for a "Brexit" outcome lower, riskier assets increased and gold is coming under increasing pressure. Considering the fact that gold is seen as a safe haven in times of uncertainty, the reason for surge in investments when surveys suggested that Vote Leave was in position can be explained.
22nd June 2016
Gold Import Numbers Fall To Lowest In 30 Months In Gujarat
The high price of gold and the low demand has had a massive impact on gold imports in the country. The numbers fell to less than half a metric tonne in May 2016 which is being hailed as the lowest import in 30 months. GSEC Ltd has even released data that has shown that the drop in the import has been as high as 92% bring the quantity down to about 0.423 metric tonnes as compared to the 5.6 metric tonnes that were imported during the same time last year. The price of gold sticking to the Rs 30,000 mark has been taken to be the biggest reason for this drop. Even the import of silver has come down drastically in the state. It has come down from 17.14 metric tonnes to 0.17 metric tonnes.
2nd June 2016
As the US dollar and stock fall, gold price rise
With the dollar falling, and US stock dropping on Wednesday, the prices of gold took a turn for the better. Spot gold was up by 0.6% and stood at $1,093.25 per ounce, and gold futures went up by 0.2% standing at $1,087.10 per ounce. The downward trend in equities, in the later part of trade lead to the prices moving up the price ladder. Other metals like silver and platinum as well took the upward movement. Silver stood at $ 14.15 per ounce, higher by 2.6% while platinum was up by 1.7% and stood at $ 846.24
14th January, 2016
Gold prices at a 5 year low
The dollar price has dipped to a 0.2% against other currencies, and hits a 8 month high, is expected to rise with the forthcoming US interest rate hikes. In Asia, the physical gold consumption appears to have appears to be refreshing with the low prices in gold. After the fall to $1,064.95 it’s lowest since February 2010, on Tuesday the prices of gold took the upward track providing short term relief.
25th November 2015
Lower gold demand due to insufficient monsoon
In India, most of the rural population invest in gold as wealth. However, due to insufficient monsoon this year, the gold demand has dipped to about 20%. Monsoon plays a key role in the demand for gold. Gold imports fell by 87% this year, only in Gujarat.
In 2015 alone gold bars were being sold in kilograms by wholesalers at a discount. According to a survey of six traders and analysts, the rate, at the London spot market, after tax ranged from $4 to $11, at an average of $5.70. As per Bloomberg generic pricing, immediate delivery gold traded at $1,092.35 for an ounce in London on Monday November 09, 2015. A kilogram of gold at that rate cost around $35,119.87.
11th November 2015
Gold Rates Fall Below Rs.26,000
Gold and silver rates in India have declined to sub-Rs.26,000 per gram and sub-Rs.35,000 per kg respectively. This is good news for traders and jewellers looking to capitalize on the low rates to see a change in fortunes this festive season.
Gold demand has been low this year compared to previous years. While sales dropped by almost 50% during Navratri, demand fell by almost 40% during Pushya Nakshatra. Jewellers and dealers are now pinning their hopes on Dhanteras sales, which have traditionally been good for them. Gold was priced around Rs.31,000 during this time in 2013 and Rs.28,000 in 2014.
The demand for gold has declined this year primarily due to a weak monsoon. Most of the gold demand comes from the rural population, which has been the one hardest hit by the weak monsoon this year. Demand compared to last year has been lower by 30-40% around the country and even offers and discounts have been unable to woo customers this time around.
Sellers are now expecting the low rates to pump up demand during Dhanteras and subsequently in the wedding season. With gold prices at low levels, demand may well pick up now.
9th November 2015
Gold demand goes up ahead of festival
The demand for gold went up on Monday, ahead of Diwali much to the relief of the local dealers and traders. In India, Diwali is traditionally the key period for buying gold. The footfall was welcomed after a poor seasonal demand of the precious metal. Throughout October, the difference between between the London spot gold price and gold rates in the country was the discount.
Sales usually return to normal levels during festive seasons. The price came down to $2-2.50 per ounce from $10 per ounce, that triggered renewed buying. According to a local dealer in Ahmedabad, the demand for gold has returned and the buying has increases.
4th November 2015
Gold imports down by 87% in October
Jewellers across Gujarat may witness lesser footfall this Diwali as compared to previous years, the reason being low gold imports. In comparison to last month where around 24.07 metric tonnes of gold were imported, only 3 metric tonnes are in, this October.
It was the second lowest monthly import of gold in the state, ahead of Diwali, as compared to the past five years. The first instance was in October 2013, when approximately 0.31 metric tonnes of gold were imported. During Diwali in 2012 and 2013, gold was priced above Rs 31,000 per 10 grams. The current rate at which gold is being traded is around Rs. 26,750 for 10 grams.
According to bullion traders and jewellers, low imports is the main cause of higher prices and sluggish demand of the precious metal. However, in contrary, huge amounts of gold were imported in the months of July and August.
3rd November 2015
- For more related news /update on gold price visit: Gold News