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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 August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st August||Rs.3,003 per gram|
|Gold Rate on 31st August||Rs.3,056 per gram|
|Highest Rate in August||Rs.3,056 per gram on 30 & 31 August|
|Lowest Rate in August||Rs.2,979 per gram on 7 August|
|Overall Monthly Performance||Incline|
Trend of Gold Rate in Ahmedabad for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1st Rate||Rs.3,063 per gram|
|July 31st Rate||Rs.3,003 per gram|
|Highest Rate in July||Rs.3,079 per gram on 2 July|
|Lowest Rate in July||Rs.2,917 per gram on 11 July|
|Overall Monthly Performance||Decline|
July ‘17- Week 1 (1st to 9th)
- Gold rate in Ahmedabad were on the decline in the first week of July in spite of a relatively weak U.S. dollar.
- The precious metal traded at Rs.3,063 per gram on 1 July and rose to Rs.3,079 per gram on 2 July as demand increased as the markets reacted negatively to continued allegations against the Trump administration.
- Prices dipped to Rs.3,016 per gram on 3 July as local demand was poor following the imposition of the new GST tax regime.
- International demand was also poor, with the yellow metal seeing a decline in overseas demand.
- Prices did not change as the week drew to a close, resulting in gold trading at Rs.3,016 per gram on 9 July.
July ‘17- Week 2 (10th to 16th)
- Gold prices fell further as the week began, with the metal trading at Rs.2,993 per gram on 10 July before plunging to Rs.2,917 per gram on 11 July.
- The U.S. dollar was boosted by higher growth figures as evidenced from U.S. jobs data, which led to the markets rallying.
- Gold traded at Rs.2,919 per gram from 12-15 July as the stable market and recovering dollar rate led to decreasing demand from international consumers.
- Gold price in Ahmedabad rose as the week ended as oil prices impacted the U.S. dollar negatively, resulting in gold trading to Rs.2,932 per gram on 16 June.
July ‘17- Week 3 (17th to 23th)
- Gold price in Ahmedabad were on the ascent in the third week as there was an increase in demand from the jewellery sector as well as industry due to low import rates.
- The precious metal was priced at Rs.2,937 per gram on 17 July on stable demand from China and Europe, as local demand remained muted.
- Prices rose to Rs.2,965 per gram on 20 July as markets were jittery following the escalation of threats with North Korea.
- Gold continued to rise as markets and investors looked to safe haven assets like gold due to uncertainty, with gold priced at Rs.2,977 per gram on 21 & 22 July.
- Prices jumped to Rs.3,024 per gram as the week ended on 23 July.
July ‘17- Week 4 (24th-31st)
- Demand stabilised after a sudden increase over the previous week, opening the trading week at Rs.2,999 per gram on 24 July.
- Prices rose to Rs.3,003 per gram on 25 July as demand from local markets picked up following initial teething troubles with the new tax regime.
- In spite of fluctuating markets and a relatively weak U.S. dollar, there was no change in the price of gold.
- The month ended with gold priced at Rs.3,003 per gram on 31 July, recording a loss of 1.95% over the course of the month.
|Parameters||Gold price (24 karat)|
|June 1st Rate||Rs.3,065 per gram|
|June 30th Rate||Rs.3,063 per gram|
|Highest Rate in June||Rs.3,099 per gram from 7-10 June|
|Lowest Rate in June||Rs.3,047 per gram from 2-6 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1st to 4th)
- Gold prices in Ahmedabad reflected trends seen across other Indian cities, with prices stable as the month began before falling due to poor demand.
- Gold was priced at Rs.3,065 per gram on 1 June before prices fell to Rs.3,047 per gram till the end of the month due to stagnating demand.
- Local demand was also poor due to global trends in demand.
June ‘17- Week 2 (5th to 11th)
- Prices were stable as the week began, trading at Rs.3,047 per gram on 5 & 6 June as demand did not see any change.
- Gold jumped to Rs.3,099 per gram on 7 June as political turmoil in the United States led to markets plunging, increasing demand for bullion.
- As local demand also rose, prices were stable and consistent for the remainder of the week.
- An increase in demand was also seen due to higher demand prior to the implementation of GST.
- Prices in Ahmedabad dipped marginally as the week ended, trading at Rs.3,064 per gram on 11 June.
June ‘17- Week 3 (12th to 18th)
- The yellow metal traded at Rs.3,064 per gram on 12 June as demand was steady from the previous week.
- Prices began to dip as the week progressed, trading at Rs.3,050 per gram on 16 June due to a revival of the U.S. stock market as well as a resurgent U.S. dollar.
- Demand from local jewellers was also on the decline due to rising dollar rates and a global dip in demand..
- Prices ended with gold trading at Rs.3,050 per gram on 18 June.
June ‘17- Week 4 (19th to 25th)
- Demand for gold continued to remain stable with a few fluctuations due to demand vagaries.
- Gold traded at Rs.3,050 per gram on 19 June as demand was steady due to increased demand from Asian markets, which kept prices high in spite of a dip in local demand.
- The frequent fluctuations in the dollar rate coupled with market instability led to consistent demand for bullion, especially gold.
- Prices did not change for the whole week, resulting in gold ending the week at Rs.3,050 per gram on 25 June.
June ‘17- Week 5 (26th to 30th)
- The last week of June saw gold prices continue to remain stable as local demand helped keep prices steady, as gold opened the week at Rs.3,050 per gram on 26 June.
- Higher demand from Europe was also seen due to faltering markets, which helped maintain prices in spite of a dip in Asian demand.
- The U.S. political crises appeared to be abating as the month drew to a close but demand for gold was still high.
- Prices rose with gold ending the month at Rs.3,063 per gram on 30 June, though prices still declined by 0.06% over the course of the month.
|May 1st Rate||Rs.3,058 per gram|
|May 31st Rate||Rs.3,065 per gram|
|Highest Rate in May||Rs.3,065 per gram on the 31st of May|
|Lowest Rate in May||Rs.2,976 per gram on 11th and 16th May|
May 2017 - Week 1 (1st-7th):
- On 1st, when the month of May began, gold was priced at Rs.3,058 per gram.
- Gold rates went down slightly during this week as stock prices in the US rose and which led to a rise in the US dollar rates.
- On 2nd, bullion rates went up to Rs.3,061 per gram as there was a tiny bit of demand for the precious metal.
- Though there was no change on the the 3rd and the 4th, gold prices went down by a significant margin on 5th to reach Rs.3,001 per gram, thereby recording a whopping Rs.60 per gram decrease.
- The fall as seen on the 5th was the single largest per-day gold price fall since the November of 2016, which was brought about due to low demand in various European markets.
- On 6th, gold prices went down by Re.1 to Rs.3,000 per gram.
- When the week drew to a close, gold was still priced at RS.3,000 per gram.
May 2017 - Week 2 (8th-14th):
- During the second week of May, gold prices sustained themselves around the Rs.3,000 range as Emmanuel Macron emerged victorious over the divisive Marine Le Pen..
- On the 8th of May, gold was priced at Rs.3,000 per gram. This rate sustained till the end of the 10th as French election results stabilised the market and thereby the demand for gold.
- The 11th, however, saw prices dip to a monthly low of Rs.2,976 per gram as a relatively stable global outlook brought demand for the metal down.
- Rates remained at the same level till the end of the week i.e., the 14th at Rs.2,976 per gram as bullion demand was at its sluggish best.
May 2017- Week 3 (15th - 21st):
- The third week of May started with gold still priced at Rs.2,976 per gram.
- But, prices rose over the subsequent days as retail sales dipped in the US, which led to a drop in the US dollar.
- On the 16th, gold was trading at Rs.2,997 per gram - a Rs.21 increase from the previous day’s prices.
- Gold prices went up again on the 17th to reached Rs.3,029 per gram as rumours that Federal Reserve might possibly increase the interest rate two more times this year.
- However, demand sustained over the next few days to keep gold prices at Rs.3,029 per gram.
- When the week came to an end, gold was still trading at Rs.3,029 per gram.
May 2017 - Week 4 (22nd - 28th):
- The fourth week of May went through some fluctuations with regards to gold rates as there was no stable demand for the precious metal.
- When trading began on the 22nd, gold was priced at Rs.3,043 per gram which trickled onto the 23rd as well.
- During this week, the US Labour Department rolled out a report which suggested that the job situation in the country wasn’t going as well as expected.
- On the 24th, prices slumped slightly to Rs.3,035 per gram before going at the same rate till the end of the 25th.
- Prices went up to Rs.3,050 per gram - a Rs.15 increase - which came as a breather, thanks to a weakened dollar.
- Rates didn’t change for the next two days as there was little to no demand till the end of the week.
May 2017 - Week 5 (29th - 31st):
- As dollar value fell after the Labour Department report hit the news, gold prices started on a high on the the 29th at Rs.3,060 per gram.
- On the 30th, gold prices saw no change in prices as demand didn’t change much as market came into grips with the latest job update.
- However, the last day of May saw prices go up slightly to Rs.3,065 per gram to end the month on a relatively high note.
- All in all, gold rates in Ahmedabad inclined at a marginal rate of 0.22% for the month of May, despite witnessing some potentially market meltdown moments.
- The slight incline in May was a much needed after prices fell the previous month.
|April 1st Rate||Rs.3,043 per gram|
|April 30th Rate||Rs.3,058 per gram|
|Highest Rate in April||Rs.3,118 per gram from 14th-16th April|
|Lowest Rate in April||Rs.3,058 per gram from 27th - 30th April|
April ’17- Week 1 (1st to 9th)
- The price of gold in the first week of April rose gradually as markets conditions were favourable.
- Gold traded at Rs.3,043 per gram on 1st April, with the price remaining constant till 4th April due to steady demand.
- Prices rose sharply to trade at Rs.3,064 per gram on 5th April as markets dropped due to escalating tensions in the U.S. over North Korea’s missile testing and fears of aggression in the region.
- Industrial demand for gold rose in the last few days, as gold ended the week trading at Rs.3,060 per gram on 9th April.
April ’17 – Week 2 (10th to 16th)
- Prices fluctuated due to a decline in demand from jewellers and conflicting cues from the stock markets.
- Gold was priced at Rs.3,038 per gram on 10th April but prices rose to Rs.3,050 per gram on 12th April as domestic demand bolstered prices.
- A sharp spike in the price was observed on 13th April, when gold traded at Rs.3,092 per gram due to the markets plunging in a single day’s trading.
- Prices fell as the U.S. Dollar recovered and traded higher against global currencies, which boosted stock markets, however gold prices rose, trading at Rs.3,118 per gram as the week ended.
April ’17 – Week 3 (17th to 23rd)
- The trend in the third week of April was one of a decline in price as stock markets stabilised after the uncertainty of the previous weeks, which led to a reduction in demand for gold.
- The yellow metal traded at Rs.3,117 per gram on 17th April as industrial demand from Asia was muted due to high export costs.
- The U.S. Dollar continued to gain against other currencies as European markets also strengthened, which led to a drop in investment in the metal.
- Gold traded at Rs.3,113 per gram on 19th April, with the price remaining constant till the end of the week due to stagnant demand.
April ’17 – Week 4 (24th to 30th)
- The last week of April saw the price of gold continue to fall due to declining demand from both jewellers as well as industry.
- Gold traded at Rs.3,097 per gram on 24th April as local demand fell following the end of the wedding season. A strong stock market also led to a drop in interest in gold among investors.
- Prices fell to Rs.3,058 per gram on 27th April as Asian markets cut imports due to a slowing down of industrial production, which in turn affected demand across the region.
- Gold prices were constant, as the month ended with the metal trading at Rs.3,058 per gram on 30th April to record a minimal increase of 0.49% over the month.
|March 1st Rate||Rs.3,080 per gram|
|March 31st Rate||Rs.3,029 per gram|
|Highest Rate in March||Rs.3,080 per gram on 1st and 2nd March|
|Lowest Rate in March||Rs.2,974 per gram from 15th to 17th of March|
March ‘17 - Week 1 (1st to 5th)
- Due to positive cues from markets in both India and abroad, gold opened at Rs.3,080 per gram on the 1st of March in Ahmedabad.
- There was stable demand for this metal resulting in this rate sustaining the next day as well. This was also the highest at which gold traded for the month.
- However, the price of gold fell slightly the next day due to slight recovery in the rate of the U.S. Dollar to trade at Rs.3,056 per gram.
- This rate was maintained until the end of the first week of March due to steady demand.
March ‘17 - Week 2 (6th to 12th)
- Gold rate was stable at Rs.3,056 per gram on the 6th and 7th of March before rising to Rs.3,062 per gram on the 8th of March.
- This increase in gold rate was not sustained however, due to a fall in demand and hence the rate of gold reduced to Rs.3,044 per gram on the 9th of March. Price of gold was steady at Rs.3,044 per gram on the 10th as well.
- As the week progressed, price of gold continued to fall to trade at Rs.3,023 per gram on the 11th of March.
- There were no variations whatsoever noted in the price of gold for the rest of the week as gold rate continued to trade steadily at Rs.3,023 per gram until the end of the week.
March ’17- Week 3 (13th to 19th)
- Price of gold was Rs.3,023 per gram which was a continuation of the rate noted during the end of the second week of March.
- On the 15th of March, demand for this precious metal fell to a monthly low resulting in the reduction of gold rate. This metal traded at Rs.2,974 per gram on the 15th and was steady at this rate until the 17th of March.
- On the 18th, rate of gold increased to trade again at Rs.3,023 per gram and stayed stable at this rate until the end of the week.
March ’17- Weeks 4 (20th to 26th)
- On the 20th of March, ratee of gold was Rs.3,028 per gram which was a slight recovery from that of the previous week’s prices.
- This rate was not sustained however and the rate of gold fell by Rs.10 the next day to trade at Rs.3,018 per gram.
- A recovery in demand for this precious metal and positive cues from markets abroad resulted in the rate of gold shooting up to Rs.3,060 per gram.
- There were some fluctuations noted in the rate of gold during the fourth week of March.
- Rate of gold fell by Rs.10 the next day to trade at Rs.3,050 per gram and stayed steady at this price until the end of the week.
March ’17- Weeks 5 (27th to 31st)
- There was a marginal recovery noted in the rate of gold on the 27th of March wherein this precious metal traded at Rs.3,065 per gram before falling to Rs.3,060 per gram on the 28th of March.
- Price of gold varied between Rs.3,045 per gram to Rs.3,049 per gram between the 29th and 30th of March.
- Demand for this metal could not be maintained resulting in gold trading at Rs.3,029 per gram which was a fall of 1.65% as compared to the rate noted at the beginning of the month of March.
|February 1st Rate||Rs.3,035 per gram|
|February 28th Rate||Rs.3,095 per gram|
|Highest Rate in February||Rs.3,101 per gram from 25th February to 27th February|
|Lowest Rate in February||Rs.3,034 on 4th and 5th of February|
February ‘17 - Week 1 (1st to 5th)
- Gold opened at Rs.3,035 per gram on the 1st of February in Ahmedabad due to relatively high demand for this metal in the city.
- Due to a further increase in demand for gold, the price of gold increased slightly by Rs.3 the next day to trade at Rs.3,038 per gram.
- This rate was maintained until the next day after which there was a minor decline in gold prices in Ahmedabad.
- Local demand was low, which kept prices stable in spite of increasing demand overseas.
- Rate of gold was stable at Rs.3,034 per gram on the 4th and 5th of February due to sustained demand.
- Industrial demand fluctuated, which led to prices falling as the week ended.
February ‘17 - Week 2 (6th to 12th)
- The second week saw the price of gold rise marginally, though demand was still muted due to poor local demand.
- Gold was priced at Rs.3,044 per gram on 6th February before rising up to trade at Rs.3,075 per gram the next day.
- This could be attributed to high demand for this metal in both domestic as well as international markets.
- Gold price in Ahmedabad were steady at Rs.3,075 per gram on the 8th and 9th of February before falling marginally.
- Unsteady demand resulted in gold trading at Rs.3,068 per gram on the 10th and 11th of February before plunging to Rs.3,048 per gram on the last day of the month.
- Poor local and international demand resulted in the price of gold reducing.
February ’17- Week 3 (13th to 19th)
- Gold Price in Ahmedabad in the third week of February increased as the week progressed due to positive cues from international markets.
- Gold traded at Rs.3,044 per gram on 13th February and stayed steady at this rate until the 15th after which rate increased by Re.1 on the 16th of February.
- Gold rates improved slightly to trade at Rs.3,070 per gram on the 17th of February and was steady at this rate until the very end of the week.
- This could be attributed to stable demand for this metal in both domestic as well as international markets.
- The ongoing wedding season could also be a reason for the stable demand which was reflected in the stability noted in gold rates.
February ’17- Weeks 4 & 5 (20th to 28th)
- Prices in the last few days of February saw prices rise due to increased demand, with gold trading at Rs.3,070 per gram on 20th February.
- Due to steady demand, the price of gold in Ahmedabad was stable at Rs.3,070 per gram until the 24th of February.
- There was a rise in demand for this precious metal as the month came to an end with gold trading at Rs.3,101 per gram from the 25th to the 27th of February. This was also the highest rate at which gold traded at for the month of February in Ahmedabad.
- As the month came to an end, a rise of 1.97% in the rate of gold was noted.
|January 1st Rate||Rs.2,893 per gram|
|January 31st Rate||Rs.3,017 per gram|
|Highest Rate in January||Rs.3,060 per gram on the 23rd and 24th|
|Lowest Rate in January||Rs.2,841 per gram on the 10th and 11th|
|Percentage Change||+ 4.28%|
January 2017 - Week 1 (1st - 7th)
- Gold prices increased in the city during the 1st week because of an increase in international gold demand coupled with an increase in gold orders by local jewellers.
- On the 1st and 2nd days of the month, gold traded at Rs.2,893 per gram.
- Prices dropped marginally due to fluctuations in demand, as gold traded at Rs.2,888 per gram.
- By the end of the week, the prices rose once again to Rs.2,937 per gram.
January 2017 - Week 2 (8th - 14th)
- Ahmedabad witnessed some fluctuations due to unfavourable market conditions, which reduced demand during the 2nd week.
- The price of gold on 8th January was Rs.2,937 per gram.
- Contrary to prevalent trends, gold prices in Ahmedabad fell on the 10th and 11th, trading at Rs.2,841 per gram, which were also the lowest rates for the month.
- Gold prices rose on the 12th to Rs.2,990 per gram, remaining constant until the 14th.
January 2017 - Week 3 (15th-21st)
- This week saw an increase in gold prices in Ahmedabad. Global geo-political conditions resulted in an increase in gold prices this week. Brexit discussions led to a drop in markets in the UK, which increased demand for gold.
- On the 15th, gold traded at Rs.2,990 per gram, with prices rising due to uncertainties in the global market as a result of the change in leadership in the United States.
- For most of the week, gold traded at Rs.3,034 per gram, with prices stable due to steady demand.
- On 21st, the price dropped marginally as gold traded at Rs.3,024 per gram.
January 2017 - Week 4 and 5 (22nd - 31st)
- Gold prices fluctuated during the week due to uncertainty over the effect of the travel ban in the United States.
- Gold was priced at Rs.3,024 per gram on 22nd January.
- On 23rd and 24th, gold traded at Rs.3,060 per gram, which was the highest for the month.
- Prices fell immediately to Rs.3,032 on the 25th and kept decreasing due to a decline in domestic demand.
- The week ended with gold trading at Rs.3,017 per gram on the 31st.
|December 1st Rate||Rs.2,963 per gram|
|December 31st Rate||Rs.2,893 per gram|
|Highest Rate in December||Rs.2,963 per gram on the 1st and 2nd|
|Lowest Rate in December||Rs.2,825 per gram on the 22nd and 23rd|
December Week 1 (1st - 4th):
- The first week of December saw gold prices remain on the higher side for the month as compared to the rest of the month.
- Demonetisation blow, the unavailability of sufficient liquid cash, and tightening of laws curtailed gold prices from climbing.
- On the 1st and 2nd of the month, gold traded at Rs.2,963 per gram, which also happened to be the highest gold rate for December.
- The 3rd saw prices decrease to Rs.2,958 per gram, which continued until the end of the week on the 4th.
- Overall, gold price trend during the first week of December was the highest for the entire month.
December Week 2 (5th-11th):
- When week 2 began on the 5th, gold was still trading at the same price as on the 4th as prices stood at Rs.2,958 per gram.
- Gold prices were the same during the 6th as well.
- On the 7th, however, gold prices dipped significantly by Rs.34 to hit Rs.2,928 per gram and increased by just Re.1 to trade at Rs.2,927 per gram on the 8th.
- The 9th saw prices decrease further down to trade at Rs.2,918 per gram - a Rs.9 per gram change.
- Prices remained the same as the 9th on 10th and till the week ended on the 11th.
December Week 3 (12th-18th):
- When trading began for the third week on the 12th, gold was still trading at Rs.2,918 per gram, same as on the 11th.
- On 13th, due to lack of demand, prices decreased further as gold traded at Rs.2,903 per gram.
- The same price trend from the 13th continued on till the closing house of the 16th.
- 17th of the month saw prices fall significantly by Rs.57 per gram to hit Rs.2,846 per gram.
- At the time of closing on the 18th, gold prices held on at Rs.2,846 per gram.
December Week 4 (19th- 25th):
- On 19th when trading began, gold prices were holding steady at Rs.2,846 per gram and remained there for much of the week till the 21st.
- The 22nd and 23rd saw gold prices reach their lowest for the month as the metal traded at Rs.2,825 per gram.
- Rates, however, picked up slightly courtesy of Christmas and New Year.
- On Christmas eve day, gold prices increased by Rs.25 and traded at Rs.2,850 per gram. This rate continued on till the 25th - the day of Christmas.
December Week 5 (26th - 31st):
- As Christmas festivities drew to a close, gold prices plummeted on boxing day during which the yellow metal traded at Rs.2,835 per gram.
- The 27th saw a sudden increase in price courtesy of new year shoppers, as gold began to trade at Rs.2,851 per gram - a Rs.16 increase.
- On the 28th and 29th, gold prices climbed up furthermore to trade at Rs.2,876 per gram, a Rs.25 per gram increase.
- Gold prices surged on the penultimate day of 2016 as prices increased again for gold to trade at Rs.2,903 per gram.
- As the year drew to a close on the 31st, gold prices dipped and traded at Rs.2,893 per gram.
- Overall, gold prices declined for most of December which stood at -2.36%.
|Highest Price||Rs.3,252 from 3rd to 6th November|
|Lowest Price||Rs.2,981 from 25th November to 2th November|
November 2016 - Week 1 (1st - 6th)
- Gold prices opened at Rs.3,199 per gram at the beginning of the 1st of November and the rate continued to be the same on the 2nd of November as well.
- During the 3rd November, prices climbed up by Rs.53 to reach Rs.3,252 as demonetization was announced and people started to buy more gold.
- The same rate as on 3rd November continued till the 6th of November as people started using their Rs.500 and Rs.1,000 notes to buy gold.
- The week ended with gold rates remaining at Rs.3,252 at the time of closing on the 6th of November.
November 2016 - Week 2 (7th-13th)
- The first two days of November week 2 was subject to some massive fluctuations as demand for gold had increased.
- Gold traded at Rs.3,234 on the 7th of the month and went down to Rs.3,219 as jewellery stores were unsure whether they should take Rs.500 and Rs.1,000 in exchange for gold purchases.
- For the next three days i.e., the 9th to 11th of November gold rates remained the same at Rs.3,242 as people restrained from using their Rs.500 and Rs.1,000 notes.
- At the end of the week on the 12th and 13th though, prices decreased furthermore and ended at Rs.3,175 at the time of closing of the week.
November 2016 - Week 3 (14th-20th)
- At the beginning of week 3 on 14th, gold rates maintained the same rate as the 13th and traded at Rs.3,175.
- This trend continued for the next four days, from 15th to 18th. No fluctuations were to be found as prices remained at Rs.3,175.
- On the 19th and 20th though, prices feel by more than Rs.100 and happened to close at Rs.3,075 at the end of the week.
November 2016 - Week 4 and 5 (21st to 30th)
- As the entire nation was hit by Prime Minister Narendra Modi’s surgical strike on black money began to take effect, gold prices decreased considerably.
- Gold prices were at Rs.3,074 at the beginning of the week and saw quite a few fluctuations.
- On 23rd, prices went up by just Re.1 to Rs.3,075 and took a considerable fall of Rs.54 to reach Rs.3,021 at the end of 24th November.
- For the 25th and 26th of November, prices again fell by about Rs.40 ,and went on to reach Rs.2,981.
- The 27th of the month though saw prices increased slightly as it reached Rs.3,003 - a hike of Rs.22.
- On the 28th, prices again rose by Rs.18 to reach Rs.3,021.
- At the end of the month on the 29th and 30th of November, prices took a small tumbled as it closed at Rs.3,012.
- There was an overall decline of -5.84% in gold prices as compared to the beginning of the month.
|Highest Price||Rs.3,304 on 1st October|
|Lowest Price||Rs.3,157 from 7th October to 13th October|
October 2016 – Weeks 1 and 2 (1st to 9th)
- Though the interest rate hike by the U.S. Federal Reserve has been put on hold till December, expectations have sprouted again as a further delay in the hike could lead to other problems for the economy.
- Gold rates were recorded at Rs.3,304 on the 1st of October.
- Prices dropped to Rs.2,373 on the 2nd and remained unchanged until the 4th, after which declines were recorded on the following two days as well.
- Prices dropped again on the 7th and stood at Rs.3,157 until the 9th of October, and the overall decline in prices between the 1st of the month and the 9th was Rs.147.
October 2016 – Week 3 (10th to 16th)
- Gold rates grew stronger this week as prospects of the U.S. Fed rate hike moved at a slow pace.
- The price of gold per gram remained unchanged from the closing levels of the previous week and prices were recorded at Rs.3,157 until the 13th of the month.
- Prices then increased by Rs.5 on the 14th and remained unchanged at Rs.3,162 until the close of the week.
- In comparison with the previous week, gold prices increased by Rs.5 between the 10th and 16th of October.
October 2016 – Week 4 (17th to 23rd)
- There was little talk of the interest rate hike by the U.S. Federal Reserve this week.
- Rates remained unchanged at Rs.3,162 throughout the week.
October 2016 – Week 5 (24th to 31st)
- Gold prices rose this week as festive demand picked up in the domestic market.
- Although there was no change in rates on the first day of the week, prices rose to Rs.3,189 on the 26th of October and remained stable until the 29th.
- On the 30th of October, prices hit Rs.3,199 and remained stable for another day to close the month at the same rate.
- The overall decline in prices between the first and last day of October was 3.18%.
|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
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- Hallmark, KDM and 916 Varieties of Gold
- Importance of Akshaya Tritiya in India
- 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 rates hold firm and set for first weekly rise in three
Price of gold held firm and remained on course for its first weekly rise in three. Spot gold reduced by 0.1% to trade at $1,224.90 per ounce and hit $1,233.13 which is the highest since March 6. S gold futures reduced by 0.2% to trade at $1,224.60. Holdings of the largest gold-backed exchange-traded fund in the world, SPDR Gold Trust fell by 0.28% to trade at 837.06 tonnes.
The Federal Reserve increased the US interest rates for the second time in a period of 3 months but did not put forth any plan to accelerate the pace of monetary tightening as many had expected.
The dollar index held near five week lows hit in the previous session.
17th March 2017
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
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