Gold Rate In Ahmedabad Today

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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 rate in Ahmedabad 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.

Trend of Gold Rate in Ahmedabad for June 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Ahmedabad for June 2020:

• Gold opened the month of June at Rs.4,727 per gram in Ahmedabad. There was no change in the rates when compared to the price charged on the final day of the previous month.
• Over the month the rates of the yellow metal witnessed an inclining trend in the city as demand increased over fears of a second wave of coronavirus cases across the world. Grim outlook on the economic scenario by the U.S. Federal Reserve also played its part.
• Gold recorded its highest and lowest price for the month on 30th and 8th of July. On the mentioned dates, a gram of the 24-karat gold was retailed for Rs.4,959 and Rs.4,706. The precious metal which witnessed constant fluctuations over the month recorded a percentage of 4.90% in the rates.

Trend of Gold Rate in Ahmedabad for May 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Ahmedabad for May 2020:

• In the month of May, the price of gold in Ahmedabad opened at Rs.4,699 per gram and desite a rise in the price of yellow metal in the middle of the week, the rate dropped to Rs.4,694 by the end of the first week. This spike in prices was due to the rising tensions between US-China tensions following the US President’s threat to impose new tariffs on China. However, the ease in lockdown restrictions in many countries around the world improved risk appetite across the globe which led to the fall in gold prices by the end of the week. The lowest price point for the month was also in this first week at Rs.4,646 per gram on 2 May.
• The second week of May started off by being favorable for gold with international prices hovering around a 2-week high as investors anticipated good numbers from the US non-farm jobs payroll data report. The week started off with gold being at Rs.4,694 per gram for 24 karat and ending the week at Rs.4,720 per gram. Prices eased as the possibility of negative interest rates in the US was rejected by the US government. The ever mounting US-China trade tensions and fears around recession continued to keep prices going steadily throughout the second week of the month.
• The third week of the month saw the highest price points for gold on 18 and 19 May at Rs.4,883 per gram in response to increasing fears of a global recession, rising US-China trade tensions, and no solution for the abating of the coronavirus. The price of gold at the beginning of the week was at Rs.4,788 per gram which by the end of the week was Rs.4,851 per gram for 24 karat. However, prices were held steady by a firm US dollar, increasing economic stimulus measures by central banks, easing of restrictions around the lockdown in several countries, and anticipation of successful early-stage trials of a coronavirus vaccine.
• In the fourth week of May, there was a drop in prices of the yellow metal as Japanese equities rose in response to a potential stimulus package. Although the risk appetite improved due to the rise in Japanese equities, it was held in check by tensions around Hong Kong leading to volatility in the stock market. However, the easing of restrictions and the US dollar continuing to hold steady helped to keep the appeal of safe-haven investments fresh. Overall, the trend of gold prices for the month of May in Ahmedabad was at an incline of 0.59% as gold closed at Rs.4,727 on the last day of the month clearly showcasing the continuing unpredictability of political and economic factors around the world.

Trend of Gold Rate in Ahmedabad for April 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Ahmedabad for April 2020:

• The prices of gold in Ahmedabad for the month of April opened at a Rs.4,229 for 24 Karat gold. This price remained unchanged for the first 20 days of the month. The reason behind prices remaining unchanged was due to global trends surrounding the coronavirus pandemic. Nations all over the world were forced go into lockdown and practice social distancing norms as fears of a global recession loomed large due to the outbreak of coronavirus, due to which the global economy took a severe hit. However, while traders moved towards more safe-haven investments such as bullions, the prices were held back from rising exponentially due to the dollar holding strong as several economic stimulus measures were announced by the US Federal Reserve as well as the central banks of almost every other country.
• As mentioned earlier, the price of gold remained steady at Rs.4,229 per gram for 24 Karat gold for the entire week. There was tentative pull towards equities after reports of a slowdown in coronavirus-related deaths coming in from several parts of the world emerged. However, investors decided to turn to gold which is considered as a safe-haven investment because of the ever-widening reach of the coronavirus which continued to impact the global markets.
• In the third week of April, gold continued to remain unchanged at Rs.4,229 per gram for 24 Karats, which by now was also the lowest price for gold in the month of April. The price of gold was impacted due to the release of the US payroll data which confirmed a gloomy projection for the economy as coronavirus forced every state in the US to continue the lockdown process and practice social distancing norms. The investors turned to yellow metal after US crude oil futures dropped to historic lows. The traders continued to be wary of equities and preferred to stick to bullions instead. This was also in response to increasing fears of a global recession which lowered the risk appetite of investors around the world.
• In the last week of April, the prices of gold suddenly started changing, rising abruptly to Rs.4,727 per kg for 24 Karat at the beginning of the fourth week. This was an abrupt increase from the Rs.4,229 that it had remained on for almost 20 days previously. Gold touched its highest price point of Rs.4,846 per gram on 29 April. This was due to the havoc created by Covid-19 around the world as the death toll remaining high. Along with the weakening US dollar, optimism of the economy reopening in the US and other countries also fizzled out, forcing the investors to turn to yellow metal as a safe haven in volatile times. The overall trend for gold in Ahmedabad in April thus remained on a firm incline of 12.57% throughout.

Trend of Gold Rate in Ahmedabad for March 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Ahmedabad for March 2020:

• In Ahmedabad, gold price stood at Rs.4,291 per gram at the start of March. The rates of the precious metal were on an upward curve in the opening week as investors hoped for the US Federal Reserve to cut the interest rates. Gold recorded its highest price for the month on 7th March with a gram costing Rs.4,497.
• The rates remained stagnant for the next couple of days before dropping to Rs.4,446 per gram on 10th March as traders sold their assets to hoard cash. However, with global central banks announcing measures to combat the impact of coronavirus, the rates increased slightly before slipping again in the city.
• Gold recorded its lowest price for the month on 18th and 19th March as investors continued to sell off their assets. With global central banks coming up with measures to counter the effect of coronavirus, the rates of yellow metal climbed to Rs.4,229 per gram on 21st March.
• Over the final week, gold prices didn’t see any change in Ahmedabad. This was accounted to not much activity with almost every country in the world being under lockdown. The precious metal closed the month at Rs.4,229 per gram with the prices declining by 1.44% in the city over the month of March.

Trend of Gold Rate in Ahmedabad for February 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Ahmedabad for February 2020:

• Gold opened on 1 February 2020 in Ahmedabad at a price of Rs.4,194 per gram. The rate had then boosted to Rs.4,217 per gram on 4 February. This can be associated with the rise in appetite for safe havens as people viewed gold as an alternative for cash. This boost in finding refuge in gold was due to the scare of the Coronavirus. On the last day of the week, 9 February, the price of the metal had gone up to Rs.4,204 per gram.
• Gold set foot into the second week of February at a price of Rs.4,205 per gram. By 12 February, the yellow metal had taken a hit as there was an increase in risk sentiment. A boost in appetite for equities, driven by hopes to counter the epidemic had led to the dip in the price of gold to Rs.4,205 per gram on 15 February. The curtains closed on the second week of the month with gold priced at Rs. 4,229 per gram.
• After maintaining a steady rate for two days, the rate of the metal dipped to Rs.4,219 on 18 February as the U.S. dollar had inched to a four-month high. Another impetus for this drop was the spread of the Coronavirus. The epidemic weighed on Asian equities and this had limited the bullion’s downside. The week ended with the metal seeing a jump in its rate to Rs.4,394 per gram as investors found refuge in this safe haven metal.
• On 25 February, gold prices rose to Rs.4,425 per gram. This was because the global epidemic once again stimulated safe haven buying by traders. By the end of the month, the price of the precious metal fell as a result of traders taking profits after an intense price rally. By 29 February, gold was priced at Rs.4,379 per gram.

Trend of Gold Rate in Ahmedabad for January 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Ahmedabad for January 2020:

• A gram of gold in Ahmedabad was priced at Rs.4,023 per gram on 1 January and showed an inclining trend through the first week. With the metal hitting its monthly high at Rs.4,256 per gram due to the rising tensions in the Middle East and the impeachment inquiry on President Trump, the first week of the new decade was beneficial for the traders investing in gold.
• However, the rising prices of the metal were short-lived as the metal’s prices dipped in the second week of the month. This was due to investors having a higher risk appetite shifted to the stock market after the Interim Phase-1 trade deal was finally signed between the U.S. and China. The precious metal was priced at Rs.4,095 per gram on 16 January.
• With the outbreak of the Coronavirus becoming more prominent around the globe, investors awaited on the development and took into account its effect on the stoke markets. The traders also waited on the decision by the United States Federal Reserve on possible rate cuts. The price of the yellow metal remained steady in the third week of the month at Rs.4,095 per gram from 16 January to 20 January.
• However, as the virus caused many deaths around the world and the outbreak was seen all over the globe, the WHO declared a Global Health Emergency. In light of this, investors shifted back to the bullion market because of its safe-haven appeal, thus increasing demand. The major rise in prices of the metal occurred during this time and closed the month at Rs.4,194 per gram with a percentage incline of 4.32.

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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.

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.