Gold Rate in Ahmedabad

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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.

Trend of Gold Rate in Ahmedabad for August 2018 (rates per gram)

Parameters	Gold price (24 karat)
August 1 Rate	Rs.3,078 per gram
August 31 Rate	Rs.3,103 per gram
Highest Rate in August	Rs.3,108 per gram on 28 and 29 August
Lowest Rate in August	Rs.3,026 per gram on 17 August
Overall Monthly Performance	Incline
Percentage Change	0.81%

August 2018 - Week 1 (1 - 5):

• Trading commenced for the month with gold price in Ahmedabad holding at Rs.3,078 per gram on the 1st amid steady demand and positive global cues.
• However, with the US dollar rising against a basket of other major emerging currencies ahead of the Federal Reserve statement, demand for the metal dropped during the week.
• Gold in Ahmedabad was recorded trading at Rs.3,078 per gram on the 2nd before plummeting to Rs.3,051 per gram the next day.
• With markets speculating ahead of the Fed Reserve’s monetary policy review, the dollar strengthened further and gold rate in Ahmedabad holding at Rs.3,036 per gram on the 5th as the week came to an end.

August 2018 - Week 2 (6 - 12):

• The second week began with gold price in Ahmedabad standing at Rs.3,036 per gram on the 6th with subdued but steady demand from local industries, jewellers and retailers amid the weak trend overseas.
• rates , however, recovered during the week with the US dollar losing ground as the US jobs data indicated a drop in the number of jobs contributing to the US economy.
• This led to gold in Ahmedabad being priced at Rs.3,046 per gram on the 8th before rising to Rs.3,051 per gram the next day.
• The week came to an end with gold rate in Ahmedabad holding firm at Rs.3,051 per gram on the 12th with steady investor demand amid the weakened US dollar and equity markets.

August 2018 - Week 3 (13 - 19):

• When trading commenced for the week, the precious was priced at Rs.3,051 per gram on the 13th with domestic markets riding on the back of the weakened greenback and equities.
• Strong global demand coupled with favourable market trends led to gold price in Ahmedabad rising to Rs.3,062 per gram on the 14th which rose further to Rs.3,072 per gram the next day.
• Gold in Ahmedabad dropped to a monthly low of Rs.3,026 per gram on the 17th as the US dollar dominated against a basket of other major currencies at the global level.
• Poor domestic demand coupled with weak overseas trends led to gold price in Ahmedabad remaining untouched at Rs.3,026 per gram for the remainder of the week.

August 2018 - Week 4 (20 - 26):

• Gold in Ahmedabad was recorded trading at Rs.3,036 per gram on the 20th when the week began amid firm trends overseas.
• The 22nd saw gold rate in Ahmedabad surging to Rs.3,046 per gram after a drop in the dollar value led to an increase in investor demand for the metal.
• With the US President criticizing the Fed Reserve’s decision to raise the US interest rates, the dollar dropped further.
• Strong global demand coupled with positive market cues led to gold price in Ahmedabad closing at Rs.3,056 per gram on the 26th.

August 2018 - Week 5 (27 - 31):

• The final week gold rate in Ahmedabad rising considerably on account of strong trends overseas that pushed demand higher around the world.
• Gold in Ahmedabad was priced at Rs.3,057 per gram on the 27th when the week began.
• With domestic bullion markets capitalising on the weakened US dollar, gold price in Ahmedabad surged considerably during the week.
• With investors and market participants refraining from making purchases ahead of the Federal Reserve Chairman’s statement on the US interest rate hike, the dollar value plunged. This led to gold rate in Ahmedabad touching a monthly high figure of Rs.3,108 per gram on the 28th and the 29th.
• The month concluded with gold finishing at Rs.3,103 per gram on the 31st and Ahmedabad registering an incline of 0.81% in gold rates during the course of the month.

Trend of Gold Rate in Ahmedabad for July 2018 (rates per gram)

Parameters	Gold price (24 carat)
July 1 Rate	Rs.3,138 per gram
July 31 Rate	Rs.3,078 per gram
Highest Rate in July	Rs.3,071 per gram on 6 July
Lowest Rate in July	Rs.2,986 per gram from 29 - 31 July
Overall Monthly Performance	Decline
Percentage Change	-1.91%

July 2018- Week 1 (1-6)

• Gold rates in Ahmedabad were on the rise in the first week of July as consistent demand and few fluctuations led to stable price patterns.
• The precious metal opened at Rs.3,138 per gram and prices did not fluctuate for a few days in spite of a rise in demand for the metal due to the falling rupee.
• Local retail demand was on the decline but industrial demand was in line with trends seen overseas, as gold rose to Rs.3,149 per gram on 5 July.
• The rise in price continued as the week ended on 6 July, with gold priced at Rs.3,149 per gram on stable demand.

July 2018- Week 2 (7-13)

• Gold continued to trade at a stable rate during the week, opening at Rs.3,154 per gram on 7 July as the rupee recouped some of its earlier losses.
• The possibility of a trade war due to escalating tensions between China and the United States led to a higher interest in bullion both domestically and overseas.
• Prices dipped marginally due to demand vagaries, as gold traded at Rs.3,149 per gram from 8-10 July.
• Gold prices rose briefly as investors offloaded the dollar over fears of the trade war affecting its prospects, as the metal traded at Rs.3,159 per gram on 11 July.
• Demand for the yellow metal fell as the dollar recovered, resulting in gold falling to Rs.3,144 per gram as the week ended on 13 July.

July 2018- Week 3 (14-20)

• A sharp drop in the gold price in Ahmedabad was observed in the third week, as gold opened the week at Rs.3,108 per gram, the drop attributed to the continued fall of the rupee.
• Prices did not see much in the way of fluctuation for a few days as the falling rupee capped possible gains.
• Investors also stayed away from bullion investments after the Federal Reserve indicated it might step up the pace of rate hikes, which would make gold an unviable asset in the long-term.
• Prices dropped further as both industrial, as well as retail demand, was slow, trading at Rs.3,083 per gram on 20 July.

July 2018- Weeks 4 and 5 (21-31)

• The last two weeks saw gold prices continue to fall, trading at Rs.3,083 per gram when the week began.
• The steady drop in retail demand severely affected local prices, as industrial demand could not prop up gold rates.
• Prices rose to Rs.3,098 per gram from 22-24 July as a sudden dip in the dollar led to investor interest in gold increasing.
• Stable local equity markets led to a declining interest in the precious metal among buyers, as gold once again fell to Rs.3,083 per gram on 25 July.
• There were minor fluctuations in price as gold closed the month at Rs.3,078 per gram to record a 1.91% fall in value.

Trend of Gold Rate in Ahmedabad for June 2018 (rates per gram)

Parameters	Gold price (24 karat)
June 1 Rate	Rs.3,203 per gram
June 30 Rate	Rs.3,159 per gram
Highest Rate in June	Rs.3,206 per gram on 2 June
Lowest Rate in June	Rs.3,149 per gram from 23 to 25 June and on 28 June
Overall Monthly Performance	Decline
Percentage Change	1.37%

June 2018 - Week 1 (1st - 10th):

• When trading began in Ahmedabad, gold prices were recorded holding at Rs.3,203 per gram on the 1st amid strong market trends overseas.
• Gold rates surged to Rs.3,206 per gram - the highest recorded month figure - on the 2nd on account of an incline in industrial offtake for the precious metal.
• However, with the US employment data indicating an increase in the number of jobs contributing to the nation’s economy, the US dollar surged. This led to gold being priced at Rs.3,165 per gram on the 3rd.
• Thanks to steady domestic demand, prices remained untouched at Rs.3,165 per gram over the next couple of days before surging to Rs.3,170 per gram on the 6th.
• The 8th saw gold rates rising further to Rs.3,180 per gram as global markets tumbled following disagreements between the participating nations of the G7 summit, weakening the US dollar.
• However, with the US dollar index regaining lost ground, demand for the metal plunged and the yellow metal was recorded trading at Rs.3,170 per gram on the 9th.
• Trading concluded for the week with the bullion priced at Rs.3,170 per gram with subdued but steady demand for the precious metal.

June 2018 - Week 2 (11th - 17th):

• The week began with gold trading firm at Rs.3,170 per gram on the 11th before surging to Rs.3,195 per gram the next day with bullion markets capitalising on the weakened US dollar.
• Rates dropped marginally to Rs.3,190 per gram on the 13th with market participants suspending purchases amid possibilities of a Fed rate hike by the US central bank.
• Gold price in Ahmedabad remained unaltered at Rs.3,190 per gram until the 16th with subdued but steady demand from local jewellers, retailers and industries amid the weak trend overseas.
• The week came to an end with gold rate in Ahmedabad holding at Rs.3,190 per gram on the 17th.

June 2018 - Week 3 (18th - 24th):

• Trading opened for the week with gold price in Ahmedabad holding at Rs.3,179 per gram after rates dropped by Rs.11 on the 18th with the bullion market losing against the strengthening US dollar.
• Thanks to an increase in retail demand from the domestic markets, gold rates rose to Rs.3,182 per gram on the 19th.
• Gold was recorded trading at Rs.3,186 per gram on the 22nd before plummeting to Rs.3,149 per gram on the 23rd after the US dollar index touched its highest level since eleven months against other apex currencies at the international level.
• When trading concluded for the week, the yellow metal prices were recorded holding at Rs.3.149 per gram on the 24th with poor global demand amid the week market trends overseas.

June 2018 - Week 4 (25th - 30th):

• The last week of June began with gold priced at Rs.3,149 per gram on the 25th with the greenback capitalising on its gains from the previous week’s session.
• Rates rose to Rs.3,154 per gram on the 26th as domestic demand stabilised amid the weak trend overseas.
• Prices remained untouched at Rs.3,154 per gram the next day before hitting a monthly low figure of Rs.3,149 per gram on the 28th amid the strong dollar and well-performing equities.
• Trading closed for the month with the bullion prices holding slightly higher at Rs.3,159 per gram on the 30th with steady demand from local jewellers, retailers and industries amid firm global cues.
• Poor market trends overseas coupled with reduced domestic demand led to gold rates in Ahmedabad dropping by 1.37% during the course of the month.

Trend of Gold Rate in Ahmedabad for May 2018 (rates per gram of 24 karat gold

Parameters	Gold price (24 karat)
May 1 Rate	Rs.3,227 per gram
May 31 Rate	Rs.3,206 per gram
Highest Rate in May	Rs.3,242 per gram on 14 May
Lowest Rate in May	Rs.3,191 per gram on 22 & 23 May
Overall Monthly Performance	Decline
Percentage Change	-0.65%

May 2018 - Week 1 (1st - 6th)

• Trading commenced for the month in Ahmedabad with gold prices holding at Rs.3,227 per gram on the 1st amid positive overseas cues.
• With the US greenback rising against other apex currencies, demand declined over the next couple of days and gold was recorded trading at Rs.3,203 per gram on the 3rd.
• Prices dropped further to Rs.3,190 per gram on the 4th with local demand held in check by the strengthened US dollar index and well-performing equity markets.
• However, an incline in industrial offtake despite the poor trend overseas led to rates rebounding to Rs.3,213 per gram on the 6th.

May 2018 - Week 2 (7 th- 13th)

• The second week saw gold prices fluctuating considerably due to vagaries in demand brought about by the enevenly performing US dollar and equities market.
• Gold was priced at Rs.3,213 per gram on the 7th, when the week began with domestic markets capitalising on the previous session’s gains.
• The 8th witnessed the yellow metal rates surging to Rs.3,227 per gram as the US dollar weakened with market participants refraining from making purchases amid the ongoing US-China trade war concerns.
• Prices plunged to Rs.3,217 per gram on the 9th before an increase in industrial orders from the Asian continent led to gold rates rebounding to Rs.3,221 per gram on the 10th.
• Thanks to steady demand from local jewellers, retailers and coin makers, prices remained untouched at Rs.3,221 per gram for the remainder of the week.

May 2018 - Week 3 (14th- 20th)

• Trading opened for the week with gold rates in Ahmedabad holding at Rs.3,242 per gram - the highest recorded monthly figure - on the 14th.
• The rise in prices was mainly attributed to the strong safe haven demand brought about by the ongoing geopolitical tensions in the US and Europe.
• With domestic demand stabilising over the next couple of days, gold was priced at Rs.3,239 per gram on the 15th and the 16th.
• The 17th saw the precious metal prices dropping to Rs.3,227 per gram before plunging further to Rs.3,207 per gram on the 18th with market sentiments revived ahead of the summit between North Korea and the United States.
• Poor market trend overseas coupled with subdued demand from domestic industries led to gold rates closing at Rs.3,200 per gram on the 20th.

May 2018 - Week 4 (21st - 27th)

• The week commenced with the bullion priced relatively higher at Rs.3,208 per gram on the 21st with markets tracking firm overseas trends from the previous session.
• With the US dollar gaining against a basket of other emerging currencies, demand declined. This led to gold rates holding at Rs.3,191 per gram on the 22nd and the 23rd. This was also the lowest figures recorded during the month.
• Thanks to an increase in retail demand from the domestic markets, prices recovered to Rs.3,211 per gram on the 24th.
• The 25th saw rates surging further to Rs.3,221 per gram owing to strong local demand coupled with positive global cues.
• With bullion markets capitalising on the losing US dollar and equity markets overseas, gold rates rose to Rs.3,237 per gram on the 26th.
• The week concluded with gold prices holding at Rs.3,216 per gram on the 27th as local demand stabilised amid the recovering greenback and stocks.

May 2018 - Week 5 (28th - 31st)

• The final week began with the yellow metal trading at Rs.3,216 per gram on the 28th with steady domestic demand coupled with firm overseas trends.
• The next couple of days saw gold priced at Rs.3,195 per gram with the US dollar regaining lost ground as the US-Sino trade war concerns eased down.
• Trading concluded for the month with gold prices in Ahmedabad holding at Rs.3,206 per gram on the 31st, registering a decline of 0.65% in bullion trade during the course of the month.

Trend of Gold Rate in Ahmedabad for April 2018 (rates per gram for 24 karat gold)

April 2018 - Week 1 (1st - 7th)

• In Ahmedabad, gold was priced at Rs.3,154 per gram when April opened for trading.
• The 3rd saw gold prices rise to Rs.3,162 per gram as demand surged because of a fall in the US dollar and the subsequent improvement in global cues.
• The reason behind this increase was US President Donald Trump who nearly sparked a trade war with China, and investors took advantage of the chaos.
• Prices went up further to Rs.3,184 per gram as the demand for gold outweighed that of the dollar.
• However, demand subsided and the week ended with gold prices holding at Rs.3,150 per gram.

April 2018 - Week 2 (8th - 15th)

• Gold rates in Ahmedabad had risen by Rs.9, when trade exchanges opened for the 8th of April.
• Rates surged again on the 9th, this time by Rs.27, and the precious metal traded at Rs.3,186 per gram amidst strong sales locally.
• Gold sales would see even better days this week, which was evidenced by another rise on the 10th. On this day, the metal traded at Rs.3,216 per gram as the US dollar seemed to regress.
• Prices over the next couple days to Rs.3,190 per gram, before rising to Rs.3,200 per gram on the final day of this week.

April 2018 - Week 3 (16th - 22nd)

• On the 16th, gold was priced at Rs.3,200 per gram before rising to Rs.3,205 per gram the next day as demand rose.
• The 18th saw price rise to Rs.3,221 per gram as the air strikes on Syria pushed safe haven demand up and investors capitalised on it.
• Rates continued to stay at Rs.3,221 per gram the next day before rising to Rs.3,247 per gram on the 21st and the 22nd - the month’s highest gold rate.

April 2018 - Week 4 (23rd - 30th)

• The final week of April saw gold rates drop gradually before increasing on the last day.
• When the week began on the 23rd of April, gold was priced at Rs.3,237 per gram as demand dropped.
• This then dropped to Rs.3,231 per gram before falling further to Rs.3,221 per gram on the 25th.
• As month-end demand went up, gold prices inclined, albeit marginally. The metal’s rates went up to Rs.3,234 per gram on the 26th.
• When the month ended, the yellow metal was priced at Rs.3,227 per gram.
• This month saw a 2.25% change in prices as demand for gold recorded significant changes owing to a shaky US dollar.

Trend of Gold Rate in Ahmedabad for March 2018 (rates per gram for 24 karat gold)

March 2018 - Week 1 (1 - 4):

• In Ahmedabad, gold rate in Gujarat varied significantly during the first week due to the uneven global cues that resulted in domestic demand vagaries.
• When trading opened for the week, the precious metal prices were recorded holding at Rs.3,159 per gram on the 1st.
• However, with the US dollar tracking a positive trend amid the well-performing equities market, demand for the metal dwindled. This led to gold prices plunging to Rs.3,158 per gram on the 2nd.
• Gold continued trading at Rs.3,138 per gram on the 3rd with subdued but steady demand from local jewellers, retailers and industries.
• The 4th saw gold rates rebounding to Rs.3,149 per gram with the US dollar losing against a basket of currencies amid the losing equities.

March 2018 - Week 2 (5 - 11):

• Uneven trends overseas coupled with varying domestic demand led to gold price in Gujarat fluctuating throughout the week.
• The week began with the yellow metal priced at Rs.3,149 per gram on the 5th amid firm global cues from the previous week.
• The 6th witnessed bullion prices rising to Rs.3,154 per gram before plunging to Rs.3,144 per gram the next day as the dollar regained lost ground in the international market.
• Local demand, however, picked up the next day with an increased buying by jewellers and retailers despite the poor trend overseas. This led to gold being priced at Rs.3,161 per gram on the 8th.
• The dollar continued to rise during the week after the US non-farm data and unemployment reports proved to be stronger than expected in the nation.
• Poor overseas trends coupled with reduced domestic demand for the metal led to gold rate in Gujarat dropping to Rs.3,149 per gram on the 9th which plunged further to Rs.3,134 per gram on the 10th.
• The week came to an end with the yellow metal priced relatively higher at Rs.3,138 per gram on the 11th with a slight incline in demand for the metal.

March 2018 - Week 3 (12 - 18):

• The week saw the bullion trade in Ahmedabad hitting their lowest monthly figures after the commodity asset failed to take advantage of the failing stock markets during the week.
• Gold was recorded trading at Rs.3,138 per gram on the 12th when the week began.
• Gold rate in Gujarat remained unaltered at Rs.3,138 per gram the next day before plunging to Rs.3,139 per gram on the 14th amid poor international trends.
• However, the sudden dismissal of the US Secretary of State Rex Tillerson by the US President led to stock markets failing. This led to gold price in Gujarat rebounding to Rs.3,149 per gram on the 15th.
• The next few days saw gold prices plummeting as the US dollar regained lost ground in the international markets. The yellow metal was priced at Rs.3,144 per gram and Rs.3,120 per gram on the 16th and the 17th respectively.
• The week concluded with the bullion trading at Rs.3,119 per gram on the 18th with poor domestic demand amid weak global cues.

March 2018 - Week 4 (19 - 25):

• The week commenced with the yellow metal prices holding steady at Rs.3,119 per gram on the 19th with no significant change in domestic orders amid the poor trend overseas.
• The 20th saw gold rate in Gujarat plunging to Rs.3,109 per gram after as US dollar rose against other apex currencies after stock markets recovered from their previous rally of losses.
• However, an increase in demand by investors and traders after tracking a strong trend overseas led to gold price in Gujarat surging to Rs.3,134 per gram on the 21st.
• Though the precious metal prices plunged to Rs.3,129 per gram on the 22nd, strong demand from local jewellers and retailers resulted in gold prices holding steady at Rs.3,149 per gram for the remainder of the week.

March 2018 - Week 5 (26 - 31):

• The last week saw gold rate in Gujarat greatly influenced by the Federal Reserve’s monetary policy for the year and the impact of the news of the new US Secretary of State John J Sullivan on the markets.
• The week opened with gold trading at Rs.3,175 per gram on the 26th with strong domestic demand amid firm overseas trends.
• With the US greenback losing against a basket of currencies amid the poorly performing stocks, gold rates rose to Rs.3,182 per gram on the 27th.
• Strong demand compounded by positive global cues led to gold rates in Ahmedabad remaining untouched at Rs.3,182 per gram until the 30th.

Trend of Gold Rate in Ahmedabad for February 2018 (rates per gram for 24 karat gold)

February 2018 - Week 1 (1 - 4):

• Gold opened at Rs.3,138 per gram when February’s trading began in Ahmedabad.
• Gold price in Ahmedabad were the same on the 2nd but surged to Rs.3,162 per gram on the 3rd because there was an increased demand for the metal from investors.
• Gold traded at Rs.3,138 per gram on the 4th of the month as demand took a hit as the US dollar shook off its losses to surge against other currencies.

February 2018 - Week 2 (5 - 11):

• There was no change in gold price in Ahmedabad when the second week of February began on the 5th of February. The metal traded at Rs.3,138 per gram over the course of this day before dropping to Rs.3,124 per gram as the dollar improved again.
• However, the surge of the USD wasn’t sustainable with the prevailing marketing conditions and the administration, which gave enough reasons for gold rate in Ahmedabad to improve.
• On the 7th, the yellow metal traded at a significantly better rate of Rs.3,154 per gram as local demand was also on the rise. But, demand went down the next day and prices went back down to Rs.3,124 per gram.
• Equity markets, which were under performing to a large extent this week, showed major gains and hence pushed gold demand down.
• Gold rates in Ahmedabad went down to Rs.3,092 per gram on the 9th before holding on till the closing hours of the 10th.
• On the final day of this week, i.e., the 11th of February, gold prices rebounded to hit Rs.3,103 per gram.

February 2018 - Week 3 (12 - 18):

• The third week began with gold continuing to trade at Rs.3,103 per gram, which then jumped to Rs.3,113 per gram the next day.
• During the 14th of February, demand for gold increased for the yellow metal traded at Rs.3,120 per gram.
• As recorded, gold rate in Ahmedabad were mostly on the incline this week, which was made possible by a weak dollar and the subsequent increase in demand.
• Gold price in Ahmedabad went up slightly to Rs.3,129 per gram on the 15th and surged by Rs.27 to trade at Rs.3,156 per gram on the 16th of the month.
• The 17th saw gold trade at Rs.3,156 per gram and rates went up again on the 18th to Rs.3,165 per gram as demand was on the increased.

February 2018 - Week 4 (19 - 25):

• On the 19th of February, when the fourth week began, gold was trading at Rs.3,171 per gram.
• This rose slightly to Rs.3,175 per gram as demand from jewellers and other quarters in the city was on the incline.
• The 21st, however, recorded a Rs.25 slump to bring rates down to Rs.3,150 per gram as local demand weakened while the dollar index hit positive figures.
• Gold rate in Ahmedabad slumped gradually this week and the metal traded at Rs.3,145 per gram on the 22nd, which then went down to Rs.3,140 per gram on the 23rd.
• Over the 24th, gold prices in Ahmedabad held on at Rs.3,140 per gram as demand was low yet stable.
• Gold price in Ahmedabad increased to Rs.3,149 per gram on the last day of this week due to positive global cues.

February 2018 - Week 5 (26 - 28):

• Gold traded at Rs.3,149 per gram on the 26th of February before continuing at the same rate on the next day as well.
• The final day of February saw gold sell at an improved rate of Rs.3,159 per gram.
• Overall, gold price in Ahmedabad trends saw a 0.66% increase over the course of this month, thanks to a volatile stock market and a burgeoning local demand.

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Trend of Gold Rate in Ahmedabad for January 2018 (rates per gram for 24 karat gold)

January 2018 - Week 1 (1th to 7th):

• The month began in Ahmedabad with gold trading at Rs.3,086 per gram on the 1st.
• Prices remained unchanged at Rs.3,086 per gram on the 2nd with steady demand from local jewellers, retailers and industries.
• The 3rd, however, saw gold rate in Ahmedabad rising to Rs.3,091 per gram with the US dollar index gaining against a basket of other apex currencies.
• Though rates remained unaltered at Rs.3,091 per gram on the 4th, a rise in the dollar value ahead of the US employment and payrolls’ data led to prices dropping to Rs.3,082 per gram on the 5th.
• Thanks to an increased buying by investors, gold price in Ahmedabad surged to Rs.3,096 per gram on the 6th before rising further to Rs.3,101 per gram on the 7th amid positive overseas trends.

January 2018 - Week 2 (8th to 14th):

• Steady domestic demand coupled with firm global cues resulted in the week opening with the yellow metal priced at Rs.3,101 per gram on the 8th.
• The gold price in Ahmedabad remained untouched at Rs.3,101 per gram on the 9th before surging to Rs.3,107 per gram on the 10th with the US dollar index losing against other major currencies in the global trade.
• Though rates dropped to Rs.3,102 per gram on the 11th, the poorly performing equity markets coupled with the losing dollar resulted in prices surging to Rs.3,117 per gram on the 12th.
• The 13th saw gold rate in Ahmedabad surging to Rs.3,119 per gram amid the strong global trends.
• The week concluded with the precious metal priced at Rs.3,130 per gram on the 14th owing to an increased demand for the safe-haven metal amid the poorly performing equities.

January 2018 - Week 3 (15th to 21st):

• Trading commenced for the third week in Ahmedabad with the bullion priced at Rs.3,130 per gram on the 15th following steady domestic demand from local retailers, industries and jewellers.
• Gold continued trading at Rs.3,130 per gram on the 16th before rising to Rs.3,170 per gram the following day with the US dollar index losing ground against a basket of other emerging currencies amid the losing equity markets.
• The 18th saw gold rate in Ahmedabad plunging to Rs.3,165 per gram which dropped further to Rs.3,145 per gram on the 19th after the US greenback began regaining lost ground from the previous day’s losses.
• A steady but subdued domestic demand amid the poor global cues resulted in gold being priced at Rs.3,145 per gram on the 20th.
• However, demand picked up the next day with investors ramping up purchases amid positive overseas trends. The yellow metal was recorded trading at Rs.3,155 per gram on the 21st.

January 2018 - Week 4 (22nd to 28th):

• The week began with the bullion prices holding steady at Rs.3,155 per gram on the 22nd, which continued to remain unchanged the next day amid firm overseas trends.
• The 24th saw gold rate in Ahmedabad surging to Rs.3,165 per gram with an increase in domestic demand following positive trends globally.
• Gold rates in Ahmedabad rose further to Rs.3,171 per gram - the highest recorded monthly figure - on the 25th with the bullion hitting 16-month highs in the international trade.
• However, with the US dollar index and equity markets regaining lost ground over the next few days, demand for the bullion plunged.
• Poor global demand coupled with reduced domestic demand resulted in gold price in Ahmedabad closing at Rs.3,134 per gram on the 28th.

January 2018 - Week 5 (29th to 31st):

• Trading commenced in the city with the yellow metal prices holding at Rs.3,143 per gram on the 29th with steady demand for the bullion.
• With the US dollar rising against other apex currencies and equities performing well against the commodity market, gold rate in Ahmedabad declined towards the end of the month.
• Gold Price in Ahmedabad dropped to Rs.3,129 per gram on the 30th before plummeting to Rs.3,120 per gram on the last day with the US dollar strengthening ahead of the two-day monetary policy meeting next month.
• The bullion trade in Ahmedabad registered a profit of 1.10% during the course of the month.

Trend of Gold Rate in Ahmedabad for December 2017 (rates per gram for 24 karat gold)

December 2017 – Week 1 (1st to 10th)

• Gold demand in Ahmedabad remained steady and the month commenced with the precious metal trading at Rs.3,068 per gram on 1 December.
• On 2 December, the price inclined by Rs.10 and stood at Rs.3,078 per gram and remained unaltered on 3 December and 4 December with a constant demand in overseas.
• On 5 December, with a drop in the U.S. dollar, gold traded at Rs.3,053 per gram with a high demand from the local jewellers.
• The price dropped slightly and was traded at Rs.3,050 per gram on 6 December after the U.S. dollar tried to recoup against a few apex currencies.
• However, the United States tax bill was cleared which led the dollar rate to incline further. This led gold to be priced at Rs.3,026 per gram on 7 December.
• The revised tax bill passed by the U.S. Senate affected a lot on 8 December, which dropped the gold price to Rs.3,002 per gram.
• With a minor fluctuation and trending demand in overseas, the gold rate in Ahmedabad on both 9 December and 10 December were priced at Rs.3,000 per gram.

December 2017 – Week 2 (11th to 17th)

• The second week commenced with the precious metal trading at Rs.3,000 per gram on 11 December with a marginal decrease in the global demand.
• On 12 December, the price declined to Rs.2,993 per gram with a positive demand from the domestic market.
• However, gold plummeted below the usual trading scale and was being traded at its lowermost to Rs.2,990 per gram on 13 December.
• Returns on the U.S. Treasury decreased, which led the gold rate in Ahmedabad rise to Rs.3,005 per gram on 14 December.
• The dollar rate declined after the U.S. Federal announced the revised interest rates and this led the bullion to be traded at Rs.3,010 per gram on 15 December.
• The dollar rate slowly recovered halfway on 16 December, which plummeted the precious metal to Rs.2,998 per gram.
• The price remained unaltered at Rs.2,998 per gram on 17 December with increased domestic demands.

December 2017 – Week 3 (18th to 24th)

• On 18 December, the gold trade in Ahmedabad was priced at Rs.2,998 per gram with a minor drop in the Asian and European market but domestic demand remained steady.
• The pending tax regulation of United States pressured the currency and led to an incline with Rs.3,013 per gram on 19 December.
• The prices from 20 – 22 December remained unchanged at Rs.3,013 per gram with a stable trend in overseas.
• With a decrease in the U.S. currency, the precious metal in Ahmedabad increased to Rs.3,025 per gram on 23 December and remained unmodified on 24 December.

December 2017 – Week 4 (25th to 31st)

• Gold trade in Ahmedabad opened with Rs.3,025 per gram on 25 December with a stable demand from local jewellers, retailers, and other industrial sectors.
• However, on 26 December, both the dollar rate and equity market plunged, which inclined the gold prices to Rs.3,034 per gram.
• With a positive demand in the international market amidst the trends in overseas, gold rates increased slightly to Rs.3,042 per gram on 27 December. It remained unchanged on 28 December.
• Gold rates continued to rise for the rest of the week with U.S. dollar dropping, which declined the price to Rs.3,072 per gram on 29 December and remained unchanged the next day.
• As a result of revised tax from the U.S. Federal, the dollar rate decreased and rose the gold price to the highest of Rs.3,086 per gram on both 31 December.
• The month concluded with a gain of 0.58% in gold trade owing it to the positive international trends and better domestic demands.

Trend of Gold Rate in Ahmedabad for November 2017 (rates per gram for 24 karat gold)

November 2017 - Week 1 (1st to 5th)

• In Ahmedabad, gold trade commenced for the month with the precious metal priced at Rs.3,087 per gram on the 1st.
• Thanks to steady domestic the demand from industries and jewellers, gold prices remained firm at Rs.3,087 per gram on the 2nd.
• However, demand dropped over the next couple of days with the dollar gained against other apex currencies and the yellow metal was priced at Rs.3,067 per gram on the 4th.
• Strong international trends coupled with steady local demand resulted in gold prices remaining unchanged at Rs.3,057 per gram for the rest the week.

November 2017 - Week 2 (6th to 12th)

• The second week began with gold holding steady at Rs.3,057 per gram on the 6th with the US dollar continuing to dominate over other apex currencies.
• However, gold rates surged to Rs.3,078 per gram on the 7th after local demand surged amid the positive trend overseas.
• Demand for the metal remained relatively higher during the week owing to a volatile dollar index coupled with poorly performing equities market.
• This resulted in the precious metal being priced at Rs.3,078 per gram on the 8th which rose to Rs.3,091 per gram on the 9th amid the positive overseas trends.
• With investors speculating on the Federal Reserve monetary policy meeting in December, gold prices surged to Rs.3,096 per gram the following day.
• An increase in orders from the Asian markets amid the positive global cues resulted in the precious metal being priced Rs.3,091 per gram for the remainder of the week.

November 2017 - Week 3 (13th to 19th)

• The third week commenced with the bullion priced relatively lower at Rs.3,096 per gram on the 13th with an increased in demand from retailers, jewellers and industries.
• Safe-haven demand for the metal surged during the week after the geopolitical crisis in the Middle East intensified. This led to gold prices rising further to Rs.3,101 per gram on the 15th.
• The 16th witnessed prices dropping to Rs.3,093 per gram with the US economy recovering from the initial shock.
• However, with tensions intensifying between Saudi Arabia and Iran, the safe-haven appeal for gold was restored. This led to gold rates rising to Rs.3,110 per gram on the 18th.
• Positive global cues couped with steady domestic demand for the metal resulted in the week concluding with the yellow metal priced at Rs.3,110 per gram on the 19th.

November 2017 - Week 4 (20th to 26th)

• Gold was priced at Rs.3,113 per gram on the 20th, when the week began with commodity markets performing well amid the poorly performing US dollar and world markets. This was also the highest recorded monthly figure in Assam.
• Though prices remained unchanged at Rs.3,113 per gram the next day, gold rates dropped to Rs.3,087 per gram on the 22nd with the US dollar regaining lost ground and equities recovering from the previous week’s downfall.
• However, the 23rd witnessed gold rates surging to Rs.3,102 per gram after an increase in domestic demand by local jewellers and industries amid the strong global trends.
• The 25th witnessed gold prices plunging to Rs.3,090 per gram after the US dollar gained against a basket of other major currencies.
• The week came to an end with the precious metal holding steady at Rs.3,090 per gram on the 26th, thanks to the steady domestic as well as international demand coupled with the positive trend overseas.

November 2017 - Week 5 (27th to 30th)

• The final week commenced with the precious metal trading at Rs.3,098 per gram on the 27th after a strong trend internationally led to an increase in domestic demand for the metal.
• With investors mulling over the possibilities of the raising the Federal Reserve’s benchmark interest rates in December, the bullion was recorded trading at Rs.3,093 per gram on the 28th and the 29th.
• When trading concluded for the month, gold prices had dropped to Rs.3,078 per gram on the last day following a decline in domestic as well as global demand amid the weak trends overseas.
• Ahmedabad registered a loss of 0.29% in gold trade during the course of the month owing to various global as well as domestic factors that affected the bullion market.
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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.

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.
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