*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
Akola is located towards the north of Maharashtra and is known as the ‘Cotton Centre’ of Western India. With its rich history and trading routes, it is a prominent commercial trading post in the region and has a number of mills that process pulses and grain. Although traditional forms of investment for the mostly merchant community were land, nowadays there is growing interest in bullion as an investment tool. The steady rise in mills and factories is also boosting demand for gold among the growing population in this strategically located city.
Gold Rate Trend in Akola for April 2018 to June 2018 (per gram of 24 karat gold)
|1st day||Rs.3,148 per gram||Rs.3,219 per gram||Rs.3,100 per gram|
|Last day||Rs.3,219 per gram||Rs.3,208 per gram||Rs.3,054 per gram|
|Highest price||Rs.3,232 per gram on 26 & 27 April||Rs.3,228 per gram from 8 - 16 and 25 - 30 May||Rs.3,119 per gram on 9 & 10 June|
|Lowest price||Rs.3,148 per gram from 1-14 April||Rs.3,205 per gram from 17 to 24 May||Rs.3,054 per gram on 30 June|
Gold Rate Trend in Akola for April 2018
- Gold opened at Rs.3,148 per gram in Akola, with strong demand from local industry and jewellers keeping prices steady.
- A low U.S. Dollar rate also kept interest in gold steady, as political uncertainty and fears of a trade war led to turbulence across equity markets and currencies.
- Prices did not see much movement for the first few weeks, as local demand kept prices from fluctuating too much in spite of conflicting cues overseas.
- The yellow metal’s price rose as fears over the escalating trade tensions between the United States and China led investors to safe-haven buying, increasing demand for gold.
- Continued strong trade in the metal saw gold reach a monthly high of Rs.3,232 per gram on 26 April.
- Gold prices in Akola dropped slightly as the month ended, as the metal traded at Rs.3,219 per gram on 30 April.
Gold Rate in Akola for May 2018
- The precious metal opened at Rs.3,219 per gram on 1 May as unstable stock markets led to higher demand for the yellow metal among investors.
- Industrial demand was also on the rise as the dollar fell on fresh fears of conflict with North Korea.
- Retail demand was stable but on the decline due to the high price, with gold surging to Rs.3,161 per gram on 18 May.
- As overseas markets began to recover from their earlier losses, demand for gold dropped in the international market though local jewellers kept demand stable.
- The dollar also stabilised after a prolonged period of instability, which led to a drop in demand due to the higher cost associated with imports.
Gold Rate Trend in Akola for June 2018
- There was a slight drop in the price of gold in June in Akola, as a buoyant dollar and recovering equity markets led to lower demand for the precious metal.
- The yellow metal opened at Rs.3,100 per gram amidst a revival of the dollar ahead of the summit between the North Korean and American leaders.
- Renewed apprehensions of a trade war due to retaliatory trade tariffs by China and the United States led to an increase in demand for safe-haven assets, though investors stayed away from gold.
- The possibility of an interest rate hike by the Federal Reserve led to a rally by the dollar, which was already stable after the success of the U.S.-North Korea summit.
- Prices continued to trade more or less at a constant due to static demand from industry as well as the retail sector.
- A sluggish growth rate led to gold ending the month priced at Rs.3,054 per gram on 30 June.