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Gold price in Aligarh
Aligarh is a well-known city in the state of Uttar Pradesh. The city is most popular for its university that houses some of the brightest minds of the nation. Aligarh played a crucial role during the pre-independence era and continues to be a culturally influential place.
Like most cities of the country, the people of Aligarh too have a considerable respect and love for the precious yellow metal. Gold forms an integral and indispensable part of all weddings and festivals that are celebrated in Aligarh. The price of the metal shows movement in line with the global price trends. Depending upon the percentage of gold used, the rate varies. So different variants are priced differently.
Gold Rate Trend in Aligarh for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,205 per gram||Rs.3,099 per gram||Rs.2,893 per gram|
|Last day||Rs.3,099 per gram||Rs.2,930 per gram||Rs.2,844 per gram|
|Highest price||Rs.3,205 per gram from 1st-4th October||Rs.3,213 per gram on 5th November and 6th November||Rs.2,893 per gram on 1st December|
|Lowest price||Rs.3,088 per gram from the 6th of October to the 25th of October||Rs.2,929 per gram from 25th November to 27th November||Rs.2,800 per gram from 23rd December to 28th December.|
Gold Rate Trend for Aligarh in October 2016
- On 1st October, the price of gold in Aligarh was Rs.3,205 per gram. These prices were largely constant due to high demand. Gold rate was steady for the next three days, until the 4th of October.
- There were very minor variations in demand due to the U.S. Dollar resurging and also recovering stock markets. But despite external factors, the steady demand for gold was noted in the relatively stable prices. Ongoing wedding season was another factor that contributed to stable gold rates.
- Towards mid-October, price of gold stabilised some more although demand was still sluggish due to rumoured concerns that a proposed law that would result in tighter scrutiny of bullion purchases.
- Gold rate was stable and completely non-flexible at Rs.3,088 per gram for 24 carat gold from the 6th of October to the 25th of October. This trend is relatively unusual but stable demand in both international and domestic markets could have resulted in this stability of prices.
- Despite fluctuating markets due to final phase of polling in the U.S. elections was underway, the U.S. Dollar was stable due to positive economic policies and this was reflected in stable gold prices.
- Towards the end of October, from the 26th, the price of gold was steady at Rs.3,099 per gram and continued this way till the last day of October.
- However, despite the stability in the rate of gold, a decline of 3.16% noted in the price of gold at the end of the month as compared to the beginning of October
Gold Rate Trend for Aligarh in November 2016
- The beginning of the month saw gold trade at a high price of Rs.3,099 per gram. However, from the second day of November, a further increase was noted in the price of gold due to a little uncertainty in the international markets.
- Rate of gold was steady at Rs.3,150 per gram on the second and third day of November and increased even further the following day to trade at Rs.3,192 per gram.
- Gold traded at an unprecedented high of Rs.3,213 per gram on the 5th and 6th November making this the highest rate at which gold traded at for the month of November.
- However, this rise in gold rates could not be sustained and steadily declined as the month progressed. This decline could be attributed to various factors.
- The unexpected victory of Donald Trump in the U.S. Presidential elections led to markets declining and uncertainty prevailed.
- November was also the time when Prime Minister Narendra Modi unexpectedly announced the rule banning notes worth Rs.1,000 and Rs.500 in order to curb corruption. This announcement led to a lot of panic and uncertainty resulting in demand for this precious metal and consequently, a rise in gold rates.
- Gold reached Rs.3,211 per gram in the aftermath of the demonetisation announcement and was steady for a couple of days before plunging again.
- From the 11th of November to the 16th of November, price of gold was steady at Rs.3,071 per gram before slightly reducing. International markets steadied, leading to decreasing demand for gold as imports started becoming costlier.
- After November 18th, rate of gold reduced, trading at Rs.2,994 per month before rising again slightly to Rs.3,020 per gram on November 23rd.
- However rate of gold plunged again to Rs.2,971 and then Rs.2,929 per gram on the 25th of November which was the lowest rate at which gold traded at for the month of November.
- As the month drew to a close the price of gold varied slightly before closing at Rs.2,941 per gram which was again quite low as compared to the previous months. A decline of 5.45% in the price of gold was noted as compared to the price at the beginning of the month.
Gold Rate Trend for Aligarh in December 2016
- A negative impact was seen on gold demand due to demonetization and was a reflection of the international trend as well, resulting in a decline in gold rate as compared to the month of November.
- Gold traded at Rs.2,893 per gram on the December 1st and was steady until the next day.
- Rate of gold reduced slightly the next day to trade at Rs.2,887 per gram and continued at this rate until the 7th after which a slight rise was noted in the price of gold.
- The rate of gold was steady at Rs.2,864 per gram until the 14th of December after which the price of this precious metal declined again to trade at Rs.2,822 per gram until the 22nd of December.
- The run-up to Christmas saw a further reduction in the price of gold, as overseas markets were buoyed by high volumes of spending, though demand was quite low in India owing to a shortage in cash.
- The rate of gold was steady at Rs.2,800 per gram during the final week of December which was also the lowest rate at which gold traded at for the entire month of December.
- Towards the last three days of December, the rate of gold slightly recovered as the U.S. Dollar fell due to a low possibility of U.S Federal Reserve rate of interest hike.
- Gold closed at Rs.2,844 per gram on 31st December, recording a decline of 1.72% due to low demand.
|1st day||Rs.3,167 per gram||Rs.3,219 per gram||Rs.3,184 per gram|
|Last day||Rs.3,219 per gram||Rs.3,205 per gram||Rs.3,217 per gram|
|Highest price||Rs.3,227 per gram from 7th to 9th July||Rs.3,248 per gram on 4th and 10th August||Rs.3,228 per gram from 7th to 12th September|
|Lowest price||Rs.3,163 per gram on 22nd July||Rs.3,205 per gram from 26th to 31st August||Rs.3,184 per gram on 1st and 2nd September|
Gold Rate Trend of Aligarh in July 2016
- Demand for the yellow metal surged in the global and domestic markets at the start of the month on account of positive market trends.
- Gold traded at Rs.3,167 per gram on 1st July.
- The price of gold was able to reach its highest for the month on 7th to 9th July when it traded at Rs.3,227 per gram.
- Prices fluctuated in between as the dollar gained strength leading to a dip in demand for gold.
- Gold performed well this month with an inclining trend of 1.61% in prices.
Gold Rate Trend of Aligarh in August 2016
- Demand remained stable this month as jewellers and retailers in the domestic market provided support with an increased offtake in light of the upcoming festive season.
- The highest rate for gold this month was Rs.3,248 per gram on 4th and 10th August.
- Expectations of an interest rate hike by the U.S. Federal Reserve by 20-25 basis points was strong this month.
- Investors took to the sidelines and demand fell amid a bearish global market.
- There was a dip of 0.43% in gold prices this month on account of reduced demand.
Gold rate trend of Aligarh in September 2016
- The month of September began with gold trading very low at Rs.3,184 per gram on 1st and 2nd September.
- Gold was able to recover this month on the back of the Fed rate hike being put on hold as the U.S. presidential elections were drawing close.
- Demand for the yellow metal soared once again giving gold rates support to climb back up.
- There was an increase of 1.04% in gold rates recorded this month.
|1st day||Rs. 2,943 per gram||Rs. 3,119 per gram||Rs.2,960 per gram|
|Last day||Rs. 3,119 per gram||Rs. 2,960 per gram on 30th of May||Rs.3,167 per gram|
|Highest price||Rs.3,119 per gram on 1st of May||Rs. 3,120 per gram on 9th of May||Rs.3,182 per gram on 28th and 29th June|
|Lowest price||Rs. 2,933 per gram on 5 of May||Rs. 2,960 per gram on the 30th of May||Rs.2,950 per gram from 2nd to 5th June|
Gold Rate Trend of Aligarh in April 2016
- Gold continued to trade at Rs. 2,943 per gram for the first three days of April
- Gold witnessed a lot of fluctuation in the month of April with changes in rate every week.
Gold Rate Trend of Aligarh in May 2016
- There were no major changes in demand and the rate remained unchanged at Rs. 3,119 per gram for the first three days of May.
- Gold witnessed a decline at Rs. 3,048 per gram on 24th of May owing to low demand.
- Rising dollar and expectations of a rate hike by the Federal Reserve further led to the decline of gold price to Rs. 2,960 per gram on 30th of May.
Gold Rate Trend of Aligarh in June 2016
- The global financial climate was gloomy as the Brexit polls took its toll.
- Gold slipped from its high rates in May trading at Rs.2,960 per gram on 1st June.
- By mid-June, as the dollar weakened, gold regained its position as rose to Rs.3,182 per gram on 28th and 29th June.
- Overall, gold gained 6.99% by the end of June.
|1st day||Rs. 2,585 per gram||Rs. 2,756 per gram||Rs. 3,030 per gram|
|Last day||Rs. 2,756 per gram||Rs. 3,037 per gram||Rs. 2.948 per gram|
|Highest price||Rs. 2,767 per gram on January 27th||Rs. 3049 per gram on 26th of February||Rs. 3,030 per gram from March 1st to 14th|
|Lowest price||Rs. 2,580 per gram from January 2nd to 4th||Rs. 2,756 per gram on February 1st||Rs. 2,948 per gram on March 31st|
Gold Rate Trend of Aligarh in January 2016
- Gold traded at Rs. 2,585 per gram on the 1st of January and remained unchanged for the next four days
- Gold hit the highest rate for January on 27th at Rs. 2,767 per gram.
- It further declined and gold traded at Rs. 2,756 per gram at the end of the month
Gold Rate Trend of Aligarh in February 2016
- Gold remained unchanged at Rs. 2,756 per gram on 1st of February as a result of no changes in demand.
- Gold shot up to Rs. 3,008 per gram on the 12th of February and fell back by Rs. 97 at Rs. 2,917 per gram on 16th of February.
- The month witnessed a steady rise in Gold prices later as the price shot up to Rs. 3,049 per gram on 26th of February.
Gold Rate Trend of Aligarh in March 2016
- Gold remained unchanged at Rs. 3,030 per gram for the first two weeks of March.
- Gold price witnessed a decline as the price fell to Rs. 2,940 per gram on 15th of March.
- Gold rose again at Rs. 2,998 per gram on 18th of March.
- Gold witnessed a steady downfall in the last two weeks of March and stood at Rs. 2,948 per gram at the end of March.
Rate of Gold in Aligarh
The rate of the metal is directly proportional to the demand for it. So lower the rates, higher is the demand and vice versa. More and more customers wish to procure gold when the metal is priced at a lower value while the demand slackens with increasing price.
- 24 karat gold
In Aligarh, 24 karat gold, as of 16th March, 2016 traded at Rs.2940 per gram which amounts to Rs.29400 per 10 grams of the metal. Pure gold is the best form of gold for investment purposes. So coins, bullions etc. are procured by customers in the 24 karat variant. This is because 24karat pure (unforged gold sells at the current market price) whereas gold that has been tampered with to form different designs sells at a lower value after deduction of the making charges (especially applicable to gold jewelry).
- 22 karat gold
22 karat is the most widely used gold for designing jewelry. This is because mixing another metal (reduced gold content) causes the metal to be stronger for being cast into various forms. 22 karat jewelry can be obtained from any of the jewelry shops across the city. The rate of 22 karat gold as of 16th March 2016, was Rs.2740 per gram. This implies that 10 grams of 22 karat gold in Aligarh costs around Rs.27400.
Gold investment options in Aligarh
Gold can be invested in, in two ways. First is the age-old way of buying and keeping gold in its physical form and second is to invest in other more innovative and convenient instruments like gold ETFs or gold bonds. Let us take a look into each of these one by one.
- Financial Market
The shine of the yellow metal continues to lure customers into buying it in all possible forms. While physical gold is good as a keepsake and for times of adversity, virtual gold is where most innovative investment options lie. Gold ETFs can be obtained from banks offering this financial instrument. These ETFs play on the current value of gold in the market and help customers invest in gold without even physically buying the metal. This is an easy and convenient option of investing in gold without taking the trouble to procure the metal in some physical form. Gold mutual funds are another financial instrument that are availed by the people of Aligarh. These funds invest in companies that are involved in gold mining. Gold is also traded in the futures and options market.
- Over the counter
Over the counter gold can be procured from both jewelry shops as well as banks. While jewelry shops sell both gold jewelry pieces as well as gold coins and bullions, banks deal only with gold coins and bullions. Banks like ICICI, HDFC etc. vouch for the purity of their gold coins and offer it as an excellent investment option. Gold in various forms is also an expensive but ideal gifting article. Most weddings and birthdays are incomplete in India without the exchange of this precious metal.
Also Check Gold Price in NearBy Cities of Aligarh
|Gold Rate In Noida||Gold Rate In Agra||Gold Rate In Bareilly|
|Gold Rate In Lucknow||Gold Rate In Meerut||Gold Rate In Ghaziabad|
|Gold Rate In Kanpur||Gold Rate In Varanasi||Gold Rate In Allahabad|
- Also Check: Gold Rate in Uttar Pradesh
Read more on Gold
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