Gold Rate In Aligarh

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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 January 2017 to March 2017 (per gram of 24 karat gold)

January 2017

• Gold started the year 2017 at a strong Rs.2,844 per gram, on account of technical buying despite a strong US Dollar on January 1st.
• An increase in domestic demand saw Gold climb to Rs.2,855 per gram on January 4th.
• Gold was stabilized at Rs.2,866 per gram to close the week’s trading on January 8th.
• A slump in US stocks as energy shares dropped along with the price of crude oil, allowed Gold to climb to Rs.2,888 per gram on January 10th.
• Uncertainty over the US Federal Interest Rate hike caused Gold to further climb to Rs.2,925 per gram on January 12th.
• Concerns amid Britain’s exit from the European Union saw the global spot price of Gold climb to Rs.2,952 per gram on January 16th and January 17th.
• Uncertainty over the US monetary policy saw the US Dollar slump, causing Gold to climb to an 8-week high of Rs.2,973 per gram on January 18th.
• Possible US Federal Interest Rate hikes saw Gold slip to Rs.2,952 per gram on January 20th.
• On the 23rd of January Gold reached a 2-month high of Rs.2,979 per gram amid uncertainty of the future US monetary policy.
• Technical corrections caused Gold to slip to Rs.2,946 per gram on January 27th.
• A weak US Dollar and sluggish economic data from the US saw Gold prices climb to Rs.2,967 per gram on January 30th.
• Gold closed the month’s trade at Rs.2,958 per gram on January 31st.

February 2017

• Gold opened the second month’s trading at Rs.2,978 per gram on February 1st.
• Uncertainty over the upcoming French election, weak industrial data from Germany and a strong US Dollar saw Gold slip to Rs.2,957 per gram to close the week’s trading on February 5th.
• A boost in demand in the domestic Gold market saw Gold prices edge up to Rs.2,999 per gram on February 7th.
• Sustained demand for Gold saw prices further climb to Rs.3,009 per gram on February 8th, 9th and 10th.
• The US Dollar strengthening against the Japanese Yen saw Gold prices slip to Rs.2,983 per gram on February 11th.
• Gold remained stable and closed the second week’s trading at Rs.2,983 per gram on February 12th.
• Gold opened the third week of trading at Rs.2,983 per gram on February 13th.
• Technical corrections saw Gold slip to Rs.2,973 per gram on February 14th and February 15th.
• A weakened US Dollar saw Gold climb to Rs.3,004 per gram on February 17th.
• Gold held firm at Rs.2,999 per gram to close the week’s trade on February 19th.
• Gold opened the fourth week of trading at a stable Rs.2,999 per gram on February 20th.
• A struggling US Dollar amid uncertainty pertaining to the US monetary policy saw Gold climb to weekly high of Rs.3,031 per gram on February 25th.
• Gold remained stable at Rs.3,031 per gram between February 25th and February 27th.
• A marginally strengthened US Dollar saw Gold prices slip to Rs.3,020 per gram to close the month’s trade on February 28th.

March 2017

• A stronger US Dollar saw Gold open trading on March 1st at Rs.3,009 per gram.
• Expectations of a US Federal Interest Rate hike in March saw Gold slip to Rs.2,990 per gram between March 3rd and March 6th.
• A weak demand domestically saw Gold prices slip to Rs.2,965 per gram on March 10th.
• A stronger US Dollar and a weak global demand saw domestic prices of Gold fall to Rs.2,951 per gram on March 14th.
• A marginally weakened US Dollar saw Gold prices rise to Rs.2,971 per gram on March 18th and March 19th.
• The failure of a new healthcare bill proposed by President Donald Trump saw Gold climb to Rs.3,003 per gram on March 22nd and March 23rd.
• Technical corrections caused Gold to slip to Rs.2,993 per gram between March 24th and March 26th.
• A strong demand for Gold allowed it to recover to Rs.3,003 per gram between March 27th and March 30th.
• Technical corrections caused Gold to drop to Rs.2,991 per gram to close the month’s trading on March 31st.

Gold Rate Trend in Aligarh for October 2016 to December 2016 (per gram of 24 karat gold)

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.

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 16^th 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 16^th 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.