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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.
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 Rate Trend in Aligarh for April 2016 to June 2016 (per gram of 24 karat gold)
|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.
Gold Rate Trend in Aligarh for January 2016 to March 2016 (per gram of 24 karat gold)
|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.
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
- Lack Of Credibility In India's Hallmarked Jewelleries
- Basic Highlights Of The Gold Schemes Launched In 2015
- Why Gold Prices Are Up
- Things To Remember Before Buying Gold Jewellery
- Why Investing In Gold Is A Golden Opportunity