Gold Rate In Allahabad

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Rate of Gold in Allahabad

The ancient city of Uttar Pradesh, Allahabad has housed many prominent personalities. From Amitabh Bachchan to Jawaharlal Nehru, Allahabad has been a hub of activity famous for its world-renowned university. As like all parts of eastern UP, Allahabad too shares its culture with cities like Kanpur, Lucknow and Varanasi.

The economy of the city is majorly driven by small businesses and people working in the public sector. Schools and colleges too make up for a huge percentage of employment option. Since, the city is home to most service-sector employees, savings is one of the primary financial features of the city. And savings in the form of gold is one of the most popular financial option chosen by the local people. With the lowering of gold prices globally, Allahabad too was not untouched by the growing demand for the yellow metal.

Gold Rate Trend in Allahabad for January 2018 to March 2018 (per gram of 24 karat gold)

Factor	January	February	March
1st day	Rs.3,010 per gram	Rs.3,077 per gram	Rs.3,113 per gram
Last day	Rs.3,066 per gram	Rs.3,129 per gram	Rs.3,134 per gram
Highest price	Rs.3,120 per gram on 24 and 25 January	Rs.3,161 per gram on 18 and 19 February	Rs.3,171 per gram on 25 and 26 March
Lowest price	Rs.3,010 per gram from 1 - 3 January	Rs.3,035 per gram on 9 February	Rs.3,098 per gram on 19 & 20 March
Trend	Incline	Incline	Incline
Change	1.19%	1.68%	0.67%

Rate Trend in Allahabad for January 2018:

• The first quarter of 2018 was quite productive for gold sales in Allahabad.
• On the 1st, when the first month of Q1 2018 began, gold was priced at Rs.3,010 per gram. This rate - also the lowest for the month - continued on till the 3rd day of the month.
• Rates were on the incline from this point on as demand began to pick up amid a weak US dollar.
• The US dollar was affected by a underperforming US markets and the policy decisions taken by the Donald Trump administration.
• Gold rates in Allahabad inclined over the third and the fourth week as demand was on the incline.
• On the 25th of the month, gold rates in Allahabad went up to Rs.3,120 per gram - the month’s highest rates, thanks to an increased demand for the metal.
• However, rates dropped as the month came to an end as demand was sustainable. When the month ended, gold was seen trading at Rs.3,066 per gram.
• Price trends saw a 1.19% change this January, owing to a strong rise in demand towards the final week.

Gold Rate Trend in Allahabad for February 2018:

• Gold prices in Allahabad had risen to Rs.3,077 per gram when trading commenced for the month of February.
• This month’s trading was comparatively better to that of January, thanks to a high demand seen during the third and fourth week.
• The initial few weeks saw gold demand decline and rates took a considerable hit as a result of this.
• On the 9th, gold was trading at a monthly low rate of Rs.3,035 per gram - which was caused by a strong dollar and poor local cues.
• Consequently, the next week saw gold prices rise owing to strong rise in demand amid the wedding season.
• During the 18th and 19th, gold traded at Rs.3,161 per gram - the month’s highest rate as demand was steady amid strong cues.
• As demand dropped, gold rates also followed and a slow process of consolidation took place.
• Gold demand declined gradually towards the end of this month, and the metal’s rates were seen holding at Rs.3,129 per gram on the final day of the month.
• This month saw gold price trends incline by 1.68%, which was due to an improved demand seen during the third and fourth week.

Gold Rate Trend in Allahabad for March 2018:

• Gold prices had fallen to Rs.3,113 per gram when trading commenced for the final month of Q1 2018.
• The yellow metal, although seeing a positive growth, didn’t match the results from the previous two months in this quarter.
• For the first three weeks of this month, gold rates in allahabad was largely stable before declining towards the end of week 3.
• On the 19th, gold was priced at Rs.3,098 per gram - the lowest rate for the month - which continued on till the closing hours of the next day.
• Over the final two weeks, gold rates saw a considerable rise with the 25th and the 26th recording a monthly high rate of Rs.3,171 per gram.
• As the month ended, gold rates in Allahabad went down to Rs.3,134 per gram as demand decline owing to a poor demand and a stabilising dollar.
• Price trends recorded a 0.67% change this month, thanks to strong changes in demand seen during the final few days.

Gold Rate Trend in Allahabad for October 2017 to December 2017 (per gram of 24 karat gold)

Factor	October	November	December
1st day	Rs.3,063 per gram	Rs.3,006 per gram	Rs.3,016 per gram
Last day	Rs.3,026 per gram	Rs.3,026 per gram	Rs.3,020 per gram
Highest price	Rs.3,072 per gram on 12, 13, and 14 October	Rs.3,060 per gram on 18, 19 and 20 November	Rs.3,036 on 2, 3 and 4 December
Lowest price	Rs.3,028 per gram on 6 October	Rs.3,005 per gram on 6 November	Rs.2,940 per gram on 11,12 and 13 December
Trend	Decline	Incline	Incline
Change	1.20%	0.66%	0.13%

Gold Rate Trend in Allahabad for October 2017:

• When trading commenced for the month of October, gold was priced at Rs.3,063 per gram. This dropped to Rs.3,043 per gram by the 3rd as a possible interest rate by the Fed Reserve kept gold demand on the low.
• Gold prices in Allahabad dropped considerably by the 6th for the metal to trade at Rs.3,028 per gram as US dollar seemed to flourish.
• However, prices seemed to increase during the second week because of an increased trend in the overseas market. This led to an increase in the local market as well and the metal traded at a monthly high figure of Rs.3,072 per gram from the 12th to 17th of the month.
• As the month continued, gold prices weakened amid poor local sales spurred a weak overseas trend.
• Gold recorded its lowest rate on the 27th, 28th and the 31st of the month - Rs.3,026 per gram - when the week came to an end.
• Gold price in Allahabad declined by 1.20% this month due to lower-than-expected festive season demand.

Gold Rate Trend in Allahabad for November 2017:

• Gold price in Allahabad had dropped further when trading began for November and the metal was priced at Rs.3,006 per gram.
• As demand weakened amid poor cues, gold rates dropped to a monthly low figure of Rs.3,005 per gram on the 6th of November.
• With investors speculating over the fate of the US monetary policy, gold price in Allahabad seemed to increase. The 18th saw gold trade at its highest rate of Rs.3,060 per gram, which continued on till the 20th of the month.
• On the final day of the month, gold was seen trading at Rs.3,026 per gram - a 0.66% incline from the month’s first day’s rates.

Gold Rate Trend in Allahabad for December 2017:

• Gold rates in Allahabad were recorded at Rs.3,016 per gram when trade exchanges opened for business on the first day of December.
• Tensions in the US amid Donald Trump’s latest tax laws caused upheaval in the market and gold prices rose consequently.
• From the 2nd to the 4th, gold traded at a monthly high figure of Rs.3,036 per gram as domestic investors took advantage of the increased demand.
• However, the market came to terms with the inevitability of the new tax structure - and with the corporate world responding better - the US dollar mounted a comeback.
• The rising dollar pushed gold on the backburner and the metal traded at Rs.2,940 per gram - the month’s lowest - from the 11th to the 13rd of December.
• The remaining days of the month saw gold rates improve as other concerns in the US seemed to weaken the dollar.
• On the final day of Q4 and 2017, gold was seen trading at Rs.3,020 per gram - a marginal Rs.4 incline from the months beginning price.

Gold Rate Trend in Allahabad for July 2017 to September 2017 (per gram of 24 karat gold)

Factor	July	August	September
1st day	Rs.2,992 per gram	Rs.2,960 per gram	Rs.3,024 per gram
Last day	Rs.2,950 per gram	Rs.2,999 per gram	Rs.3,063 per gram
Highest price	Rs.2,992 per gram on 1 and 2 July	Rs.3,017 per gram on 28 August	Rs.3,130 per gram on 8 September
Lowest price	Rs.2,843 per gram on 12 and 13 July	Rs.2,930 per gram on 3, 5, 6 and 7 August	Rs.3,024 per gram on 1 September
Trend	Decline	Incline	Incline
Change	1.42%	1.30%	1.27%

Gold rate trend in Allahabad for July 2017

• When trading opened in Allahabad for the month of July, gold was priced at Rs.2,992 per gram on the 1st. This was also the highest recorded monthly figure in the city.
• Demand for the yellow metal dropped as investors and retail jewellers delayed purchases despite the low dollar value and gold was trading at Rs.2,902 per gram on the 8th.
• The release of the US employment data resulted in a further decline in demand and gold rates dropped to Rs.2,843 per gram on the 12th. This was the lowest recorded monthly figure in Allahabad.
• The US economy tanked as the Trump scandal took its toll on the US markets. This led to prices rising to Rs.2,863 per gram on the 14th.
• The 21st witnessed gold rates in Allahabad surging to Rs.2,908 per gram. This was due to an increase in demand for the metal in the Asian markets with the weakening of the US dollar.
• Thanks to steady global demand, gold traded at Rs.2,944 per gram on the 22nd, and until the 24th.
• Gold rates in Allahabad dropped to Rs.2,929 per gram on the 29th, but soon recovered trading at Rs.2,950 per gram on the 27th as investors and retail jewellers increased purchases.
• The US economy tanked as overseas relations between the US and North Korea intensified. This led to gold prices rising further to Rs.2,950 per gram on the 29th.
• Gold rates in Allahabad dropped to Rs.2,950 per gram on the 31st as domestic demand for the precious metal dropped.
• Allahabad witnessed gold rates declining at 1.41% over the course of the month.

Gold rate trend in Allahabad for August 2017

• Gold opened in Allahabad trading at Rs.2,960 per gram on the 1st of August.
• Investors and retailers suspended purchases with the possibility of a new interest rate hike by the US Federal Reserve, and prices dropped to Rs.2,930 per kg on the 3rd.
• Reduced but steady domestic demand resulted in the metal trading at Rs.2,930 per gram on the 5th as well.
• With tensions rising between the US and North Korea, the US dollar weakened and prices surged to Rs.2,974 per gram on the 10th.
• Global markets tanked as North Korea threatened the US with a nuclear war. This led to a rise in safe-haven investments around the world and increasing gold prices to Rs.2,999 per gram on the 11th.
• The precious metal traded at Rs.2,994 per gram on the 15th, as commodity markets remained mostly idle on Independence Day.
• The continued aggression between the US and North Korea pushed up gold prices again, and the metal was priced at Rs.2,999 per gram on the 18th.
• Demand for the metal subsided globally and gold was trading at Rs.2,982 per gram on the 19th.
• US-North Korean conflicts intensified and safe-haven investments rose both globally as well as domestically. This resulted in gold rates rising to Rs.2,992 per gram on the 24th.
• In addition, with Hurricane Harvey having taken its toll on the US economy, demand for the metal surged with the fall of the US dollar. This led to gold being priced at Rs.3,017 per gram on the 28th.
• Demand reduced over the next few days and the yellow metal was recorded trading at Rs.2,999 per gram when the month ended.

Gold rate trend in Allahabad for September 2017

• The yellow metal opened on a positive note trading at Rs.3,024 per gram when the month began in Allahabad.
• Global markets tanked soon after North Korea announced it successful two-stage thermonuclear weapon test. This led to stockists and investors leaning on to investments considered safer, due to which rates surged to Rs.3,130 per gram on the 8th - the highest recorded monthly figure in Allahabad.
• Gold price in in Allahabad dropped to Rs.3,085 per on the 12th as global demand declined against a rising dollar.
• Gold rates slipped to Rs.3,056 per gram on the 19th as demand subsided with the recovery of the US economy.
• But, the 20th witnessed gold rates surging to Rs.3,078 per gram due to increasing safe-haven investments worldwide.
• The recovery of the US economy and a strong US dollar resulted in the yellow metal prices dropping to Rs.3,051 per gram on the 25th.
• Thanks to the arrival of Dussehra, increase purchases improved the domestic trade and gold rates surged to Rs.3,110 per gram on the 26th.
• The US dollar strengthened with the possibility of a new Fed rate hike. However, steady demand from investors and retail jewellers resulted in gold being priced at Rs.3,063 per gram on the last day of the month.

Gold Rate Trend in Allahabad for April 2017 to June 2017 (per gram of 24 karat gold)

Factor	April	May	June
1st day	Rs.2,991 per gram	Rs.3,011 per gram	Rs.3,012 per gram
Last day	Rs.3,011 per gram	Rs.2,992 per gram	Rs.2,992 per gram
Highest price	Rs.3,068 per gram on 15 and 16 April	Rs.3,011 per gram on 1 and 2 May	Rs.3,057 on 7 June
Lowest price	Rs.2,983 per gram from 8 - 10 April	Rs.2,918 per gram from 11 to 15 May	Rs.2,972 on 27 June
Trend	Incline	Decline	Decline
Change	0.66%	-0.49%	-0.66%

Trend of gold rate in Allahabad for April 2017

• Gold prices in Allahabad was recorded at Rs.2,991 per gram when the month of April began.
• Rates seemed to go up over the next couple days to reach Rs.3,003 per gram US dollar value plummeted while international demand for gold rose as a result.
• By the 8th, however, gold prices had gone down to Rs.2,983 on the 8th due to demand in Asian market going down.
• The rate on 8th was also the lowest gold rate for the entire month.
• Markets around the world endured a wave of uncertainty during the third week which pushed gold prices up to Rs.3,036 per gram.
• Gold price in Allahabad increased for the next few days, hitting its peak at Rs.3,068 per gram on the 16th, despite a slump in local demand.
• As the US dollar strengthened during the third week, gold prices didn’t see much of a spike, instead ended the week on 23rd at Rs.3,062 per gram.
• The last week of April showed promise as gold was priced at Rs.3,041 per gram on 24th but as investors pulled out due to concerns, rates went down to 3,011 per gram by the 26th.
• There weren’t too many changes by the end of the month, which led to gold closing at Rs.3,011 per gram on the 30th of April.
• Despite some sluggish sales, gold price trend in Allahabad remained positive at 0.66%.

Trend of gold rate in Allahabad for May 2017

• May picked up where April left off as gold was seen trading at Rs.3,011 per gram on the 1st of the month.
• As local demand took a hit, gold prices went down to Rs.2,983 per gram on the 3rd.
• By the end of the first week, gold prices had fallen down to Rs.2,952 per gram as demand went downhill owing to a comeback from the US dollar.
• Gold price in Allahabad were going down during the second week as well as they went to Rs.2,928 per gram by the 10th and went down to as low as Rs.2,918 per gram on the 14th.
• Prices, however, rallied during the third week as they went up to Rs.2,939 on the 17th and went up to as high as Rs.2,977 per gram as domestic demand surged considerably.
• The fourth week saw marginal price increases, which brought rates up to Rs.2,992 per gram.
• Despite some rather low points during the second and third week of May, gold trading prices ended relatively better at Rs.2,992 per gram when the month ended.
• Gold price in Allahabad trends decline at a rate of 0.49% as local demand fell while US dollar rallied.

Trend of gold rate in Allahabad for June 2017

• The month of June didn’t see too many gold rate changes, except for the first few days.
• On the 1st of June, gold was priced at Rs.3,012 per gram, which went up to Rs.3,022 per gram on the 3rd.
• As domestic demand went up owing to a shaky US dollar, gold rates went up to Rs.3,037 per gram on the 5th and then to Rs.3,057 per gram on the 7th.
• However, prices went down to Rs.3,042 per gram on the 8th, as the surge was cut off by a drop in demand.
• On the 9th, gold rates went down to Rs.3,017 per gram.
• Rates remained unchanged for the next few days as they remained at Rs.3,007 per gram from the 10th to the 15th of the month.
• The 16th saw prices go down to Rs.2,992 per gram and to Rs.2,982 per gram the subsequent day.
• Over the next few days, till the end of the month, gold prices fluctuated slightly before going as high as Rs.3,005 per gram on the 26th.
• When the 30th of June approached, gold was trading at Rs.2,992 per gram.
• Gold prices in Allahabad fell at a rate of 0.66% in the month of June as bullion demand was sluggish in the local market.

Gold investment options in Allahabad

Since gold is a popular investment option, gold is available in various forms in the city of Allahabad. Two ways to obtain gold are either as an indirect financial instrument or by buying physical gold in the form of gold jewelry, gold bullions or gold coins.

• Financial Market

  Gold-based financial schemes are quite popular with the people of Allahabad. Gold ETFs are an innovative way of leveraging the return-potential of gold as an investment instrument. The current government has also launched a Gold Monetization scheme wherein gold lying at home can be utilized to earn interest.

• Over the counter

  Jewelry shops, both local and branded are places where gold is traded the most. Customers usually flock to these outlets to buy gold jewelry and even gold coins and bullions for investment purposes. Weddings and festivals are two seasons when customers visit gold sellers to buy gold.