Gold Rate In Allahabad

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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.

Rate of Gold in Allahabad

Rate of gold is a huge factor in determining the demand for the precious metal in the city of Allahabad. The demand for the metal peaks irrespective of rate during the season of Diwali as well as during the wedding season. Let us look into the rate of gold for different variants.

• 24 karat gold

  24 karat gold, as of 15^th March, 2016 traded at Rs.3030 per gram which translates to Rs.30300 per 10 grams. 24 Karat gold is the purest form of gold and as such it is used as an investment tool since the appreciation in its value offers substantial returns. Gold, in its purest forms is also used extensively in the electronic industry where it is used in various components like those of the computer or laptop.

• 22 karat gold

  Gold jewelry comes mostly in the form of either 22 karat or 18 karat gold. This is a mixed form of gold so as to make it more malleable and strong to be shaped into different designs. The price of 22 karat gold in Allahabad, as of 15^th march 2016 is Rs.2810 per gram which means that 10 gram of 22 karat gold will cost Rs.28100. This is higher than the previous price of the yellow metal.

Gold Rate Trend in Allahabad 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, attributed to technical buying despite a strong US Dollar on January 1st.
• An increase in domestic demand for the precious metal 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 decline 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 new US monetary policy caused Gold to further climb to Rs.2,925 per gram on January 12th.
• 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 Federal Interest Rate hike 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 from local jewellers in the domestic Gold market saw Gold prices edge up to Rs.2,999 per gram on February 7th.
• Sustained healthy 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 on account of an uncertain environment pertaining to the US monetary policy 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 marginal slump in domestic demand 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.
• In anticipation 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 from jewellers, retailers and other domestic investors 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 drop in domestic demand for the precious metal 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 Allahabad for October 2016 to December 2016 (per gram of 24 karat gold)

Gold Rate Trend for Allahabad in October 2016

• Gold was priced at Rs.3,205 per gram on 1st October in Allahabad, with prices remaining constant due to high demand. This rate was sustained for the next three days, until the 4th of October as well.
• The price of gold was completely stable at Rs.3,088 per gram for 24 carat gold from the 6th of October to the 25th of October. This is quite unusual but stable demand in both domestic and international markets could have contributed to this stability in prices.
• However, despite the stability in prices, there was a decline of 3.16% noted in the price of gold at the end of October as compared to the beginning of the month.

Gold Rate Trend for Allahabad in November 2016

• The beginning of November saw gold trade at a high price of Rs.3,099 per gram. However, right from the second day of November, a rise was noted in the price of gold due to uncertainty in the international markets.
• Price of gold was steady at Rs.3,150 per gram on the second and third day of November and rose even further the next 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.
• Gold reached Rs.3,211 per gram in the aftermath of the demonetisation announcement and stayed there 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 marginally reducing.
• As the month drew to a close the price of gold fluctuated slightly before closing at Rs.2,941 per gram which was again quite low as compared to the previous months. A number of factors contributed to a decline of 5.45% in the price of gold as compared to the beginning of the month.

Gold Rate Trend for Allahabad in December 2016

• Gold opened at Rs.2,893 per gram on the 1st of December and was steady until the next day.
• Price of gold declined 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 price 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 price of gold was steady at Rs.2,800 per gram during the last week of December which was also the lowest rate at which gold traded at for the entire month of December.
• Gold traded at Rs.2,844 per gram on 31st December, recording a decline of 1.72% due to low demand.

Gold Rate Trend in Allahabad for July 2016 to September 2016 (per gram of 24 karat gold)

Gold Rate Trend of Allahabad in July 2016

• Gold traded at Rs.3,167 per gram on 1st July.
• The Brexit vote led to growing expectations of the central banks providing monetary stimulus to the market.
• Prices for the metal soared this month on account of higher demand.
• On 7th to 9th July gold traded at Rs.3,227 per gram which was the highest for this month.
• The dollar gained on the back of strong U.S. economic data which led to a fall in gold prices.
• Overall, there was an incline of 1.61% in gold rates this week.

Gold Rate Trend of Allahabad in August 2016

• Domestic demand was stable as jewellers and retailers started their preparations to meet high festive demand.
• Gold traded at Rs.3,219 per gram on 1st August and climbed to its highest rate for the month on 4th August at Rs.3,248 per gram.
• Prospects of the Fed rate hike grew strong this month and demand for gold took a hit.
• The market turned bearish as investors and buyers took to the sidelines.
• As demand fell, the trend for this month was a decline of 0.43%.

Gold rate trend of Allahabad in September 2016

• Gold traded low on 1st and 2nd September at Rs.3,184 per gram on account of rising expectations of the Fed rate hike.
• As the U.S. presidential elections were too close, the Federal Reserve decided to put off the rate hike till December.
• The global market had a bullish outlook and gold prices started to recover.
• Demand in the domestic market was also stable.
• The overall trend for this month was an increase of 1.04% in gold prices.

Gold Rate Trend in Allahabad for April 2016 to June 2016(per gram of 24 karat gold)

Gold Rate Trend of Allahabad in April 2016

• Gold continued to trade at Rs. 2,943 per gram for the first three days of April
• Gold rate fluctuated owing to varied demand in the month of April.

Gold Rate Trend of Allahabad in May 2016

• Gold rate remained unchanged Rs. 3,119 per gram for the first three days of May.
• Gold witnessed a decline at Rs. 3,048 per gram on 24^th of May owing to the expectation of a Fed interest rate hike.
• There was a further decline of Rs. 88 by the end of May as gold stood at Rs. 2,960 per gram.

Gold Rate Trend of Allahabad in June 2016

• There was an increase noted in the price of gold as the month progressed.
• Although globally, there was a rise in the price of gold, demand was still noted.
• The highest rate of gold during the month of June in Allahabad was witnessed on the 28th, at Rs.3,182 per gram.
• Due to Brexit, there was an increase noted in the price of gold as investors rushed to buy this precious metal amidst economic uncertainty.

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.