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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 15th 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 15th 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 July 2017 to September 2017 (per gram of 24 karat gold)
|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|
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)
|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 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.
|1st day||Rs.2,844 per gram||Rs.2,978 per gram||Rs.3,009 per gram|
|Last day||Rs.2,958 per gram||Rs.3,020 per gram||Rs.2,991 per gram|
|Highest price||Rs.2,979 per gram from 23rd of January to 24th of January||Rs.3,031 per gram from the 25th of February to 27th of February||Rs.3,009 per gram on the 1st and 2nd of March|
|Lowest price||Rs.2,844 per gram from the 1st of January to the 3rd of January||Rs.2,957 per gram from the 4th of February to the 6th of February||Rs.2,950 per gram on the 15th of March|
- 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.
- 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.
- 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.
|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 and 2nd 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 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.
|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 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.
|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 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 on 2nd June|
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 24th 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.
|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. 2,772 per gram on January 28th||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 Allahabad in January 2016
- Gold traded at a low rate of Rs. 2,585 per gram on the 1st of January.
- Due to increase in global demand, gold rose to Rs. 2,681 per gram on 7th of January.
- Gold hit the highest rate for January on 27th at Rs. 2,767 per gram and saw a dip again on 31st of January at Rs. 2,756 per gram.
Gold Rate Trend of Allahabad in February 2016
- Gold remained unchanged at Rs. 2,756 per gram on the 1st of February.
- Gold traded at Rs. 3,008 per gram during the second week of the month.
- February witnessed a steady rise in Gold prices as it shot up to Rs. 3,049 per gram on 26th of February.
Gold Rate Trend of Allahabad in March 2016
- Gold remained unchanged at Rs. 3,030 per gram for the first two weeks of May
- 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 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.
Also Check Gold Price in NearBy Cities of Allahabad
|Gold Rate In 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|
- Also Check: Gold Rate in Uttar Pradesh
Read more on Gold
- Pricing Of Gold Ornaments- How Is It Actually Priced?
- What Do The Markings On Gold Mean
- Top 5 Factors That Affect Gold Rate In India
- Why Is Gold Rate Fluctuating
- Tips For Buying Gold Jewellery