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Named after Aurangzeb, the late Mughal emperor, Aurangabad is a historically popular Indian city in the state of Maharashtra. Known for its tourist attractions such as the world-renowned Ellora Caves and Ajanta Caves, both of which are recognised as UNESCO World Heritage Sites, Aurangabad is also called the City of Gates. The Tourism Capital of Maharashtra is also a great consumer of gold as individuals who reside in the town invest in gold heavily especially during the wedding season and during festivals.
In fact, gold is among the best investment options among the people of Aurangabad. Since Aurangabad was once home to great emperors and rulers, gold has always been held in significantly high regard in the city. Even now, centuries after the kings and rulers of the past, the city is still among the prime consumers of gold in the country. Many people in Aurangabad look at gold as the best option for gifting to their near and dear ones during festivals and auspicious occasions. Moreover, since gold offers high liquidity and serves as a welcome alternative to other forms of investment, there is no surprise that Aurangabad relies heavily on the yellow metal.
Gold Rate in Aurangabad
The rates of gold in Aurangabad may vary from dealer to dealer depending upon the purity of the precious metal. 24 karat gold is the most expensive form of the metal as it is 99.9% pure in comparison with 22 karat gold which is only 92% pure.
24 karat gold – Since the purity of 24 karat gold is 99.9%, it makes for a fine investment option and is hence relatively expensive when compared to 22 karat, 18 karat or 14 karat gold. However, only a small section of the city invests in 24 karat gold as it cannot be used in the production of jewellery and ornaments. The price of one gram of 24 karat gold in Aurangabad is Rs.3,090 as on the 9th of March, 2016. This price is reflective of international trends over the past one year as prices fell during the second half of the year and increased steadily at the beginning of 2016.
22 karat gold – The purity of 22 karat gold stands at 92%, but the number of investors in this form of the precious metal is higher than the number of those who put their money in 24 karat gold. The main reason for this is that 22 karat gold is produced in such a way that it is ideal to be used in the production of jewellery and ornaments, and since a large number of people in Aurangabad invest in jewellery and ornaments, 22 karat gold experiences plenty of demand and supply in this Maharashtran city. As on the 9th of March, 2016, the price of 22 karat gold in Aurangabad stood at Rs.2,870.
Gold Rate Trend in Aurangabad for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,989 per gram||Rs. 3,154 per gram||Rs.3,038 per gram|
|Last day||Rs. 3,154 per gram||Rs. 3,018 per gram||Rs.3,112 per gram|
|Highest price||Rs.3,119 per gram on 30th of May||Rs. 3,155 per gram from the 7th to the 11th of May||Rs.3,192 per gram on 27th June|
|Lowest price||Rs. 2,989 per gram from the 1st of April to the 11th.||Rs. 3,003 per gram on the 30th of May||Rs.3,015 per gram on 3rd June|
|Trend||Rising||Decline||Increase in price|
|Change||Rs. 165 per gram||Rs. 136 per gram||+2.43% increase|
Gold Rate Trend of Aurangabad in April 2016
- Gold prices were recorded at Rs. 2,989 per gram on the first of April and remained unchanged until the 11th of the month after which they rose to Rs.3,038 and remained constant until the 22nd of the month.
- Prices dropped by Rs.5 to Rs.3,033 on the 23rd of April before remaining stable until the 28th of April.
- Prices then increased consistently on the last two days of the month, and April, as a whole, recorded an increase of Rs.165 over 30 days.
Gold Rate Trend of Aurangabad in May 2016
- There were no major changes in demand and gold prices remained unchanged at Rs. 3,154 per gram for the first two days of May after which marginal declines were recorded until the sixth of the month.
- Gold prices rose on the 7th of the month and remained constant until the 11th at Rs.3,155 before declining further to gain stability at Rs. 3,112 until the 15th of the month.
- Gold prices began rising steadily from the 16th to the 24th of May after which point they declined gradually until the last day of the month.
Gold Rate Trend of Aurangabad in June 2016
- Gold prices increased steadily before plateauing due to demand stagnating during the month.
- Demand for gold was steady as the month began but the uncertainty over the British referendum led to prices rising towards the end of the month.
- Markets stabilised as the Dollar strengthened, keeping demand low.
- The British exit from the European Union led to markets falling and gold prices rose, reaching Rs.3,112 per gram.
Gold Rate Trend in Aurangabad for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,601 per gram||Rs. 2,775 per gram||Rs. 3,068 per gram|
|Last day||Rs. 2,775 per gram||Rs. 3,068 per gram||Rs. 2.989 per gram|
|Highest price||Rs. 2,789 per gram on January 27th and 28th.h||Rs. 3068 per gram on February 27th, 28th and 29th.||Rs. 3,093 per gram from March 12th to 17th.|
|Lowest price||Rs. 2,601 per gram from January 1st to 3rd.h||Rs. 2,755 per gram on February 1st and 2d.||Rs. 2,989 per gram from March 22nd to 31st.|
|Change||Rs. 174 per gram||Rs. 293 per gram||Rs. 79 per gram|
Gold Rate Trend of Aurangabad in January 2016
- Gold traded at Rs. 2,601 per gram on the 1st of January and remained stable for the following three days after which prices started to rise gradually.
- Prices fluctuated over the course of the month and the highest rate of gold in the month of January was recorded on the 27th and 28th when prices rose to Rs. 2,789 per gram.
- Gold traded at Rs. 2,775 per gram on the last day of the month, marking a gain of Rs.174 in comparison with the first day of the month.
Gold Rate Trend of Aurangabad in February 2016
- Gold traded at Rs. 2,775 per gram on the 1st of February as there were no changes in demand in addition to lack of international or local events to affect prices.
- Gold prices increased at a steady rate as the month progressed, with marginal losses being written off by subsequent gains.
- The highest price in the month of February was recorded on the last three days of trading as the value of the precious metal closed the month at Rs.3,068 per gram.
Gold Rate Trend of Aurangabad in March 2016
- Gold prices remained unchanged at Rs. 3,030 per gram for the first ten days of the month.
- Gold price remained stable for lengthy periods during March, declining marginally on certain days before gaining stability immediately after a change in rates.
- Gold prices recorded marginal losses at regular intervals of time over the course of the 31 days.
- Although prices remained stable for significant periods of time during March, an overall decline of Rs.82 was recorded between the first and the 31st of March owing to a jeweller strike.
Gold Investment Avenues in Aurangabad
Gold is considered as one of the safest and best investment options in India, and the fact that Aurangabad has a rich history of kings and rulers, the precious metal has greater appeal in these parts. As a matter of fact, gold is used in almost all ceremonies and celebrations, mostly in the form of jewellery, but also in the form of gifts. Following are the main investment avenues for gold in Aurangabad:
Over-the-counter: The best way to purchase gold in Aurangabad is through over-the-counter dealings. The city has a number of dealers, jewellers and banks that offer customers with a variety of options based on the investors’ budgets. Bars, coins and jewellery are the most common forms of gold in the city, and the rates offered by jewellers may vary from location to location.
Market Trade: Investors can now purchase gold from their homes or offices thanks to modern technology. E-gold, futures contracts and ETFs are the best options for gold trading. E-gold can be traded through the National Spot Exchange while ETFs can be bought and sold on the Mumbai Stock Exchange.
- Also Check: Gold Rate in Maharashtra
Also Check Gold Price in NearBy Cities of Aurangabad
|Gold Rate In Thane||Gold Rate In Nashik||Gold Rate In Solapur||Gold Rate In Amravati|
|Gold Rate In Nanded||Gold Rate In Sangli||Gold Rate In Jalgaon||Gold Rate In Kolhapur|
|Gold Rate In Mumbai||Gold Rate In Nagpur||Gold Rate In Pune|
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