Gold Rate In Aurangabad Today

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Gold Price In Aurangabad

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.

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.

Gold Rate Trend in Aurangabad for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Aurangabad from January 2020 to March 2020:

• At the start of January, gold price stood at Rs.3,985 per gram in Aurangabad. Over the month, the rates witnessed an incline of 4.86% in the city. This was accounted to factors like the US – Iran conflict, trade tensions between the United States of America and China, the fear of Covid 19 becoming a pandemic etc. Gold recorded its highest price for the month on 9th January with every gram costing Rs.4,216 in the city as investors shifted to the bullion market for its safe-haven appeal. The rates of the 24-karat gold closed the month at Rs.4,179 per gram.
• In February, the price of the yellow metal opened at Rs.4,179 per gram. There was no change in the rates when compared to the closing price of the previous month. As coronavirus spread across many countries around the world and had an impact on the economy, the rates slipped in the city and recorded its lowest price on 7th February with a gram costing Rs.4,132. The rates started to climb once everyone took stock of the effect of COVID-19 on the economy. Investors shifting to the bullion market also helped. The increase in the prices meant that gold recorded its highest price for the month on 25th February with a gram being retailed for Rs.4,410 in the city. With the rates slipping again, gold closed the month at Rs.4,358 per gram with an incline of 4.28%.
• The price of gold started the third month of 2020 i.e., March at Rs.4,263 per gram. By the end of the first week, the yellow metal hit the highest price for the month as investors anticipated a rate cut by the US Federal Reserve to mitigate the losses faced in the economy due to the coronavirus pandemic. A gram of the 24-karat gold cost Rs.4,531 per gram on 7th March. The rates of gold slipped in the city following that as there was no trade in the bullion industry given that many countries which were severely affected by the deadly virus went into lockdown. Gold recorded its lowest price for the month on 18th March with a gram costing Rs.4,116 in the city. The rates slipped further as investors sold their assets in order to hoard cash and survive in the crisis-hit markets before increasing slightly and closing the month at Rs.4,158 per gram recording a percentage decline of 2.46%.

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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.