Gold Rate In Aurangabad

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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 9^th 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 9^th of March, 2016, the price of 22 karat gold in Aurangabad stood at Rs.2,870.

Gold Rate Trend in Aurangabad for January 2016 to March 2016 (per gram of 24 karat gold)

Gold Rate Trend for Aurangabad in January 2016

• On the first day of the new year, gold traded at Rs.2,884 per gram before rising marginally the next day to trade at Rs.2,872 per gram.
• The rate of this precious metal fell the next day before trading at Rs.2,895 per gram on the 4th due to a slight decrease in the value of the U.S.Dollar.
• However, from the 5th of january to the 9th of January, the rate of gold stayed steady due to stable demand for this metal resulting in gold trading at Rs.2,908 per gram.
• The situation was similar from the 12th of January to 15th of January as well wherein gold traded at Rs.2,974 per gram.
• From the 16th to the 27th of January, gold traded at its highest which was Rs.2,997 per gram.
• At the end of the month, the rate of gold was Rs.2,985 per gram, recording an incline of 3.50%.

Gold Rate Trend for Aurangabad in February 2016

• Continuing from the rate noted during the previous month, gold traded at Rs.2,985 per gram on the 1st of February.
• Due to an increase in demand, the rate of gold shot up to Rs.3,014 per gram on the 2nd and stayed steady at this price until the 7th.
• After this due to fluctuating demands, the rate of gold varied between Rs.3,034 per gram and Rs.3,013 per gram until the 15th.
• A marginal decline was noted in gold rate on the 24th before recovering to trade at Rs.3,034 per gram again, on the 17th of February. This rate was noted until the 23rd of February.
• On the last day of the month, gold traded at Rs.3,054 per gram recording an incline of 2.31% in the rate of gold.

Gold Rate Trend for Aurangabad in March 2016

• Gold opened at Rs.3,054 per gram on the first of March in Aurangabad which was a continuation of the rate noted towards the end of February as well.
• However, due to a fall in the demand for this precious metal from jewellers, the rate of gold reduced to Rs.3,026 per gram on the 2nd and stayed steady at this rate until the 6th of March.
• Due to negative market cues and the Dutch Elections, the rate of gold plunged to Rs.2,968 per gram on the 15th of March which was also the lowest at which gold traded at for the month of March.
• However, gold recovered after this to trade at Rs.3,012 per gram the next day until the 22nd of March after which gold traded at Rs.3,035 per gram until the 30th of March.
• At the end of the month, the rate of gold fell to Rs.3,011 per gram recording a decline of 1.40% in the price of gold as the month progressed.

Gold Rate Trend in Aurangabad for October 2016 to December 2016 (per gram of 24 karat gold)

Gold Rate Trend for Aurangabad in October 2016

• Gold rates vary depending on demand both domestic and international as well as market fluctuations. On the 1st of October, gold traded at a robust Rs.3,249 per gram due to ongoing wedding season, due to which demand for this precious metal was quite high.
• The next day, however, there was a slight decline noted in gold rates although the variation was quite minor.
• As the week progressed, price of gold plunged to Rs.3,123 per gram on the 7th and this rate was sustained until the 9th of October.
• Prices recovered after this marginally to trade at Rs.3,135 per gram on the 10th.
• As the month progressed, there were minor variations seen in gold rates.
• On the last day of October, the price of gold was Rs.3,168 per gram and an overall decline of 2.49% was noted in gold rates.

Gold Rate Trend for Aurangabad in November 2016

• Continuing from the previous month, gold opened at Rs.3,168 per gram on the 1st of November.
• There was a marginal increase noted in the rate of gold the next day to trade at Rs.3,197 per gram and stayed steady until 10th November.
• Gold was priced at Rs.3,247 per gram on the 11th of November which was also the highest rate at which gold was priced at for the month of November.
• This rate could not be sustained however and decreased slightly thereafter.
• There were a few marginal fluctuations noted in gold rates as the month progressed. Gold traded at Rs.2,949 per gram between 25th to 27th and was the lowest at which gold was priced at for the month of November.
• Overall, a decline of 6.09% was noted in gold rates during November.

Gold Rate Trend for Aurangabad in December 2016

• Price of gold was quite low during the entire month of November. Demonetisation and President Trump’s nomination in the United States caused cash crunch and fluctuation of markets.
• Gold traded at Rs.2,938 per gram on the 1st of December and stayed steady until the 7th. This was also the highest rate at which gold traded at for the month of December.
• Gold rate decreased slightly hereafter, fluctuation every week.
• Price of this precious metal declined to an all-time low of Rs.2,810 per gram on the 22nd of December and stayed steady until the 26th.
• An overall decline of 1.83% was noted in the rate of gold in the month of December.

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

Gold Rate Trend of Aurangabad in July 2016

• Gold traded at Rs.3,112 per gram on 1st July.
• Positive trends in the global market led to an increase in demand for gold.
• There were strong expectations of the central banks providing monetary stimulus after the Brexit vote. This gave demand for the yellow metal a good boost.
• Gold rose to Rs.3,249 per gram on 31st July, its highest price for this month.
• There was an increase of 4.40% in gold prices this month.

Gold Rate Trend of Aurangabad in August 2016

• Gold traded at Rs.3,249 per gram at the start of the month.
• Bullish sentiments rocked the global market which sent gold prices up.
• On 18th August, gold traded at Rs.3,283 per gram, the highest for this month.
• Demand for gold took a hit towards the second half of August as expectations of a rate hike by the U.S. Federal Reserve grew stronger.
• Gold rates fell by 0.74% this month.

Gold rate trend of Aurangabad in September 2016

• As the market turned gloomy, gold rates edged lower.
• On 1st September, gold traded at Rs.3,212 per gram.
• Brighter times were in store for the yellow metal as the U.S. Federal Reserve put the interest rate hike on hold till December in light of the upcoming presidential elections.
• Gold regained its safe-haven appeal and investors flocked to buy gold.
• Prices climbed to Rs.3,285 from 23rd September to 26th September.
• There was an increase of 2.08% in gold prices this month.

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

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 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.