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|Gold price in Bangalore in July 2017||Gold Price in Bangalore in June 2017||Gold Price in Bangalore in May 2017|
Gold Rate in Bangalore
Gold is a very popular commodity in Bangalore, and in India in general. Gold rates in Bangalore are decided by international trends. Gold prices are highly dynamic and are affected by a wide range of factors, from strength of the US Dollar to seasonal demand in the country. Gold is purchased in Bangalore primarily as jewelry and ornaments, following the trend of most of the country when it comes to gold usage.
Gold is also traded as a commodity in exchanges such as Multi Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX) and National Spot Exchange (NSEL). The contracts are available both as spot contracts where gold can be bought and delivered right away, and futures contracts wherein gold is bought and sold at a later date.
Indians have a history of banking on gold more than the actual banks. Gold therefore also acts as an investment portfolio for consumers in Bangalore looking at stable and long term returns from the metal. There are many large and small gold dealers in Bangalore that are exclusively into precious metals and form the backbone of the local gold industry.
Trend of Gold Rate in Bengaluru for August 2017 (rates per gram for 24 karat gold)
August ‘17 - Week 1 (1st to 6th)
- The country’s IT capital saw gold prices plateau due to poor demand as well as market conditions.
- Gold was priced at Rs.2,878 per gram on 1 August, recording a minor increase in price from the previous month.
- Gold rate in Bengaluru dropped as investors awaited the results of the Fed Reserve meeting, resulting in gold falling to Rs.2,854 per gram on 3 August.
- Gold price in Bengaluru rose to Rs.2,865 per gram on 4 August as local demand spiked on account of Varmahalakshmi as well as a declining dollar.
- Prices fell by Rs.10 to trade at Rs.2,855 per gram on 5 August as overseas demand was muted and local demand could not keep prices table.
- Gold price in Bengaluru did not change as the week drew to a close, resulting in gold trading at Rs.2,855 per gram on 6 August due to poor demand.
Trend of Gold Rate in Bengaluru for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.2,950 per gram|
|July 31 Rate||Rs.2,874 per gram|
|Highest Rate in June||Rs.2,950 per gram on 1 July|
|Lowest Rate in June||Rs.2,815 per gram from 15 to 17 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1st to 9th)
- Gold traded at Rs.2,950 per gram on 1 July in the city of Bengaluru and continued to trade at this price on 2 July as well.
- There were a few marginal variations noted in the rate of gold as the week progressed. However, there were no marked changes in the price of gold post implementation of GST.
- Gold traded at Rs.2,940 per gram on 3 July before reducing to Rs.2,915 per gram from 4 July to 6 July as a result of low demand from domestic markets.
- As the week progressed, the rate of gold continued to decline.
- This yellow metal was priced at Rs.2,880 per gram on the last two days of the week and was also the lowest at which gold traded, for the first week of July in Bengaluru.
July 2017 - Week 2 (10th to 16th)
- Though Bengaluru seemed to be performing well during the initial few days of the week, there was a massive price drop that cut off the momentum.
- When trading began for the week on the 10th, gold prices were recorded at Rs.2,875 per gram.
- Prices dropped to Rs.2,870 per gram on the 11th but picked back up on the 12th to end the day at Rs.2,890 per gram.
- On 13th, gold was trading at Rs.2,890 per gram but dropped by Rs.94 to go down to Rs.2,796 per gram on the 14th - making it the biggest day-to-day price drop in all of India.
- There was some relief, however, as prices went back up on the 15th bringing bullion prices up to Rs.2,815 per gram.
- When the second week of July ended on the 16th,
July 2017 - Week 3 (17th to 23rd)
- The price of gold in the country’s IT capital was in line with trends seen across other cities, as gold opened at Rs.2,815 per gram on 17 July.
- Gold rate in Bangalore jumped to Rs.2,830 per gram on 18 July as global markets were weak, leading to greater demand for ‘safe-haven assets’ such as gold.
- Prices cooled off as the week progressed, with a marginal increase recorded at Rs.2,833 per gram on 20 July due to a paucity of local demand.
- Gold price in Banaglore spiked as the week drew to a close and the U.S. dollar continued to trade poorly against other global currencies.
- Gold was priced at Rs.2,966 per gram on 22 July, with the price remaining the same as the week ended on 23 July.
July 2017 - Week 4 (24th to 31st):
- Gold prices in Bengaluru fluctuated considerably during the last week of July, due to a constant change in demand.
- On the 24th, gold prices were recorded at Rs.2,866 per gram, which then went up to Rs.2,869 per gram on the 25th.
- However, demand from local buyers fell which led to gold prices falling to Rs.2,850 per gram on the 26th - a Rs.19 decrease compared to the previous day.
- Thanks to a fall in US dollar rates and the positive trading cues, prices increased by Rs.24 for the yellow metal’s to trade at Rs.2,874 per gram on the 27th.
- On the 28th, prices fell slightly as local investors were expecting more price corrections and consequently refrained from making jewellery purchases.
- The 29th saw gold demand hitting saturation levels as it traded at Rs.2,872 per gram and remained unchanged on the 30th of July.
- During the last day of the week and month, gold prices went up marginally by Rs.2,874 per gram.
|Parameters||Gold price (24karat)|
|June 1 Rate||Rs.2,933 per gram|
|June 30 Rate||Rs.2,920 per gram|
|Highest Rate in June||Rs.2,965 per gram on 8 June|
|Lowest Rate in June||Rs.2,895 per gram on 20 June|
June 2017 - Week 1 (1st-4th):
- Bangalore too saw gold prices gain which came after a fall on the second day of the week.
- On the 1st of June, gold was priced at Rs.2,933 per gram - an increase of Rs.15 per gram from the previous day.
- However, prices went down to Rs.2,915 per gram on the 2nd as there was a sharp decline in demand.
- Gold rates gained significantly on the 3rd amid news that US-EU relationship was going through a bit of a rough patch.
- Prices saw an increase of Rs.25 to reach Rs.2,940 per gram on the 3rd.
- Till the end of the week on the 4th, gold prices remained at Rs.2,940 per gram.
June 2017 - Week 2 (5th - 11th)
- Karnataka’s capital Bangalore witnessed a similar trend to that of other states and saw prices drop initially before dropping down as the week drew to a close.
- On the 5th of May, gold was priced at Rs.2,955 per gram, which then went up to Rs.2,960 per gram on the 6th and remained there on the 7th.
- The 8th saw prices increase slightly to end at Rs.2,965 per gram.
- Prices slid by Rs.25 per gram on the 9th as US dollar strengthened over other currencies.
- Over the 10th and the 11th, gold prices remained the same at Rs.2,930 per gram as there was no demand in the domestic market.
June 2017 - Week 3 (12th-18th)
- Gold opened at Rs.2,925 per gram on the 12th of the month in Bangalore, which was relatively low as compared to the price noted in other cities in the country.
- The gold rate in Bangalore increased by Rs.5 the next day to trade at Rs.2,930 per gram.
- This rate was noted on the 14th of June as well due to stable demand.
- There were certain issues observed due to lack of clarity with respect to GST with respect to the import of bullion by banks.
- As the week progressed, the rate of gold continued to decline and traded at Rs.2,910 per gram on the last two days of the month.
June 2017 - Week 4 (19 to 25)
- The value of the yellow metal rose over the course of the fourth week in the country’s IT capital thanks to positive trends and strong demand.
- Gold was priced at Rs.2,905 per gram on 19 June as demand from jewellers began to rise due to increased buying before the implementation of the Goods and Services Tax (GST).
- Prices fluctuated over the next few days, with gold dropping to Rs.2,895 per gram on 20 June before recovering to trade at Rs.2,910 per gram on 22 June.
- Gold prices jumped to Rs.2,920 per gram on 24 June as Indian markets were unstable due to uncertainty over the impact of GST on the economy, which increased demand for the safe-haven asset.
- The price was recorded at Rs.2,920 per gram as the week ended on 25 June even though international demand for the metal was waning.
June ’17 – Week 5 (26 to 30)
- The price of gold in the IT capital of India was subject to some fluctuations though demand was consistent for the most part.
- Gold traded at Rs.2,918 per gram on 26 June before falling to Rs.2,900 per gram on 27 June as international demand for the yellow metal sank due to a resurgent U.S. Dollar.
- The continued demand from local jewellers due to the impending GST launch helped bolster prices locally, resulting in gold trading at Rs.2,960 per gram on 28 June, a rise of Rs.60 per gram in just a day.
- Vacillating demand led to prices falling the following day as gold traded at Rs.2,920 per gram on 29 June.
- The U.S. Dollar continued to fluctuate but had little impact on demand and prices in Bangalore.
- The month ended with gold trading at Rs.2,920 per gram on 30 June.
|May 1st Rate||Rs.2,945 per gram|
|May 31st Rate||Rs.2,918 per gram|
|Highest Rate in May||Rs.2,945 per gram on 1st May|
|Lowest Rate in May||Rs.2,850 per gram from 6th-8th May|
May 2017 - Week 1 (1st-7th)
- There were a few variations noted in the rate of gold in Bangalore during the first week of May.
- Gold traded at Rs.2,945 per gram on the 1st of May but fell by Rs.40 the next day to trade at Rs.2,905 per gram.
- Due to steady demand, this rate was noted the next day as well.
- As the week progressed however, the rate of gold continued to reduce due to a fall in the demand.
- Gold traded at Rs.2,875 per gram on the 4th and 5th of May before reducing again.
- On the last two days of the week, gold was priced at Rs.2,850 per gram due to low demand for this metal.
May 2017 – Week 2 (8th -14th)
- Gold was priced at Rs.2,850 per gram on 8th May in Bangalore, with the prices rising to Rs.2,855 per gram on 9th May due to a slight increase in local demand.
- Prices began to dip as the week progressed due to a decline in demand for the metal as markets performed well, with the U.S. Dollar also rising on strong trading.
- A drop in industrial demand also affected the price of gold, which fell to Rs.2,840 per gram on 11th May amidst a lowering of local demand.
- Gold rate in Bangalore were stable as gold ended the week at Rs.2,840 per gram on 14th May, recording a drop in price of Rs.10 during the week.
May 2017 - Week 3 (15th - 21st)
- In Bangalore, gold price remained the same over the first three days of week 3, before surging by a significant margin in the later half.
- On 15th, gold in Bangalore was trading at Rs.2,845 per gram and as demand remained largely stable, rates didn’t change till the 17th.
- However, as US markets fell after its President Donald Trump trying to impose control on a federal investigation, rates went up by Rs.60 to Rs.2,905 per gram.
- This increase was the highest single-day rise to be seen since Great Britain chose to exit the European Union back in June of last year.
- As the surge was only a temporary trend, gold rates went down to Rs.2,900 per gram on the 19th.
- Due to demand picking up on the 20th, gold rates went up to Rs.2,908 per gram and remained there till the end of the week on the 21st.
May 2017 – Week 4 (22nd - 28th)
- Gold was priced at Rs.2,905 per gram in the city of Bangalore due to slightly low demand for this yellow metal from domestic markets.
- There were a number of variations noted in the rate of gold during the fourth week of May.
- The rate of gold increased to trade at Rs.2,930 per gram on the 23rd of May before falling on the 24th to Rs.2,915 per gram. However, the Manchester blasts is thought to have had no impact on the price of gold.
- Gold continued to trade at Rs.2,915 per gram from the 24th of May until the 26th of May due to low but sustained demand.
- On the last two days of the week, gold was priced at Rs.2,930 per gram.
May ’17 – Week 5 (29th to 31st)
- Gold traded at Rs.2,930 per gram on 29th May, reflecting trends seen across the country as gold prices fell due to a paucity of demand.
- A strong U.S. Dollar and stable markets also led to reduced demand for the precious metal.
- Prices rose to Rs.2,938 per gram on 30th May due to an increase in local demand but prices fell to Rs.2,918 per gram on 31st May.
- Gold prices declined by 0.91% over the course of the month due to declining demand by jewellers and unfavourable market conditions.
April 2017 - Week 1 (1st-9th)
April 2017 - Week 2 (10th-16th) April 2017 - Week 3 (17th-23rd)
April 2017 - Week 2 (10th-16th)
April 2017 - Week 3 (17th-23rd)
|March 1st Rate||Rs.3,005 per gram|
|March 31st Rate||Rs.2,900 per gram|
|Highest Rate in March||Rs.3,005 per gram on 1st March|
|Lowest Rate in March||Rs.2,855 per gram on 15th March|
March 2017 - Week 1 (1st - 4th):
- Silicon city Bangalore saw some fluctuations with regard to gold rates during the first week of March.
- The week started with gold trading at Rs.3,005 per gram but dropped to Rs.2,990 per gram - a decrease of Rs.15 per gram.
- On 3rd, prices went down by Rs.25 per gram to hit Rs.2,965 per gram as US dollar strengthened after a brief period of slow growth.
- On the last day of the week, prices stabilised to reach Rs.2,970 per gram.
March 2017 - Week 2 (5th - 11th):
- In Silicon Valley of India - Bangalore, gold rates fluctuated quite a lot over the second week of March.
- The week began with gold trading at Rs.2,970 per gram but went down to Rs.2,930 per gram by the 8th.
- From the 9th to the 11th, gold prices went down by a further Rs.30 as demand decreased.
- Gold prices in Bangalore ended at Rs.2,900 per gram when week 2 of March ended.
March 2017 - Week 3 (12th-18th):
- The price of gold in Bangalore fluctuated due to dips in demand, though the overall trend reflected a marginal decline in the price.
- Gold was priced at Rs.2,900 per gram on 13th March as the markets were stable and there were minor variations in the rate of gold.
- Gold traded at Rs.2,880 per gram on 14th March and then fell to Rs.2,855 per gram on 15th March as there was a setback in the industrial demand.
- Rate of gold increased to Rs.2,885 per gram on the 16th of March as well owing to higher demand for this precious metal.
- The rate of gold continued to rise, trading at Rs.2,890 per gram on 17th March.
- This rate was steady until the end of the week due to steady demand for gold. The week ended with a price difference of Rs.10 in the rate of gold.
March 2017 - Week 4 (19th-25th):
- Except two small changes at the beginning of the week, gold price trends remained largely unhindered during the fourth week of March.
- On 20th, gold was trading at Rs.2,900 per gram but fell to Rs.2,885 per gram on 21st as domestic demand took a hit.
- The fall was short lived as prices bounced back by Rs.35 per gram to trade at Rs.2,920 per gram on 22nd.
- Over the next four days, gold rates remained unchanged as demand sustained well against a strengthening dollar.
- The week ended with gold trading at Rs.2,920 per gram.
March 2017- Week 5 (26th-31st):
- Startup city, Bangalore, saw gold prices rise at the beginning of the week but fall towards the end.
- On 27th, gold in Bangalore was priced at Rs.2,920 per gram and increased to Rs.2,925 per gram on 28th as demand went up.
- The 29th saw gold prices remain unchanged but decreased on 30th to trade at Rs.2,915 per gram.
- Rates went down again at the end of the week on 31st to trade at Rs.2,900 per gram - a decrease of Rs.15 from the previous day’s prices.
|February 1st Rate||Rs.2,945 per gram|
|February 28th Rate||Rs.3,005 per gram|
|Highest Rate in February||Rs.3,005 per gram on 27th & 28th February|
|Lowest Rate in February||Rs.2,945 per gram from 1st-5th February|
February 2017 - Week 1 (1st-4th):
- Silicon city Bangalore saw no fluctuation at all during the first week.
- When the week began gold was seen trading at Rs.2,945 per gram, which didn’t change for the rest of the week as domestic markets held steady.
- The week ended with gold still trading at Rs.2,945 per gram.
February 2017 - Week 2 (5th-11th)
- Gold prices increased over the second week in Bangalore, with demand rising sharply towards the middle of the week.
- Gold was priced at Rs.2,945 per gram on 5th February in the country’s IT capital, as brisk demand kept prices table.
- The price rose to Rs.2,980 per gram on 7th February as industrial demand rose on a declining U.S. Dollar.
- Sluggish markets led to the price rising by Rs.5 per gram to trade at Rs.2,985 per gram on 9th February.
- A dip in demand led to prices falling as the week ended, with gold trading at Rs.2,970 per gram on 11th February, recording an increase of Rs.25 per gram.
February 2017 - Week 3 (12th-18th)
- The price of gold in Bangalore fluctuated due to dips in demand, though the overall trend reflected an increase in the price.
- Gold was priced at Rs.2,970 per gram on 12th February as the markets were stable and prices did not change from the previous week.
- Gold traded at Rs.2,960 per gram on 13th February and then fell to Rs.2,955 per gram on 14th February as industrial demand suffered a setback.
- Gold prices fell further to Rs.2,948 per gram on 15th February as demand continued to fall.
- Prices recovered the following day, trading at Rs.2,970 per gram on 16th February, and rising to Rs.2,980 per gram on 17th February.
- The week ended with gold trading at Rs.2,980 per gram on 18th February to register a weekly increase of Rs.10 per gram.
February 2017 - Weeks 4 & 5 (19th-28th)
- Gold prices in Bangalore were constant for most of the week, with a few fluctuations recorded.
- Gold was priced at Rs.2,980 per gram on 19th February and fell to Rs.2,970 per gram on 20th February due to a dip in domestic demand.
- Prices were constant till 22nd February, with the price rising to Rs.2,975 per gram on 23rd February.
- Gold reached Rs.2,995 per gram on 24th February as markets fell, with the price remaining constant till 26th February.
- Gold reached a monthly high of Rs.3,005 per gram on 27th February as gold futures traded high on the exchanges on a sliding U.S. Dollar.
- Gold traded at Rs.3,005 per gram on 28th February, registering a weekly increase of Rs.25 per gram and 2.03% increase in its price over the month.
|January 1st Rate||Rs.2,820 per gram|
|January 31st Rate||Rs.2,930 per gram|
|Highest Rate in January||Rs.2,970 per gram on 23rd & 24th January|
|Lowest Rate in January||Rs.2,820 per gram on 1st & 2nd January|
January 2017 - Week 1 (1st to 7th)
- Bangalore was another city that witnessed a positive growth in gold prices during the first week.
- Thanks to relatively better cash flow compared to the last two months, gold prices surged for most of the week.
- On 1st, gold prices for 24 karat gold stood at Rs.2,820 per gram before continuing at the same rate till the end of 2nd as well.
- The 3rd saw prices increase by Rs.5 for gold to trade at Rs.2,825 per gram.
- When the business day began on the 4th, prices had again increased, this time by Rs.15, for gold to exchange at Rs.2,840 per gram.
- The 5th saw prices peak yet again for gold to trade at Rs.2,850 per gram, a trend which continued on till the end of the 6th.
- At the time of closing on the 7th, gold prices were up a little more as the metal traded at Rs.2,870 per gram.
January 2017 - Week 2 (8th to 15th)
- Gold prices saw increases as the week progressed in Bangalore, though growth was a bit sluggish.
- Gold was priced at Rs.2,870 per gram on 8th January, with the price remaining constant for the next day.
- Higher demand from the retail sector led to a marginal increase in price, as gold traded at Rs.2,890 per gram on 10th January.
- Prices rose as Indian stock markets reflected the downward trend seen overseas, resulting in higher demand for bullion.
- Gold traded at Rs.2,920 per gram on 12th January, an increase of Rs.30 per gram in a single day as demand peaked.
- The price staying constant for the rest of the week as demand was steady, thanks to sustained demand from the industrial sector.
- Prices rose by Rs.50 per gram over the week to close at Rs.2,920 per gram on 15th January.
January 2017 - Week 3 (15th to 21st):
- Garden city Bangalore too was subject to heavy fluctuations with regards to gold pricing for much of week 3.
- The week began on the 15th with gold trading at Rs.2,920 per gram which later went up to Rs.2,945 per gram - a solid increase of Rs.25 per gram.
- On 16th, prices again climbed up by Rs.10 for the yellow metal to trade at Rs.2,965 per gram.
- Demand for gold increased during this week as Donald Trump’s presidential swearing in ceremony was nearing, causing the market to react hastily.
- The 19th, however, prices fall by Rs.15 to hit Rs.2,950 per gram as demands fell suddenly.
- On 20th, prices increased slightly to hit Rs.2,952 per gram and further increased to Rs.2,960 per gram at the end of the week on the 21st.
January 2017- Weeks 4 & 5 (22nd to 31st)
- The price of gold in the country’s IT hub saw a gradual increase as the week began, but prices fell towards the end of the week.
- Gold was priced at Rs.2,960 per gram on 22nd January, with prices rising to Rs.2,970 per gram on 23rd January as fears over new government policies under Donald Trump led to markets falling.
- Prices continued to dip as the week went on due to reducing demand from Asia on account of the upcoming Lunar New Year, as prices fell to Rs.2,015 per gram on 27th January.
- Domestic demand was also muted, resulting in gold trading at Rs.2,930 per gram on 31st January.
|December 1st Rate||Rs.2,905 per gram|
|December 31st Rate||Rs.2,820 per gram|
|Highest Rate in December||Rs.2,905 per gram on 1st December|
|Lowest Rate in December||Rs.2,765 per gram on 16th, 22nd and 23rd December|
December 2016 - Week 1 (1st to 4th)
- Gold traded at Rs.2,905 at the beginning of the week on December 1st.
- Prices at Silicon Valley of India seemed to be highest around the country for the week.
- The prices though went down by a slightly higher margin to Rs.2890 on 2nd December.
- Rates again increased to Rs.2900 for the 3rd and 4th day of the week.
- The surge in pricing was due to an increase in gold purchase because of the wedding season.
December 2016 - Week 2 (5th-11th)
- In Silicon City, Bangalore, gold prices saw a gradual decrease for the entire week albeit with tiny spikes here in one and two instances.
- At the beginning of the week on December 5th, gold traded at Rs.2,885 per gram.
- The second day of the week, on December 6th, prices went down by Rs.10 as gold traded at Rs.2,775 per gram.
- December 7th saw a slightly heavy decrease of Rs.25 as gold began selling at Rs.2,750 per gram till the time of closing.
- It was a relief for gold stores as prices went up by Rs.10 to sell at Rs.2,760 per gram on December 8th.
- December 9th saw the downward trend return as gold prices crashed to Rs.2,740 per gram.
- On December 10th prices went down further to Rs.2,725 per gram and remained there till the closing hours of the week on December 11th.
December 2016 - Week 3 (12th to 18th)
- Gold traded at Rs.2,825 per gram when the week began on December 12th and continued at the same rate till the 14th.
- On 15th prices went down by Rs.40, as the metal traded at Rs.2,785 per gram.
- Prices further fell to Rs.2,765 per gram on the 16th as demand began to plummet
- The 17th saw demand increase as gold began trading at Rs.2,775 per gram till the end of the week on the 18th.
December 2016 - Week 4 (19th to 25th)
- Silicon city Bangalore saw minor fluctuations over the fourth week of December.
- The week began on 19th as gold traded at Rs.2,780 per gram and saw it reduce to Rs.2,775 per gram on the 20th.
- On the 21st, prices again increased to Rs.2,780 per gram and this time it decreased to Rs.2,765 per gram on the 22nd.
- Prices remained the same as on the 22nd on the 23rd too and hit Rs.2,770 per gram on the 24th.
- At the end of the week on the 25th, gold prices maintained at Rs.2,770 per gram.
December 2016 - Week 5 (26th to 31st)
- Gold rates in Bangalore, the country’s IT hub, were stable for most of the week due to lowered demand as a consequence of a paucity of cash.
- Gold traded at Rs.2,800 per gram on 26th December, with the price staying constant till 28th December on muted demand from the retail sector.
- Prices rose marginally on 29th December, with gold trading at Rs.2,833 per gram, as the deadline to deposit demonetised notes approached.
- Gold was priced at Rs.2,844 per gram on 31st December, a minor increase from the price at the start of the week.
|1st November rate||Rs.3,060 per gram|
|30th November rate||Rs.2,935 per gram|
|Highest rate in November||Rs.3,180 per gram on 9th November|
|Lowest rate in November||Rs.2,905 per gram on 25th November|
November '16 - Week 1 (1st to 6th)
- Gold prices climbed this week owing to positive global trends coupled with high demand in the domestic market.
- Gold purchases in the domestic market have been high on account of the festive season and upcoming wedding season.
- Gold traded at Rs.3,060 per gram on 1st November and climbed to Rs.3,120 per gram.
- The U.S. Federal Reserve’s signals indicated that the rate hike would take place by the end of the year in light of the economy gaining momentum and inflation picking up. Prices of gold are predicted to fall.
November '16 - Week 2 (7th to 13th)
- Gold traded at Rs.3,090 per gram on 7th November.
- There was a sudden spike in gold prices as demand shot up momentarily after PM Modi announced that Rs.500 and Rs.1,000 notes would not be legal tender anymore.
- The highest price for this week was Rs.3,180 per gram on 9th November.
- In the global market, though the dollar gained strength, the outcome of the U.S. elections took a toll on investors.
- Demand for gold dropped and prices declined to Rs.3,040 per gram by the end of the week.
November '16 - Week 3 (14th to 20th)
- Gold traded at Rs.3,025 per gram on 14th November.
- Prices were on a steady decline this week as buyers retreated after PM Modi announced his strike on black money.
- On 19th and 20th October, gold was seen trading at Rs.2,965 per gram, which was a drastic decline in prices.
- Towards the end of the week, prices seemed to stabilize as gold purchases for the wedding season was unavoidable for most people.
- In the global market, uncertainty over Trump’s economic policies and a weak dollar worked in favour for gold.
November '16 - Week 4 and 5 (21st to 30th)
- Demand for gold was slump in the domestic market on account of demonetisation of Rs.500 and Rs.1,000 notes.
- The gold business fell by 75% as people faced a cash crunch in the nation.
- Gold traded at Rs.2,970 per gram on 21st November and fell to Rs.2,935 per gram by the end of the month.
- The dollar climbed this week which led to a fall in demand for the yellow metal.
- Backed by strong U.S. economic data, the U.S. Federal Reserve was confident about an interest rate hike in December.
- Demand for gold is expected to stay low for the next couple of weeks.
|1st October rate||Rs.3,160 per gram|
|31st October rate||Rs.3,060 per gram|
|Highest rate in October||Rs.3,169 per gram on 1st to 3rd October|
|Lowest rate in October||Rs.3,016 per gram on 17th October|
October '16 - Week 1 (1st to 7th)
- The dollar grew strong on the back of an improving U.S. economy.
- Gold prices plunged as trends in the global and domestic market were gloomy.
- Gold traded at Rs.3,160 per gram on 1st October.
- By the end of the week, festive demand was not as good as expected and gold rates had dropped to Rs.3,020 per gram.
October '16 - Week 2 (8th to 14th)
- Festive demand picked up this week from jewellers and retailers.
- As gold prices dropped last week, customers found encouragement to start their festive shopping early.
- Gold traded at Rs.3,020 at the start of the week and climbed to Rs.3,030 per gram on 10th October.
- Gold prices remained constant till 13th October on account of steady demand and a bullish global market.
- On 14th October, gold prices fell to Rs.3,025 per gram as weak trends took over the market overseas.
October '16 - Week 3 (15th to 21st)
- Gold prices fluctuated this week in Bangalore.
- Gold traded at Rs.3,020 per gram at the start of this week.
- Prices dropped initially but quickly recovered.
- Positive trends in the global market played in favor of the yellow metal.
- Demand for gold was triggered by the wedding season leading to a rise in prices to Rs.3,045 per gram towards the end of the week.
October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)
- Gold traded at Rs.3,035 per gram on 22nd and 23rd October.
- Prices climbed for one day to Rs.3,045 per gram before falling back to Rs.3,035 per gram on 25th October.
- Stable prices were a result of steady demand in the domestic market on account of the festive season.
- In the global market, the dollar pushing buyers to exchange-traded funds backed by gold.
- In the last week of October, gold prices climbed to Rs.3,070 per gram, the highest price seen for these two weeks.
- The week closed with gold trading at Rs.3,060 per gram.
- Gold prices are expected to remain high as the wedding season approaches.
|1st September rate||Rs.3,125 per gram|
|30th September rate||Rs.3,160 per gram|
|Highest rate in September||Rs.3,190 per gram on 25th to 29th September|
|Lowest rate in September||Rs.3,115 per gram on 2nd September|
September '16 - Week 1 and 2 (1st to 10th)
- Gold traded at Rs.3,125 per gram on 1st September.
- Prices climbed through the week as investors flocked to the safe haven investment as the U.S. economic data was damp.
- Prices fluctuated as the U.S. Federal Reserve stated that a rate hike is likely in the near future though there has not been substantial support.
September '16 - Week 3 (11th to 17th)
- Gold prices in Bangalore remained stable this week as the demand from consumers, jewellers and retailers provided some support amidst a volatile global market.
- Gold traded at Rs.3,180 per gram from 11th September to 15th September.
- With the prospects of a Fed rate hike becoming stronger in the month of September, gold prices slid to Rs.3,155 per gram on 16th September.
September '16 - Week 4 (18th to 24th)
- Gold prices in Bangalore stayed constant through the week at Rs.3,155 per gram.
- On 20th September, there was a rise to Rs.3,165 per gram but rates fell back again to Rs.3,155 per gram the next day.
- The stable prices this week can be attributed to steady demand in the domestic market coupled with bullish trends overseas.
September '16 - Week 5 (25th to 30th)
- Gold traded at Rs.3,190 per gram through the fifth week of September.
- Gold took a hit this week owing to bearish tendencies in the global market as the dollar gained on the back of the U.S. presidential elections.
- Demand in the domestic market was mute as jewellers and stockists took a back seat.
- Gold dropped to an all-week low on 30th September, trading at Rs.3,160 per gram.
|1st July rate||Rs.3,190 per gram|
|31st July rate||Rs.3,140 per gram|
|Highest rate in July||Rs.3,205 per gram on 18th August|
|Lowest rate in July||Rs.3,160 per gram on 9th August|
August '16 - Week 1 (1st to 7th)
- The price of gold was stable as the week began and rose mid-week as markets continued to trade low.
- Gold traded at Rs.3,190 per gram on the 1st of August and at Rs.3,196 per gram on the 7th of August.
- The price rose mid-week but fell marginally as the U.S. market recovered, pushing Dollar prices higher.
- Domestic demand fell as the market reflected overseas trends.
August '16 - Week 2 (8th-14th)
- Gold rates fluctuated in Bangalore during Week 2.
- Gold traded at Rs.3,165 per gram on 8th August and dropped owing to trends in the global market.
- Domestic demand gave gold a boost to Rs.3,195 per gram on 10th August which was the highest rate for the week.
- Gold slipped slightly and traded at Rs.3,175 per gram at the end of the week.
August '16 - Week 3 (15th-21st)
- Gold traded at Rs.3,175 per gram on 15th August.
- Prices were seen climbing through the week as steady demand from retail jewellers and stockists poured in on account of the festive season.
- Prices dropped slightly at the end of the week as U.S. policymakers were confident that a Fed rate hike was possible this year.
- The trend for the week was an incline with gold trading at Rs.3,200 per gram by 19th August.
August '16 - Week 4 (22nd-28th)
- Gold prices plunged this week as the U.S. Federal Reserve signalled for an interest rate hike.
- An increase in demand in the domestic market due to the festive season provided some support to gold prices.
- Gold traded at Rs.3,180 per gram on 22nd August and fell to Rs.3,160 per gram towards the end of the week.
August '16 - Week 5 (29th-31st)
- Gold rates continued to drop as anticipation of a U.S. Federal Reserve interest rate hike grew stronger.
- Gold traded at Rs.3,160 per gram at the beginning of the week.
- It fell to Rs.3,140 per gram as the dollar gained in the global market and demand from the domestic market seemed muted.
Gold is generally sold in units like tolas or sovereign, grams, kilograms, troy ounces, tonnes, metric tonnes etc. Gold prices are generally quoted on 10 grams of the metal. Gold purity is measured in karats, with 24 karats denoting pure gold. 22 karat gold is another popular variety with residents of Bangalore. Gold rate in Bangalore is provided for both 22 and 24 karat varieties.
- Gold rates in Bangalore in last 3 years (prices are in Rs/gram and approximated in places)
- Gold rates in Bangalore in 2015 (prices are in Rs/gram and approximated in places)
24 karat gold: Gold prices in Bangalore in mid-2012 were at the level of Rs.3,000. Prices peaked on 14th September 2012 at Rs.3,267 and remained at over-3,100 level till the end of the year. 2013 saw a gradual decline in gold prices owing to measures taken by the government to curb gold imports. Prices hit a low of Rs.2,587 on 28th June 2013 and continued at same levels for the next 3 months, before increasing steeply to over-3,200 level around year-end. 2014 didn’t see any steep decline or appreciation in 24 carat gold rates in Bangalore, however prices continued to decline throughout the year, with year-end prices at Rs.2,721.
22 karat gold: Price for 22 karat gold in mid-2012 were at Rs.2,700 level. Prices increased during the year and peaked at Rs.3,028 on 14th September 2012. Prices remained above Rs.3,000 till the end of the year. 2013 saw a sharp decline in prices owing to government policies, with prices touching a low of Rs.2,400 on 28th June 2013. The market recovered during the next 2 months and peaked at Rs.3,261 on 28th August before gradually declining to Rs.2,750 at the end of the year. Prices continued to fall throughout the year 2014, and ended at Rs.2,500 level.
24 karat gold: 2015 started with gold priced at Rs.2,694 for 24 karat variety in Bangalore. Prices peaked on 20th January to Rs.2,854 and stayed at over-2,700 mark till the end of February, with an exception of 21st January when prices tanked to sub-2,700 level. April and May saw a rejuvenation of gold prices that declined in March, and rallied to Rs.2,801 on 24th May 2015.
22 karat gold: Prices were around Rs.2,520 at the start of the year, before peaking at Rs.2,677 on 21st January 2015. Gold rate gradually declined over the next two months and touched a low of Rs.2,444 on 18th March. Since then, prices have seen a slight rise over the next two months, and peaked at Rs.2,621 on 18th May before ending the month at Rs.2,557.
Inflation and market volatility are big reasons for consumers opting for gold in Bangalore. Uncertainties in the market can be overcome to some extent as gold almost always sells in the market at good resale value. Market volatility can cause investments in the traditional options such as equities to go down and consumers opting for solid gold instead. Gold rates in Bangalore may see upturns and downturns, but in the long run the returns usually beat any offsets from inflation or volatility.
Gold investments can be done in various forms, from buying jewelry from the local store, to investing in the gold markets without actually holding any physical gold. Major avenues for investment in gold are:
Jewelry and ornaments: Gold jewelries are purchased during occasions such as marriages, festivals such as Diwali and a few other points of time in the year. However, the market gold rate in Bangalore is meant for pure metal and not works done on it. As such gold jewelries cost include both gold rate and workmanship. When reselling the ornaments, the consumers may not get the same value as he paid to buy them.
Gold bullions: These represent bulk gold that can be purchased as ingots or bars. Gold bars are generally available at the market gold prices in Bangalore. These bars can be purchased from any bullion dealer in the city and represent good value on the investment as returns are close to actual investment. Gold bullions are available in larger quantities like kilograms.
Gold coins: Gold coins are available in various purities in the city. The coins can be purchased from private dealers or banks. The coins are usually marked by the selling entity and are sold at slightly higher prices than the actual gold rates in Bangalore.
Where to buy Gold in Bangalore from?
There are many gold dealers in the city including jewelers, bullion dealers, banks, private sellers and others. Some of the major gold dealers in the city include Bhima Jewellers, Shubh Jewellers, Malabar Gold, Jos Alukkas, GRT Jewellers, P.C. Chandra Jewellers, Khazana Jewellers, Abharan Jewellers, Tanishq and lots more. These dealers sell a variety of gold items including jewelry, coins and custom products, among others. Jewelers and private retailer also accept buy backs from individual customers. Banks will sell coins, bars and other items but buy back option is generally not available.
- Also Check:Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of Bangalore
|Gold Rate In Mangalore||Gold Rate In Mysore||Gold Rate In Belgaum|
|Gold Rate In Gulbarga||Gold Rate In Chennai||Gold Rate In Vellore|
|Gold Rate In Bellary||Gold Rate In Shimoga||Gold Rate In Udupi|
|Also Know: Silver Rate in Bangalore|
Read more on Gold
- Auspicious Days To Buy Gold In 2017
- Hallmark, KDM and 916 Varieties of Gold
- Buying Gold This Akshaya Tritiya
- Where To Buy Gold In India
- How Gold Price is valuated in India
- Buying Gold In India? Make Sure It’s Real Gold
- Why Gold is Important in an Indian Wedding
- Significance of Gold in Indian Culture
News About Gold Rate in Bangalore
Failure To Tax Old Gold Could Lead To Tax Evasion
A recent ruling by the finance ministry stipulated that selling old gold jewellery would not attract GST. With nearly 75% of the Indian jewellery market unregistered and unorganised, there were many taxpayers who were struggling under the new tax regime.
While this move helps ease their tax burden, there is a chance this could lead to tax evasion. Unregistered individuals selling their old gold would not attract GST, thus enabling jewellers to procure gold through illegal means and list it as a purchase of old gold. In this way, the jeweller avoids paying tax for the gold, increasing the incidence of smuggling.
Analysts have warned against such practices and also fear the slow shift to making jewellery an organised sector.
7th August 2017
Gold prices for the last week of July dropped
As the US dollar firmed up towards the end of July, gold prices took a considerable fall and slipped from 7-month-high figures it had hit. Price of spot gold fell by 0.3% to $1,262.40 per ounce when trading closed on the 31st.
Reports also suggested that the US economy is expected to remain stable over the coming weeks as the Federal Reserve is considering trimming down its bond holdings.
The news comes after several state’s Federal Reserve Presidents suggested that this move is being used as a stimulus tool.
3rd August 2017
Gold prices surge
The price of gold increased to Rs.28,963 for 10 grams, a rise by Rs.63, due to the month-long high in the global market scenario. This is a rise by 0.22% in futures trade for June at the Multi Commodity Exchange. For August, the yellow metal was trading at Rs.34 high at 0.12%. This rise in price is attributed to the the positive outlook in global markets coupled with the one month-long high. Apart from this, demand factors also played a positive role.
30th May 2017
Price of gold goes up for three straight days
The yellow metal had a lot a profit as the price of it went up for three weeks straight. There was a gain of Rs.55 and the current price stands at Rs.28,630 for 10 grams. The overseas trend was firm amidst the local push for buying. On the other hand, the price of silver came down. The price of silver was slashed by Rs.100 and the current price of silver stands at Rs.38,500 per kg. As per traders, the continuous purchases by the local jewellers in the domestic market took the gold prices higher.
In the global market, the price of gold went up by 0.32%. In Singapore, the price of gold stands at USD 1,231.60 per ounce. In the capital of the nation, gold of 99.5% purity and 99.9% purity went up by Rs.55 each. Now the price of gold of 99.5% purity stands at Rs.28,480 per 10 grams and price of gold of 99.9% purity stands at Rs.28,630 per 10 grams. In the past 2 days, the yellow metal’s price has gone up by Rs.175. Silver coins maintain a flat rate of Rs.70,000 for selling and rs.69,000 for purchasing 100 pieces.
15th May 2017
Gold Prices Dip On Poor Demand
Gold prices dropped due to a decline in domestic and international demand. The price of the yellow metal fell as gold futures trading was mostly speculative. Gold was priced at $1,222 per ounce, reflecting a downward correction of $11 in comparison to the previous trading session. The decline in price has been attributed to the gold futures and hedging, which has increased following the U.S. Federal Reserve interest rate hike. Local prices were also low as trade was minimal.
10th May 2017
Low Demand Leads to Reduction in Gold Price
Because of low demand from local jewellers, gold prices in India fell by Rs.50 to touch Rs.29,990 for every 10 grams. Silver prices also reduced by Rs.50 to touch Rs.42,950 per kg. Internationally, the prices increased because of global politics. Silver increased by 0.22% to touch US$18.56 per ounce and gold increased by 0.07% to touch US$1,299.7 per ounce in Singapore. Even though the price of silver fell in India, silver coins were being sold for the old price of Rs.73,000 (selling) per 100 coins and Rs.72,000 (buying) per 100 coins.
17th April 2017
Gold continues to climb in its best quarter
Wednesday saw Gold rise by an additional Rs.130 to close at Rs.29,400 per 10 grams at the bullion market. The rise in the value of the precious metal has be attributed largely to increased buying by local jewellers to meet the demand of the festive season. An increased offtake by industrial users and coin makers saw Silver rise by Rs.200 to close at Rs.42,600 per kilogram. Globally, Gold saw a rise of 0.10% to close at USD 1,257 an ounce in Singapore. Gold has seen gains over the past week, and has gained Rs.210 in two days. The Sovereign remained stable at Rs.24,400 per eight piece. Silver coins remained stable at Rs.71,000 for purchase and Rs.72,000 for sale of 100 pieces.
5th April, 2017
Gold Rates Drop Due to Low Demand
For the 3rd straight session, gold rates have dropped. At the domestic bullion market, the price went down by Rs.75 to Rs.29,405 per 10 grams in Mumbai. The reason for the fall in prices is the low demand and weak global trend. The rate of standard gold of 99.5% purity went down by Rs.75 and the rate of pure gold of 99.9% purity went down to Rs.29,555 per 10 grams. The price of silver of .999 fineness dropped by Rs.20 to Rs.44,055 per kg. Spot gold rate dropped to $1,243.20 per ounce and silver rate went down to $18.30 per ounce in Europe.
2nd March, 2017
High gold rates impact jewellery sales this year
According to RSBL (RiddiSiddhi Bullions), with gold prices being on the higher side, the festive demand has been lower than usual. Thanks to rising prices of physical gold, people are opting to invest in paper gold. Data from the commerce ministry also shows that the country’s gold import bill dropped to a decade low, hitting $7.2 billion in the first half of the year in 2016. It may be a good opportunity for buyers if gold reaches a level over Rs.28,500 per 10g. However, the drop in global trend may not completely be reflected in the Indian market as there would a proportional depreciation of rupee along with the dollar.
Gold stock is valued at the current price of the gold bar, by most jewellers. Sales proceeds from gold jewellery would be used to buy gold bars, or convert into gold, leaving aside money for operating costs.
9th November, 2016
- For more related news /update on gold price visit: Gold News