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Gold price in Bareilly

An important trading centre and manufacturing hub, the city of Bareilly in the state of Uttar Pradesh is also a major attraction for religious tourism. Being known as the Nath Nagri (or Land of Lord Shiva) and home to Ala Hazrat, the city attracts religious travellers and pilgrims from all over the country. Its primary revenue generation comes not from religious pilgrim tourism, but from the manufacture and trade of cotton, sugar, cereals, and cane furniture. The city is also home to an ancient fortress and is said to the place where Gauthama Buddha once visited.

Gold in Bareilly is no longer being viewed as it was, traditionally, as jewellery, ornaments, and as a status symbol of prosperity. People are starting to view gold as an investment through which to increase their wealth, instead of as just a security to be held until it appreciates.

Gold Rate Trend in Bareilly for April 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend for Bareilly in April 2017

• When the month of April began in Bareilly, gold prices were recorded at Rs.2,991 per gram as demand remained more or less stable.
• Prices went up to Rs.3,003 per gram - Rs.12 increase - as there was a fall in the US dollar value and a subsequent increase in international demand.
• However, gold rates went down to Rs.2,983 on the 8th - making it the lowest rate for the month - as demand from the Asian circles took a hit.
• Due to uncertainty in the global market, gold prices went up to Rs.3,036 per gram when trading began on the 12th.
• Prices 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 Bareilly remained positive at 0.66%.

Gold rate trend for Bareilly in 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.
• Prices 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 rate trend in Bareilly 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.
• Bullion prices fell at a rate of -0.66% during the last month of Q2 2017, as international as well as domestic demand wasn’t as good as expected.

Gold Rate Trend in Bareilly for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend for Bareilly in January 2017

• On the 1st day of the new year, gold opened at Rs.2,844 per gram and stayed steady at this rate until the 3rd of the month.
• Due to positive market cues, the rate of gold went up marginally to trade at Rs.2,855 per gram before rising even further to trade at Rs.2,866 per gram from the 5th of January to the 9th.
• Thanks to an increase in the demand for this metal, as the third week of January progressed, the rate of gold continued to rise with marginal fluctuations.
• On the 24th of January, gold traded at Rs.2,979 per gram which was the highest at which gold traded at for the month.
• At the end of the month, gold was priced at Rs.2,958 per gram, recording a rise of 4% in the rate of gold.

Gold Rate Trend for Bareilly in February 2017

• Gold traded at Rs.2,978 per gram on the 1st of February and was steady at this rate until the 3rd of February.
• However, on the 4th of February, the rate of gold reduced due to a rise in the value of the U.S.Dollar trading at Rs.2,957 per gram.
• This rate was maintained until the 6th of February post which the rate of gold increased again.
• Due to heavy demand from jewellers in domestic markets, the rate of gold shot up to Rs.3,009 per gram on the 8th of February and stayed at this rate until the 10th of February before declining again.
• The rate of gold was steady at Rs.2,999 per gram from the 18th of February to the 24th of February due to steady demand.
• Gold closed the month of February in Bareilly by trading at Rs.3,020 per gram recording an incline of 1.41% in the rate of gold.

Gold Rate Trend for Bareilly in March 2017

• Gold opened at Rs.3,009 per gram on the 1st of March and stayed at this rate until the 2nd as well
• However, the rate of gold reduced the next day to trade at Rs.2,990 per gram and stayed steady at this rate until the 6th before reducing again.
• Due to the impact of the Dutch elections as well as the U.S. Fed’s decision regarding the rate of interest, the price of gold plunged to a monthly low of Rs.2,950 per gram on the 15th of March.
• A marginal recovery was noted in the rate of gold hereafter however.
• The rate of gold fluctuated between Rs.3,003 per gram and Rs.2,993 per gram between the 22nd of March and 26th of March, before steadily trading at Rs.3,003 per gram from the 27th of March to the 30th of March.
• As the month of March ended, gold traded at Rs.2,991 per gram recording a decline of 0.59% in the price of gold.

Gold rate in Bareilly

The base rate of gold is determined by the balance of various factors – international gold rate trends, purity of the gold (24 karat, 22 karat, 18 karat, etc.), the form in which the gold is being purchased, the date on which the gold is being purchased / sold, etc.

24 karat gold: The highest tradable purity of gold is 99.9%, or 24 karat. Gold of this purity is of the highest monetary value, but, as a result of its impeccable purity, is very brittle and soft and hence cannot be used by jewellers or goldsmiths. As 24 karat gold jewellery is almost impossible to craft, it is usually bought and sold in the form of bullion or coins. Currently, the cost of 10 grams of 24 karat gold in Bareilly is Rs.29,800 (as on the 14^th of March, 2016). The price has fluctuated along with international gold rate trends over the years, and as of this month, has risen up to Rs.29,930 for 10 grams (on the 8^th of March) and dropped as far as Rs.29,690 (on the 9^th of March). While it stays within the same general range, the cost of gold can also sometimes be subject to dramatic rises or drops depending on a number of factors which affect the cost of the yellow metal, internationally.

22 karat gold: This is the highest purity of gold that can be used by jewellers and goldsmiths with minimal wastage. Impurities in the form of alloys are added into the gold in order to increase its strength and durability by craftsmen and jewellers. 22 karat gold is generally less expensive than pure gold, and is traded largely in the form of jewellery or ornaments. Currently, the cost of 10 grams of 22 karat gold in Bareilly is Rs.27,830 (as on the 14^th of March, 2016). The cost for 22 karat gold has also felt he fluctuations of the international gold rate trend as can be seen by variations in the price this month – 22 karat gold (10 grams) dropped as low as Rs.27,750 (on the 9^th of March) and gone up as high as Rs.27,970 (on the 11^th of March).

Investing in gold in Bareilly

Traditional over-the-counter purchase / investment: The most trusted way to own gold is to hold in its physical form. The sense of empowerment that comes with owning physical gold has led to many glorious expeditions and conversely, tragic losses. In Bareilly, owning physical gold is a symbol and indicator of prosperity and wealth. Physical gold is mostly held in the form of jewellery for auspicious occasions or marriages, etc. and rarely as bullion or coins in this city. However, gold is being viewed more as an investment than as an ornament or piece of jewellery.

Gold ETFs, E-gold: A change in the traditional mind-set is slowly creeping up on Bareilly, as more and more people are opting to own gold in the electronic form or as ETFs. In this way, people are able to mitigate the risk involved in owning physical gold, and maximise on the potential of earning profits through trading gold smartly during periods of rise and fall in the gold rate. The Mumbai Stock Exchange and National Stock Exchange govern the purchase, sale and trade of gold ETFs and e-gold. Gold futures trading is also catching on as a potentially lucrative field of investments related to gold.