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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 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 14th 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 8th of March) and dropped as far as Rs.29,690 (on the 9th 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 14th 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 9th of March) and gone up as high as Rs.27,970 (on the 11th of March).
Gold Rate Trend in Bareilly for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,205 per gram||Rs.3,099 per gram||Rs.2,893 per gram|
|Last day||Rs.3,099 per gram||Rs.2,930 per gram||Rs.2,844 per gram|
|Highest price||Rs.3,205 per gram from 1st-4th October||Rs.3,213 per gram on 5th November and 6th November||Rs.2,893 per gram on 1st and 2nd December|
|Lowest price||Rs.3,088 per gram from the 6th of October to the 25th of October||Rs.2,929 per gram from 25th November to 27th November||Rs.2,800 per gram from 23rd December to 28th December.|
Gold Rate Trend for Bareilly in October 2016
- Gold rate was at Rs.3,205 per gram on 1st October in Bareilly, with prices remaining constant due to sustained demand. The rate of gold was the same for the next three days, until the 4th of October as well.
- Gold rates were steady at Rs.3,088 per gram for 24 karat gold from the 6th of October to the 25th of October. This stability can be attributed to stable demand for this metal in both domestic and international markets..
- However, despite the stability in prices, there was a decline of 3.16% noted in the price of gold at the end of October.
Gold Rate Trend for Bareilly in November 2016
- Gold rate was quite high during the beginning of the month where the price was Rs.3,099 per gram. However, prices increased from the 2nd of November due to a high demand for this metal in both domestic as well as overseas markets.
- The rate of gold was Rs.3,150 per gram on 2nd November and 3rd November. On the 4th of November, rate of gold was Rs.3,192 per gram.
- On the 5th of November, the rate of gold shot up to Rs.3,213 per gram and stayed steady at this the next day as well. This rate was the highest at which gold traded during November.
- On November 8th, Prime Minister Narendra Modi announced the ban of cash notes worth Rs.500 and Rs.1,000 in order to curb corruption and the rise of black money. This was termed as demonetization. Due to the severe cash crunch that followed in the wake of this announcement, demand for gold reduced thereby reducing the price, although market conditions prevented the decline from becoming too severe.
- Gold reached Rs.3,211 per gram in the aftermath of the demonetisation announcement and stayed there for a couple of days before reducing again.
- From the 11th of November to the 16th of November, price of gold was steady at Rs.3,071 per gram before marginally reducing.
- As the month drew to a close the price of gold varied before closing at Rs.2,941 per gram which was quite low as compared to the previous months. A number of factors contributed to a decline of 5.45% in the price of gold.
Gold Rate Trend for Bareilly in December 2016
- The price of gold on the 1st of December was Rs.2,893 per gram and this rate was steady until the next day.
- However, this rate could not be sustained the next day and reduced to Rs.2,887 per gram. This rate was the same until the 7th of December after which there was an increase in gold rate.
- Until December 14th, price of gold was Rs.2,864 per gram after the rate of gold declined again to Rs.2,822 per gram until December 22nd.
- During the last week of December, gold rate was steady at Rs.2,800 per gram which was the lowest price at which gold traded for the month of December.
- On the last day of the month, the price of gold was Rs.2,844 per gram. A decline of 1.72% was recorded over with respect to gold rate.
Gold Rate Trend in Bareilly for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,167 per gram||Rs.3,219 per gram||Rs.3,184 per gram|
|Last day||Rs.3,219 per gram||Rs.3,205 per gram||Rs.3,217 per gram|
|Highest price||Rs.3,227 per gram from 7th to 9th July||Rs.3,248 per gram on 4th and 10th August||Rs.3,228 per gram from 7th to 12th September|
|Lowest price||Rs.3,163 per gram on 22nd July||Rs.3,205 per gram from 26th to 31st August||Rs.3,184 per gram on 1st and 2nd September|
Gold Rate Trend of Bareilly in July 2016
- On 1st July, gold traded at Rs.3,167 per gram on 1st July.
- Monetary stimulus from the central banks was expected after the Brexit vote giving demand for gold a boost.
- On 7th to 9th July, gold traded at the highest price for this month which was Rs.3,227 per gram.
- Expectations of a rate hike from the U.S. Federal Reserve grew strong as U.S. economic data was positive.
- Demand took a hit and started dropping.
- On 22nd July, gold traded at Rs.3,163 per gram, the lowest for this month.
Gold Rate Trend of Bareilly in August 2016
- Gold traded at Rs.3,219 per gram on 1st August with demand picking up.
- On 4th August, gold reached the highest for the month at Rs.3,248 per gram.
- The anticipation of a Fed rate hike gained momentum and market sentiments turned bearish.
- This month, there was a decline of 0.43% in gold prices as demand for gold was low.
Gold Rate Trend of Bareilly in September 2016
- Prospects of the rate hike by the U.S. Federal Reserve stayed strong and forced gold prices down.
- On 1st and 2nd September, gold traded at Rs.3,184 per gram which was the lowest price recorded for this month.
- Demand for gold picked up significantly after the U.S. Federal Reserve postponed the rate hike to December as the presidential elections were too close.
- Gold prices climbed and recorded an increase of 1.04% this month.
Gold Rate Trend in Bareilly for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2, 943 per gram||Rs. 3, 119 per gram||Rs.2,960 per gram|
|Last day||Rs. 3, 119 per gram||Rs. 2, 960 per gram||Rs.3,167 per gram|
|Highest price||Rs. 3, 119 per gram on 30th April, 2016||Rs. 3, 120 per gram from 7th-9th May, 2016||Rs.3,182 per gram on 28th and 29th June|
|Lowest price||Rs. 2, 943 per gram from 1st-4th April, 2016||Rs. 2, 960 per gram from 28th-31st May, 2016||Rs.2,950 per gram from 2nd to 5th June|
|Trend||Prices rose marginally||Prices fell||Gain/Positive|
|change||5.98% increase||5.09% decrease||+6.99%|
Gold Rate Trend in Bareilly in April 2016
- The strike was called off, driving up the price as domestic demand rose.
- Gold traded at Rs. 2, 943, increasing steadily over the week.
- Poor international demand affected prices marginally, but renewed demand stabilized them.
- Prices rose in the last week, with gold trading at Rs. 3, 119 on the back of higher demand, resulting in a monthly increase of 5.98%.
Gold Rate Trend in Bareilly in May 2016
- Gold began on a high, trading at Rs. 3, 119 per gram.
- In spite of global prices falling due to speculation of an imminent interest rate increase in the US, rates were stable.
- Prices stayed constant, with a few minor rate fluctuations.
- Rates fell in the last week due to a slump in demand and a resurgent Rupee gain, with gold prices at a 5.09% decrease.
Gold Rate Trend of Bareilly in June 2016
- Gold traded at low rates at the beginning of the month playing off negative cues in the global market.
- Gold traded at Rs.2,950 till 5th June, after which gold rates recovered slightly.
- As investors sought gold as a safe haven investment, gold prices started soaring again.
- The month ended on a high note of Rs.3,182 per gram on 28th and 29th June.
|1st day||Rs. 2, 585 per gram||Rs. 2, 756 per gram||Rs. 3, 030 per gram|
|Last day||Rs. 2, 756 per gram||Rs. 3, 037 per gram||Rs. 2, 948 per gram|
|Highest price||Rs. 2, 772 per gram on 28th Jan, 2016||Rs. 3, 049 per gram on 26th Feb, 2016||Rs. 3, 030 per gram from 1st- 14th March, 2016|
|Lowest price||Rs. 2,580 per gram from 2nd- 4th Jan, 2016||Rs. 2, 756 per gram on 1st Feb, 2016||Rs. 2, 940 per gram from 15th-17th March, 2016|
|Trend||Prices rose||Prices rose||Prices fell|
|Change||6.61% increase||10.19% increase||2.70% decrease|
Gold Rate Trend in Bareilly in January 2016
- Gold prices began at Rs. 2, 585 for a gram in January, and reached highs of Rs. 2, 772 on strong international and domestic demand.
- There was a gradual increase in price in the second week.
- The price kept increasing throughout the month due to the low value of the Rupee and steady demand by jewellers.
- The price dipped for a few days towards the end of the month but recovered to close at Rs. 2, 756.
Gold Rate Trend in Bareilly in February 2016
- Gold traded at Rs. 2, 756 for the first week on the back on stable demand domestically.
- The price increased marginally throughout the week.
- Prices reached a peak of Rs. 3, 049 towards the end of the month but dropped soon after.
- A gradually strengthening Rupee lowered prices fractionally towards the end of the month.
Gold Rate Trend in Bareilly in March 2016
- Gold began trading for the month at Rs. 3, 030.
- A national strike called by jewellers resulted in production being stopped, decreasing demand.
- The price stayed stagnant for two weeks due to no demand by jewellers.
- Prices fell in the last week, closing at Rs. 2, 948 as international markets also experienced a slump.
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.
Also Check Gold Price in NearBy Cities of Bareilly
|Gold Rate In Lucknow||Gold Rate In Meerut||Gold Rate In Ghaziabad|
|Gold Rate In Kanpur||Gold Rate In Varanasi||Gold Rate In Allahabad|
|Gold Rate In Aligarh||Gold Rate In Noida||Gold Rate In Agra|
- Also Check: Gold Rate in Uttar Pradesh
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