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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 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.
Gold Rate Trend in Bareilly for January 2016 to March 2016 (per gram of 24 karat gold)
|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
Read more on Gold
- Basic Highlights Of The Gold Schemes Launched In 2015
- What Do The Markings On Gold Mean
- Where To Buy Gold In India
- Gold Rate Outlook for India in 2016
- How Gold Markets Run in India