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Gold rates have been on the rise in the first two months of 2016. Gold rates are influenced by a wide range of factors including inflation, money supply, oil prices, tight monetary policies (China and the US), currency value fluctuations, quantitative easing in addition to various national factors such as import duties, demand for gold, current account deficit, growth of economy and so forth.
Belgaum also known as Belagavi is one of the major cities commercial hubs in the state of Karnataka. The city of Belgaum is second only to the capital city Bangalore in Karnataka in terms of exports. The government of Karnataka has, therefore, proposed to make Belgaum the second capital. Gold in Belgaum is viewed as a display of social status and wealth apart from as a safe hedge against financial uncertainty and crisis, which in many ways, drives the demand for the precious yellow metal.
Gold Rate Trend in Belgaum for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,160 per gram||Rs.3,060 per gram||Rs.2,905 per gram|
|Last day||Rs.3,060 per gram||Rs.2,930 per gram||Rs.2,820 per gram|
|Highest price||Rs.3,160 per gram on 1st October||Rs.3,180 per gram on 9th November||Rs.2,905 per gram on 1st December|
|Lowest price||Rs.3,023 per gram on 17th October||Rs.2,931 per gram on 24th November||Rs.2,765 per gram on 16th December, 22nd December and 23rd December|
Gold Rate Trend for Belgaum in October 2016
- Gold rates are dependent on demand, both domestic and international as well as market fluctuations. On the 1st of October, gold traded at a healthy Rs.3,160 per gram due to ongoing wedding season, due to which demand for this precious metal was quite high.
- Price of gold was steady at this rate for the next two days as well.
- After that, a slight decline was noted in gold rates.
- There were minor variations noted in the rate of gold as the month progressed. Gold rate varied between Rs.3,020 per gram and Rs.3,030 per gram until the 13th of November.
- On 17th of October, the rate of gold was Rs.3,016 per gram which was the lowest rate at which gold traded for the month. Rates marginally improved after this.
- On the final day of the week, gold was priced at Rs. 3,060 per gram and an overall decline of 3.16% was noted in gold rates.
Gold Rate Trend for Belgaum in November 2016
- Continuing from the previous month, gold opened at Rs.3,060 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.3,095 per gram. Gold rate shot up to Rs.3,115 per gram on the 3rd of November which was one the highest for the week. However, as the week progressed, the price of gold shot up to Rs.3,120 per gram on the 5th of November and 6th of November.
- This rate however could not be sustained however and reduced the next day itself.
- On the 9th of November however, gold rate was a staggering Rs.3,180 per gram which was also the highest rate at which gold was priced at for the month of November.
- However, this rate could not be sustained and started reducing the next day itself and continued declining thereafter.
- Prime Minister Narendra Modi’s demonetization policy resulted in a cash crunch, denting the demand for gold. However, external market factors prevented from gold rates from completely reducing.
- Towards the third week of November, price of gold fluctuated between Rs.3,010 per gram and Rs.2,985 per gram.
- On 24th November, gold rate plunged to Rs.2,931 per gram which was the lowest price of gold for the entire month of November.
- There were a few marginal fluctuations noted in gold rates as the month progressed.
- Overall, a decline of 4.24% was noted in gold rates during November with respect to the rate of gold.
Gold Rate Trend for Belgaum in December 2016
- Gold opened at a high price of Rs.2,905 per gram for 24 karat gold on the 1st of December. This was also the highest rate at which gold traded for the month.
- Price of gold was relatively low as compared to the previous month. Demonetisation and President Trump’s nomination in the United States caused cash crunch and fluctuation of markets.
- This rate however, could not be sustained and price of gold declined slightly the next day before rising again, although not as high as seen on the 1st of December.
- As the month progressed, there were a number of fluctuations noted in gold rates.
- During the second week of the month, the price of gold was steady at Rs.2,825 per gram until the 14th of December after which prices decreased again.
- Towards the end of the month price of gold fluctuated between Rs.2,780 per gram to Rs.2,820 per gram noted on the final day of the month.
- An overall decline of 2.92% was noted in the rate of gold in the month of December.
Gold Rate Trend in Belgaum for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,130 per gram||Rs.3,190 per gram||Rs.3,125 per gram|
|Last day||Rs.3,170 per gram||Rs.3,140 per gram||Rs.3,160 per gram|
|Highest price||Rs.3,205 per gram on 7th July||Rs.3,225 per gram on 3rd August||Rs.3190 from 25th September to 29th September|
|Lowest price||Rs.3,130 per gram on 1st July||Rs.3,140 per gram on 31st August||Rs.3,115 on 2nd September|
Gold Rate Trend of Belgaum in July 2016
- Gold traded at Rs.3,130 per gram on 1st July.
- Trends in the global market turned positive as expectations of monetary stimulus from central banks grew strong after the brexit vote.
- Gold prices soared at the start of the month reaching Rs.3,205 per gram on 7th July.
- The prospects of a U.S. Federal Reserve interest rate hike loomed in the air.
- Gold traded at Rs.3,170 per gram by the end of the month marking an incline of 1.28% in gold prices this month.
Gold Rate Trend of Belgaum in August 2016
- At the start of the month, gold traded at Rs.3,190 per gram.
- Demand for the yellow metal surged as bullish sentiments took over the global market.
- The highest price for gold this month was Rs.3,225 per gram on 3rd August.
- Demand for gold started to slide down as the U.S. Federal Reserve raised expectations of the rate hike.
- Gold prices declined by 1.57% this month.
Gold rate trend of Belgaum in September 2016
- Demand for gold was low and gold traded at Rs.3,125 per gram on 1st September.
- Prices dropped to the lowest for the month on 2nd September when it traded at Rs.3,115 per gram.
- Demand for the metal picked up as the market turned bullish.
- High demand could be attributed to the U.S. Federal Reserve putting the interest rate hike on hold till December in light of the upcoming presidential elections.
- Gold prices rose by 1.12% this month.
Gold Rate Trend in Belgaum for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2, 905 per gram||Rs. 3,070 per gram||Rs.2,934 per gram|
|Last day||Rs. 3, 070 per gram||Rs. 2, 895 per gram||Rs.3,105 per gram|
|Highest price||Rs. 3, 070 per gram on 30th April, 2016.||Rs. 3, 080 per gram on 5th and 6th May, 2016||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2, 880 per gram on 4th April, 2016||Rs. 2, 895 per gram on 30th-31st May, 2016||Rs.2,916 per gram on 3rd June|
|Trend||The price has risen over the course of the month||The price has fallen over the course of the month||Rise|
|change||+ 5.67% increase||-5.70% decrease||+5.82%|
Gold Rate Trend in Belgaum in April 2016
- Gold traded at Rs 2, 905 on the 1st, a small increase from the previous month.
- There were minor fluctuations due to drop in prices in international markets, leading to lower demand domestically.
- Uncertainty due to speculation over impending US Federal rate cuts led to the price falling further, but a surge in domestic demand regularised the price.
- Gold traded at Rs. 3, 070 for 1 gram at the close of the month, an increase of 5.67%.
Gold Rate Trend in Belgaum in May 2016
- Gold traded at Rs. 3, 070 at the start of the month, keeping in line with the previous month’s high.
- The price stayed steady over the week due to a steady demand domestically.
- The price began to fall marginally due to lower demand domestically as well as volatility in global markets.
- The price began to fall, plunging to over 5.70% lower than its starting price.
Gold Rate Trend of Belgaum in June 2016
- The price of gold in Belgaum saw minor fluctuations throughout the month although it rose steadily towards the end of the month.
- The highest rate of gold was noted on the 27th at Rs.3,180 per gram.
- Uncertainties resulting due to Britain’s exit from the European Union resulted in the rise of gold rates as investors rushed to buy this precious metal.
- Despite market uncertainties, the demand for gold was quite steady.
- The lowest rate of gold was seen on the 3rd of June at Rs.2,916 per gram.
|1st day||Rs. 2, 540 per gram||Rs. 2, 708 per gram||Rs. 2, 975 per gram|
|Last day||Rs. 2, 710 per gram||Rs. 2, 960 per gram||Rs. 2,900 per gram|
|Highest price||Rs. 2, 715 per gram from 27th-28th Jan, 2016||Rs. 2, 975 per gram on 26th Feb, 2016||Rs. 2, 975 per gram from 1st-6th March, 2016|
|Lowest price||Rs. 2, 540 per gram on 1st Jan, 2016||Rs. 2, 708 per gram on 1st Feb, 2016||Rs. 2, 870 per gram on 28th March, 2016|
|Trend||The gold rate increased during the course of the month||The gold rate rose steadily during the course of the month||The price dropped towards the middle of the month but recouped some of its gains towards the end of the month|
|Change||6.69% increase||9.30% increase||2.52% decrease|
Gold Rate Trend in Belgaum in January 2016
- Gold traded at Rs. 2, 540 on 1st, bolstered by domestic demand.
- Prices climbed steadily over the month, ending at Rs. 2, 710.
- Wedding season sales pushed demand and prices up, but a slump as seen due to lowered demand for a few days.
- Global cues drove up prices again, and they held steady till the end of the month.
Gold Rate Trend in Belgaum in February 2016
- Strong demand globally coupled with domestic demand drove up gold prices.
- Gold traded at Rs. 2, 960, reaching a monthly high of Rs. 2, 975, the highest price of 2016 thus far.
- Seasonal demand and a weak Rupee hiked prices after a momentary slump.
- International demand and a stable domestic demand from jewellers ensured prices were stable.
Gold Rate Trend in Belgaum in March 2016
- Gold rates began strong, trading at Rs. 2, 975. They dipped a fraction over the course of the month on lowered demand but picked up towards the middle of the month and closed at Rs. 2, 900.
- The jewellers’ strike affected production, causing demand to drop as jewellers halted all production.
- Prices stayed constant due to lack of demand for most of the month.
- International demand fluctuated but did not affect the rates due to the jeweller’s strike.
Gold as an investment in Belgaum
Gold is highly sought-after in Belgaum owing to the intrinsic value of the precious metal. Many in Belgaum invest in Gold bars as an effective hedge against inflation. Gold consumption increases during festive occasions in addition to wedding celebrations. Gold jewelry is considered auspicious and a traditional form of investment.
Physical Gold: There are various jewellery stores in Belgaum which sell designer pieces which are both traditional and contemporary. Gold rings, bangles, anklets are much in demand. Banks also sell Gold bars and coins. Various jewelry stores in Belgaum sell various special offers wherein customers can buy gold in equated monthly installments.
Gold contracts: The MCX (Multi Commodity Exchange) and NSEL (National Spot Exchange) sell spot and future gold contracts in India. The MCX launched a futures contract, Gold Global in 2015.
Gold rates in Belgaum
Gold rates have been on the rise in the first two months of 2016 in India. Gold rates in Belgaum mirrored the trend across the country. 1 gm of 24 karat gold which was pegged at Rs.2610 on December 27th, 2015 rose by 1.22% to Rs.2642 on January 16th, 2016. Gold rates continued to rise in January with the precious metal touching Rs.2759. The month of February saw gold prices rise by an average of 1.4% on a weekly basis. 1 gm of 24 karat gold which was pegged at Rs.2759 till the end of the first week of February rose by 3.8% to Rs.2866 on February 9th. Gold prices touched Rs.2930 towards the end of February. The upward movement continued in the first week of March as well as 1 gm of 24 karat gold was pegged at Rs.3032. The price of gold plummeted through the latter half of 2015 in Belgaum as 1 gm of 24 karat gold which was pegged at Rs.2727 in June 2015 fell by -3.6% to Rs.2628 in August. The price of gold fell further in the following months of September, and October barring minor fluctuations to touch Rs.2613 in November 2015.
- Also Check: Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of Belgaum
|Gold Rate In Bellary||Gold Rate In Shimoga||Gold Rate In Udupi|
|Gold Rate In Gulbarga||Gold Rate In Bangalore||Gold Rate In Mangalore|
|Gold Rate In Mysore||Gold Rate In Panaji||Gold Rate In Kolhapur|
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