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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 July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,878 per gram||Rs.2956 per gram|
|Last day||Rs.2,874 per gram||Rs.2,956 per gram||Rs.2,985 per gram|
|Highest price||Rs.2,950 per gram on 1 and 2 July||Rs.2,976 per gram on 29 August||Rs.3,056 per gram on 8 September|
|Lowest price||Rs.2,796 per gram on 14 July||Rs.2,845 per gram on 7 August||Rs.2,956 per gram on 1 September|
Gold rate trend in Belgaum for July 2017
- Gold traded at Rs.2,950 per gram - the highest recorded monthly figure - on the 1st, when the month began in Belgaum.
- Despite the implementation of GST, there was no significant change in gold prices in the city. However, demand declined over the next few days and the precious metal was trading at Rs.2,880 per gram on the 8th.
- Demand for the bullion fluctuated with varying demand from international, as well as local markets, and gold marked its lowest monthly figure on the 14th being priced at Rs.2,796 per gram.
- However, gold prices seemed to pick up with a higher demand for safe-haven investments after the US-North Korean stand-off, and the yellow metal prices rose to Rs.2,830 per gram on the 18th.
- Gold prices in Belgaum spiked to Rs.2,866 per gram on the 22nd as the dollar continued to trade poorly against other apex currencies.
- Demand seemed to decline with local investors refrained from making purchases, and gold rates dropped to Rs.2,850 per gram on the 26th.
- Rates surged significantly on the next day as the US dollar collapsed with tensions rising between the US and North Korea, and the bullion was trading at Rs.2,874 per gram on the 27th.
- The month ended with gold trading at Rs.2,872 per gram, thanks to a low, but steady demand from investors and retailers across the city.
Gold rate trend in Belgaum for August 2017
- Gold was priced at Rs.2,878 per gram on the 1st, a relatively minor increase in rates from the previous month.
- Rates dropped to Rs.2,854 per gram as investors suspended purchases awaiting the Federal Reserve meeting results on the 3rd.
- However, gold prices in Belgaum rose the next day to Rs.2,865 per gram on account of Varamahalakshmi, which dropped on the 5th to Rs.2,855 per gram as demand for the metal declined globally.
- The bullion demand gradually decreased over the next few days. However, on the 11th, gold rates surged to Rs.2,922 per gram as the US markets tanked with the US-North Korean conflicts intensifying, pushing the demand higher for the precious metal.
- With the US economy recovering on account of the upcoming Federal Reserve meeting, demand for the metal dropped in the international trade. This resulted in prices falling to Rs.2,913 per gram on the 18th.
- Gold rates dropped to Rs.2,903 per gram on the 23rd, but the next day witnessed increased purchases from investors taking advantage of the falling dollar rates, and gold rebounded to be priced at Rs.2,913 per gram.
- The continued aggression between the US and North Korea led to an increase in safe-haven investments around the world, leading to gold rates rising to Rs.2,976 per gram on the 29th. This was also the highest recorded monthly figure in Belgaum.
- Demand for the metal, however, gradually declined over the next few days resulting in the bullion trading at Rs.2,956 per gram on the 31st.
Gold rate trend in Belgaum for September 2017
- When the month of September began, the yellow metal was trading at Rs.2,956 per gram in Belgaum.
- With North Korea having confirmed its successful two-stage thermonuclear weapon test, the US economy collapsed. This resulted in investors around the world invest in safe-haven assets like gold, subsequently rising the precious metal prices to Rs.3,056 per gram - the highest recorded monthly figure - on the 8th.
- Demand for the metal subsided over the next few days, but as overseas tensions between the US and North Korea escalated, demand for the bullion picked up and the yellow metal was trading at Rs.3,010 per gram on the 13th.
- However, demand for gold dropped significantly on the 19th, resulting in prices falling to Rs.2,971 per gram on the 19th.
- The next few days witnessed gold rates fluctuate in Belgaum due to varying local demand, and gold was trading at Rs.2,980 per gram on the 23rd.
- Prices dropped further with reducing demand over the next couple of days, but gold trade rebounded on the 26th as the arrival of Dussehra pushed demand higher for the precious metal, leading to gold being priced at Rs.3,029 per gram.
- A strengthening US dollar coupled with poor global trends resulted in gold trading at Rs.2,985 per gram on the 30th of September.
Gold Rate Trend in Belgaum for April 2017 to June 2017 (per gram of 24 karat gold)
|1st day||Rs.2,910 per gram||Rs.2,945 per gram||Rs.2,933 per gram|
|Last day||Rs.2,945 per gram||Rs.2,918 per gram||Rs.2,920 per gram|
|Highest price||Rs.2,990 per gram on 15 and 16 April||Rs.2,945 per gram on 1 May||Rs.2,965 per gram on 8 June|
|Lowest price||Rs.2,905 per gram per gram on 10 April||Rs.2,840 per gram from 11-14 May||Rs.2,895 per gram on 20 June|
Trend of gold rate in Belgaum for April 2017
- When gold trading for Q2 2017 began, gold was priced at Rs.2,910 per gram and hovered close to monthly low prices in the city.
- As the US Federal Reserve wasn’t ready to take sterner actions due to weak market data, gold prices remained at Rs.2,910 per gram for the next two days.
- On the 4th, gold prices increased to Rs.2,930 per gram as demand went up slightly from local jewellers.
- By the end of the 8th, gold prices were down to Rs.2,915 per gram, after enduring some tumultuous trading periods.
- The 10th saw gold prices hit their lowest for the month at Rs.2,905 per gram as dollar value went up slightly.
- Thanks to an increased demand in domestic circles, gold prices were holding steady over the next few days and hit the highest rate of Rs.2,990 per gram for the month.
- During the last week of the month, however, prices drop due to decreased demand and an increased US dollar value.
- When the month came to an end, gold was trading at Rs.2,945 per gram.
- Despite some significant fluctuations, gold price trend saw a positive change of 1.20% for the month.
Trend of Gold Rate in Belgaum for May 2017
- In May, headlines were mostly concerned with French elections and the possible victory of Marine Le Pen, the conservative leader, turned the market slightly volatile.
- On the 1st of May, gold was priced at Rs.2,945 per gram and dropped down by Rs.40 to reach Rs.2,905 per gram on the 2nd.
- Due to low demand during the first half of the month, gold prices saw a gradual fall and reached Rs.2,855 per gram by the 9th.
- By the 11th, gold prices had fallen so much that they hit a monthly low of Rs.2,840 per gram.
- However, demand picked up due to concerns over US president Donald Trump’s policy decisions affected the dollar value.
- At the end of trading for the 20th, gold prices has bounced back to end at Rs.2,908 per gram.
- The last 10 days of May saw prices rise and fall as demand kept fluctuating.
- On the 22nd, gold was trading at Rs.2,905 per gram but rocketed to Rs.2,930 per gram on the 23rd.
- The 24th saw prices drop to Rs.2,915 per gram as bullion sales were rather sluggish.
- Over the next few days, gold rates were remained at sub-Rs.2,930 range before dropping down to Rs.2,918 per gram on the 30th of the month.
- Price trends saw a decline of 0.91% during this month as local demand failed to hit the expected figures.
Trend of Gold Rate in Belgaum for June 2017
- Gold price trends returned to the positive during the month of June, thanks to a volatile US market.
- On the 1st of June, gold prices were recorded at Rs.2,933 per gram but as demand went down prices dropped to Rs.2,915 per gram on the 2nd.
- The 3rd, however, saw prices increase to Rs.2,940 per gram and continue on an encouraging note for the next few days.
- By the 8th of June, gold rates had hit Rs.2,965 per gram - the highest gold price for the month.
- The rise in demand, though, was short lived which was evident when they came crashing down to Rs.2,940 per gram on the 9th.
- Bullion prices seemed to decrease gradually over the next few days due to a strengthening US dollar.
- Gold rates had hit as low as Rs.2,905 per gram by the end of the 19th.
- The subsequent day on the 20th, gold prices went down to Rs.2,895 per gram - the lowest rate for the month as demand kept falling in local and international circles.
- After some constant increases and decreases during the next few days, gold prices ended the quarter at Rs.2,920 per gram.
- Overall, there was a decline of 0.44% in price trends when compared to the previous month.
|1st day||Rs.2,820 per gram||Rs.2,945 per gram||Rs.3,005 per gram|
|Last day||Rs.2,930 per gram||Rs.3,005 per gram||Rs.2,900 per gram|
|Highest price||Rs.2,970 per gram on the 23rd and 24th of January||Rs.3,005 per gram on the 27th and 28th of February||Rs.3,005 per gram on the 1st of March|
|Lowest price||Rs.2,820 per gram on the 1st and 2nd of January||Rs.2,940 per gram on the 10th of February||Rs.2,855 per gram on the 15th of March|
Gold Rate Trend for Belgaum in January 2017
- At the beginning of the month, the rate of gold in Belgaum was slightly due to relatively low demand, trading at Rs.2,820 per gram. Gold was steady at this rate the next day as well. This was also the lowest at which gold traded at for the month in Belgaum.
- A marginal increase was noted from the 3rd of January onwards due to a continued demand for this metal from jewellers, culminating in gold trading at Rs.2,890 per gram on the 10th of January.
- From the 12th of January, gold traded at Rs.2,920 per gram until the 15th due to the harvest festival of Sankranti and further increased as the week progressed.
- Gold traded at Rs.2,970 per gram on the 23rd and 24th of January, making this rate the highest at which gold traded at for the month. However, after this, the rate of gold reduced marginally, closing at Rs.2,930 per gram recording a rise of 3.90% in the rate of gold.
Gold Rate Trend for Belgaum in February 2017
- Gold traded at Rs.2,945 per gram on the 1st of February which was one of the lower rates due to low demand from markets overseas.
- This rate was noted until the 5th of February after the rate of gold increased by Rs.10.
- As the weeks progressed, the rate of gold continued to rise with a few minor fluctuations.
- On the 16th of February, gold traded at Rs.2,970 per gram before rising to Rs.2,980 per gram on the 17th of February.
- Towards the end of the month, the price of gold increased to Rs.2,995 per gram due to a fall in the value of the U.S.Dollar. This rate was noted from the 24th of February to the 26th of February.
- The last two days of the month saw gold trading at Rs.3,005 per gram which was also the highest rate at which gold traded for the month.
- As the month came to an end, a 2.03% incline in the rate of this precious metal was noted.
Gold Rate Trend for Belgaum in March 2017
- Gold opened at Rs.3,005 per gram on the 1st of March due to a high demand for this metal from both domestic as well as international markets. This was also the highest rate at which gold traded at for the month.
- However, this demand could not be sustained and the next day the rate of gold dropped to Rs.2,990 per gram before reducing even further as the month progressed.
- There were a number of variations noted in the rate of gold throughout the month due to fluctuations in the demand for this metal.
- On the 15th of March, the rate of gold plunged to a monthly low of Rs.2,855 per gram due to the Dutch Elections and U.S. Fed Reserve’s decision regarding interest rates. However, a marginal recovery was noted in the rate of gold over the next few days.
- On the last day of the month, gold was priced at Rs.2,990 per gram recording a decline of 3.49% in the price of this metal in Belgaum.
|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.
|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.
|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
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|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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