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Gold rates are set to recover in 2016, owing to a host of factors including improving fundamentals and increase in demand for the precious metal has a safe-haven asset among others, according to analysts. From inflation and oil prices to US economic data and quantitative easing, gold rates are affected by a wide range of economic and political developments. India’s current account deficit, inflation, economic outlook and investment inflow also influence the price of Gold across the country. Furthermore, Gold rates vary from city to city in India due to transportation costs, local taxes, procurement and so forth.
Bellary is one of the major commercial hubs in the state of Karnataka. Bellary also known as the city of iron ore is rich is both metallic and non-metallic resources. The precious yellow metal is widely considered a traditional form of investment. In many ways, Gold is viewed as an ancient currency handed down from generation to generation. Also, Gold is used as a collateral to avail of loans to meet financial requirements.
Gold Rate trend in Bellary 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.2,895 per gram|
|Last day||Rs. 3, 070 per gram||Rs. 2, 895 per gram||Rs.3,130 per gram|
|Highest price||Rs. 3, 070 per gram||Rs. 3, 080 per gram from 7th-8th May, 2016||Rs.3,200 per gram on 24th June|
|Lowest price||Rs. 2, 880 per gram||Rs. 2, 895 per gram from 30th -31st May, 2016||Rs.2,915 per gram on 1st June|
|Trend||Prices rose after a lull, stabilising over the month||Prices fell||Rising|
|change||+ 5.67% increase||-5.70% decrease||+9.78%|
Gold Rate Trend in Bellary in April 2016
- With the commencement of operations after the strike was called off, prices rose on renewed domestic demand.
- Gold prices globally fell on the news that the Fed could be raising interest rates.
- The US Dollar strengthened on the interest rate hike, resulting in gold rates dropping.
- Domestic demand managed to keep prices stable in spite of the global downslide in prices.
Gold Rate Trend in Bellary in May 2016
- Gold was being traded at Rs. 3, 070 at the start of the month, boosted by high demand.
- The market fluctuations due to US Fed interest rates being hiked pushed global prices lower, but the rate was steady domestically.
- Stable demand continued, keeping prices constant in the third week of May.
- A decrease in demand lowered prices, with gold trading at Rs. 2, 895, a decrease of 5.70%.
Gold Rate Trend of Bellary in June 2016
- Gold rates increased steadily during the month of June thanks to stronger overseas trends amid increased offtake by industrial investors.
- Despite marginal losses on certain days, the value of the precious metal rose consistently as the month progresses, and the highest rate was recorded on the 24th of the month when prices soared to Rs.3,200 per gram.
- The overall increase in prices between the first and last day of the month was Rs.235.
Gold Rate Trend in Bellary for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2, 540 per gram||Rs. 2, 960 per gram||Rs. 2, 975 per gram|
|Last day||Rs. 2, 710 per gram||Rs. 2, 708 per gram||Rs. 2, 900 per gram|
|Highest price||Rs. 2, 715 per gram||Rs. 2, 965 per gram||Rs. 2, 975 per gram|
|Lowest price||Rs. 2, 540 per gram||Rs. 2, 708 per gram||Rs. 2, 870 per gram|
|Trend||Steady increase in gold price due to increased demand||Prices fell mid-month, then stabilized||Prices rose and then stabilised over the course of the month|
|Change||6.69% increase||9.30% increase||2.52% decrease|
Gold Rate Trend in Bellary in January 2016
- Gold traded at Rs. 2, 540 at the start of the month thanks to increased demand domestically, closing at Rs. 2, 710.
- Festive season buying drove up the price, with high demand from jewellers.
- International cues bolstered the price.
- A dip in prices was seen due to global demand falling, but prices rose soon after.
Gold Rate Trend in Bellary in February 2016
- Increased demand from jewellers domestically boosted prices, with gold trading at Rs. 2, 960 at the start of the month.
- Prices peaked at Rs. 2, 965 due to strong international demand and a still weak Dollar.
- Wedding season demand continued to push up prices as demand was steady throughout the month.
- A gradually strengthening Rupee lowered prices fractionally towards the end of the month.
Gold Rate Trend in Bellary in March 2016
- Gold prices were traded at Rs. 2, 975, taking its cue from a heightened demand globally.
- National strike by jewellers resulted in production being halted indefinitely, affecting demand.
- Prices fell fractionally due to the strike, resulting in a 2.552% decrease in the gold rate.
- The strike reduced demand from the jewellery sector, keeping prices stable and constant.
- A weakening Dollar and market uncertainty resulted in prices rising globally, but domestic rates were unaffected due to the strike curtailing operations.
Gold as an investment in Bellary
Gold is all forms - coins, bars and jewelry is sold in Bellary. Many in Bellary invest in Gold bars as protection against inflation. Festive occasions and weddings spur demand for Gold in Bellary. Gold is considered auspicious and various forms of temple jewelery is also popular.
Physical Gold: Jewelry remains the most dominant aspect of buying Gold in Bellary. Major jewellery stores in Bellary sell both traditional and designer Gold jewelry to cater to all kinds of customers. Bullion bars are sought-after by customers who wish to buy Gold for investment purposes.
Gold contracts: Consumers in Bellary also invest in gold contracts. The MCX (Multi Commodity Exchange) and NSEL (National Spot Exchange) sell spot and future gold contracts in India.
Gold rates in Bellary
Gold rates have been on the rise in the first two months of 2016 in Bellary. 1 gm of 24 karat gold which was pegged at Rs.2551 on December 27th, 2015, rose by 2.3% to Rs.2610 on January 1st, 2016. Gold rates rose further throughout the month of January with the price of 1 gm of 24 karat gold pegged at Rs.2679 on January 10th, Rs.2701 on January 19th and Rs.2717 on January 25th. The upward trend continued in the month of February as the price of 1 gm of 24 karat gold pegged at Rs.2759 on February 17th, rose by 6.9% to Rs.2866 on February 18th. The trend continued in the first week of March with 1 gm of 24 karat gold touching Rs.3032. Gold prices plummeted in latter half of 2015 barring mini-rallies in that 1 gm of 24 karat gold which was pegged at Rs.2723 in August, fell by -0.2% to Rs.2702 in September 2015. The downward trend continued in the following months with the price of 1 gm of 24 karat gold touching Rs.2560 in November 2015.
- Also Check: Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of 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 Belgaum||Gold Rate In Proddatur|
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