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Gold Price In Faridabad
Faridabad is located in the state of Haryana and is the state’s largest city. It is considered to be one of the main industrial hubs of the National Capital Region, which surrounds New Delhi, Noida and Gurgaon. From a geographic and political standpoint, Faridabad is also considered to be a much sought after location for companies to set up operations. With a population of around 2 million, Faridabad is a hot bed for gold demand due to the fairly high earning capacity of its residents, who purchase gold for a variety of reasons, such as weddings, social gatherings and much more.
Gold Rate Trend in Faridabad for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,995 per gram||Rs.4,169 per gram||Rs.4,274 per gram|
|Last Day||Rs.4,169 per gram||Rs.4,368 per gram||Rs.4,253 per gram|
|Highest Price||Rs.4,211 per gram on 9 January||Rs.4,394 per gram on 25 and 26 November||Rs.4,536 per gram on 7 March|
|Lowest Price||Rs.3,995 per gram on 1 January||Rs.4,116 per gram on 7 February||Rs.4,111 per gram on 20 March|
Quarterly Gold Rate in Faridabad from January 2020 to March 2020:
- Opening at Rs.3,995 per gram, the lowest price for the month of January gold prices showed an inclining trend in Faridabad over the month. The rates increased gradually in the city due to increasing tensions between the United States of America and Iran following the killing of a top Iranian general. The growing speculations regarding the US – China trade deal also played a part in the rates going upwards. Gold recorded its highest price for the month on 9th January with a gram costing Rs.4,211 in the city. Following that, the rates slipped as investors with a higher risk appetite shifted to the stock market and the value of dollar increased. As of 21st January, gold was priced at Rs.4,095 per gram before closing Rs.4,169 per gram an overall incline of 4.35%.
- Gold rates opened the month of February at Rs.4,169 per gram in Faridabad. With investors shifting to the stock market with higher risk appetite, the rates of the precious metal slipped and was priced at Rs.4,116 per gram on 7th February, the lowest for the month. The rates fluctuated in the city over the second week before crossing the mark of Rs.4,200 per gram in the third week. Gold recorded its highest price on 25th and 26th March with a gram of the 24-karat gold costing Rs.4,394 per gram. The precious metal closed the month at Rs.4,368 per gram with the prices witnessing an incline of 4.77%.
- In March, gold started at Rs.4,274 per gram. With investors awaiting a rate cut by the US Federal Reserve, the rates of yellow metal hit its highest for the month on 7th March with a gram costing Rs.4,536. With investors selling their assets in order to hoard cash, the rates slipped and recorded its lowest price on 20th March with a gram of the 24-Karat gold being retailed for Rs.4,111. The rates remained steady in the final week given that many countries were in lockdown and closed at Rs.4,253 per gram with a decline of 0.49%.
Gold Investment Avenues In Faridabad
Gold is generally in high demand in Faridabad due to it being a safe investment. It is also seen as an asset that can be readily exchanged for money. In Faridabad, gold is bought and given as gifts on auspicious days such as weddings and during certain religious festivals. Gold can be bought or traded easily in Faridabad through a number of avenues and outlets such as:
Over-the-counter: The easiest and most convenient way to purchase gold in Faridabad is by visiting any of the local gold and jewellery stores. These stores offer customers different varieties of gold in various forms at reasonable prices, in line with the market rates. By purchasing gold at any of the local outlets, customers get the chance to make informed decisions based on the authenticity and purity of the gold on display.
Market Trade: With time at a premium for most of Faridabad’s working class, individuals looking to invest in gold can do so online by trading in Gold ETFs or Gold Mutual Funds by simply opening a trading account. These investments can be traded via the stock exchange right from the comfort of the home of the individual or through a broker.
- Also Check: Gold Rate in Haryana
Also Check Gold Price in NearBy Cities of Faridabad
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