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Gold Rate in Gujarat
Gujarat, the westernmost state of India has been India’s gateway to the world for centuries, with a rich history of trade and culture. This trade resulted in a huge influx of currency, particularly in the form of gold, leading to the start of a love affair with the golden metal. Current gold rates in Gujarat are a reflection of international gold rates, given the fact that a majority of India’s gold needs are met through import. Gujarat, with a long coastline and excellent ports is often the preferred mode for gold imports to enter India, ensuring it plays a significant role in the journey of this precious metal. Gold is an intrinsic part of Gujarat’s culture, with residents purchasing gold to celebrate festivals and other auspicious events.
Gujarat jewellery is famous across the globe, with diamond encrusted gold jewellery from Surat attracting worldwide attention. A high per capita income and great investment acumen have ensured that gold is high on the mind of Gujaratis.
Gold Rate Trend in Gujarat for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,224 per gram||Rs.3,247 per gram||Rs.3,245 per gram|
|Last day||Rs.3,244 per gram||Rs.3,245 per gram||Rs.3,304 per gram|
|Highest price||Rs.3,287 per gram on 7th and 8th July||Rs.3,290 per gram from 23rd-26th August||Rs.3,304 per gram from 27th-30th September|
|Lowest price||Rs.3,207 per gram on 15th July||Rs.3,236 per gram from 8th-14th August||Rs.3,245 per gram on 1st and 2nd September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Gujarat for July 2016
- The gold price in Gujarat was Rs.3,224 per gram on 1st July, with the price rising marginally in the first week.
- Prices rose as domestic demand increased, with gold trading at Rs.3,387 per gram on 7th July before falling to Rs.3,223 per gram on 11th July as demand dropped.
- A resurgence in international markets led to prices falling as demand dropped, with gold trading at Rs.3,209 per gram on 12th July.
- The downwards trend continued as prices touched Rs.3,218 per gram on 18th July for the week.
- Prices rose to Rs.3,240 per gram at the end of the month, with gold closing at Rs.3,244 per gram as demand rose.
Gold Rate Trend in Gujarat for August 2016
- The price of gold was Rs.3,247 per gram on 1st August, with prices rising to Rs.3,257 per gram on 7th August on the back of strong demand.
- Demand for gold fell as international markets stabilised after Brexit, in spite of domestic demand being quite high.
- Gold traded at Rs.3,236 per gram for a week beginning 8th August on low overall demand.
- A sudden fall in the markets led to demand for gold increasing, with gold reaching Rs.3,284 per gram from 19th-26th August.
- Prices fell marginally as the month ended, with gold trading at Rs.3,245 per gram on 31st August.
Gold Rate Trend in Gujarat for September 2016
- Gold traded at Rs.3,245 per gram on 1st September, with prices remaining stable for the week.
- Increased demand from jewellers for the festive season resulted in prices rising to Rs.3,291 per gram from 7th-17th September.
- Slight fluctuations led to gold trading at Rs.2,274 per gram on 18th September, with prices rising mid-week to Rs.3,297 per gram on 23rd September.
- Prices rose as demand from both domestic and international markets was high, with gold trading at Rs.3,304 per gram on 30th September.
Gold Rate Trend in Gujarat for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,988 per gram||Rs. 3,147 per gram||Rs.2,991 per gram|
|Last day||Rs. 3,147 per gram||Rs. 2,991 per gram||Rs.3,007 per gram|
|Highest price||Rs. 3,147 per gram on 29th and 30th of April||Rs. 3,169 per gram on 2nd and 3rd of May||Rs.3,209 per gram on 30th of June|
|Lowest price||Rs. 2,957 per gram on 4th April||Rs. 2,991 per gram on the 30th and 31st of May||Rs.2,991 per gram on the 1st of June|
Gold Rate Trend in Gujarat in April 2016
- Gold traded at Rs. 2,988 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,147 per gram by the end of the month.
Gold Rate Trend in Gujarat in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 2,991 in the third week of May.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,991 on the 31st of May.
Gold Rate Trend in Gujarat in June 2016
- Gold traded at Rs.2,991 per gram on the 1st of June.
- Gold surged in June owing to heavy demand.
- Prices further increased over the next weeks as gold traded at Rs.3,209 per gram on the 30th of June.
Gold Rate Trend in Gujarat for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,605 per gram||Rs. 2,781 per gram||Rs. 3,067 per gram|
|Last day||Rs. 2,781 per gram||Rs. 3,067 per gram||Rs. 2,988 per gram|
|Highest price||Rs. 2,788 per gram on January 28th||Rs. 3,067 per gram on February 27th to 29th||Rs. 3,090 per gram on March 2nd to 19th|
|Lowest price||Rs. 2,605 per gram from January 1st to 3rd||Rs. 2,781 per gram on February 1st||Rs. 2,991 per gram on March 20th to 22nd|
|Change||+ 6.75%||+ 10.28%||- 2.57%|
Gold Rate Trend in Gujarat in January 2016
- Gold traded at Rs.2,605 per gram on the 1st of January.
- Gold price rose by Rs.95 on the 7th of January at Rs.2,700 per gram owing to a weak dollar.
- Gold prices rose steadily over the month and hit the highest for the month at Rs. 2,788 per gram on January 28th.
Gold Rate Trend in Gujarat in February 2016
- Gold price did not witness much of a change from the last day of January and traded at Rs. 2,781 on the 1st of February.
- Bullion hit the highest for the month at Rs. 3,067 between February 27th and 29th.
- Gold closed the month at Rs. 3,067 per gram.
Gold Rate Trend in Gujarat in March 2016
- Gold stood at Rs. 3,067 per gram on the first day of March.
- Gold held steady at Rs. 3,090 per gram between March 2nd and 19th. It was the highest for the month.
- Gold witnessed a decline as the month progressed and traded at Rs.2,988 per gram on the last day of March.
Details of Gold Price in Gujarat (22 Karat & 24 Karat) - Till August 2015
24 karat gold – 24 karat gold is the purest form of gold one could buy, with a purity of 99.9%. This gold is used mostly as an investment tool, and is available in the form of coins and bars. Individuals looking to purchase 1 gram of 24 karat gold in Gujarat would need to shell out Rs 2,522 (as of August 11, 2015). Gold rates in Gujarat have fallen by 11% in the last year, with a 5% drop in the last month alone. Gold rates peaked during August 2013, costing Rs 3,359 per gram and remained close to the Rs 3,000 mark till March 2014. Prices then dipped to Rs 2,650 per gram in May 2014, falling further to Rs 2,542 per gram in November 2014, post which they saw a steady rise till February 2015. The current gold rates are the lowest in the last five years and a further drop in rates can be expected in the near future.
22 karat gold – 22 karat gold is 92% pure and is generally used to make jewellery. 1 gram of 22 karat gold can be purchased for Rs 2,361 in Gujarat (as of August 11, 2015). Rates for 22 karat gold have dropped to new lows in the last month, dropping by almost 11% in one year. 1 gram of 22 karat gold cost around Rs 3,000 in August 2013, post which prices began to fall, eventually coming down to around Rs 2,300 per gram in November 2014. Prices picked up towards the start of 2015, hovering around the Rs 2,600 mark, before plummeting to the current rate towards July end.
Gold investment avenues in Gujarat
Gold is viewed as an excellent investment tool in Gujarat, with residents purchasing it in a bid to diversify their investment portfolios.
Over-the-counter – Jewellery accounts for a major portion of gold investments in Gujarat, with a majority of residents in small towns choosing jewellery over other forms of the precious metal. Jewellery stores across Gujarat cater to different budgetary needs, offering competitive rates to customers. Gold bars and coins are generally purchased by serious investors looking for long term solutions and are available at major jewellery stores and banks. Coins and bars sold by banks are generally a bit more expensive due to their comprehensive quality checks and assurances.
Market trade – Exchange Traded Funds (ETFs), E-gold and futures contracts are some of the popular trading options for gold investors in Gujarat. Tech savvy and young investors are opening up to the idea of market trade, with ETFs growing fast, thanks to their ease of trading and ability to offer good returns on investment. E-gold can be traded through the National Spot Exchange Limited, offering flexibility to traders. Futures contracts are designed to protect investors against market fluctuations, providing them with an opportunity to take delivery of gold on a predetermined date at an agreed upon rate.
Also Check Gold Prices in the Cities of Gujarat
|Gold Rate in Ahmedabad||Gold Rate in Surat||Gold Rate In Vadodara|
|Gold Rate In Rajkot||Gold Rate In Jamnagar|
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News About Gujarat Gold Rate
Gujarat jewelers enter their 34th day of strike
The strike against excise duty on gold entered its 34th day in Gujarat as jewelers refused to give up on their demand. The state of Gujarat is suffering an average loss of Rs.300 crore per day. WIth the arriving festive season, jewelers are worried that they might lose out on a substantial size of sales.
Throughout the state of Gujarat, jewelers are protesting in their own unique ways for the government to roll back the decision to levy excise duty on the yellow metal jewelry. Since the month of March an estimated number of around 50,000 jewelers has been on strike as an act of not agreeing with the government’s decision of levying excise duty.
5th April 2016
Gold imports in Gujarat fall a record low
Gold imports in Gujarat plummeted by 44.92% this year, the lowest in six years courtesy the jewellers' strike and high prices. Around 83.8 MT was imported in Gujarat in FY 2015-16 as against around 152 MT in FY 2014-15, according to GSEC Ltd.
Gujarat imported 0.54 MT of Gold in March 2016 as against 20.7 MT in the corresponding period last year, registering a fall of 97%, according to latest reports.
4th April 2016
India's gold demand seen falling to 7-year low in March quarter
Our country's gold demand saw a 7 year low in demand in the March quarter which is said to be two-thirds the previous year lead by prices hikes and a strike called by jewellers reducing demands in the world's second-biggest consumer, according to retailers and analysts.
The sluggish demand could weigh on global prices, which are headed towards their biggest quarterly gain in nearly 30 years, but will help the country bring down its trade deficit.
Rural demand is slack after the first back-to-back drought in nearly three decades squeezed farmers` earnings also lead to lowered gold demands since rural India contributes two -thirds of India’s gold demand.
1st April 2016
Gujarat gold imports, at the lowest in almost 2 years
The gold imports into the state of Gujarat, has reached the lowest in the last 23 months. The import quantity in February 2016 was only 1.32 MT, this is been the lowest since February 2014, which has a import of 1.25 MT. The duty and taxes imposed by the government in this year’s budget have been the reason for the decline in imports, as well as low demands and slacking sales. The decline 77% over February 2015.
8th March 2016
Gold Rises as Budget Announces No Change in Import Duty
After the Union Budget announced no change in the gold import duty, gold prices in India – the second-largest consumer of the precious metal – increased by 1.4 percent.Earlier on Monday, gold futures rose to Rs. 29,750 per 10 gram. By 1 p.m., trading rates of the most active gold futures were hovering around Rs. 29,621 per 10 gram.
Indian customers were holding off gold purchases in the international market in expectation of a decline in import duty. Import duty was expected to fall by up to 4 percentage points from the current 10 percent.
1st March 2016
- For more related news /update on gold price visit: Gold News