Gold Rate In Gujarat

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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 January 2017

• Gold prices recorded an increase over the course of the month thanks to stable demand from industrialists and coin makers, although changes in rates were recorded frequently.
• The price of the precious metal on the 1st of the month was recorded at Rs.2,893 per gram, and prices remained stable on the 2nd as well.
• A minor increase saw prices rise to Rs.2,888 per gram and they stayed unchanged until the 5th of January, after which they increased consistently until the 9th of the month.
• Fluctuations were in order over the next few days but prices found stability soon as demand picked up.
• The lowest recorded rate of the precious metal during the month of January was recorded on the 10th and 11th of the month when they touched Rs.2,841 per gram.
• Prices were mostly stable mid-way through the month and minor decreases were written off by subsequent gains as the month progressed.
• The highest recorded rate of gold in January was Rs.3,060 per gram on the 23rd and 24th.
• Prices again fluctuated until the end of the month and the precious metal closed January trading at Rs.3,017 per gram, marking a marginal increase of 0.042% between the first and last day of the month.

Gold Rate Trend in Gujarat for February 2017

• The US Federal Reserve rate hike was the highlight for the month of February, which lead to a decline in gold rates over the second half of the month. However, prices increased over the course of the 28 day period, albeit only marginally.
• Gold prices were recorded at Rs.3,035 per gram on the 1st of February, but a slight increase on the 2nd of the month was followed by a minor decline which saw them settle at Rs.3,034 per gram, making it the lowest recorded rate over the month of February.
• Fluctuations in demand over the next few days saw prices rise and fall as the month progressed, and rates changed almost regularly as the increase in fed rate pushed investors away from investing in the precious metal at the same intensity as before.
• The highest recorded rate of the precious metal during the month of February was recorded between the 25th and the 27th when prices increased to Rs.3,101 per gram.
• Prices would increase or decrease on certain days of the month, but they found stability more often than not as they remained unchanged for a few days in between.
• The period with the longest stability was between the 17th and the 24th of February when prices remained unchanged at Rs.3,070 per gram.
• Prices were also stable between the 25th and 27th when they were at their highest, and gold closed the month with a slight decline on the last day of the month.
• Although prices did increase between the first and last day of February, the incline was minimal at just 0.019% thanks to an overall increase of Rs.60.

Gold Rate Trend in Gujarat for March 2017

• For the first time in history, the US Federal Reserve upped the interest rate for a second time in the span of two months in March. Prior to this, the interest rates were increased by the Federal Reserve just two times over a period of seven years.
• Owing to the increase in interest rates, gold prices declined as demand declined too, and the price of the precious metal on the first day of the month was recoded at Rs.3,029 per gram.
• Prices fluctuated over the course of the month as marginal increases were written off by subsequent declines as the month went on.
• On 1st March, gold was trading at Rs.3,080 per gram and hit its lowest point on 15th, when the metal was trading at Rs.2,945 per gram.
• The lowest recorded rate of the precious metal during the course of the month was recorded between the 15th and the 17th of March when prices fell to Rs.2,974 per gram.
• A rally in prices saw the precious metal end the month at Rs.3,029 per gram, marking an overall decline of 0.016% between the first and last day of March.

Gold Rate Trend in Gujarat for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend in Gujarat for January 2017

• Gold prices recorded an increase over the course of the month thanks to stable demand from industrialists and coin makers, although changes in rates were recorded frequently.
• The price of the precious metal on the 1st of the month was recorded at Rs.2,893 per gram, and prices remained stable on the 2nd as well.
• A minor increase saw prices rise to Rs.2,888 per gram and they stayed unchanged until the 5th of January, after which they increased consistently until the 9th of the month.
• Fluctuations were in order over the next few days but prices found stability soon as demand picked up.
• The lowest recorded rate of the precious metal during the month of January was recorded on the 10th and 11th of the month when they touched Rs.2,841 per gram.
• Prices were mostly stable mid-way through the month and minor decreases were written off by subsequent gains as the month progressed.
• The highest recorded rate of gold in January was Rs.3,060 per gram on the 23rd and 24th.
• Prices again fluctuated until the end of the month and the precious metal closed January trading at Rs.3,017 per gram, marking a marginal increase of 0.042% between the first and last day of the month.

Gold Rate Trend in Gujarat for February 2017

• The US Federal Reserve rate hike was the highlight for the month of February, which lead to a decline in gold rates over the second half of the month. However, prices increased over the course of the 28 day period, albeit only marginally.
• Gold prices were recorded at Rs.3,035 per gram on the 1st of February, but a slight increase on the 2nd of the month was followed by a minor decline which saw them settle at Rs.3,034 per gram, making it the lowest recorded rate over the month of February.
• Fluctuations in demand over the next few days saw prices rise and fall as the month progressed, and rates changed almost regularly as the increase in fed rate pushed investors away from investing in the precious metal at the same intensity as before.
• The highest recorded rate of the precious metal during the month of February was recorded between the 25th and the 27th when prices increased to Rs.3,101 per gram.
• Prices would increase or decrease on certain days of the month, but they found stability more often than not as they remained unchanged for a few days in between.
• The period with the longest stability was between the 17th and the 24th of February when prices remained unchanged at Rs.3,070 per gram.
• Prices were also stable between the 25th and 27th when they were at their highest, and gold closed the month with a slight decline on the last day of the month.
• Although prices did increase between the first and last day of February, the incline was minimal at just 0.019% thanks to an overall increase of Rs.60.

Gold Rate Trend in Gujarat for March 2017

• For the first time in history, the US Federal Reserve upped the interest rate for a second time in the span of two months in March. Prior to this, the interest rates were increased by the Federal Reserve just two times over a period of seven years.
• Owing to the increase in interest rates, gold prices declined as demand declined too, and the price of the precious metal on the first day of the month was recoded at Rs.3,029 per gram.
• Prices fluctuated over the course of the month as marginal increases were written off by subsequent declines as the month went on.
• On 1st March, gold was trading at Rs.3,080 per gram and hit its lowest point on 15th, when the metal was trading at Rs.2,945 per gram.
• The lowest recorded rate of the precious metal during the course of the month was recorded between the 15th and the 17th of March when prices fell to Rs.2,974 per gram.
• A rally in prices saw the precious metal end the month at Rs.3,029 per gram, marking an overall decline of 0.016% between the first and last day of March.

Gold Rate Trend in Gujarat from October to December 2016 (rates per gram for 24 karat gold)

Gold Rate Trend in Gujarat for October 2016

• October was a fairly negative period for Gujarat with regards to gold rates as there were plenty of fluctuations to be witnessed.
• On the first day of Q4, gold was trading at Rs.3,304 per gram, which slumped by nearly Rs.150 to Rs.3,157 in less than a week on 7th.
• Prices slightly went up on 14th to hit Rs.3,162 per gram and remained unchanged till 25th October.
• Gold rates gained again on the 26th to reach Rs.3,189 per gram as investor sentiments increased with possible repercussion of a Trump victory loomed large.
• At the end of the month, on 31st, gold was trading at Rs.3,199 per gram - an increase of Rs.10 from the previous two days.
• Gold price trends saw a decline of 3.18% in Gujarat when compared to the previous month.

Gold Rate Trend in Gujarat for November 2016

• November was a highly tumultuous period for gold prices as some significant global and domestic events wreaked havoc on the economy.
• Despite performing considerably well for the first half of the month, prices seemed to slump significantly when the second half approached.
• The month began with gold trading at Rs.3,199 per gram and went up to Rs.3,252 per gram on 6th and by 10th it was down a bit to Rs.3,242 per gram.
• From 11th onwards it was mostly downhill for gold as demonetisation of Rs.500 and Rs.1,000 held a firm grip on the country’s financial situation.
• By 19th, prices were down to Rs.3,175 per gram and further went down to Rs.2,981 per gram on 25th.
• The last four days of November saw price pick up slightly to end the month at Rs.3,021 per gram.
• Overall, November gold trends saw a change of of -5.48%.

Gold Rate Trend in Gujarat for December 2016

• December too saw considerable fluctuations as far as gold trading price was concerned.
• The month began with gold trading at Rs.2,963 per gram and went down to Rs.2,926 per gram on the 7th.
• Prices again went down on the 9th to hit Rs.2,918 per gram and a little bit more to Rs.2,846 per gram on the 17th.
• The last week of December however saw prices pick up slightly to end the month at Rs.2,893 per gram.
• The last month of Q4 saw gold price trends decline by -2.38%.

Gold Rate Trend in Gujarat for July 2016 to September 2016 (per gram of 24 karat gold)

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)

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.

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

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