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 October 2019 to December 2019 (per gram of 24 karat gold)

Quarterly Gold Rate in Gujarat from October 2019 to December 2019:

• In Gujarat, the prices of gold for the month of October opened at Rs.3,890 per gram. The precious metal saw an incline of 2.51% over the course of the month as investors shifted to the bullion as a safe haven asset. This was done as they awaited clarity on the trade talks between the United States of America and China.
• As the stock market bounced back from the previous month, the rates of gold dropped in the month of November. Having opened the month at Rs.3,983 per gram, the rates closed at Rs.3,900 per gram. This was the lowest recorded price of gold in the state for the month. The overall performance of the precious metal in Gujarat showed a declining trend of -2.08% over the month.
• The prices of gold in Gujarat opened the month of December at Rs.3,936 per gram. The rates of the yellow metal climbed over the month as the value of dollar impacted the prices. The impeachment inquiry against the US president also played a part in the prices increasing. Gold closed the month at Rs.4,023 per gram with an overall incline of 2.21%.

Gold Rate Trend in Gujarat for July 2019 to September 2019 (per gram of 24 karat gold)

Quarterly Gold Rate Trend in Gujarat for July 2019 to September 2019:

• Gold prices in Gujarat were recorded at Rs.3,499 per gram at the beginning of the quarter which by the end of the quarter soared to Rs.3,901 per gram. There was an inclination of 2.3% and 11.39% recorded in July and August respectively while 2.20% decline was witnessed in the month of September.
• The highest increase in the gold prices happened during the month of August when the metal traded at a highest of Rs.4,013 per gram on 27 August. However, for the quarter, the highest recorded price was on 5 September when gold was trading at Rs.4,036 per gram.
• The reasons behind the marginal increase in the prices of gold have been cited to be the weakening of the rupee, the increased purchase of the metal by central banks, the trade tension between China and US causing market volatility, and the increase in the demand of the metal in India.
• Despite ending the quarter at a price of Rs.3,901 per gram, there was a decline of 2.20% in the prices of gold in Gujarat in September. Also, the lowest price recorded during the quarter was Rs.3,460 per gram on 2 July.

Gold Rate Trend in Gujarat for April 2019 to June 2019 (per gram of 24 karat gold)

• At the start of April, the gold rate in Gujarat was recorded at Rs.3,282 per gram. Local demand for the metal during this time was on a decline even though overseas trends remained positive.
• As the local demand remained suppressed at the start of the month of May, the dollar gained value over other currencies. The price of gold then declined, and towards the end of the month it hit its lowest point for the quarter. On the 24th, the metal traded at Rs.3,247 per gram.
• June was the best month for gold as the metal traded at Rs.3,520 per gram on 26 and 27 June, the highest it traded at for the quarter. Global overseas trends clubbed with the surged local and industrial demand for the metal may have influenced the price to incline.
• The last week of the quarter saw a marginal decline in the gold price in Gujarat as the US and China decided to reignite trade talks. As on 30th June, the price of gold was recorded Rs.3,499 per gram.

Gold Rate Trend in Gujarat for January 2019 to March 2019 (per gram of 24 karat gold)

Gold rate trend in Gujarat for January 2019:

• The price of gold in Gujarat on 1 January 2019 was Rs.3,257 per gram and was steady till 3 January 2019. Through the month, the metal showed a positive trend amidst global tensions.
• The value of the dollar decreasing against other currencies due to a fall in the market, led to the increase in demand for the metal from investors.
• The price in Gujarat increased to a great extent compared to other cities due to higher demand amongst local jewelers.
• On 31 January, gold was valued at the highest at Rs.3,428 per gram resulting in a percentage incline of 5.25.

Gold Rate Trend in Gujarat for February 2019:

• Despite a relatively static start where gold traded at Rs.3,417 per gram on 1 February, there was a steady rise in the prices in Gujarat as markets remained volatile due to Brexit fears.
• Demand was on the upswing as orders from local jewellers was steady due to the low dollar rate, with the yellow metal trading at Rs.3,422 per gram on 10 February before dropping marginally to Rs.3,396 per gram on 14 February.
• Conflicting cues from the overseas market as well as a drop in local retail demand due to a recovering U.S. dollar resulted in price fluctuations, with the precious metal rising to Rs.3,484 per gram on 21 February.
• A slight drop in price was recorded towards the last week as overseas demand was muted after a more hawkish assessment by the Federal Reserve, resulting in gold ending the month at Rs.3,447 per gram to record a marginal rise of 0.87%.

Gold rate trend in Gujarat for March 2019:

• Gold rate in Gujarat declined at the start of March as the dollar gained value over other currencies. During the same time, stocks dipped in value too. This was the highest value for the month and was trading at Rs.3,422 per gram.
• On 7th March, the dollar declined in value in comparison to the Euro after the European Central Bank pushed its decision to hike rates of interest. This kept the value of the yellow metal from rising due to poor economic conditions.
• On 30th March, the precious metal declined to its lowest point for the month as the dollar strengthened and the precious was faced with poor global economic cues. On this day, the metal stood at Rs.3,252 per gram.
• The month ended with the metal trading at Rs.3,282 per gram, and a percentage decline of 4.09% was recorded for the month of March.

Gold Rate Trend in Gujarat for October 2018 to December 2018 (per gram of 24 karat gold)

Gold rate trend in Gujarat in October 2018

• Global gold prices showed an upward trend in October as the governments of the United States of America and China sat for trade talks. Due to this, the markets were affected, leading to investors shift to the bullion as a safe-haven asset.
• Due to this, the price of gold increased in India through the month. Other global factors such as the crisis in the Middle-East and the budgetary crisis in Italy along with the Brexit negotiations played a major role in the increase in demand of the metal.
• Gold trading began at Rs.3,138 per gram increasing to Rs.3,262 per gram by the middle of the month. Demand amongst local jewellers increased in the second half of the month as the country geared for the festival of Diwali, early in November.
• The price of the precious metal was the highest on 30 October at Rs.3,288 per gram and closed at the same rate with a percentage incline of 4.59.

Gold rate trend in Gujarat in November 2018

• The trade of gold saw a considerably negative trend after the first week of November as the value of the dollar recovered in the global market.
• Gold price opened the month at Rs.3,283 per gram and was steady in the first week of the month due to Diwali and Dhanteras.
• Due to the increase in th value of the dollar, the rupee fell to a great extent leading to a decrease in demand amongst local jewellers. Apart from that, the import of the metal was hit as well due to the high exchange rate.
• Gold trade closed the month at Rs.3,144 on 30 November, recording a percentage decline of 4.23.

Gold rate trend in Gujarat in December 2018

• Gold trade jumped back to an upward trend in December as major geopolitical factors resulted in the fall of the market and the decrease in the dollar value.
• In Gujarat, the value of gold opened at Rs.3,133 per gram and decreased to Rs.3,124 per gram in the first week of the month even though global prices were holding steady.
• Gold prices increased in the second half of December as demand was high amongst the local jewellers due to the start of the wedding season in the country.
• On 31 December, the metal closed at Rs.3,257 per gram which was the month’s highest, resulting in a percentage incline of 3.95.

Gold Rate Trend in Gujarat for July 2018 to September 2018 (per gram of 24 karat gold)

Gold Rate Trend in Gujarat for April 2018 to June 2018 (per gram of 24 karat gold)

Gold Rate Trend in Gujarat for April 2018

• Demand for gold in Gujarat was on the rise during this month, with the yellow metal opening trading at Rs.3,154 per gram on steady demand from jewellers and industrial units.
• The fluctuations in the dollar rate led to a rise in demand for safe-haven bullion by investors, which also kept prices from falling sharply.
• Fears of an impending interest rate hike led to gold rates falling slightly, but the precious metal bounced back on rising demand from Asia.
• Uncertainty over a possible trade war as well as the falling dollar made gold more affordable, as the metal ended the month priced at Rs.3,227 per gram.

Gold Rate Trend in Gujarat for May 2018

• While gold rates were steady as the month began, a volatile dollar rate and easing demand from retailers led to prices falling over the course of the month.
• Gold was priced at Rs.3,227 per gram on 1 May, as local equity markets enjoyed a bull run on positive market trends.
• Overseas demand for bullion was slipping as equities recovered and the dollar also rose on positive U.S. industrial data.
• The announcement of a historic meeting between the U.S. and North Korean leaders boosted markets, as gold fell to Rs.3,191 per gram on 20 May.
• Prices were on the decline for the rest of the month, as industrial demand fell due to the higher cost associated with a strong dollar rate.
• The month ended with gold priced at Rs.3,206 per gram, recording a loss of 0.65%.

Gold Rate Trend in Gujarat for June 2018

• The slide in gold rates continued in June, as markets and currencies were favoured by investors.
• Gold opened at Rs.3,203 per gram in Gujarat, with growth being sluggish as retail demand fell sharply.
• Industrial orders for gold also reduced due to the continued rise of the dollar, as jewellers cut down on gold imports as well.
• The success of the U.S.-North Korea summit boosted the dollar, which rose to 11-month highs against gold.
• The possibility of another interest rate hike kept investors away from bullion, as gold ended the month priced at Rs.3,159 per gram to record a 1.37% loss in value.

Gold Rate Trend in Gujarat for January 2018 to March 2018 (per gram of 24 karat gold)

Gold Rate Trend in Gujarat for January 2018:

• Trading began for the month of January with gold being priced at Rs.3,086 per gram.
• The prices dropped by Rs.4 on 5th January 2018 with the yellow metal costing Rs.3,082 per gram
• Following the drop in the prices, the rates of the yellow metal continued to surge in the remaining days of the month.
• The prices touched its highest of Rs.3,171 per gram on the 25th day of the month.
• The month came to an end with every gram of the yellow metal costing Rs.3,120 per gram.
• The state of Gujarat registered an incline of 1.10% during the month.
• Though gold prices touched its highest on 25th January, the prices dropped by Rs.51 in the last six days of the month.
• The drop in the prices was recorded due to a fall in demand from local jewellers.

Gold Rate Trend in Gujarat for February 2018

• The trading of gold for the month of February started at Rs.3,138 per gram.
• When compared to the previous day’s rates, the prices of the yellow metal saw an increase of Rs.18.
• The prices of gold were lowest on the 9th and 10th of February with every gram costing Rs.3,092.
• The highest prices were recorded on the 20th day of the month when every gram of the yellow metal cost Rs.3,175.
• In the month of February, price trends showed that there was an incline of 0.66%. This was on account of higher demand for gold during the wedding season.
• On the final day of the month, the prices of gold were Rs.3,159 per gram after it saw a drop of Rs.16 since the 20th of February when the prices were at its highest.

Gold Rate Trend in Gujarat for March 2018

• On the first day of March, trading of gold commenced at Rs.3,159 per gram.
• The prices of the yellow metal dropped considerably on the 20th of March. On that day, the prices of the precious metal was at its lowest with every gram costing Rs.3,109.
• With increase in demand for the yellow metal, the prices of gold saw a surge in the last week of the month. It reached the month’s highest on the 27th day of the month with gold trading at Rs. 3,182 for every gram.
• The precious metal continued to trade at the highest price on the subsequent days of 28th, 29th, and 30th March 2018 on the back of increased demand.
• The rates, however, dropped significantly on the last day of the month with the yellow metal recording a drop of Rs.33 per gram.
• In the final month of the quarter, there was a -0.31% decline in the gold price trends. This was primarily accounted to the massive drop in the prices on the last day of the month.

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

Gold Rate Trend in Gujarat for October 2017:

• Gold was priced at Rs.3,109 per gram when the month of October began.
• Prices seemed to drop during the first week but surged amid positive cues from the global market.
• On the 12th, gold rates went up to Rs.3,133 per gram - the month’s highest gold rate. This continued on till the 16th of the month, thanks to steady demand.
• Gold prices in Gujarat seemed to fall slightly over the next few days as the US dollar strengthened.
• The 27th saw gold rates hit the lowest for the month of Rs.3,073 per gram. This was due to poor local demand brought on by a steady rise in dollar value.
• When the month came to an end, gold rates were recorded at Rs.3,087 per gram - a Rs.22 decline from the first day’s prices.
• Price trends had declined by 0.70% due to poor demand from the domestic market.

Gold Rate Trend in Gujarat for November 2017:

• When November began, gold was priced at Rs.3,087 per gram.
• A poor global demand brought gold rates down during the initial few days with the metal trading at Rs.3,057 per gram from 4th to 6th November - the lowest for the month.
• As the US dollar seemed to fall slightly amid concerns over the Donald Trump administration, gold rates seemed to increase.
• A rise in demand towards the 20th of the month led to gold trading at Rs.3,113 per gram - the month’s highest gold rate.
• When the month ended, gold was seen trading at Rs.3,078 per gram. There was a decline in gold rates during this month as well and prices fell by 0.29%.

Gold Rate Trend in Gujarat for December 2017:

• The last month of 2017 saw gold rate increase, thanks to the tax reform introduced by Donald Trump, which wasn’t very well received by the market.
• On the 1st of December, the yellow commodity was seen trading at Rs.3,068 per gram.
• Demand for the metal remained weak during the initial few days. Rates hit a monthly low of Rs.2,990 per gram on 14 December after US treasury yields increased.
• However, rates picked up from then on and the metal traded in the Rs.3,000 plus range for the remaining few days of the month.
• Gold prices in Gujarat were at their highest for the month on the 29th and 30th of the month, when the metal traded at Rs.3,086 per gram.
• Overall, December recorded a price rate increase of 0.58% and helped end 2017 on a positive note.

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

Gold Rate Trend in Gujarat for July 2017:

• This month’s trade opened with gold trading at Rs.3,063 per gram. Prices surged to Rs.3,079 per gram on the 2nd as demand from locals increased as they decided to stock up before GST would come into effect.
• From the 3rd onwards, gold rates seemed to be on the decline because of the 3% GST levied on gold purchases, which didn’t sit well with the investors.
• Strong markets around the world also contributed to falling gold rates throughout this month.
• On the 11th of July, gold rates were recorded at their lowest of Rs.2,917 per gram - which turned out to be one of the worst figures since demonetisation in November 2016.
• When the month drew to a close, gold rates had picked up slightly to end at Rs.3,003 per gram.

Gold Rate Trend in Gujarat for August 2017:

• Gold prices saw little change when trading began for the month of August.
• On the 1st of August, the yellow metal was priced at Rs.3,003 per gram. A stronger-than-expected US jobs data pushed gold rate down to Rs.2,979 per gram on the 7th of August.
• Prices picked up from then on as various factors including the likes of Hurricane Harry and the North Korean conflict with the US softened the dollar.
• Gold rates in Gujarat surged consistently towards the month, thanks to increased festive season buying.
• The final day of August 2017 saw gold trade at Rs.3,056 per gram and price trends changed by 1.76% this month.

Gold Rate Trend in Gujarat for September 2017:

• Gold rates in September also saw considerable improvement, thanks to the rising conflict between the US and North Korea.
• The yellow metal was trading at Rs.3,079 per gram on the 1st of September.
• Rates jumped to Rs.3,194 per gram on the 8th and continued at the same rate till the 10th as North Korea’s latest nuclear test sent markets crashing.
• However, the US dollar bounced back to bring gold rates down considerably over the third and fourth week of September.
• When the month ended, gold was seen trading at Rs.3,109 per gram. Overall, there was a 0.97% increase due to a weak US economy.

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

Gold rate trend in Gujarat for April 2017

• Gold opened the month trading at Rs.3,043 per gram with the price remaining constant till 4 April due to consistent demand from both domestic as well as international consumers.
• Gold price in Gujarat rose to Rs.3,064 per gram on 5 April as favourable market conditions and a low U.S. dollar rate led to greater demand.
• Demand dropped to Rs.3,038 per gram on 10 & 11 April as markets surged on positive data from the U.S. jobs market but demand from overseas increased and gold reached Rs.3,092 per gram on 13 April.
• Prices continued to rise as the markets tumbled on news of multiple official inquiries into allegations of Russian interference in the U.S. presidential election.
• Gold traded at Rs.3,118 per gram from 14-16 April before prices settled at Rs.3,113 per gram from 20-23 April.
• Demand dropped as the month drew to a close, with gold trading at Rs.3,058 per gram on 30 April.

Gold rate trend in Gujarat for May 2017

• Gold price in Gujarat was high as the month began, trading at Rs.3,058 per gram before prices plummeted to Rs.3,001 per gram on 5 May due to a surge in markets following the victory of Emmanuel Macron in the French presidential election.
• Prices remained low as the U.S. dollar also strengthened, resulting in demand for the precious metal falling both domestically as well as internationally, trading at Rs.2,976 per gram from 11-16 May.
• As tensions with North Korea and internal geopolitical issues surfaced, U.S. markets fell and gold prices rose to Rs.3,029 per gram on 18 May.
• Demand fluctuated for the remainder of the month, with gold priced at Rs.3,043 per gram on 22 May as local demand rose following a dip in the U.S. dollar rate.
• Prices stayed steady as the month drew to a close, with gold priced at Rs.3,065 per gram on 31 May following a late surge in demand by overseas industrial units.

Gold rate trend in Gujarat for June 2017

• Gold opened the month at Rs.3,065 per gram before falling to Rs.3,047 per gram from 2-6 June due to an early rally by the stock markets ahead of U.S. jobs data results.
• Gold rate in Gujarat rose to Rs.3,099per gram on 7 & 8 June as jobs data proved to be disappointing, resulting in markets falling and overseas demand for the metal rising.
• Gold traded at Rs.3,064 per gram from 11-15 June as demand began to stabilise in spite of fluctuating markets and an unstable U.S. dollar rate.
• The possibility of a repeal of the health care system led to chaos on the bourses but demand fell to Rs.3,050 per gram on 16 June due to poor local demand.
• Prices remained constant from 16-29 June as there was minimal trading in Gujarat in the second half of June.
• Gold prices rose as the month ended, with the metal priced at Rs.3,063 per gram on 30 June as jewellers increased supply prior to the implementation of GST.

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.

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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