*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

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 April 2017 to June 2017 (per gram of 24 karat gold)

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

Read More On Gold

Gold Rate - Sitemap