Gold Rate In Gujarat Today

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Gold Price 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 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Gujarat from July 2020 to September 2020:

• The prices of gold in Gujarat for the month of July opened and closed at Rs.4,943 per gram and Rs.5,455 per gram, respectively. The highest rate that the yellow metal hit for the month was on the last day. Gold hit its lowest rate for the month on 7 July and was at Rs.4,919 for a gram.
• In August, the prices of gold reduced by 4.11%. Gold prices hit its highest rate on 8 August and its lowest rate on 29 August, respectively. On 1 August, the price of gold was at Rs.5,465 for a gram. On the last day of the month, the price of gold was at Rs.5,240 per gram.
• On 1 September, the price of the yellow metal was at Rs.5,250 for a gram. However, by the end of the month, gold prices tumbled by 2.00% and were at Rs.5,145 per gram.

Gold Rate Trend in Gujarat for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Gujarat from April to June:

• On 1 April 2020, the price of gold in Gujarat was at Rs.4,229 for a gram and remained steady over the next 20 days. This was the lowest rate that the yellow metal hit for the month. The coronavirus outbreak across the world was the main reason for the prices to increase. On 29 April, the price of gold was at Rs.4,761 for a gram, seeing a 12.5% incline over the course of the month.
• In the month of May, the prices of gold opened at Rs.4,699 per gram and closed at Rs.4,727 per gram. The tensions between China and the US was the main reason for the prices to increase. Gold saw its prices increase by 0.59% in May.
• In June, the prices of gold saw an incline of 4.90% as the price of gold opened and closed at Rs.4,727 and Rs.4,959 respectively. The increase in the number of coronavirus cases and the stimulus measures that were introduced ensured that the prices increased.

Gold Rate Trend in Gujarat for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Gujarat from January 2020 to March 2020:

• In the first month of the year, gold prices in Gujarat recorded an overall monthly incline opening at Rs.4,023 per gram on 1 January. With the increasing tensions between the Middle East and the United States of America and speculations on the trade deal between the United States of America and China, investors shifted to the bullion market due to safe-haven appeal. The price of the metal hit its highest price on 9 January at Rs.4,205 per gram and was the lowest at the beginning of the month at Rs.4,023 per gram. However, with the first phase of the trade deal being fixed between China and the United States of America, the price of the yellow metal dipped with investors with a higher risk appetite shifting to the stock market. At the end of the month, the price of the metal was Rs.4,194 per gram on 31 January recording an overall percentage incline of 4.25.
• For February, traders invested in the bullion market saw a higher incline in gold prices. Opening at Rs.4,194 per gram on 1 February, the price of the metal hit its lowest at Rs.4,163 per gram on 6 February and held steady on 7 February as well. Even though the price of the precious metal showed a declining trend in the first two weeks of the month, gold prices surged in the third and fourth week of February with reports flooding in about a possible pandemic originating in Wuhan, China. As the virus spread all over the country, China went into lockdown with no trade happening in the country. With this, investors shifted to the bullion market as safe-haven and the stock market suffered. The price of the metal hit its highest on 25 February at Rs.4,425 per gram with an overall percentage incline of 4.41%.
• In March, the tables turned for the traders invested in the bullion market. Recording a percentage decline of 1.44 at the end of the month, gold prices fell drastically in the global market. Opening at Rs.4,291 per gram on 1 March, the price of the metal increased in the first week and hit its highest at Rs.4,497 per gram on 7 March and held steady at the same price on 9 March as well. However, with mixed trends in the global bullion market, in the second week, the price of the metal fluctuated heavily. However, in the third week, with most countries going into lockdown to prevent the spread of the novel pandemic, COVID-19, investors chose to cash out on their investments to survive in the crisis-hit market. Due to this, the price of the metal fell drastically in the last two weeks of March. With major bullion trading centres shut to promote social distancing, the price of the metal held steady in the last week with no incline or decline. At the end of the month, gold closed at Rs.4,229 per gram on 31 March in the state recording an incline of 1.44%.

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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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