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Kalaburgi, or Gulbarga as it was formerly known is a key centre in Karnataka, having been an important town for numerous kingdoms in the past. Today, it is home to over 1.1 million people and has a decent industrial setup. Its history of being home to kings and royalty made it a prosperous area, with gold and other forms of precious minerals abundantly used. This association with gold has ensured that it remains popular even today, with a number of its residents investing in gold. Gold prices in the city change on a daily basis, with international prices dictating the trends.
Gold sales pick up during weddings and festivals like Diwali and Dussera in the city, with a number of stores catering to the demand.
Gold price in Gulbarga
Since a majority of the gold consumed in Gulbarga is imported, international gold prices dictate the amount one finally pays for it. Local taxes, demand and supply, import duty, etc. play a key role in estimating the price on a given day, with fluctuations in gold rates possible on a day to day basis.
24 karat gold – Keen gold investors typically opt for 24 karat gold, either in the form of gold coins or bars, thanks to their high purity content (approx. 99.9%). One gram of pure 24 karat gold in the city costs Rs 2,974 (as of March 11, 2016), with this price subject to change on a regular basis. The price trend in the last three months has been on a high, with costs going up by close to Rs 400 since January. The year 2015 saw gold prices drop to a 5 year low, with it possible to buy gold for as cheap as Rs 2,510 per gram in the month of August.
22 karat gold – 22 karat gold is a popular investment choice among those who wish to buy jewellery. The cost per gram of 22 karat gold is about Rs 200 cheaper when compared to 24 karat gold. The current price for 1 gram of 22 karat gold in Gulbarga is about Rs 2,780 (as of March 11, 2016). A trend similar to 24 karat gold was witnessed when it came to gold rates in 2015, with August being a good time to buy gold, as prices dropped to around Rs 2,350 per gram. Since January 2016, gold rates have gone up from Rs 2,370 to end at the current mark.
Gold Rate Trend in Gulbarga for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,160 per gram||Rs.3,060 per gram||Rs.2,905 per gram|
|Last day||Rs.3,060 per gram||Rs.2,930 per gram||Rs.2,820 per gram|
|Highest price||Rs.3,160 per gram from 1st-3rd October||Rs.3,180 per gram on 9th November||Rs.2,905 per gram on 1st December|
|Lowest price||Rs.3,016 per gram on 17th October||Rs.2,905 per gram on 25th November||Rs.2,765 per gram on 16th, 22nd & 23rd December|
Gold Rate Trend for Gulbarga in October 2016
- Gold was priced at Rs.3,160 per gram on 1st October in Gulbarga, with prices remaining constant due to high demand.
- Fluctuations in demand due to a resurgent U.S. Dollar and recovering stock markets led to demand for gold dropping, with a decline in international industrial demand observed.
- Prices stabilised towards the middle of the month, though demand was still sluggish amid concerns over a proposed law that would result in stricter scrutiny of bullion purchases.
- Prices fluctuated due to unstable markets as the final phase of polling in the U.S. elections was underway, though the U.S. Dollar was stable on news of positive economic data.
- Gold prices rose marginally before dropping to Rs.3,060 per gram on 31st October, recording a loss in price of 3.16% during the month.
Gold Rate Trend for Gulbarga in November 2016
- The beginning of November saw gold trade at Rs.3,060 per gram, though prices began to rise as uncertainty over the elections led U.S. markets to drop.
- The victory of Donald Trump led to markets falling further, as gold capitalised on a spurt in demand.
- The unexpected announcement of the withdrawal of Rs.1,000 and Rs.500 notes led to panic across India, leading to huge demand for gold.
- Gold reached Rs.3,180 per gram in the aftermath of the demonetisation announcement, though prices soon fell as a currency shortage led to declining interest in bullion.
- International markets also recovered, leading to decreasing demand for gold as imports became more expensive due to a strengthening U.S. Dollar.
- Slight fluctuations in price were observed as the month drew to a close, with gold trading at Rs.2,930 per gram on 30th November, registering a monthly loss of 4.24% due to the a combination of factors.
Gold Rate Trend for Gulbarga in December 2016
- Gold prices continued to reel from poor demand due to demonetisation, while international demand was also muted.
- Gold traded at Rs.2,905 per gram on 1st December as prices began to drop due to strong markets and the high opportunity cost associated with gold.
- The run-up to Christmas saw prices fall even further, as overseas markets were buoyed by high volumes of spending, though demand was still muted in India due to the cash shortage.
- Prices began to recover as the U.S. Dollar fell as the possibility of a Fed rate hike in 2016 looked extremely unlikely, which boosted demand for bullion.
- Gold traded at Rs.2,820 per gram on 31st December, recording a monthly loss of 2.92% due to poor demand.
Gold Rate Trend in Gulbarga for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,130 per gram||Rs.3,190 per gram||Rs.3,125 per gram|
|Last day||Rs.3,170 per gram||Rs.3,140 per gram||Rs.3,160 per gram|
|Highest price||Rs.3,205 per gram on 7th July||Rs.3,225 per gram on 3rd August||Rs.3190 from 25th September to 29th September|
|Lowest price||Rs.3,130 per gram on 1st July||Rs.3,140 per gram on 31st August||Rs.3,115 on 2nd September|
Gold Rate Trend of Gulbarga in July 2016
- Positive global trends gave gold prices support to climb this week.
- Gold traded at Rs.3,130 per gram at the start of the month.
- Amid the Brexit vote, investors’ expectations of monetary stimulus from central banks grew stronger.
- On 7th July, gold prices were at their highest for this month at Rs.3,205 per gram.
- Towards the end of the month, gold prices took a hit as expectations of the Fed rate hike grew strong.
- Gold traded at Rs.3,170 per gram at the end of the month.
- Overall, gold prices increased by 1.28% this month.
Gold Rate Trend of Gulbarga in August 2016
- On 1st August, gold traded at Rs.3,190 per gram.
- Gold prices quickly climbed to Rs.3,225 per gram on 3rd August which was the highest price for this month.
- The U.S. Federal Reserve was hawkish about the interest rate hike as economic data was strong.
- The market turned bearish with gold prices plummeting.
- There was a decline in gold prices by 1.57%.
Gold Rate Trend of Gulbarga in September 2016
- On 1st September, gold traded at Rs.3,125 per gram.
- Gold prices were low at the start of the month but this all changed when the U.S. Federal Reserve announced that the rate hike will be put on hold as the presidential elections were too close.
- The market took on a bullish outlook and demand for gold soared.
- Gold prices increased by 1.12% this month.
Gold Rate Trend in Gulbarga for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,905 per gram||Rs. 3,070 per gram||Rs.2,915 per gram|
|Last day||Rs. 3,070 per gram||Rs. 2,895 per gram||Rs.3,130 per gram|
|Highest price||Rs.3,070 per gram on 30th of April||Rs. 3,080 per gram on the 7th and 8th of May||Rs.3,200 per gram on 24th June|
|Lowest price||Rs. 2,880 per gram on the 4th of April.||Rs. 2,960 per gram from the 28th to the 31st of May||Rs.2,915 per gram on 1st June|
|Trend||Rising||Decline||Increase in price|
|Change||Rs. 165 per gram||Rs. 175 per gram||+7.37% increase|
Gold Rate Trend of Gulbarga in April 2016
- Gold prices were recorded at Rs. 2,905 per gram on the first of April and fluctuated over the course of the month.
- Marginal losses were written off by subsequent gains as the month progressed with.
- The highest price recorded in the month of April was on the last day of the month when rates soared to Rs.3,070.
- The overall increase in rates when comparing prices on the first day and the last day of the month was Rs. 165.
Gold Rate Trend of Gulbarga in May 2016
- Gold prices were recorded at Rs.3,070 on the 1st of May and remained constant for the next two days after which prices fluctuated for the next few days.
- Small increases in gold prices were written off by marginal declines as the month progressed.
- The overall decline in rates at the end of the month in comparison with the first day of the month was Rs.159.
Gold Rate Trend of Gulbarga in June 2016
- Prices rose as the demand for gold peaked in spite of the markets being stable.
- The rising Dollar led to prices falling slightly in the third week of June, but prices recovered as demand rose again.
- Markets dipped due to uncertainty regarding the outcome of the impending British referendum.
- Markets fell as the results of the referendum became public, resulting in demand for gold rising.
- Gold prices reached Rs.3,130 per gram as the month ended.
|1st day||Rs. 2,540 per gram||Rs. 2,708 per gram||Rs. 2,975 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,960 per gram||Rs. 2.900 per gram|
|Highest price||Rs. 2,715 per gram on January 27th and 28th.||Rs. 2,975 per gram on February 26th and 27th.||Rs. 2,975 per gram from March 1st to 6th.|
|Lowest price||Rs. 2,540 per gram on January 1st.||Rs. 2,708 per gram on February 1st||Rs. 2,870 per gram from March 28th.|
|Change||Rs. 170 per gram||Rs. 252 per gram||Rs. 75 per gram|
Gold Rate Trend of Gulbarga in January 2016
- Gold traded at Rs. 2,540 per gram on the 1st of January and increased by Rs.5 on the 2nd before remaining constant for the following two days after which a gradual increases saw the rates rise to Rs.2,640 on the 11th of April.
- Prices fluctuated over the course of the month and the highest rate of gold in the month of January was recorded on the 27th and 28th when prices hit Rs. 2,715 per gram.
- A gain of Rs.170 was recorded on the last day of January in comparison with the first day of the month.
Gold Rate Trend of Gulbarga in February 2016
- Gold traded at Rs. 2,708 per gram on the 1st of February and prices rose steadily until the 14th of the month.
- A small decline was recorded on the 15th and 16th of February after which prices fluctuated as the month progressed and the highest rate of gold in the month of February was recorded on the 26th and 27th when prices hit Rs. 2,975 per gram.
Gold Rate Trend of Gulbarga in March 2016
- Gold prices remained unchanged at Rs.2,975 per gram for the first six days of the month.
- Gold price dropped marginally to Rs.2,968 and remained stable for the next three days.
- Gold prices fluctuated until the end of the month as marginal rises were overshadowed by subsequent losses.
- Although prices remained stable for significant periods of time during March, an overall decline of Rs.75 was recorded between the first and the 31st of March owing to a jeweller strike.
Gold investment avenues in Gulbarga
Investing in gold is a popular choice in Gulbarga, with a number of people purchasing it during weddings and celebrations. Given the expense involved with gold, a majority of the population opts for either 18 or 22 karat purity, with 24 karat gold purchased by only a section of the city. Some of the modes to buy gold in Gulbarga are mentioned below.
Market trade – Market trade of gold hasn’t gained popularity in Gulbarga despite the ease and convenience associated with it. One can invest in gold through the National Stock Exchange and the Mumbai Stock Exchange, with the option to choose between gold ETFs, futures contracts and E-gold.
Over-the-counter – The most popular means of buying gold, over-the-counter purchases are fast and simple. One can approach any jeweller or bank to purchase gold, though banks typically offer only gold coins and bars. Individuals looking for gold jewellery can buy it from local jewellers, albeit jewellery isn’t the best way to invest in gold on account of wastage and making charges..
- Also Check: Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of Gulbarga
|Gold Rate In Bangalore||Gold Rate In Mangalore||Gold Rate In Mysore|
|Gold Rate In Belgaum||Gold Rate In Bellary||Gold Rate In Shimoga|
|Gold Rate In Udupi||Gold Rate In Hyderabad||Gold Rate In Kolhapur|
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